Tag: free credit report

[X] It Looks Like Your Client Might Have Lied To You

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RE: It Looks Like Your Client Might Have Lied to You…

Have you ever had a situation where you’ve asked your client a question only to have been lied to? How much of your time did they waste? What if you had a set of better questions to avoid this? (see below)

Just a few hours ago we got a call from a broker that’s lodged an application with a prime lender only to be told the client had 4 defaults.

2 x Council Court Judgments.
1 x Amex Default
1 x Citibank Credit Card

This is AFTER the broker had asked the client if their credit was “in good order”, to which the client stated “YES”. Naturally it was declined and now to the question of Serviceability and Suitability. Hmmm, do you think it might be an issue?

What if this broker had a simple 3 step process to avoid wasted time and get more approvals…

Step 1.
Ask your client Specifically if they’ve had trouble paying any bills on time in the last 4 years because studies show most people with bad credit don’t know it.

Step 2.
Grab a copy of their and Credit files (regardless of what they tell you) BEFORE you lodge their application, so you can see their credit health for yourself.

Step 3.
Call MyCRA Lawyers on 1300-667-218 ASAP to discuss their scenario and learn if they’ll be the next 18 minute removal (Call us while you’re with them) so they can see and feel you have their best interests at heart.

Keep reading to see why it’s so important to you and your clients…

If your client has had any trouble paying their bills in the last 4 years, there is a chance that they may have bad credit, and this should be a red flag that can alert you to avoiding a possible decline.

If you BEFORE you lodge, then that perfect lender is not made aware of any possibly unlawful credit listings. Thus removing a possible hurdle.

Even when MyCRA Lawyers expert team are successful in removing your clients defaults, if your perfect lender has already seen a copy of their credit file before we remove your clients default, they may still find reason to decline. (Better we fix the issue BEFORE the lender sees it.)

Then you call my team or I on 1300-667-218 immediately, and we can walk you, and your client through of the legal credit repair process, so you can see how easy it is when you’ve got MyCRA Lawyers in your corner. Sounds good doesn’t it…

I look forward to hearing from you.

With warm regard,
MyCRA Lawyers | Armstrong Doessel Stevenson Lawyers (and introducing)
Your Budget Now

Graham Doessel
Chief Executive Officer
Non-Legal Director

Tel: 1300-667-218

P.S. Remember to reply to this email if you’d like to be one of the first to receive your Accredited Referrer website Badge and start receiving the additional rewards associated with it.

P.P.S. Have you checked out the latest MyCRA Lawyers Innovation. Check Out YBN now…

Your Budget Now – Providing You With, Bill Paying | Budgeting | Savings Plan Solutions

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14/01/2016

Re: Thomason, Michael J – LOAN DECLINED

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RE: Thomason, Michael J. Loan Declined.

For more approvals, you might want to follow these three simple steps.

Step 1.
Ask your client if they’ve had trouble paying any bills on time in the last 4 years because studies show most people with bad credit don’t know it.

Step 2.
Grab a copy of their and Credit files (regardless of what they tell you) BEFORE you lodge their application, so you can see their credit health for yourself.

Step 3.
Call MyCRA Lawyers on 1300-667-218 ASAP to discuss their scenario and learn if they’ll be the next 18 minute removal (while you’re with them is perfect too) so they can see and feel you have their best interests at heart.

Keep reading to see why it’s so important to you and your clients…

If you BEFORE you lodge, then that perfect lender is not made aware of any possibly unlawful credit listings. Thus removing a possible hurdle.

Even when MyCRA Lawyers expert team are successful in removing your clients defaults, if your perfect lender has already seen a copy of their credit file before we remove your clients default, they may still find reason to decline. (Better we fix the issue BEFORE the lender sees it.)

With warm regard,
MyCRA Lawyers | Armstrong Doessel Stevenson Lawyers (and introducing) |
Your Budget Now

Graham Doessel
Chief Executive Officer
Non-Legal Director

Tel: 1300-667-218

P.S. Remember to reply to this email if you’d like to be one of the first to receive your Accredited Referrer website Badge and start receiving the additional rewards associated with it.

Your Budget Now – Providing You With, Bill Paying | Budgeting | Savings Plan Solutions

11/01/2016

How to get a copy of your credit report in Australia
Are you in strife with credit or think you might have bad credit? Or do you just want to check what’s being said about your credit habits? With Australia’s new credit reporting regime now in place, it’s really important to regularly check your credit file to make sure it is accurate and up to date. We explain the important things you need to know about getting your credit report and the different ways you can access your credit file information in Australia.

By Graham Doessel, Non-Legal Director of MyCRA Lawyers www.mycralawyers.com.au.

You can access your credit report for free.

Most people are unaware you don’t have to pay to see what is on your credit file. Under Australia’s credit reporting laws, you can access your credit report for free from all of Australia’s credit reporting agencies annually. This allows you to keep an eye on your credit information and make sure it is accurate. You can and should make a request with each agency for your credit report – as there might be different information listed with different agencies. This copy is sent within 10 working days.

Equifax (Formerly Veda Advantage) is the primary credit reporting bureau in Australia (holding approximately 16.5 million credit files), as well as Dun & Bradstreet, Tasmanian Collection Services (if in Tasmania) and new entrant Experian.

If you need it urgently you can pay for your credit report.

Most credit reporting agencies also offer a faster service (usually within 24 hours) for a fee.

You can also check your credit ‘score.’

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][At the time of writing] Only one credit reporting bureau, Veda Advantage (Now Equifax) had provided their credit score to the general public. The VedaScore can be obtained for a fee, and can be handy to obtain, especially if you intend to apply for major credit such as a home loan soon. Veda explains their score:

Your VedaScore is calculated based on the information held in your credit file at a given point in time. Your VedaScore is dynamic and predicts the likelihood of an adverse event, like a default, being recorded on a credit file within the next 12 months. Your VedaScore shows where you sit in relation to other credit-active Australians in our credit-reporting database. This may be used by lenders as part of the credit assessment process; however, lenders will also use their own criteria and policies when assessing your application not only your VedaScore.

Once you have your credit report, you need to check your personal details.

If you obtain a copy of your credit report, the first thing you should do is run over your basic personal information to make sure it is correct and to make sure the information is yours. If it isn’t, you should take steps immediately to rectify this. Possible explanations for conflicting personal information could be:
- the wrong person is attached to your credit file name or
- you may be a victim of identity theft.
Contact the relevant credit reporting bureau who can help you get to the bottom of it.

You can then look at your Summary Characteristics or summary of information.

This will tell you at a glance the items of note on your credit report such as any adverse listings.

Importantly, check for cross-references.

This is another point where you may have cause to find people other than yourself attached to your credit file. This can happen if someone with a similar or the same name resides in your area or uses the same Credit Provider as you. Any issues with cross-references can be fixed through notifying the Credit Reporting Bureau.

Your credit history goes into detail about your credit habits.

Items of note which could be impact your ability to obtain credit could include adverse lisitngs such as defaults, Court Writs and Judgments, bankruptcies and debt agreements, late payments. It could also include excess credit enquiries, and excess credit accounts or amounts, just to name a few.

How your credit history can impact you.

All adverse listings could lower any credit score calculated. In this current economic climate even too many credit applications are often considered to be ‘black marks’ on the individual’s credit file in addition to defaults, clearouts, Court Writs and Judgments.

The impact of late payment notations on the credit score or on assessment of credit suitability is still unknown since the information is only newly available to lenders. Speculation has centred around just how many late payment notations will be too many to mean (a) credit is refused or (b) a higher interest rate is offered. Most times the loan options available to you are at significantly higher interest rates in order to cover the risks associated with taking on someone with bad credit.

What if my credit report is wrong?

If there’s anything on your credit report you disagree with, you can contact the credit reporting bureau to fix it. If it’s something significant like an adverse which you believe is inconsistent, unfair, or incorrect it should be disputed. Credit rating errors could be anything from the credit listing placed by the Credit Provider on the wrong credit file; to the basis of the credit listing being unfounded; to incorrect notices being provided to the individual; right through to system errors and incorrect spelling, to name a few examples.

You can attempt to fix it yourself.

This involves dealing directly with Credit Providers in your dispute. The process of dispute is not always easy, particularly if you are time poor, or do not have the necessary skills or knowledge of the relevant legislation pertaining to your case. This doesn’t mean you can’t fix your unfair credit listing without knowing it, but it makes a massive difference to the chances of removal to have this knowledge (or to employ someone who does).

Some people have in the past made a verbal dispute with their Credit Provider about their listing only to be told it can’t be removed, but can be marked as paid if it has been paid. This can deter individuals from pursuing their case of dispute. Put simply, a Credit Provider should remove a credit listing if it has been demonstrated that the listing was placed unlawfully on the credit file. It is in the demonstration that many people fall short.

If your Credit Provider refuses to remove the credit listing, then you can take your case to the relevant industry Ombudsman. This can be helpful in many cases, but in some cases it may not be in your best interests to pursue this course. It is important to note that the Ombudsman acts impartially and is not advocating for you. This means there may be areas where they can’t or won’t investigate.

You can get help to dispute your credit listing.

You can seek out external help from a third party such as a lawyer focused on credit law. A credit reporting lawyer can act in court processes; identify legal issues; provide legal advice; prepare binding agreements; conduct formal negotiations and follow through with enforcement where necessary. A credit reporting lawyer can also make formal recommendations to Credit Providers making reference to the law, and make representations on behalf of clients.

You can also seek help from a credit repair company. A word of warning though, it is important to do your homework to avoid getting ripped off. There are some ‘dodgy’ players out there who may seem cheap, but who in the end could cost you and your dispute case dearly. Consumers can consult the Credit Repair Industry Association of Australasia at www.criaa.org.au for advice on choosing a credit repairer.

Be careful about cheap and nasty credit repair. If you can’t afford to employ a demonstrated reputable and ethical advocate, consider disputing your own case instead.

Need help to check your credit report?

MyCRA Lawyers can help you check and analyse your credit rating and help assess your credit worthiness.

Get a credit file analysis.

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18/03/2014
Your credit report – are you paying when you shouldn’t?

Media Release

Your credit report – are you paying when you shouldn’t?

15 August 2013

Individuals seeking a copy of their credit report are being charged up to $70 by credit reporting bureaus, and a consumer advocate for accurate credit reporting says many are not aware they can access the same report free of charge.

CEO of MyCRA Credit Rating Repair, Graham Doessel says many of his clients have been funnelled into the paid option for their credit report, without being given the option to wait and access it for free.

“Most people we meet who have already got a copy of their credit report have paid for it. Overwhelmingly most people seem to not know they should be accessing it routinely nor that they have a right to access it for free annually,” Mr Doessel says.

Consumers are entitled to access a copy of their credit report once per year free of charge with each credit reporting agency.

Mr Doessel says people should routinely obtain a copy of their credit report if they are intending to access credit in the future, and that doing so will probably negate the need for an urgent copy due to finance refusal.

“A credit report reflects what lenders will see when they do a credit check before lending people money, so individuals should ensure their credit history is accurate prior to a credit application. Bad credit history can impact credit worthiness for a considerable time,” he explains.

He says the free credit report is the same document,with the difference being it is sent within 10 working days of receipt of the request.

“Some people need their credit report urgently, and for this reason the paid service is quite necessary. But others are merely doing routine checks, and should not be duped into paying for their credit report if they don’t require it right away,” he says.

He says that the free option should be in plain view on the bureau’s website as well as being explained as an option when individuals enquire via telephone about their credit report.

Mr Doessel is calling for stronger guidelines in the new credit reporting laws around educating individuals about their rights to access their own credit information and how they can do it.

“With all the new changes to credit reporting coming through, many Australians have been encouraged to check what’s said about them on their credit file. As credit reporting bureaus are in effect caretakers of that credit information, they should be obliged to educate individuals about their rights,” he argues.

“There should be a stipulation that credit reporting bureaus must routinely offer all options available to individuals when accessing their credit report so they can decide for themselves whether they need their credit report urgently or whether they are able to wait the 10 days for it,” he says.

He says people can go to http://freecreditrating.com.au/ for help to get a copy of their credit file at no charge.

/ENDS.

Please Contact:

Graham Doessel – Founder and CEO MyCRA Ph 3124 7133

Lisa Brewster – Media Relations MyCRA media@mycra.com.au

http://www.mycra.com.au/ www.mycra.com.au/blog

246 Stafford Rd, STAFFORD Qld

MyCRA Credit Rating Repair is Australia’s front-runner in credit rating repairs. We permanently remove defaults from credit files.

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15/08/2013
16-25 and “drowning in debt” Your guide to make credit work for you.

In the news this week, we are told that the 16 to 25 age group are getting way over their heads with debt in relation to income. A News Limited story yesterday reveals that this age group carry a much higher proportion of debt to income. This is a worrying trend – and one that can be prevented by reaching out and educating young people on the ins and outs of credit. If you are in this age group – we give you the low-down on some important things to know which you may not have been told about credit in Australia. We show you why you don’t want to get in too much debt, and how being in control of some simple things can save you and your credit file well into your future.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

The stats

The News Limited story “Young adults drowning in debt” featured Roy Morgan data showing one in three in the 16-25 age group carries more than $2500 forward in credit card debt each month and those aged 21 to 25 had an average income of $791 a week.

The data also found 215,000 Australians aged 18-24 had a personal loan for a car and the average amount owed was $11,010.

Why should you be concerned about too much debt?

If you have debt which you are struggling to pay back right now – this can affect you this year, next year and for years to come. If you have ever taken out a mobile phone plan, a credit card or loan, you will have a credit file in your name. If you fail to pay your credit back on time, you will probably have notations put against your name by your Credit Provider – eg Telstra, Westpac, Energex etc.

If you are more than five days late paying back your credit cards or personal loans – you will have that noted on your credit file as repayment history information. If you are more than 60 days late in paying ANY credit – from mobile phone bills to electricity accounts and loans, you will be issued with a default or other negative listing on your credit file.

Defaults

If you are issued with a default, this will have very serious consequences for years to come. You won’t be able to get credit at normal interest rates for between 5 and 7 years! You will most likely be refused major credit, and if you aren’t you will have to pay thousands more in interest. This is not the best area to go ‘alternative’ in. You want the most affordable interest rates – not paying in some cases tens of thousands more in interest just because you didn’t pay your mobile phone bill 3 years before.

Think to yourself…what do you want to be doing in two or even five years? Maybe own a house, a car, or travel overseas? Having a default against your name can spoil all of those dreams.

Young people in default

Credit reporting agency Veda Advantage recently released some of their data from the last three years, which showed that Gen Y holds 60% share of all credit defaults. From telco defaults through to loan defaults – Gen Y tops the list in every category. Find out more.

AMP financial planner Dianne Charman told News Ltd access to credit has been made much easier for the younger generations compared with a few decades ago, which has allowed them to run into debt more easily.

“Access to credit a few decades ago just wasn’t as easy as it is now,” she says.

“We didn’t have mobile phone access to accounts that you can run up bills on, so our kids today are faced with decisions which can rack up bills more easily, and credit cards and personal loans are far more accessible than what they have been previously.”

What you need to know

Here are our top five things you need to know to avoid bad credit.

1. Be careful with all of your credit.

It doesn’t have to be a big account to have an impact on you. Accounts which for as little as $100 which go unpaid can see you defaulted and banned from mainstream credit for five years. Likewise, any credit account can see you lumbered with a default if it goes unpaid – this goes for mobile phone accounts, electricity accounts as well as credit cards and personal loans. Paying on time, every time is your first line of defence against bad credit.

2. If you can’t pay for it – let your Credit Provider know.

If you run into money troubles – the WORST thing you can do is pretend like it’s not happening. If you lose your job, or run into temporary financial difficulty – the smart thing to do is contact your Credit Provider to work out alternative arrangements to bridge the gap. Asking for a financial hardship variation may save your credit file even if you are struggling to make payments. MoneySmart’s senior executive Robert Drake also recommends contacting a financial counsellor to work out a plan.

“The earlier you tackle the problem the better, whether it’s by getting in touch with the lender and telling them you have some problems you’re dealing with or by talking to a financial counsellor,” he told News Ltd.

3. Tie up all financial loose ends when you move or go overseas

A really common way that young people can find themselves in trouble with their credit file – sometimes without even knowing it – is when they move house or go overseas for extended periods. Typically an account gets sent to your previous address and remains unpaid and then listed as such on your credit file. This can occur frequently with electricity accounts. If you move around a lot, consider a P.O. Box for all your mail or alternatively a parent’s address. Likewise, make sure you contact your Credit Providers to inform them of your new address when you move – or if going overseas, have someone keep an eye on your mail. Parents are good for this!

4. Check your credit statements and order a credit report.

Many people of all age groups have the mistaken view that if something wasn’t right with their credit accounts or something was listed incorrectly on their credit file – that someone would inform them. This is seldom the case. It is your responsibility to check that your accounts are running right by checking your statements when they come in. Review each phone bill. Query anything you’re not sure of.

In addition to this, you should also regularly check what is being seen by lenders by ordering a copy of your credit file. It is free once every year from Australia’s credit reporting agencies – and you should order it annually to make sure everything reads as it should.

Young people need to insist on account accuracy and credit reporting accuracy. With defaults almost seemingly a ‘dime a dozen’ in the 16-25 age group, it is important accuracy does not take a back seat and see defaults pile up on Australian credit reports without an understanding of what constitutes a lawful listing.

Order a free credit report.

5. You have a right to correct mistakes

Every Australian needs to know that mistakes can happen on credit reports. Likewise, bad credit can be listed on credit files unknowingly.

A credit listing that you feel is inaccurate or unfair should be tested against the appropriate legislation for its validity and its accuracy. The process of dispute is not easy, but Creditors should be called to account for any inconsistencies. You should also know Creditors have a legal obligation to remove a listing which was placed incorrectly.

Changes for the better are coming in Australian credit reporting particularly around correction of credit reporting mistakes, but education is key for every credit active individual to make best use of these changes, aware of the action they need to take to ensure their rights are upheld.

Where to go for money help

AMP’s Charman suggests younger Australians find themselves a money mentor to help them when facing important financial decisions, such as parents, aunts or uncles. This is a great idea. Having someone to bounce decisions off can really improve your chances of making the right decisions for you not just for now, but for later as well.

Also go to the MoneySmart Rookie website for under 25’s, and get help with a range of financial decisions including handling credit and debt, getting a car, starting work, moving out of home, understanding mobile phone deals and plans and online transactions. You can also visit savingsguide.com.au – a great advice centre and blog for all-things money which is focused not only on saving money – but also on repaying debt. Their motto is ‘it’s not how much you earn, it’s how smart you are with what you have’.

As a young person, getting to know your rights around credit and your obligations will empower you well into the future, and set up habits which will see you in good stead for your whole financial future. You can find more information on your credit file or disputing a credit listing on our website www.mycra.com.au or by subscribing to our blog www.mycra.com.au/blog.

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16/07/2013
End of financial year an important time for your credit file.

Media Release

End of financial year an important time for your credit file.

16 July 2013

As the saying goes….there are two certainties in this world – death and taxes. But there is another certainty in Australia. If you have ever taken out or applied for credit, you will have a ‘credit file’ in your name, and a consumer advocate for accurate credit reporting says the end of the financial year should be the time to include an all-important credit check to your financial repertoire.

Graham Doessel, CEO of MyCRA Credit Rating Repair says obtaining a copy of your credit report regularly is an essential component to maintaining good financial records.

“Most people don’t think about their credit file until they apply for credit, let alone the implications if they should find out they have a default or other negative listing against their name,” he says.

Mr Doessel believes most people don’t know they should check their credit file, because they are largely unaware of the frequency of credit rating errors, or listings added unlawfully by Credit Providers to Australian credit files.

“Unfortunately, paying all of your bills on time doesn’t always guarantee a clear credit file – there can be a number of go-wrongs including billing errors, unfair bills, address mix-ups and mistaken identities – and our growing client base is testament to this issue,” he says.

Credit reporting agency Veda Advantage alone holds over 16 million credit files in Australia, but currently there are no official statistics on the number of Australians with ‘bad credit’ or negative listings – although in the past there have been reports of that figure being around 3 million. Likewise, there are no statistics for the number of credit listings disputed with individual Credit Providers.

“This makes it difficult for individuals to get any scope for the likelihood that their credit file may contain errors,” Mr Doessel says.

He says Australians should check their credit file at least once a year with all relevant credit reporting agencies, to make sure they have the all clear.

“Although it is not well publicised, Australians can access a copy of their credit report every year for free from Australia’s credit reporting agencies,” he says.

You can apply for a copy of your credit report from agencies Veda Advantage, Dun & Bradstreet, Experian and Tasmanian Collection Services (if in Tasmania). A free report will be sent within 10 working days, or you can pay to get an urgent report.

Mr Doessel says the end of financial year is the best time to order a copy of your credit report – as your financial records tend to be in order if you have just completed a tax return.

“This way, if there are any items you wish to cross-check on your credit file, you will have all the necessary information at your fingertips,” he says.

If your report comes back with errors, or you feel a listing is unjust or shouldn’t be there, you do have the right to have incorrect information rectified.

“Depending on the nature of the dispute, this may be fairly straightforward, or you may find that it requires the help of a third party advocate,” he says.

You can also order a free copy of your credit report through MyCRA – http://freecreditrating.com.au/.

/ENDS.

Please contact:

Lisa Brewster – Media Relations media@mycra.com.au

Graham Doessel -Ph 3124 7133

http://www.mycra.com.au/ 246 Stafford Road, STAFFORD QLD. Ph: 07 3124 7133

MyCRA Credit Repair is Australia’s number one in credit rating repairs. We permanently remove defaults from credit files. CEO of MyCRA Graham Doessel is a frequent consumer spokesperson for credit reporting issues and is a founding member of the Credit Repair Industry Association of Australasia.

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16/07/2013
7 ways to be smarter with your money and clean out the cobwebs on your finances this spring

Are your finances in need of a spring clean? Well this week is MoneySmart Week in Australia. We give you some inspiration to get in and tidy up those loose ends with your money and also your credit file – with our 7 ways you can be smarter with your money.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

MoneySmart Week is being held 2-8 September in Australia. It has some major Ambassadors, including our Governor-General Her Excellency Ms Quentin Bryce AC CVO and money commentator Paul Clitheroe.

MoneySmart Week is an independent, not-for-profit national initiative promoting the importance of financial literacy. The MoneySmart week website explains the importance of financial literacy:

MoneySmart Week 2012 includes:

• A call to action for all Australians to take the next step in their financial health: ‘Do a Money Health Check’.
• A National Awards program to recognise outstanding achievements in financial literacy.
• Promotion of existing money management programs, tools and resources.
• A range of special activities and events in workplaces and the community.

Why is financial literacy important?

Financial literacy is about understanding money and finances and being able to confidently apply that knowledge to make effective financial decisions. It affects quality of life, opportunities we can pursue, our sense of security and the overall economic health of our society.

To find out more about financial literacy, visit www.financialliteracy.gov.au

Do you consider yourself smart with your money? Many of us do I am sure, but are we always completely on top of everything? You can check how you rate by taking part in the Money Health Check – an online questionnaire to test how savvy you are with your personal finances. We would encourage everyone to get in and do the Health Check or at the very least, dust the cobwebs off those financial documents and make sure everything is in order.

We have devised some reminders for getting your finances together:

7 ways to be smarter with money this spring

1. Make a money ‘map’ to ensure you are aware of what you have, what you don’t and what you owe. This is the best way to be clear you are living within your means. By doing up a money map, you will have the benefit of knowing where you can squirrel away extra cash to help pay off any debts faster – you may have never known you had that extra money available without creating a budget.

For help with putting together a money plan ASIC’s MoneySmart website has a great budget planner. The Victorian Government’s Money Help website also has some great tips.

2. Make debt reduction a priority. Any extra cash that comes your way would be well used by reducing debt – especially those debts where the interest rate is high.

3. If you are able to, put extra onto your home loan. Increasing your mortgage repayments even slightly, can see you cut years off your home loan

4. Make sure every bill will be paid on time. This can come down to organisation as much as funds. With new credit laws on the horizon meaning lenders will be recording bills that aren’t paid on time as “late payment notations, it is advisable to get into the habit of paying your bills well before the due date every time to ensure you don’t miss one, and threaten your credit file health and ability to obtain credit in the future.

Bills missed past 60 days will mean your credit file is defaulted and you will face 5 years of bad credit – so it is absolutely essential to get repayment schedules right.

5. Assess your insurances – are they the best plans for your needs? Are they accurate and up to date?

6. Check your credit file – take advantage of your free annual credit report. A free copy of your credit report can be obtained from one or more of Australia’s credit reporting agencies – Veda Advantage, Dun & Bradstreet, and Tasmanian Collection Services (if in Tassie). Your free report will be mailed to you within 10 working days.

When you get your credit report back, here are some things to check for:
-Check your name is correct
-Check your date of birth is correct
-Check your driver’s licence number matches up
(If any of those things are not correct – you may be vulnerable to identity theft or mistakes on your credit report).
-Check your address history is correct
(If there is an address you don’t recognise on your credit report – this could also mean you may have been a victim of identity theft, or mistakes have been made in credit reporting where credit has been issued to your credit file incorrectly).

-Also assess each credit entry and make sure it is correct.
Are all the credit enquiries initiated by you? This is one of the first signs of an identity theft attempt.

If you have a default – should it be there? Is it yours? Is it fair? If a default is deemed unlawful, it may be required to be removed by your Creditor.

There are a number of reasons why a default could be unlawful – including errors, mistaken identity and incorrect details as well as unfair listings and listings where an incorrect amount of notice has been provided to the client.

For help with ordering your free credit report, and also repairing bad credit which shouldn’t be there, or if you just want to see whether you qualify for credit repair – contact a MyCRA Credit Advisor on 1300 667 218 or visit our main site www.mycra.com.au for more information.

7. If you’re throwing out any old papers – make sure you shred them. Your financial security is paramount, and the amount of personal information on many of our financial documents could be enough for a fraudster to go about trying to steal our identity. Unfortunately there have been cases of crooks sifting through rubbish to find this kind of information in order to piece together enough to go about requesting replacement copies of your identification. This gives them a ticket into your life – your bank accounts, your tax and potentially your credit rating. Fraudsters have been known to take out loans in the name of their victims – leaving them with debt and a damaged credit file.

The process of fixing bad credit after identity theft can be complicated. In some cases it has taken years to put right. So buy a good shredder, and cross-shred every piece of identifiable information before you throw it away.

Why spring is a good time to take stock of your money…

• It’s tax time. If you are due a refund – you will then know the way to make the best use of your return. Likewise if you are expecting a tax bill – you will know where you might be able to skimp to come up with the extra money you will need.
• It’s almost Christmas time. If you want to budget well for Christmas – you can start now.
• It’s transfer time. If you know you will changing jobs; moving interstate or downsizing jobs you can budget for any extra expenses that will ensue.
• It’s almost holiday time. If you want a holiday after Christmas, or you want to take time off with the kids in the New Year you can budget this in as well.

For the same reasons above you may also need to BORROW money and this is why checking your credit file and alleviating any inconsistencies is important well before you may need to apply for credit.

Basically it is ‘finance time’ and if you can allocate space in the spring time every year that you can dedicate to making sure your finances are as they should be – then you will be on your way to being savvy with your “everyday money” every day of the year.

This information is intended for general purposes only and should not constitute financial advice nor replace seeking help from a professional financial adviser.

Image 2: smokedsalmon/ www.FreeDigitalPhotos.net

Image 3: David Castillo Dominici/ www.FreeDigitalPhotos.net

06/09/2012
Will the spring boom be mowed down by bad credit?
Spring has almost sprung – which is evident by the sunny weather spanning much of Australia today. We look at what this might mean for the housing market, and why this is the best time for people to get cracking on making sure their credit file comes up smelling like roses.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Traditionally spring is the season where people dig out the clip-boards and the comfortable buying shoes and go get pre-approval for some serious house-hunting.

Spring is a great time to buy due to more property on the market – transfers; people planning for moving prior to the new school year; people with pools selling when it’s warmer; and homes generally look prettier in the spring – can contribute to this rise in good stock. And for the same reasons, more buyers can be available at this time, which potentially means more borrowers.

But RP Data’s Executive General Manager, Craig McKenzie told Australian Broker Online today that the 2012 spring selling season would be largely determined by levels of buyer confidence in the market place. He warned a lack of confidence would hamper activity.

“Until such time as there is a sustained recovery in the consumer mindset it seems unlikely there will be a vast improvement in sales activity,” he said.

The Housing Industry Association’s chief economist Harley Dale also echoed this belief.

“The consistently weak consumer confidence is weighing very heavily on new housing investment, far more so than is the case for retail expenditure,” he said.

“Combine that low confidence with very tight credit conditions and excessive taxation, and you have the unpalatable recipe for the recessionary conditions facing new housing.”

I would argue nothing exudes buying confidence like pre-approval for a home loan. But this thinking can sometimes see people come unstuck if they’re not careful. If people don’t know what is said about them on their credit report before they apply for finance – they will find out after. If the news is bad – if they have a bad credit listing there – this would mean they are refused credit, and would also have created a credit enquiry on their credit report. “Tight credit conditions” mean any blemish on the credit report – including too many credit enquiries – can see a person refused credit.

Most people think if they had any kind of black mark on their credit report they would know about it. But unfortunately “surprise” bad credit is pretty common. Bills and notices get sent to the wrong address; mistakes happen; listings are put there unfairly; or in some cases the wrong person cops the bad credit of someone else entirely. But if people apply for finance and their credit report comes back with nasties – the banks probably won’t be very understanding – they consider these blemishes require them to undertake too much ‘risk’ on the loan.

In most cases the best way to alleviate bad credit history bringing undone all the hard work and savings that have gone into getting a person ready to buy is by using the free yearly credit report to check that everything on their credit file is as it should be before applying for finance.

The very people who should be ordering a copy of their free credit report are the people who think their credit file should be returned clear. It only takes 10 days to receive it in the mail, but its piece of mind and ‘confidence’ to know that everything is as it should be.

No amount of “fast talking” or explaining will take back that credit refusal if it occurs. The only thing that will fix a bad credit listing is to address the credit listing at its source – with the Creditor and if it shouldn’t be there – request its removal.

But why should people use a credit repairer?

For people who have ever tried to call up and fix their phone troubles, they can be on hold for hours; they can be passed from one person to another; and in the end, still hang up dissatisfied. Clients say it is a similar situation when trying to dispute a credit listing.

Most times they are told (eventually) that listings can only be marked paid and cannot be removed. But this is not true. If a listing has been placed unlawfully on a person’s credit file, then it should be removed.

What it takes to negotiate the removal of a credit listing
- Ability to review pages and pages of documentation
- Ability to be patient and go through the proper channels to request documents and information
- Ability to build a strong case as to why a listing has been placed unlawfully based on client information crossed with relevant legislation
- Ability to negotiate directly with the people that matter within the company in question
- Knowledge of how to escalate a complaint when necessary, for the best outcome of the client
Working within the law, a professional credit repair firm gives people the best chance of completely removing bad credit which should not be there. This way, they can apply for finance with a clean slate – achieving the interest rate of their choice, and saving themselves thousands.

If someone is dreaming of white picket fences, the best way for them to confidently take charge of their “approvability” is to take charge of their credit file and what is says about them. With a clear credit file, they will be able to confidently apply for pre-approval, without stress, negotiating that best price on the house of their dreams.

To order a free copy of your credit file, or for more information about professional credit repair contact MyCRA Credit Rating Repairs on 1300 667 218 or visit our main site www.mycra.com.au.

Image 2: dan/ www.FreeDigitalPhotos.net

Image 3: anankkml// www.FreeDigitalPhotos.net
30/08/2012