MyCRA Specialist Credit Repair Lawyers

Tag: Graham Doessel

Experts say getting hooked by Australian Paypal or Amex phishing scams could result in identity theft

Security experts warn of the potential severity of falling for phishing scams, claiming the data pilfered from these scams can not only result in financial loss, but in stolen personal information. This loss of financial data and or personal information can lead to identity theft and ultimately a whole heap of bad credit history for the victim. We have featured this topic in aid of National Cyber Security Awareness Week 2012.

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

Tech publication, Computerworld warned readers this week of the growing threat of very clever phishing scams currently out there, threatening the personal information of PayPal Australia and American Express Australia customers. The four-month email phishing campaign has been targeting those customers with legitimate looking emails and one click could leave them vulnerable to identity theft. The article, PayPal, Amex phishing: What you need to know reveals some advice from top security experts on what this could mean for consumers. But before we delve into what the experts say, let’s look clarify how phishing scams work.

The ins and outs of phishing scams

Phishing scams are generally emails or text messages which impersonate genuine companies in the hope of tricking victims into giving out their personal and financial information. They can appear to come from banks, big companies and in the most recent cases, PayPal and Amex.

The aim of phishing is to steal information like bank and credit account numbers, passwords, and other crucial personal data.

The ACCC’s Scamwatch website warns that phishing emails are not easily distinguishable from genuine corporate communication:

“Phishing emails often look genuine and use what look to be genuine internet addresses—in fact, they often copy an institution’s logo and message format, which is very easy to do. It is also common for phishing messages to contain links to websites that are convincing fakes of real companies’ home pages.

The website that the scammer’s email links to will have an address (URL) that is similar to but not the same as a real bank’s or financial institution’s site. For example, if the genuine site is at ‘www.realbank.com.au’, the scammer may use an address like ‘www.realbank.com.au.log107.biz’ or ‘www.phoneybank.com/realbank.com.au/login’.”

What happens if people fall for a phishing scam?

In the Computerworld article, Doctor Jon Oliver, Trend Micro Australia global threat researcher warns that phishing scams were designed to infect computers through virus-containing links in the emails.

“If a user gets infected then they may suffer direct economic loss because the malicious payload of these phishing-like schemes is to infect the user with financial Trojans and information stealers,”…

Aside from potentially gaining access to credit card details, Oliver said the BlackHole exploit kit spam runs were infecting users with malware, leaving the users and companies open to ongoing damage until the systems were cleaned or re-imaged…

“The types of damage can include stolen usernames / passwords, fake anti-virus attacks or data theft,” Mr Oliver said.

The article also features warnings from IDC Australia senior market analyst , Vern Hue. He said that companies needed to be extra vigilant with security as the emails could prove to be an opportunity for cyber-criminals to deceive people into believing that emails and other communications came from a legitimate source.

“However, once they click on a link, users will then be transported into a link that is hosted by malicious actors for the purpose of either stealing information, installing malware or duping users to part with their money,” Hue said.

“We need to be cognisant of the fact that cyber-criminal are crafting very authentic looking email communications.”

He recommended that organisations put in place formal business communication policies and guidelines around acceptable use of social media and financial services.

So aside from potentially having credit card details stolen, these scams can invade all the personal data on a person’s computer. What would such a virus find on most computers? Probably a whole lot of personal and financial information – enough for a clever and determined cybercrook to go about stealing the victim’s identity. A fake identity means fraudsters have access to their victim’s good name through their credit rating, and it means the victim has a whole host of difficulties in recovering their ability to obtain credit.

Vigilance against phishing scams

The Scamwatch website provides these tips for steering clear of phishing scams:

• NEVER send money or give credit card or online account details to anyone you do not know and trust.
• Do not give out your personal, credit card or online account details over the phone unless you made the call and know that the phone number came from a trusted source.
• Do not open suspicious or unsolicited emails (spam)—ignore them. You can report spam to Australian Communications and Media Authority. If you do not wish to report the message, delete it.
• Do not click on any links in a spam email or open any files attached to them.
• Never call a telephone number that you see in a spam email or SMS.
• If you want to access an internet account website, use a bookmarked link or type the address in yourself—NEVER follow a link in an email.
• Check the website address carefully. Scammers often set up fake websites with very similar addresses.
• Never enter your personal, credit card or online account information on a website if you are not certain it is genuine.
• Never send your personal, credit card or online account details through an email

For help with recovering a damaged credit rating following identity theft, contact MyCRA Credit Rating Repairs directly on 1300 667 218 or visit the main website www.mycra.com.au.

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

14/06/2012
Smartphone users still not smartening up about cyber security

MyCRA is a partner in Cyber Security Awareness Week 2012 running 12-15 June. The issue of smartphone security was put forward as a growing area of concern amongst information security experts. We look at the dangers of lax smartphone security – since reports show about 4000 smartphones are lost or stolen in Australia every week.

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

Yesterday Inside Retail published research from PayPal Australia showing that smartphone users did not afford the same type of security for their smartphones that they may afford for their home computers. The article, titled Security fears over m-commerce reveals some worrying statistic on smartphone security, considering the increasing use of smartphones to perform functions normally reserved for personal computers.

PayPal Australia’s research shows:

One in six (16 per cent) of Australian smartphone users have lost, misplaced or had their phone stolen in the last year

BUT only 30 per cent remotely wiped their data after losing their smartphone and less than half (43 per cent) changed their online passwords.

AND half (49 per cent) of Australian smartphone users don’t use a passcode on their mobile device.

Here is an excerpt from that article:

In support of National Cyber Security Awareness Week (NCSAW), PayPal and the Centre for Internet Safety at the University of Canberra (CIS) have called for Australians to stay vigilant with their smartphones as they would their personal computers and wallets. Australians increasingly use smartphones to store a substantial amount of personal data, from bank statements to calendars to social networking profiles….

Prashanth Ranganathan, director of mobile security and risk at PayPal is in Sydney this week in support of NCSAW, speaking to industry stakeholders about the need for consumer education as mobile payments becomes increasingly prevalent.

“Australia is among one of the largest mobile markets in terms of smartphone penetration[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”][3]. Australian consumers are increasingly using their smartphones to shop and pay while on the go but are unaware of the size of the digital footprint stored in their smartphones. By transacting through PayPal, consumers are provisioned with an additional layer of protection by ensuring their personal financial information is never stored on the physical device and never shared with businesses they are transacting with,” Ranganathan said.

Australians are keen to take advantage of the mobile convenience of smartphone technology, but according to PayPal’s research are not protecting themselves beyond the home. Smartphone owners were three times more likely to be more mindful of the security of their wallets than of their smartphones and one in three (36 per cent) stay logged into mobile applications.

Alastair MacGibbon, director at CIS said: “With over 12 million Australian smartphone users expected in 2012, criminals are now making moves to target mobile users. Australians must stay alert and ensure they protect themselves across all their devices. As the technology evolves and more Australians use their smartphone devices to fulfill a wider range of functions, consumers need to keep an eye out for fraudulent encounters and be educated about ways to safeguard their smartphones from cybercrime.”…

PayPal and CIS have listed key tips to help consumers better protect themselves while transacting on their smartphones:

• Set up your first line of defense – Enable a unique passcode so that your smartphone automatically locks when you’re not using it.
• Know who you’re transacting with – Use reputable mobile sites and applications. Look out for trust cues like the padlock symbol before entering your financial information.
• Watch out for duplicate applications – Cyber criminals take advantage of trusted brands by creating free applications that mimic the company’s official application. If you’re unsure, always download the application directly from the company’s website.
• Know how you’re connected – Use a secure network to transact online and watch out for people looking over your shoulder while using free Wi-Fi networks.
• Keep track of what you’re sharing – Be aware of the permissions your applications request from you. Review permission requests carefully and only share information that you are comfortable sharing.
• Don’t store sensitive data on your device – never store sensitive financial data on your smartphone.
If your smartphone is lost, stolen or misplaced, remember to:
•Remotely wipe your data – Enable this feature at purchase so that you can use it to your benefit if you lose your device.
• Immediately change your passwords – Change your online passwords for the mobile apps and websites that you automatically sign into, such as email, calendars, social networking sites, app stores, messengers, video sites.
• Get help – Contact your provider or manufacturer and enquire about mobile tracking or whether they can disable your phone on your behalf.

The rise in the use of smartphones, and mobile digital devices in general points to a need for users to be more cautious about the security of those devices, and aware of the potential for identity theft should they fall into the wrong hands.

Smartphones, tablets and laptops give people their lives at the touch of a button – allowing access to email, bank accounts and social networking, but he says this access would be a goldmine for fraudsters.

Research put out by AVG Security last year shows the number of mobile phones reported lost or stolen in Australia has doubled in the past five years to 200,000 annually — that’s 4000 a week, or one every three minutes.

If people have their laptop or I-phone stolen, these days it can be the same as someone breaking into their home or stealing their PC. If the device is not secure, often there is enough information on there for a criminal to go about hacking into their bank accounts, or stealing someone’s identity and taking credit out in their name.

Identity theft can hit twice, often with victims facing an uphill battle with their credit rating following it. Many times the identity theft victim is unaware their good name has been used until they apply for credit somewhere and are flatly refused. People may have credit applications as a minimum and possibly defaults, mortgages and mobile phones attributed to them incorrectly.

Once an account remains unpaid past 60 days, the debt may be listed by the creditor as a default on a person’s credit file. Under current Australian legislation, defaults have to remain listed on the victim’s credit file for a 5 year period.

What is not widely known is how difficult recovery from identity theft can be, due to defaults remaining on credit files for 5 years. Unfortunately there is no guarantee they can be removed from a person’s credit file. The onus is on the identity theft victim to prove their case to creditors.

Security companies like AVG also have software such as ‘AVG Mobilisation’, which can help users track and locate a lost or stolen smartphone or tablet on Google Maps. They can also enable remote locking, and remote wiping allowing personal information to be removed if the device is lost or stolen. There are similar products with other security companies.

People who suspect identity theft should report the matter immediately to Police, no matter how insignificant they think the fraud is.

This crime is not very widely reported. But it is only through people reporting identity theft that any real statistics get collated on this issue. Likewise, if people want to try and repair their credit rating, the first thing I tell them is to make sure they have a Police report.

For more information on identity theft risks and how people can repair their credit rating following identity theft, visit the MyCRA Credit Rating Repairs website www.mycra.com.au.

Image above: Ambro/ www.FreeDigitalPhotos.net

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13/06/2012
Cyber security is about protecting your credit rating.

MyCRA is proud to be a partner for Cyber Security Awareness Week 2012, running this week from 12 to 15 June. Awareness Week helps Australians understand cyber security risks as well as educating home and small business users on the simple steps they can take to protect their personal and financial information online. Today, we address the importance of cyber security for preventing bad credit history.

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

Cyber Security Awareness Week 2012 is an Australian Government initiative, held annually in partnership with industry, community and consumer groups and state and territory governments. According to the Stay Smart Online website, cybersecurity awareness is more important than ever.

“Australians are increasingly relying on the internet in their everyday lives for banking, shopping, education and communication. It is, therefore, important that they are able to use the internet in a secure and confident manner. The government has established a range of initiatives to raise the awareness of Australian internet users about the importance of cybersecurity and the simple steps they can take to protect their personal and financial information online.”

One of the big risks for Australians is that their internet use will lead to fraudsters stealing their personal information for purposes of identity theft (now the fastest growing crime in Australia) and potentially fraud. The good credit rating of the victim could then be damaged.

If cyber-crooks are able to get their hands on enough personal information they may be able to construct a fake identity, which can lead to some serious credit fraud. Fraudsters have been known to go so far as to take out personal loans, credit cards and even mortgage homes in their victim’s name.

When the identity theft goes so far as to affect the credit file of the victim, the issues can be huge. Unfortunately fraudsters are never so kind as to pay this credit back, so the victim is often unaware of a stream of defaults run up against their name, until the apply for credit in their own right and are flat out refused.

For between 5 and 7 years identity theft victims can be locked out of credit while their credit rating shows up someone else’s defaults.

Unfortunately in the past it has not been easy for identity theft victims to prove they did not initiate the credit, particularly if they have no idea how they were duped in the first place. Often this sophisticated type of fraud is instigated by overseas crime syndicates who don’t leave much of a trail, or even if they do, can’t be prosecuted easily.

But the ability to obtain credit is so crucial to functioning well in today’s society, that if the identity theft victim has also been a victim of credit fraud, they should make their clear credit rating a point worth fighting for.

Firstly, the victim should contact Police as soon as they are made aware of possible identity theft, they may even be able to prevent the credit fraud occurring. If it has already happened, a Police investigation and report will be a good starting point for proving the person did not initiate the credit in the first place.

Credit file repair can be difficult for the individual, but if there is an error on a person’s credit file it is worth pursuing. It can be made easier with the help of a credit repairer. A credit repairer has extensive knowledge of credit reporting legislation and how to apply the letter of the law to the credit file holder’s circumstances to ensure the best chance of having the listing or listings completely removed from the credit file if it has been placed unlawfully, for instance if the listing contains an error, is unjust or just shouldn’t be there.

The best thing people can do for themselves is to prevent that crime from happening in the first place. People can provide a safety buffer for themselves and their family around one of the main channels for fraudsters to enter our lives – the internet.

To start, people can follow these top tips provided by Cyber Security Awareness Week 2012 on how to stay safe online:

• Install and update your security software; set it to scan regularly.
• Turn on automatic updates on all your software, particularly your operating system and applications.
• Use strong passwords and different passwords for different uses.
• Stop and think before you click on links and attachments.
• Take care when transacting online – research the supplier and use a safe payment method.
• Only download “apps” from reputable publishers and read all permission requests.
• Regularly check your privacy settings on social networking sites.
• Stop and think before you post any photos or financial information online.
• Talk with your child about staying safe online, including on their smartphone or mobile device.
• Report or talk to someone if you feel uncomfortable or threatened online – download the Government’s Cybersafety Help Button.

In addition, people can and should subscribe to the email notifications from Stay Smart Online Alert Service. The Stay Smart Online Alert Service is a free subscription based service that provides home users and small to medium enterprises with information on the latest computer network threats and vulnerabilities in simple, non-technical, easy to understand language. It also provides solutions to help manage these risks.

Also, people can look at securing different sections of their internet use in more depth with the help of Stay Smart Online’s key factsheets for online security.

They can also help raise awareness of the issue amongst their own group of family and friends and insist that anyone who has their personal information has a responsibility to keep it safe.

People should also check their credit file regularly, and act quickly on any discrepancies there – which can often be the first sign of identity theft. Copies of consumer and business credit files can be ordered from one or more of Australia’s credit reporting agencies, and are free for the credit file holder once per year.

Stay tuned for more information updates as Cyber Security Awareness Week unfolds.

Image above: Victor Habbick: www.FreeDigitalPhotos.net.

12/06/2012
More Aussies struggling with less people candidates for mainstream credit

A recent survey shows the number of Aussies struggling to meet their credit commitments is increasing. Will late payment notations to be included on credit files as part of the new credit laws prevent this figure from continuing to increase in the future?

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

Results from Veda Advantage’s bi-annual Australian debt study late last month showed more and more Australians are at risk of falling into a debt spiral during an economic downturn.

Findings show that 21% of Australians are struggling to pay their current credit commitments. Despite this, a quarter also admitted they will apply for yet more credit to help them cope with an economic downturn.

Veda’s analysis of consumer behaviours if there is a period of economic stress shows:

• Most (66%) Australians would draw on household savings;
• One in four (25%) would increase their credit card limit, mortgage or loan;
• One in three, or almost 5.5 million, would borrow from family;
• Over 3.6 million (21%) would draw on their superannuation.

Veda claims the introduction of late payment notations to credit files as part of comprehensive credit reporting should prevent more people from falling into a debt spiral.

Veda’s Matthew Strassburg says “…the changes to credit reporting will make credit reports fairer and more accurate for consumers looking to borrow. The new information will include a person’s current credit limit, number of credit cards and if someone has failed to make the minimum payment on a credit card or loan on time.”

I agree, accuracy in credit reporting in Australia is paramount. Late payment notations would certainly see less people given access to mainstream credit. But the question is – how fair will this system be?

25% of people surveyed by Veda said they would increase their credit card limit, mortgage or loan if they fell into ‘economic stress.’ But Veda fails to mention the definition of ‘economic stress.’ Possibly if the stress was certain to be temporary – some people would nominate increasing their credit limit or redrawing on their mortgage as a possible short term solution to ride out the bad period. It is not certain from the results published how many people surveyed would actually choose more credit – especially new loans as a solution to a long term financial problem.

If some of those 25% who nominated ‘more credit’ as a solution intended to use credit for an extended period of economic stress, then certainly the introduction of late payments as part of comprehensive credit reporting would stop some in their tracks from gaining more credit – and rightly so, there are better solutions to debt stress than more debt.

But what if the issue is a temporary one? How can mainstream lenders truly tell if someone is a bad credit risk if they have been late making one payment? At least with a default recorded – it shows the credit file holder had been at least 60 days in arrears with their repayments.

There are so many grey areas with the introduction of these new laws, and I am nervous that more consumers than necessary could suffer a reduction in access to mainstream credit. Could more be forced to access the non-conforming market at high interest rates as an alternative? Doesn’t this further perpetuate the debt cycle and lead even more people to experience financial stress?

One important point the Veda survey highlighted was the lack of impetus to seek help if people did fall under economic stress. It is important that people know that they can seek help if they are falling into difficulty making repayments – or they feel they may in the future.

Veda’s analysis indicates that despite 21% of the population saying they are having difficulty coping or are unsure how they will make the next payment, only one in five had sought professional financial counselling.

Mr Strassberg added: “People having trouble repaying should seek help from a financial professional before it’s too late, particularly lower income earners with competing debt repayments.”

Certainly financial counselling, possibly seeking a financial hardship variation, and generally contacting a creditor prior to letting a repayment fall into arrears or into default is always the better option to avoid debt stress and bad credit history.

If you or someone you know has bad credit history which shouldn’t be there – contacting a professional credit rating repairer can help you get your life back on track and potentially remove credit rating errors permanently.

Image: Stuart Miles FreeDigitalPhotos.net

12/06/2012
Small business credit lock down pushes families into more debt

Media Release

Small business credit lock down pushes families into more debt

Small businesses have been forced to rely on personal credit due to what a former broker turned credit reporting accuracy advocate says are difficult times for access to credit for SME’s, with the family credit rating copping the fall out.

A recent Reserve Bank of Australia report reveals that small businesses are more likely to have household debt due probably to a reduced access to business credit.

The RBA’s Small Business Finance Roundtable report shows that for unincorporated business, the overall financial position of the business is tied up with the household.[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”][1]

“Households owning businesses are more likely to have debt (including their business debt) than other households, with around 80 per cent of business-owning households having debt in 2010, compared to 66 per cent of other households, and they tend to have higher household debt relative to income,” the report says.

“When the balance sheets of unincorporated small businesses are compared with those of the households that own those businesses, the households are much more likely to have debt than the businesses. This suggests that many small businesses may be financed indirectly by household borrowing rather than through explicit business borrowing.”

The RBA also reports that tighter lending standards have a greater impact on small businesses and the reassessment of risk more generally by banks has also disproportionately affected small companies.

This sentiment is echoed by former broker Graham Doessel, now owner of credit repair business MyCRA and board member of newly formed Credit Repair Industry Association of Australasia. He says lending criteria since the Global Financial Crisis has tightened considerably, with many small businesses finding it near to impossible to qualify for credit.

“The loops and hoops businesses need to jump through to secure funds for expansion is unnecessary and shuts many small businesses out. The process could be better streamlined to accommodate this huge market, meaning less would need to rely on their personal credit rating,” Mr Doessel says.

Mr Doessel says the danger with small business owners involving personal credit in their small business borrowing is the chance of business debt and bad credit history spilling over to the personal credit rating.

“Small businesses are on a very slippery slope when they use their access to consumer credit to fund business debt on a regular basis. If they happen to run into trouble with repayments these people are copping defaults on both their consumer and commercial credit files, effectively ruining not only their credit rating but potentially that of their spouse as well,” he warns.

This comes as Smart Company reports today on new research by software firm MYOB showing 28% of small businesses use their home loan to finance their business in some way.[2]

The survey of over 1,000 SMEs, shows how tightly linked mortgage rates and business finance really are.

Just under 15% of SMEs utilise a line of credit through their home loan to help fund their business, 5% have funded their business by increasing the value of their home loan and 5% funded their business by redrawing against equity in their mortgage.

A further 4% have used cash sitting in their mortgage offset account to pump into their business.

“For many business owners, even those without commercial finance, an interest rate move doesn’t just affect their ability to repay the family home loan. For too many, home loan interest rate moves also affect their ability to keep their livelihood on an even keel,” MYOB chief Tim Reed says.

/ENDS.
Please contact:

Graham Doessel – Founder and CEO MyCRA Ph: 3124 7133
Lisa Brewster – Media Relations MyCRA Mob: 0450 554 007 media@mycra.com.au

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

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

[1] http://www.rba.gov.au/publications/workshops/other/small-bus-fin-roundtable-2012/pdf/small-bus-fin-roundtable.pdf

[2] http://www.startupsmart.com.au/funding/one-in-four-australian-small-businesses-use-mortgages-for-finance-survey/201206046502.html

Image: Pixomar: www.FreeDigitalPhotos.net

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07/06/2012
Linkedin Hacked – Thousands of Australian CEO’s And Top Professionals At Serious Risk Of Identity Fraud As All Of Their Personal And Corporate Identity Information May Be Visable

Talk about a risk ! Imagine that, this latest hacking could be massive!

Linkedin has more than 150,000,000 user accounts and most of them are serious professionals who are extremely cautious. Especially when it comes to leaked information.

Picture This, Richard Branson (Virgin, Virgin Unite, Etc.), a Linkedin member, is chatting to one of colleagues about an upcoming project..(you get the picture..) That information could be extremely Valuable (and damaging) in the wrong hands…

It’s easy to fix though, Jump online immediately and change your password.

Too many people are today falling victim to identity theft and identity fraud as a result of having the same passwords across many different sites and applications. If your Linkedin Password is the same as your password on other sites, it’d be a really good idea to change that password as well..

What’s all the noise about anyway??

Identity theft is one of the major causes of clients coming to FixMyBadCredit.com.au to have their credit rating repaired.

After a consumers identity has been stolen, the identity thief can often apply for a drivers licence, get a medicare card, open a bank account and then we’re into borrowing..

Before you know it, if it was your identity that was stolen, you could find tens of thousands of dollars in credit card debt has been ‘run up’ in your name and not only is your credit rating shot, but now you have debt collectors chasing YOU.

That dream about buying your new car, or the family home is now out the door completely… No lender is going to go anywhere near you with thousands of dollars in unpaid credit card debt…

Change your passwords, DO IT NOW

07/06/2012
Mortgage stress eased by RBA cuts to interest rates…if passed on

The Reserve Bank of Australia has cut the cash rate by 25bps today – which should ease mortgage stress and the rate of credit rating defaults, provided banks pass on the reduction.

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

Today Australian Broker reported the cut in its story RBA maintains cutting course and says weak retail figures and low inflation has contributed to the cut.

“It is a relief to see that the RBA finally seems to have grasped the severity of the situation facing our main employment industries like construction and retail,” 1300 Home Loans’ John Kolenda said.

While Kolenda conceded that the rate cut would not be a panacaea for consumer sentiment, he said it would provide a much-needed boost.

“This rate cut is not the end of the road by any means but it does mean that homebuyers and consumers will be a little less cash-strapped and might step back a bit from their siege mentality,” he said.

It seems from experts we can determine that all but those related to mining and other resource sectors are struggling or slowing, so a drop in interest rates will be welcome, particularly for those teetering on the realm of defaults. A cut like this can represent a significant saving for consumers, provided that banks mirror the RBA cut, which in the recent past has not readily been the case.

Unfortunately, for those living with bad credit history, these cuts will be negligible and they will still be paying a significant amount more in interest through the non-conforming sector.

So any actions to prevent the number of likely defaults is extremely heartening if mirrored in interest rate cuts by banks.

Image: jscreationzs/ www.FreeDigitalPhotos.net

05/06/2012
Default rates soar amongst over 65’s

A study on generational trends in credit activity over the past ten years put out by credit reporting agency Veda Advantage reveals that the rate of default amongst the older generation (65 years and above) has increased a staggering 200% over the past ten years. We look at why this could be occurring and the possible ramifications of bad credit history for this age group.

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

Veda’s study results, released on June 1 in a report titled: New data from Veda shows surprising differences in credit activity between generations reveals this age group have become more reliant on credit which has led to the increased level of defaults as some struggle to meet financial obligations.

This topic was explored further by the Herald Sun in its article Bad debt increases among over-65s. It reports Veda general manager of consumer risk Angus Luffman saying 6 per cent of over-65s had more debt this year than last year. He said most debts related to living costs such as utility and telecommunications accounts.

Here is an excerpt from that story:

Financial counsellors said yesterday people could find it difficult to reduce their spending when they reached retirement and the supply of easy credit was a major problem.

“After retirement, some people find that their incomes have decreased but their credit card limits can be quite high,” Financial Counselling Australia chief executive Fiona Guthrie said.

“The adjustment can be hard (and) many older Australian are simply poor.

“They may be using credit to simply make ends meet.

“It is also frustrating to hear that industry still tries to sheet the blame home to consumers for what in fact has been the irresponsible marketing.”

It is a worrying trend that older Australians are having to rely on credit to simply make ends meet. The reasons for the increase in the rate of defaults could be simply these age groups not having the necessary funds to meet their repayments, or as speculated by Angus Luffman, it could also be due to a lack of education around credit.

In Veda’s report, Mr Luffman said that education is needed within all age groups on the risks of being enticed into credit as a result of factors like low introductory interest rates.

“The fact is that consumers of all ages still fail to realise that missed monthly mobile phone, utilities, and credit card or loan repayments can all affect their credit rating. It is vitally important that consumers consider and understand the difficulties they could face when they take on credit commitments that they can’t meet,” said Luffman.

We assume that the over 65’s have it all worked out financially. This report debunks that and shows that bad credit history can occur at any age group, and can be as much a result of a lack of education about credit obligations as it can be about not having the necessary funds to meet those obligations.

I always maintain that there is a lack of education about consumer rights and responsibilities around accessing and repaying credit and likewise in addressing credit listing complaints. Credit reporting law is hugely legislated and Privacy Principles cross a number of different codes of conduct for different industries. The difficulty for ordinary consumers in understanding these laws is reflected in a) the number of consumer defaults and b) the volume of consumers seeking credit rating repair services to fix their bad credit.

More education would go a long way in preventing the rate of default in the first place. It would also allow consumers to understand their rights within credit reporting law. Many are unsure what to do if they find themselves with a credit listing which they believe should not be there, and when they try to address the issue with the Creditor, they can be left no better off.

Perhaps older Australians are the most uneducated generation on their rights and responsibilities around credit. This generation is traditionally the ‘saving’ generation – most would have used very little credit in their younger years and the trend towards credit in society today has possibly pushed them into a realm they may be ill-equipped for. A meagre pension propped up by small levels of Superannuation for this generation can also be a contributing factor.

Direct debit problems, bill disputes, divorce or separation issues, even identity theft can all lead to an unncecessary bad credit rating and can be a problem for any generation. And what about those grey nomads tripping around Australia – what if people have failed to tie up all loose ends and have left a bill unpaid or unsettled? In reality, an overdue account will lead to bad credit. They could be listed with a Default and have 5 years of bad credit. If the Creditor can’t get hold of them – they will have a Clearout listing against their name – that’s 7 years of bad credit.

So what can people do if they find this happens to them?

Consumers should address credit listing complaints straight away. What they shouldn’t do is wait 5 or 7 years if the listing should not be there. The best chance of getting that bad credit history removed is for people to contact a credit rating repairer and put their circumstances to them, so it can be established whether they are a suitable candidate. There are some cases of bad credit which cannot be removed. But if there are inconsistencies, there is a good chance that a credit repairer can help them with their case for removal of the credit listing.

And for older generations who want or need to use credit, there is no time to waste on bad credit history that shouldn’t be there.

Image: www.FreeDigitalPhotos.net

04/06/2012
A wait and see approach to logistics of new credit laws

Most people are very positive about changes to Australia’s Privacy Laws which are coming through Parliament, effectively bringing Australia out of the 1980’s and closer to other countries in our treatment of Privacy and personal information. But others are a little unsure they go far enough in many areas. We look at one opinion of how the new credit laws apply to credit reporting .

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

An interesting post came through from ‘The Conversation’ yesterday written by Bruce Arnold, Lecturer of Law at University of Canberra. The post Two cheers for privacy law reform? Let’s wait and see looks at the potential benefits of these new Privacy Laws, and where perhaps the laws may be lacking:

“For many people the bleeding edge of privacy law has been their credit records. The Bill rationalises the current credit reporting regime, which has featured strong disagreement between competing industry bodies and examples of bad practice by particular enterprises. That rationalisation is to be strongly welcomed by consumers and business as providing greater transparency and certainty. Its success however will be dependent on action by the national Privacy Commissioner, an entity within the national Office of the Information Commissioner. Under the proposed law, credit providers will have access to additional personal information with the expectation that more data will facilitate “a more robust assessment” of credit risk and “responsible lending” that may also “result in reductions to the cost of credit for individuals”. As with much finance, we will trust that lenders will pass on their savings to consumers.

The Bill aims to give the Commissioner greater powers, for example scope for “own motion” investigations rather than in response to complaints by individuals who claim that there privacy has been disrespected. It is unclear whether the Commissioner will make effective use of those powers, given difficulties with resourcing and perceptions – fair or otherwise – that the office lacks both the will and expertise to take on particular interests. Historically it has endorsed industry practice that although commonplace, is below overseas benchmarks and is less than desired by many Australians.

The Commissioner will be able to recognise external dispute resolution mechanisms, something that is consistent with the trend to outsourcing and administration and presumably welcomed by business.

The Bill does not provide for a tort of serious invasion of privacy – that is, scope for an individual to seek compensation over an invasion of their privacy by an individual or an organisation. That tort has been recommended by the ALRC and by the law reform commissions of New South Wales and Victoria. It is thus hardly a radical or alarming notion, although it has been strongly opposed by the major media groups and some legal practitioners. The Government’s willingness to proceed with suggestions for establishment of the tort as we head towards an election is unclear.

Enactment of the Australian Privacy Principles is a step forward, deserving of two cheers even if we ask why has it taken so long and wonder how the APP will be interpreted by the Privacy Commissioner. Rationalisation of credit reporting law, in conjunction with the National Consumer Credit Protection Act 2009 (NCCPA) is also meritorious, although in one of the most messy areas of privacy practice we will need to see how business implements the revised arrangements and whether there is meaningful enforcement by the Privacy Commissioner,” Mr Arnold says.

It will be interesting to see how the actual application of dispute resolution pans out in the credit reporting landscape including how the changes will alter the Credit Reporting Code of Conduct. We will certainly adopt the ‘wait and see’ approach as to whether the changes will indeed make it ‘easier’ to dispute credit listings and fix unnecessary bad credit as claimed by Attorney-General Nicola Roxon.

Image: Stuart Miles/ Free Digital Photos.net

31/05/2012
Gillard Government finally recognises the prevalence of credit rating errors, says Graham the ‘Credit Corrector’

Media Release

Gillard Government finally recognises the prevalence of credit rating errors, says Graham the ‘Credit Corrector.’

29 May 2012

An advocate for accuracy in credit reporting says Australia’s new Privacy Laws finally recognise the prevalence of credit rating errors, and the damage that can be wreaked on the consumer’s reputation and life if they are incorrectly listed with bad credit.

Graham Doessel – CEO of MyCRA Credit Rating Repairs, and Board Member of the Credit Repair Industry Association of Australasia (CRIAA), says new Privacy Laws which are set to make some massive improvements in the area of correction of inconsistent data on Australian credit files, are long overdue.

“Someone who presents with bad credit is going to be refused mainstream credit for between 5 and 7 years – depending on the listing type. It’s serious stuff, and if the listing shouldn’t be there, it’s very unfair,” he says.

Mr Doessel says it is timely that the Government address the difficulties consumers face when they are incorrectly listed with bad credit.

“Creditors can and do make mistakes when placing listings on credit files, and the onus is on the consumer to identify and address those inconsistencies. But it has very much been a case of David and Goliath – with some consumers finding they are lumbered with listings that just shouldn’t be there due to not having the extensive skills and knowledge required to address their complaints in the appropriate way,” he explains.

The Privacy Amendment (Enhancing Privacy Protection) Bill 2012, which had its second reading in Parliament last week, is part of the Gillard Government’s ‘modernisation’ of credit reporting, which they say will make the credit reporting regime more flexible and less prescriptive by emphasising industry-led complaint resolution.

The new laws around complaints correction will:

• Streamline the correction and complaints process for credit reporting; and

• Force the Creditor to justify credit listings and actually substantiate the information it reports on credit files; and

• Allow consumers to complain directly to the appropriate Ombudsman rather than having to go through the organisation’s complaints process first; and

• Provide for remedies such as compensation for consumers who are negatively impacted by a Creditor who has failed to comply with credit reporting law (penalties for breaches of the Privacy Act could be up to $220,000 for an individual and $1.1 million for an organisation).

The introduction of the new laws are too late for Brent Uchtman, who sought MyCRA’s credit repair services last year to fight a disputed credit listing which saw him refused finance.

Brent applied for a loan after purchasing some land last year, only to be told by his bank that he had a bad credit rating from a phone company that out and out shouldn’t have been there.

His credit file was finally cleared in November last year, but not before he lost the land contract.

“I ended up losing the land because someone it got from under me while I struggled with this bad credit,” Brent explains.

He says his case was slow because the company took so long to provide documentation.

Mr Doessel says the speed of Brent’s case could have been improved if the Creditor would have had some obligation to substantiate the credit listing, or if the complaint could have been taken directly to the Creditor’s Ombudsman.

“Finally there is some real incentive for Creditors to take due care with adding listings to credit files and to justify their actions, and we as credit repairers ultimately have a better avenue to help our clients remedy their credit rating errors,” he says.

/ENDS.

Graham Doessel – Founder and CEO MyCRA Board Member CRIAA Ph: 07 3124 7133

Lisa Brewster – Media Relations MyCRA Mob: 0450 554 007 media@mycra.com.au

Client details available on request.

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

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

29/05/2012
Report shows more Australians are forced into accessing fringe credit

If anyone thought having bad credit meant people were merely unable to purchase big ticket items such as a home or a business – they are sorely mistaken. As our credit repair clients would surely testify, bad credit history permeates through every area of a person’s life, to the point where they can’t even get a mobile phone on a plan. These people, through denial of mainstream credit are forced to seek alternative credit often at higher interest rates – perpetuating the debt cycle even further. This has parallels with a recent study which reports that the high cost of access to basic financial services particularly in remote areas are forcing more and more towards fringe credit as well.

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

An article published in the Sydney Morning Herald today, titled More of us lacking access to banks revealed the study results – more than 2.9 million adults do not have adequate access to day-to-day financial products such as a basic banking account, car insurance or even a credit card.

Here is an excerpt from the same story featured in WA Today, Titled More Australians can’t access money: report :

The research by the Centre for Social Impact – backed by the University of Western Australia – shows the ability to secure as much as $3000 in funds for an emergency through the mainstream financial system is becoming increasingly out-of-reach for Australians.

Instead, more people are relying on family or friends or turning to fringe credit products, such as payday lenders, who regularly charge substantially higher interest rates than banks.

Such products have seen a surge in uptake in recent years….

NAB chief executive Cameron Clyne accepted the banking industry was partly to blame, conceding it needed to lift its game by providing affordable products to more people.

”The absence of access to mainstream financial services does preclude people from advancing socially and economically,” he said.

”Often it’s the unexpected expenses [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”][such as] if the car breaks down or someone needs to get to a job interview.
“There’s an obligation for the banking system to improve financial inclusion.”

Financial inclusion is a big issue. Many people need a fair go – and the chance to borrow small amounts of money at reasonable rates which they might have a chance at paying back, allowing them to actually move forward in life.

Parallels for bad credit clients

In our race to ensure we are not throwing money at people when they already can’t handle the credit they have – we have adopted a policy of excluding people who present with bad credit from mainstream lenders. This is responsible lending, but where do those people turn to in emergency situations? The very same places the people surveyed in the WA report do – family, friends or fringe credit.

It seems a shame to throw people who are already struggling with debt into a ‘debt trap’ of borrowing from pay-day lenders and the like.

One terrific favour we can do for people we meet who are ‘on the fringe’, struggling with bad credit, is point them in the direction of financial counselling – so that when they are turned away from mainstream credit, they can be given something positive to pull them out of the ‘debt trap’ and deliver them back on the road to financial security.

And of course, if there is any doubt about whether they should have the bad credit in the first place – then referring them for assessment for credit repair would be the ultimate gift. If they are able to remove the negative history from their credit file which shouldn’t be there, then they have the best chance at a fresh start with credit, and a normal life.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

29/05/2012
A credit reporting accuracy advocate says ‘about time’ for new laws delivering a better credit reporting complaints process.
Media Release

A credit reporting accuracy advocate says ‘about time’ for new laws delivering a better credit reporting complaints process.

29 May 2012

A leading credit rating repairer has welcomed amendments to Privacy Laws which will allow consumers easier dispute resolution for credit rating errors, but still worries about new information available to lenders about repayment history.

CEO of MyCRA Credit Rating Repairs and Board Member of Credit Repair Industry Association of Australasia, Graham Doessel says up till now consumers have done it tough trying to address the inconsistencies on their credit files, and the new changes will allow for a more defined process of complaint and recourse for creditors not complying with the law when adding listings to credit files.

“The new laws will definitely benefit consumers when trying to address listings which are placed in error on their credit file. At the moment people are basically blacklisted from credit for between 5 and 7 years if they have bad credit history, and if that history should not be there, the process of complaint has been difficult to say the least,” Mr Doessel explains.

The Privacy Amendment (Enhancing Privacy Protection) Bill 2012, which had its second reading in Parliament last week, is part of the Gillard Government’s ‘modernisation’ of credit reporting, which they say will make the credit reporting regime more flexible and less prescriptive by emphasising industry-led complaint resolution.

Some of the major changes to what information will be available on credit files as part of comprehensive credit reporting include:
- the types of credit accounts and when they were opened and closed;
- the current credit limits of each account; and
- information about repayment history-for example, when a credit card was paid off on time, and including information about overdue payments.
Attorney-General Nicola Roxon says the introduction of new information will be a positive change for consumers.

“These reforms will mean more families can access credit. And it will mean the banks can assess credit risks more accurately,” she said in a speech to Parliament last week.

When the new legislation comes in, late payment notations will be added to credit files by licenced creditors even if a bill is one day late. The notation remains on the individual’s credit file for 2 years.

This extra information will be further used to assess credit risk by lenders. The Government says these reforms will lead to decreased levels of over-indebtedness but will also allow people who have a credit file listing the chance to ‘make up’ their negative listing with consistent positive repayment data.

But Mr Doessel says initially he forsees less people eligible for credit with the introduction of this new information and is concerned it could push some borrowers into the non-conforming market unnecessarily.

“This information is being collected now, despite most people not knowing the implications of late payments. If lenders err on the side of caution with late payment notations, it could force more people into the non-conforming market with higher interest rates if they are refused mainstream credit,” he says.

The saving grace, Mr Doessel says is the greater insistence on credit reporting accuracy which has been brought in with the new laws.

“Creditors can and do make mistakes when placing listings on credit files, and the onus is on the consumer to identify and address inconsistencies. Up till now, the consumer has been forced to address these errors with little legislative support,” he says.

The new laws around complaints correction will:
- Streamline the correction and complaints process for credit reporting; and
- Force the Creditor to justify credit listings and actually substantiate the information it reports on credit files; and
- Allow consumers to complain directly to the appropriate Ombudsman rather than having to go through the organisation’s complaints process first; and
- Provide for remedies such as compensation for consumers who are negatively impacted by a Creditor who has failed to comply with credit reporting law (penalties for breaches of the Privacy Act could be up to $220,000 for an individual and $1.1 million for an organisation).
“Finally there is some real incentive for Creditors to take due care with adding listings to credit files and we as credit repairers ultimately have a better avenue to help our clients remedy their credit rating errors,” Mr Doessel says.

/ENDS.

Please contact:

Graham Doessel – Founder and CEO MyCRA Board CRIAA Ph: 07 3124 7133

Lisa Brewster – Media Relations MyCRA Mob: 0450 554 007 media@mycra.com.au

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

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.
28/05/2012
Credit repair industry body the Credit Repair Industry Association of Australasia to hold first Board Meeting Thursday.

Media Release

Credit repair industry body the Credit Repair Industry Association of Australasia to hold first Board Meeting Thursday.

28 May 2012

New industry body for credit rating repair, the Credit Repair Industry Association of Australasia (CRIAA) has scheduled its first Board Meeting this Thursday.

The nine board members – who were ratified last Tuesday, will meet Thursday 31 May at 9:30am EST to discuss a range of topics which will move towards solidifying the CRIAA as an entity designed to deliver both credibility and voice to the credit repair industry and those promoting credit reporting accuracy in Australia.

The board includes 6 credit repair industry members, and three finance industry members, including President of the Finance Brokers’ Association of Australia, Peter White. The meeting will comprise establishing formal positions on the board, and reviewing the ASIC-inspired draft Code of Conduct for the CRIAA.

Board Member Graham Doessel – CEO of MyCRA Credit Rating Repairs says the drive of the Code of Conduct will be to develop a framework to ensure that members conduct themselves with high standards and ethics.

“Credit rating repair is largely unregulated and some dodgy practices have caused the overall impression of the industry to at times be less than savoury,” Mr Doessel says.

He says this impression overshadows the crucial role credit rating repairers play in correcting credit rating inconsistencies for consumers and the real place credit repair has in the credit reporting landscape.

“The CRIAA Code of Conduct is a vital step to move the industry forward with credibility. It will provide some formal standards and minimum qualifications for members and cement a set of ethics that members can uphold,” Mr Doessel says.

/ENDS.

Please contact:

Graham Doessel – Founder and CEO MyCRA Board CRIAA Ph 07 3124 7133

Lisa Brewster – Media Relations MyCRA Mob: 0450 554 007 media@mycra.com.au

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

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

28/05/2012
Credit reporting changes introduced into Parliament

Further to news on changes to Australia’s Privacy Laws, the Attorney-General Nicola Roxon announced that much awaited changes to the Privacy Act 1988 were introduced into Parliament yesterday. These changes will affect your credit file and how your good and bad credit history is shown.

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

The Attorney-General said The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 represents the most significant developments in privacy reform since Labor introduced the Privacy Act in 1988.

All of these changes have significant bearing on credit reporting accuracy in Australia, as an individual’s credit file contains so much personal information which is checked to assess risk when an individual applies for credit. It can also be subject to misuse and error.

The laws are promised to strengthen the power of the consumer over this important Privacy right.

“These new privacy laws focus on giving power back to consumers over how organisations use their personal information,” the Attorney-General said in a statement to the media yesterday.

This statement also addressed credit reporting specifically.

The Government has promised to ‘modernise’ credit reporting arrangements. The Attorney-General was more specific with some of the changes coming in with the introduction of comprehensive credit reporting as part of these Privacy Act 1988 reforms:

• making a clear obligation on organisations to substantiate, or show their evidence to justify, disputed credit listings
• making it easier for individuals to access and correct their credit reporting information
• prohibiting the collection of credit reporting information about children
• simplifying the complaints process by removing requirement to complain to the organisation first, complaints can be made directly to the Privacy Commissioner, and by introducing alternative dispute resolution to more efficiently deal with complaints.

The Government says it expects the credit industry will benefit because the reforms provide a more accurate picture of an individual’s credit situation to help them make a robust assessment of credit risk, which is expected to lead to lower credit default rates.

Namely, this refers to the controversial introduction of late payment notations on consumer credit files. Late payments will be added by licenced creditors even if a bill is one day late. The notation remains on the individual’s credit file for 2 years. It is unclear at this stage the exact process of law governing how late payments may be added to credit files, nor the precise way these late payments will be used when assessing risk and the potential impact on an individual’s ability to obtain credit.

I can’t help expecting some real confusion over this type of data to occur particularly in the early days whilst data has been collected without individuals knowing the potential impact on their credit file information, and generally arguments and confusion from consumers over what may constitute a bad credit risk after these laws are introduced.

Australian Broker published an article Credit Agencies rejoice as positive regime gets a kickstart, today in which Dun & Bradstreet’s Director of Consumer Services, Steve Brown said comprehensive credit reporting should open up credit for some groups of people.

“The use of comprehensive rather than just negative credit information provides greater visibility of under-served consumers who would otherwise find it difficult to access credit,” Mr Brown said.

This assumption would be due to people being able to now ‘counteract’ a late payment notation or potentially a default listing through their repayment performance history. This could mean that if people have a 5 or even 7 year listing on their credit file, they may be able to show that over a period of 2 years (the length of repayment performance history recorded) they have managed to pay their bills on time. It would then be up to the lender to assess whether they believe a consumer or business with a default who has paid their bills on time for the past 2 years is or isn’t a credit risk.

Whilst in theory this works, I am concerned this is very subjective and lenders could err on the side of caution especially initially.

At the moment I believe ‘repayment performance history’ only adds to the volume of negative data which will be visible on consumer credit files. I will be interested to see if in the coming years and months the advantage to this system does in fact materialise in the form of consumers with defaults being given a fairer go due to better repayment history before I am truly convinced.

Some significant submissions put forward to the Senate Finance and Public Administration Legislation Committee which were accepted by the Government and which should benefit consumers include:

• Streamlining the correction and complaints process for credit reporting
• During a correction complaint, the Creditor must give justification for credit listings and actually substantiate the information is reports on credit files.
• Consumers may complain directly to the appropriate Ombudsman rather than having to go through the organisation’s complaints process first.
• The provision for remedies such as compensation for consumers who are negatively impacted by a Creditor who has failed to comply with credit reporting law.

MyCRA will be very intent on seeing how the laws pan out for the actual application of these significant changes for consumers and their credit file information.

If people have bad credit history which they believe shouldn’t be there, or the data on their credit file is inconsistent – they can contact a professional credit rating repairer to get advice about formulating a credit listing complaint. Call MyCRA Credit Rating Repairs on 1300 667 218 or visit our website www.mycra.com.au.

24/05/2012
Credit reporting accuracy supporters choose a board to front new Credit Repair Industry Association of Australasia

Media Release

Credit reporting accuracy supporters choose a board to front new Credit Repair Industry Association of Australasia

22 May 2012

Nine board members for a new industry body designed to give both credibility and voice to the credit repair industry and those promoting credit reporting accuracy in Australia have been ratified today.

The Credit Repair Industry Association of Australasia (CRIAA) held its second meeting today to ratify expressions of interest for board members, with 9 key players from inside and outside the credit repair industry now appointed to an interim board.

The meeting was chaired by President of the Finance Brokers’ Association of Australia (FBAA) Peter White.

The board now includes 6 credit repair industry members, and three finance industry members, including Mr White.

“I believe the Credit Repair Industry Association of Australasia will ensure that consumer rights are at the forefront of decisions made by the Credit Repair Industry,” he says.

The CRIAA has also been shown support from Ombudsmen, various external stakeholders and credit reporting agencies including credit reporting agency Dun & Bradstreet President, Tim Lord.

“We are interested in the role D&B could play in regard to the Board Structure and or the Advisory Panel,” Mr Lord says.

The CRIAA is now looking to establish formal positions on the board, with one of the first tasks of this being to establish a framework for a Credit Rating Repair Code of Conduct.

The Code of Conduct is planned to be devised to Australian Securities and Investments Commission (ASIC) guidelines to ensure members conduct themselves with high standards and ethics.

Foundation member and now board member of the CRIAA – MyCRA Credit Rating Repairs CEO Graham Doessel has seen the need for a strong and consistent foundation for credit repair clients in an industry that has been largely unregulated and lacking formal standards.

“The introduction of best practice standards for the credit repair industry means reputable credit rating repairers can stand above dodgy operators and set the standard for the industry. This will allow the real issue of credit reporting accuracy for consumers to be given the voice it deserves,” Mr Doessel says.

This is a viewpoint shared by new CRIAA board member, Colleen Halls from Fix Credit Australia.

“I most wholeheartedly agree that the industry needs to be regulated and needs definitive standards set with minimum qualification requirements,” Ms Halls says.

The CRIAA also seeks to have an influence on decisions of credit reporting law moving forward – whether directly or indirectly.

“The aim is to increase the legislative voice for those who are ultimately responsible for ensuring credit reporting accuracy. This voice belongs to consumers and the credit rating repairers who act on their behalf,” Mr Doessel says.

CRIAA Interim Board Members

Peter White   (FBAA)
Graham Doessel   (MyCRA Credit Rating Repairs)
Colleen Halls   (Fix Credit Australia)
Alicia Candido   (We Fix Credit)
Ilias Bafas   (Clean My Credit File)
Gavin Symes   (Credit Repair Australia)
Andrew Bell   (Fix Bad Credit)
Darren Brits   (Alpha Lending)
Kevin Allen   (Educated Finance)

/ENDS.

Please contact:

Peter White – National President FBAA Board CRIAA
Phone: (07) 3847 8119 president@fbaa.com.au

Graham Doessel – Founder and CEO MyCRA Board CRIAA
Ph 07 3124 7133

Lisa Brewster – Media Relations MyCRA Mob: 0450 554 007 media@mycra.com.au

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

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

23/05/2012