MyCRA Specialist Credit Repair Lawyers

Tag: MyCRA Credit Rating Repair

  • How Do Bad Credit Defaults Get Removed

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    How Do Bad Credit Defaults Get Removed…

    [/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=”” type=”1_6″][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” min_height=”” type=”1_6″][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”2_3″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” spacing_left=”2%” min_height=”” type=”1_1″][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]How do defaults get removed


    1.)  Firstly, [fusion_popover title=”Tell Us What Really Happened” title_bg_color=”” content=”Tell us what really happened – not what you think will help, or what you think we might want to hear. Why Is This Important?  The more information we have, the better your chances of MyCRA Lawyers legal team finding a reason to remove the bad credit listing.  Also, if you don’t tell us everything, we may formulate an approach based on the information you provide that could turn out to be a waste of your time and your money.  This may also limit your chances at a second approach or attempt.” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”hover” placement=”Right” class=”” id=””]we ask you what really happened[/fusion_popover] so we understand your specific situation.

    2.)  We then confirm the listings on your [fusion_popover title=”Credit Files” title_bg_color=”” content=”There Are Four Main Credit Reporting Bodies In Australia:  Veda Advantage (Veda), Dun & Bradstreet (DnB), Experian and Tasmanian Collection Service.  MyCRA Lawyers routinely removes defaults, Court Judgments and other bad credit listings from your Veda and DnB credit reports.  MyCRA Lawyers can help you get a copy of both your Veda and your DnB credit files while you’re on the phone with us.” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”hover” placement=”Right” class=”” id=”credit-files”]Credit Files[/fusion_popover] to further assess your specific situation.

    3.)  You are then advised the most appropriate course of action, [fusion_popover title=”Not All Defaults Need To Be Investigated” title_bg_color=”” content=”Once we have had a look at your full credit file, we can advise you on the best options available to you.  This may include an alternative action that you can do yourself at no charge, or sometimes to do nothing at all.  Doing nothing may be the best option if for example, the default listing has almost run it’s course and is about to be automatically deleted by the credit reporting body due to the passage of time.” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”hover” placement=”Right” class=”” id=””]including which defaults Do NOT need to be investigated[/fusion_popover].

    4.)  Then we request from your creditor(s), a list of [fusion_popover title=”Specific Documents” title_bg_color=”” content=”The specific documents requested are those that relate to notices sent to you, information on your file, when specific actions were taken, histories of the account, histories of the payment and missed payments etc.  Your creditor is required to have copies of these documents.” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”hover” placement=”Right” class=”” id=””]specific documents[/fusion_popover] and information about your file and history with them.

    5.)  We then review the information provided by both you and your creditor, and compare that with up to approximately 8000 pages of legislation, looking for [fusion_popover title=”Legislative Breaches” title_bg_color=”” content=”Legislative or Compliance Breaches may deem the credit file listing unlawful and require it’s immediate removal.” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”hover” placement=”Right” class=”” id=””]legislative and/or compliance breaches[/fusion_popover].

    6.)  We then uncover those legislative or compliance breaches and advise your creditor that the default listing has been placed unlawfully and needs to be removed immediately. [fusion_popover title=”Australia’s Only Audited Success Rate” title_bg_color=”” content=”We know you’ve probably heard all the horror stories about the dodgy ‘credit repair companies’ ripping people off and making unsubstantiated claims, so we decided to have the same Auditor that does our annual Law Firm Trust Account Audits (As required by The Queensland Law Society) take a look at, and formally Audit or Successful Removal Resolution Results.  The Auditor came back with the Audit Certificate confirming MyCRA Lawyers is successful in achieving a removal resolution in 91.6% of matters fully investigated.  (The certificate is available on our website if you’d like even more assurance that MyCRA Lawyers is the only safe choice in investigating the validity of listings on your credit rating.)” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”hover” placement=”Right” class=”” id=””]This happens in 91.6% of cases.[/fusion_popover].

    7.)  You are then advised of the successful default removal resolution.  29.6% of the successful removal resolutions are achieved in seven days or less.

    8.)  Once your creditor has acknowledged the removal request, the default is normally permanently removed from your credit file(s) in just 10 business days.

    You can then go on to apply for your home loan or finance and move in to your very own family home.

    To get started, Pick up your phone now and call MyCRA Lawyers now on 1300-667-218 for a 100% confidential, no obligation free chat.

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    If you’d like more information
    or just want to chat about your situation, please call 1300-667-218 and speak confidentially with one of our friendly, helpful team.  There is no cost and no obligation.

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  • 1 in 12 Australian credit ratings threatened by identity theft.

    Media Release

    Identity theft1 in 12 Australian credit ratings threatened by identity theft.

    24 October 2013

    A survey conducted for the Attorney-General’s Department reveals Australian credit ratings are under increasing threat from ballooning identity theft numbers, and a consumer advocate for accurate credit reporting warns victims can pay heavily, with many locked out of mainstream credit for years.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says when fraudsters take out credit in their victim’s name they can leave a trail of destruction on the victim’s credit file.

    “Fraudsters are never so kind as to pay the credit back. Defaults can then mount on the victim’s credit rating and hinder the victim’s ability to obtain credit in their own right,” Mr Doessel says.

    He goes on to say that “unless the victim can prove they didn’t initiate the credit in the first place, these defaults stay on the credit file for the term, which is five years.”

    The warnings come following the release of the ‘Identity Theft Concerns and Experiences‘ survey conducted by Di Marzio Research for the Attorney-General’s Department. (1)

    The survey found that identity theft had increased by a massive 40 per cent from 2011 to 2012 to almost one in four Australians having been a victim or known somebody who has been a victim of identity theft.

    It also showed 31 per cent of those victims had had their identity used to obtain finance, credit or a loan. This is an increase of 5 per cent from the previous survey in 2011.

    These figures correlate to almost one in every twelve Australians being victims of identity fraud which has had the potential to impact their credit rating.

    Mr Doessel says pieces of personal information are the building blocks for credit file misuse.

    “People can lose personal information in many ways, and they may be unaware of how or when it has occurred – particularly if it has happened via malware or even through too much sharing online,” he explains.

    “Sometimes it’s not until the victim applies for credit and is refused that they find out they have been exposed to identity fraud, and by then it may be too late to trace how it took place.”

    The survey pinpointed the private sector (Credit Providers such as banks and telcos) as providing victims with the most help with recovery, at 48 per cent – followed by Police at 32 per cent. Interestingly the government was cited as providing only 8 per cent of help with recovery, and 18 per cent of people had no help with recovery.

    But Mr Doessel warns that whilst Credit Providers may be able to help with reimbursing some identity theft victims, those that end up with defaults may not be so lucky.

    “It’s not a simple case of being ‘reimbursed’ for credit file misuse under the Credit Provider’s insurance. It is a slow and difficult process to try and recover a good name which has been tarnished,” he says.

    Mr Doessel says preventative measures centre around the safeguarding of personal information.

    “Get up to speed on the ways that fraudsters could misuse your personal information or your credit rating. Put as many preventative measures in place as possible, so that you have the least possible chance of becoming a victim.”

    “Also, check for credit file discrepancies. We recommend people regularly obtain a copy of their credit report to ensure that everything on their file is as it should be. That way if there are any problems, they can be rectified while there is no urgency,” he says.

    Under current legislation a credit file report can be obtained for free every 12 months from the major credit reporting agencies Veda Advantage, Dun and Bradstreet and TASCOL (if in Tasmania) and is sent to the owner of the credit file within 10 working days, or for a fee it can be sent urgently.

    Mr Doessel adds, Australia needs to create a culture of transparency when it comes to combatting this crime.

    “Talk, talk, and talk some more, about what you know about identity theft.  If you’re a victim – tell others about your story. In particular, talk to young people who might not fully understand the consequences of giving away their personal information and also talk to older people – who may be less tech-savvy and more vulnerable to predators,” he advises.

    You can find more information on identity theft on the Attorney General’s Website http://www.ag.gov.au/identitysecurity.

    /ENDS.

    Please contact:

    Graham Doessel – CEO Ph 3124 7133

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

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog

    MyCRA Credit Repair 246 Stafford Rd, STAFFORD Qld

    MyCRA is Australia’s number one in credit rating repairs. We permanently remove defaults from credit files.

    (1) http://www.ag.gov.au/RightsAndProtections/IdentitySecurity/Documents/Identity%20Theft%20Data%20Survey%20Report%202012%20[PDF%205.3MB].pdf
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  • Identity fraud survey: Find out if you are protected

    Identity FraudIt’s Identity Fraud Awareness Week 2013 this week running October 13 to October 19. Identity fraud can leave your credit file in ruins, and in some cases can mean a five year battle to recover your good name. Find out how protected you are from identity fraud by taking the Australian Federal Police’s (AFP) online identity fraud survey. Read more about how identity crime can impact your credit file. Know the basic things to keep you and your credit file safe. And this week, take steps to safeguard yourself in the future, and pass on the message of safety to the people around you.

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

    Identity theft victims who have had credit taken out in their name can often struggle to recover from having their identity stolen long after the initial fraud has occurred.

    People can have mobile phones and credit cards taken out in their name as a minimum. Some can even have mortgages and cars purchased in their name.

    The real pain comes when a victim discovers defaults on their credit file – which not only ruins their ability to obtain credit at the time, but those listings remain on their credit file for usually five years from the initial fraud.

    What is not often realised is how difficult getting default listings removed from the credit file can be. Even for a victim of identity theft, there is no guarantee the defaults can be removed from their credit file. The victim often has to try to prove they didn’t instigate the credit in the first place. This can be difficult if victims are not aware of how or even when the identity theft occurred.

    The Australian Crime Commission now sites high-tech organised crime as costing Australians $15billion a year, and is reported to be the fastest growing crime in the country. And the Australian public is starting to become concerned.

    Results from the Office of the Australian Information Commissioner’s (OAIC) 2013 Community Attitudes to Privacy survey were released last week. The survey reports that 48% of Australians believe that online services, including social media, now pose the greatest privacy risk. Only 9% of survey respondents considered social media websites to be trustworthy in protecting privacy.

    To know if you may be vulnerable to identity fraud – take the AFP’s identity crime survey this week, and pass it on to people you know. Most involved in identity crime prevention agree that Australians need to increase their knowledge of identity theft, and how to protect themselves – particularly with the volume of computer use in this country. Here are some ways the AFP suggest we can all protect ourselves form identity theft:

    How can I protect myself from becoming a victim of identity theft?

    You can take some simple steps to reduce the risks of having your personal information stolen or misused:

    • secure your mail box with a lock and make sure mail is cleared regularly

    • shred or destroy your personal and financial papers before you throw them away, or keep them in a secure place if you wish to retain them

    • always cover the keypad at ATMs or on EFTPOS terminals when entering your PIN, and be aware of your surroundings— is anyone trying to observe or watch you, are there any strange or loose fixtures attached to the machine or terminal?

    • ensure that the virus and security software on your computers and mobile devices is up-to-date and current

    • don’t use public computers (for instance, at an internet café), or unsecured wireless ‘hotspots’, to do your internet banking or payments

    • be cautious of who you provide your personal and financial information to—ensure that there is a legitimate reason to supply your details. Don’t be reluctant to ask who will have access to your information and which third parties it may be supplied or sold to. Ask to see a copy of the Privacy Policy of the business before you supply your details

    • only use trusted online payment websites for items won at online auctions or purchased online. Never make payments outside of trusted systems—particularly for goods which you have not yet received

    • regularly review your bank statements and obtain a copy of your credit history report. Report any unauthorised transactions or entries ASAP

    • ask your bank or financial institution for a credit or debit card with an embedded ‘micro-chip’—they are more secure than cards with only magnetic stripes

    • do not respond to scam emails or letters promising huge rewards if bank account details are supplied, or in return for the payment of ‘release fees’ or ‘legal fees’

    • if responding to an online employment or rental advertisement, be wary of transmitting personal information and copies of documents via email or electronically. If asked to attend an interview, do some prior research to confirm the legitimacy of the company or employment agency

    • in relation to social networking sites, always use the most secure settings. Take extreme care if placing personal details such as date of birth, address, phone contacts or educational details on your profile, and do not accept unsolicited ‘friend’ requests

    • for other useful tips, refer to the “Protecting Your Identity booklet – What Everyone Needs to Know (PDF, 700KB)“, published by the Attorney-General’s Department.

    • take our online identity crime survey to see how secure your identity is.

    I believe it is also really important to be aware of what your credit file says, and to know if there have been any changes you haven’t initiated.

    In my experience often credit file discrepancies can be the first sign we have been victims of identity theft. It is a good idea to regularly obtain a copy of your credit report to ensure that everything on your credit file is as it should be. Strange credit enquiries, changes of contact details, and of course default listings you are unaware of can mean someone has been using your identity.

    A credit file report can be obtained for free every 12 months from the major credit reporting agencies Veda Advantage, Dun and Bradstreet and Tasmanian Collection Service and is sent to the owner of the credit file within 10 working days. Or you can pay to have it sent urgently.

    If you are vulnerable to identity theft, you may also be able to purchase an alert service with credit reporting agencies – to be kept updated on any changes to your credit file which can indicate identity theft attempts.

    This Identity Fraud Awareness Week, the take home message from MyCRA would be:

    • stay vigilant (you never know when identity theft could strike)
    • stay informed (fraudsters are always thinking of new ways to trick people so try to stay one step ahead – it might help to sign up for alert services from Stay Smart Online, and check the ACCC’s Scamwatch website regularly)
    • and talk to others (you don’t want family and friends to become the next victim).

    Image: Victor Habbick/ www.FreeDigitalPhotos.net

  • Telco Eftel asks customers to pay $299 for their own mix up.

    Media Release

    disputing a billTelco Eftel asks customers to pay $299 for their own mix up.

    8 October 2013

    A recent ‘billing system melt down’ by Eftel has seen new connections over the past 6 months being charged a fee of $299 – regardless of how much the connection actually cost them, due to a loophole in their terms and conditions.

    Stated to be a “widespread problem affecting all customers who connected within the last 12 months”, the billing hiccup in August meant Eftel was able to charge its new customers between $59 and $299 as outlined in their terms and conditions.

    So Eftel opted to charge customers the maximum amount, and customers have been sent a letter advising them that if their connection was less than six months old, they would be charged the rate of $299.

    The letter also advised that all charges more than 6 months old would be waived.

    Eftel customer John Maxwell, who also happens to work in credit repair, received a letter from Eftel in August on behalf of his partner’s Mother, whose first language is not English, stating they were charging her $299, and he saw red.

    “My first response was to question why they were charging her $299 for the connection and not $59 as it was their problem affecting their customers’ accounts. They advised they would be charging the fee of $299 as this is what Telstra has charged them for all of the connections,” Mr Maxwell, Agencies Manager at MyCRA recalls.

    But Mr Maxwell says, he vehemently opposed the original fee range at the time of setting up the account for his partner’s Mum, and had demanded a set connection fee be quoted before he would agree to their services.

    “I requested the consultant access the recorded conversations from archives and verify what I authorised, and to call me back with an outcome,” he says.

    He goes on to say, that it was several correspondences back and forth before Eftel conceded they had overcharged on the account as per his voice recording.

    “I knew the facts of what went on, and that everything I had said was recorded. I advised them I was going to escalate the matter to the Telecommunications Industry Ombudsman for a resolution, and then I finally got someone to listen to all of the recordings,” he says.

    Mr Maxwell says he is happy with the outcome but is left wondering how many thousands of other customers are in this same situation.

    “How many other customers will now be charged $299 without any idea of how to argue for a fair outcome?” he says.

    He worries many will be pushed into hardship upon receiving a bill they cannot afford, without receiving prior notice, or risk default.

    CEO of MyCRA, Graham Doessel, says many people seeking credit repair have defaults originating from billing disputes that went unresolved.

    “People can get angry and emotional over bills they think are unfair or don’t agree with, and end up defaulting on their account by refusing to pay without resolving the matter. Or other times people think they have resolved a billing dispute, only to have been defaulted anyway,” Mr Doessel says.

    He has provided three of the most important things people may need to know when disputing a bill.

    Billing Disputes.

    1. Act quickly. Contact the Bill Provider as soon as you receive the bill and attempt to resolve the discrepancy. Ask them to note that you are disputing your bill and verify it in writing. It’s best to try to resolve the complaint prior to your account going into arrears (within 60 days).

    2. Get everything in writing. Document as much as you can and send a copy of your complaint in writing. Make a note of the name of each person you speak to on the telephone, and the nature of the discussion with each. Note any resolutions that were reached and request those be emailed or sent to you in writing.

    3. See it through. If the credit provider fails to honour the discrepancy, advise them you will be contacting the appropriate Ombudsman.

    For direction in how to dispute a telco bill, visit the Telecommunications Industry Ombudsman website www.tio.com.au.

    /ENDS. 

    For media enquires contact:

    Lisa Brewster     Media Liaison media@mycra.com.au

    Account of Eftel dispute by John Maxwell  available upon request

    For interviews contact:

    Graham Doessel     CEO MyCRA Ph 3124 7133

    John Maxwell     Agencies Manager Ph 3124 7133

    Ph 07 3124 7133  www.mycra.com.au  www.mycra.com.au/blog 

    MyCRA Credit Repair 246 Stafford Rd, STAFFORD Qld

    MyCRA 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.

    image: imagerymajestic/ www.FreeDigitalPhotos.net

  • How will open credit scores impact Australians?

    access credit scoreCredit reporting agency Veda Advantage has just announced it will allow consumers to receive a copy of their credit score with their credit report. We look at how that will occur, and what possible impact that will have on consumers and also brokers and whether consumers will be better able to manage their credit worthiness using this ‘score’.

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

    It was announced on Monday by Banking Day that Veda has ‘lifted the veil’ on credit scores and will allow consumers to be able to apply to see their credit score. Available to consumers for the first time, the VedaScore is a number between 0 and 1,200 that summarises information on your Veda credit file at a specific point in time. The higher the ‘VedaScore’ the better an individual is considered credit worthy.

    For a fee consumers will be able to access their credit score along with their credit file.

    This is over and above the standard credit report, which is still free from all of Australia’s credit reporting agencies once every year and is sent after 10 working days of application.

    Despite being the credit reporting agency holding the credit files of the largest number of credit active Australians, Veda has in the past remained tight lipped about default numbers and credit statistics in Australia.

    But this week they have offered some insight into credit activity, whilst releasing their ‘VedaScore’ product, by offering up a ‘Veda ScoreCard’ – which reportedly combines consumer research of 1,000 Australians about their finances with analysis of 300,000 VedaScores.

    One of the biggest findings was that more than 2.3 million Australians are at risk of financial strife in the next year, with 27% (628,000) at high risk of credit default from something as simple as an unpaid bill, credit card or loan.

    Veda’s survey also found some interesting facts about credit active Australians. Here are three we found most troubling about the credit active Australians surveyed:

    93% know they have a credit record, but don’t know you can access it

    81% are not concerned about their credit history

    80% have never checked their credit history

    Veda says the national average credit score is 749. But whilst Veda Marketing Manager Belinda Diprose, says in a statement to the media that making the VedaScore available to consumers for the first time “makes it easier for Australians to understand and manage their credit profile” – I am unsure how this will occur – as it hasn’t been announced that there will be a breakdown of that score and how it is calculated. There may be no way for consumers to understand what they can do to prevent their credit score from being reduced.

    Yesterday Business Insider Australia featured an American report on How To Improve Your Credit Score. Whilst the U.S. system has a vastly different credit reporting system – what’s interesting is, the report gives us insight into how the U.S. ‘Fico’ Score is broken down:

    FICO score breakdown

     

     

    Chart from Business Insider Australia’s report.

    A similar breakdown could be useful to consumers looking to improve their credit worthiness or prevent decision making which reduces their credit score.

    How will the VedaScore impact brokers?

    Today we were quoted in The Adviser in a story about the Veda Credit Score.

     Graham Doessel, chief executive officer of MyCRA Credit Rating Repair, said brokers should use the score to select the appropriate loan and lender for their clients, cutting back on rejected loan applications.

    “Being able to see the credit score would be invaluable to brokers,” he told The Adviser. “It will make their job much easier, because they can have an idea very quickly how the client is going to fare with particular lenders.”

    Alex Shumsky from Loan Market Oakleigh also made an important point about credit scoring information in the same story:

    [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”][Credit scoring] can be valuable provided the credit scoring is in line with that of the banks.

    “You can submit one loan to one bank and fail on credit scoring then submit it to another bank and it gets approved, same deal, same info but they’ll score it differently,” he said.

    It will still be up to brokers to match the right product to the right client – so whilst the VedaScore will be valuable in many cases, different banks will have different priorities and different scoring systems.

    We also see it could bring new clients to brokers – those who have obtained their credit score but don’t know how to interpret it, or what the relevance of that score will be with each lender.

    Brokers will still be quite necessary in terms of helping borrowers ‘test’ how their score rates against a range of available credit. What we don’t want to see in the future, are a great volume of borrowers ‘going it alone’ using their credit score, and then falling into the trap of worsening their credit score by generating excess credit enquiries.

    So whilst revealing the score is great, we hope consumer education goes hand in hand with this product release.

    For more information on your credit file, visit our main website www.mycra.com.au. 

    Image: phanlop88/ www.FreeDigitalPhotos.net

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  • Veda credit scores: mystery still surrounds calculation

    Press Release

    credit scoreVeda credit scores: mystery still surrounds calculation.

    2 October 2013

    The decision by Veda Advantage to offer credit scores to Australian consumers previously reserved for lenders has been welcomed by a consumer advocate for accurate credit reporting – as long as Veda  clearly outlines how the score is calculated.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says in general consumers have been kept in the dark about how to best actively manage their credit worthiness.

    “I believe every credit active individual has the right to know what their credit score is, but with that, they also need to know how that score is arrived at to positively manage their own credit decisions,” Mr Doessel says.

    He says people believe if they pay all of their bills on time, their credit score will be high, but this is not always the case.

    “There are a range of factors that go into the score calculation – and it has all been a bit of a mystery to consumers really which is not ideal,” he says.

    Mr Doessel says largely consumers don’t even know they have a credit score.

    “Most times it’s only when their credit score is lower than it should be to obtain finance with a lender that consumers even know they have been rated with a number attached to their approvability,” he says.

    Veda Advantage’s Marketing Manager Belinda Diprose told Banking Day yesterday there was a low level of consumer awareness about credit reporting, with as much as eighty per cent of people having never checked their credit report.[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”][i]

    Mr Doessel says currently the big issue with allocating a credit score under the current credit reporting system, is that the number is only calculated on negative data.

    “It’s not balanced. An individual can have a few too many credit enquiries in a certain period, and perhaps apply for the ‘wrong’ type of credit, which will reduce their rating, and there is no consideration for paying bills on time to offset that information,” he says.

    New Privacy laws to take effect March 2014 will provide extra information for lenders and Mr Doessel says this will deliver a bigger picture of credit suitability and more information from which credit reporting agencies can draw on to calculate a fairer credit score.

    “Until then, any number of things could be shaving points off your score – consumers don’t really know for sure the full gamut of what may reduce it, and this needs to be made public knowledge now that the score is available and moving forward towards comprehensive credit reporting in March.”

    Go to http://bit.ly/My-Free-Credit-File for more information on obtaining your credit score.

    /ENDS.

    Please contact:

    Graham Doessel – CEO Ph 3124 7133

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

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog

    MyCRA Credit Repair 246 Stafford Rd, STAFFORD Qld

    MyCRA 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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  • Slap on the wrist for Telstra under TCP Code

    global roamingTelstra customers were overcharged over $30 million on global roaming charges between 2006 and 2012 – and under the new Telecommunications Consumer Protection Code (TCP Code), the telco giant has been issued a formal warning from the Australian Communications and Media Authority rather than a fine.  Is the TCP Code effective in asserting real power over telcos? This is an issue we have been and will be watching closely, as it is of great importance to many of our credit repair clients. We examine this case in detail.

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

    Customer complaints about telcos are astoundingly voluminous – with recent statistics showing there were 22,918 mobile complaints to the Telecommunications Industry Ombudsman in the January-March 2013 quarter alone.

    The TCP Code, overseen by the ACMA was devised in order to encourage better behaviour amongst Australian telcos who were doing pretty poorly in many areas according to the ACMA’s report into their extensive telco inquiry, Reconnecting the Customer.

    Since the new TCP Code was registered in September 2012, the ACMA has been checking the compliance of telco providers with key new consumer protections – including new advertising rules, the requirement for Critical Information Statements and the requirement for providers to submit their own compliance assessments to industry body Communications Compliance.

    The ACMA reports it has:

    Made over 330 inquiries with providers about TCP compliance issues

    Issued 8 Formal Warnings and

    Given 3 Directions to Comply.

    The Telstra case is a significant example. The case in a nutshell, was reported by Adam Turner for Brisbane Times:

    Australian Communications and Media Authority has let Telstra off with a warning after the telco waited three years to investigate a billing error through which Australians travelling abroad were overcharged by about $30 million for services. About 260,000 customers were affected by the error between 2006 and 2012, caused by incorrect data-usage details being passed to Telstra by a data-clearing warehouse used by international carriers. As a result, some Telstra customers paid the 50¢ flagfall fee more than once each time they used mobile data on their phones while travelling.

    Customers raised concerns in 2009 but Telstra failed to investigate the problem until 2012, when it reported it to the ACMA.

    The ACMA report found Telstra in breach of the Telecommunications Consumer Protection Code, as the global roaming billing errors after 2009 were attributable to the telco’s failure to investigate the problem.

    ACMA found Telstra in breach of the consumer code, but it has the power to issue only a warning rather than a fine.

    Some have argued after the final TCP Code was approved by the ACMA, the end result was a fairly watered down Code with no ‘teeth’ to exert real penalties for breaches. In addition, the Australian Communications Consumer Action Network (ACCAN) issued a statement in July criticising the ACMA for not penalising telcos who breach the code.

    “The ACMA investigation shows telcos are in breach of the TCP Code on a daily basis,” an ACCAN spokesman said.

    “We are encouraged to see the ACMA investigating these breaches. However, the regulator’s unwillingness to hand down even the most basic available penalty for confirmed breaches has the potential to create a culture of poor compliance.”

    This may pan out to be largely right, but this Telstra case may not be the one to base that judgement on. The ACMA went into detail in a release to the media about why it chose to only warn the telco:

    The ACMA’s decision on this occasion to formally warn Telstra for the breach took into account the facts that Telstra was not the original cause of the problem; that this was the first time a billing issue of this nature had been investigated under the TCP Code; that Telstra itself reported the matter; and that Telstra appears to be otherwise currently compliant with the relevant parts of the TCP Code 2012. Importantly, Telstra proactively implemented a comprehensive program of compensation that mitigated the harm for affected customers.

    However, it does highlight the culture of difficulty when it comes to customer complaints which was so evident from the ACMA’s original investigation into the behaviour of Australian telcos across the board, and which has been an issue amongst our telco credit repair customers.

    ACMA chairman Chris Chapman said in his statement to the media the situation highlights the need for telcos to take customer complaints more seriously.

    ”Our investigation makes it very clear that all telcos need to listen to their customers who report billing problems and be vigilant about any potential issues with the information provided to them by third parties,” he says.

    The ACMA’s focus over the next quarter will be on checking compliance with the new requirement that telco providers notify customers on included value plans when they have used 50%, 85% and 100% of their included allowance. This was another major complaint coming out of the ACMA’s Reconnecting the Customer report and one which has also impacted the credit files of telco customers.

    We will be watching really closely how this pans out, and reporting on the positive and negative ramifications for consumers and their credit files.

    Image: adamr/ www.FreeDigitalPhotos.net

  • ‘Talk Like A Pirate Day’ For Childhood Cancer: Illness and Your Credit File

    MyCRA piratesAaargh me hearties! MyCRA be helpin’ to raise money and awareness of issues around childhood cancer support through ‘Talk Like A Pirate Day’. Talk Like A Pirate Day is dedicated to raising awareness of the impacts that childhood cancer has on families whilst raising vital funds for a great cause.

    We be raising some serious pieces of eight to help out with those families and we be doin’ it through speakin’ pirate all day today. We be havin’ a great time, an’ we hope you be likin’ our pirates Jamie and Zac in the picture.

    On a more serious note, we thought Talk Like A Pirate Day was a good opportunity to discuss the serious issue of how you can protect your credit file in times of illness in the family. We look at how your credit file can be affected by illness, and what you can do to protect it – because a financial crisis is the last thing you need.

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

    Childhood Cancer Support provides a range of support services to families of children undergoing oncology treatment. These families are from various parts of Australia, Pacific Islands, Middle East and New Caledonia. When you or someone you love is fighting cancer or another serious illness, it can put a massive strain on your finances.

    According to Cancer Council research, families can expect to lose more than $47,200 when a family member is diagnosed with cancer, so the financial impact of a cancer diagnosis can leave many patients in desperate need of immediate funds.

    If you are unable to work – it is not always as simple as claiming sickness benefit – even if you have it – it’s not always straightforward. Many times in our line of work we have met people who have been unable to claim a sickness benefit or similar, until they have lost all of their assets. This is not a great situation to be in.

    The other thing that happens when someone you love is sick – is that all the day-to-day things go out the window. You are consumed by daily hospital visits, late nights and a blur of confusion and worry. Your head’s just not in the right place to focus on finances, and often repayments can get forgotten.

    Here are our top tips for protecting your credit file during a health crisis:

    1. Tell your Credit Providers.

    Now is not the time to be too proud to put your hand up for help. If you or a loved one is sick and it means you may be off work for some time, it is important to have a discussion with your Creditors if you know you will be unable to make repayments on time. Do this BEFORE you go into arrears, particularly for your licenced credit (mortgage, credit cards etc). If you make these repayments more than 5 days late, you will have it noted on your credit file, which stays there for two years. The other reason you should tell your Credit Provider, is you may even be eligible to claim a rebate or concession, or even receive a voucher or grant to assist with the cost of utility bills. Cancer Council Victoria has a factsheet on these – and you can check which you may be eligible for: http://www.cancervic.org.au/downloads/CISS_factsheets/prac-utilities.pdf. Check the Cancer Council in your State for more specific help.

    2. If the situation is dire, ask for a Financial Hardship Variation.

    New laws have been passed to help if you are experiencing mortgage stress, particularly in times of temporary hardship like illness. You may be able to reduce the size of your mortgage repayments, or even put a hold on repayments for a period of time without resorting to missed payments.

    Many people think they should not tell the bank they’re in financial trouble, and keep quiet for as long as they can about it. But it’s in the bank’s best interests to help you when you’re in trouble rather than see you default on your mortgage or have your home repossessed. One of the main differences between asking for and obtaining an official variation in your credit obligations compared with simply not paying your bills is that you avoid the bank placing a default listing on your credit file (provided you meet the new obligations that is).

    But there are some things you do need to be aware of. Any time you fail to make a repayment with your bank on time, the late payment will be recorded on your credit file – so for example if you are unable to make this month’s mortgage repayment by the due date – that late payment will be recorded on your credit file – including the date you repaid the overdue amount. It need only be five days late and you could be penalised.

    3. Set up systems to ensure your bills are paid on time.

    Although you probably don’t have much time, it’s a really good idea to try and set up direct debits with all of your bills as soon as you can – so you won’t be caught out missing a payment if you have even less time in the days and weeks ahead.

    4. Seek financial help and advice.

    The best place to start getting help with your finances is the Cancer Council in your state. Through the Cancer Councils, AMP offers free financial advice to cancer patients which could be invaluable in times of crisis.

    5. Check your credit file.

    Hopefully your family will one day soon recover from this unexpected crisis, and when that day arrives, make the time to check your credit file has stayed intact through it all. If there are any defaults, or other negative notations incurred during this time and you believe they are unfair, incorrect or just shouldn’t be there – you may have a case to dispute them and request their removal. Start by grabbing a copy of your credit file www.freecreditrating.com.au.

    It is a good idea to keep for anyone to keep their credit file as healthy as possible, but when you have a family health crisis, it is even more important that its clear in case you need to borrow funds.

    For more information and help with your credit file, contact MyCRA on 1300 667 218 or visit our website www.mycra.com.au.

  • Two Australians arrested for ID Theft

    Police StationAustralian Federal Police announced late last week they had arrested two men producing fake identity material and committing credit card fraud. We look at the details of this arrest (which was a joint operation by the Identity Security Strike Team), and the recommendations Police make to ensure YOU lessen your chances of falling victim to identity theft and having your ability to obtain credit impacted by defaults.

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

    Police report the operation began in January when intelligence gathered in previous operations identified a 52-year-old Beverly Hills man suspected of manufacturing fake identification and credit cards. Here is an excerpt from their media statement last week:

    Following investigative activities over the past eight months, search warrants were executed at a number of locations on Tuesday, including a Riverwood premises where police will allege that the 52-year-old man manufactured false documents, including driver licences, Medicare cards and credit cards. A 47-year-old Burwood man was identified as sourcing the identification information and supplying the completed false identification documents to others.

    A substantial amount of cash was also seized during Tuesday’s search warrants. The alleged criminal activity used high-end printing and manufacturing equipment to produce cards that were strong versions of officially-issued items.

    NSW Police Force Serious Crime Director Peter Cotter commended investigators for their efforts dismantling the group.

    “They had a well-resourced set-up and were capable of quickly reproducing a range of fraudulent identification documents which appeared to be the genuine article, making them particularly difficult to detect in our community,” Detective Chief Superintendent Cotter said.

    “This is a great example of how powerful law enforcement is when we work collaboratively to combat crime. The arrests serve as a warning for others who choose to engage in this type of criminal behavior.”

    NSW Roads and Maritime Services Director of Customer and Compliance Peter Wells said improved links with other identity issuing agencies was continuing to ensure identity thieves were apprehended.

    Identity theft is the curse of the 21st Century and that is becoming more evident in our industry of credit rating repair. There are more and more people needing help with repairing their credit file due to having their identity misrepresented in some way.

    Often the first time we are aware of identity theft is when we apply for credit and are flatly refused due to defaults on our credit file that are not ours.

    Credit file defaults are difficult for the individual to remove and generally people are told by creditors they remain on our file for 5 years, regardless of how they got there.

    Although it seemed so easy for the fraudster to use your good name in the first place, you are now faced with proving the case of identity theft with copious amounts of documentary evidence.

    If you have neither the time nor the knowledge of our credit reporting system that you may need to fight your case yourself, you can seek the help of a credit repairer. A credit repairer can help you to clear your credit file and restore the financial freedom you rightly deserve.

    The reason a credit repairer is usually so successful in removing your credit file defaults, is their relationships with creditors, and their knowledge of current legislation.

    If you have just found out you are a victim, we recommend you also contact the Police. Don’t be embarrassed – it is only through identity theft being reported that data gets collected and appropriate preventative measures eventually get put in place.

    Police offer some “red flags” which may show your identity security has been compromised. Top of their list, was your credit report. Checking your credit report regularly is essential to ensure your information is accurate. Your personal details on your credit report should also be checked to ensure they have not been altered by identity thieves. You can check your credit report free once per year. Click here to find out more

    POLICE TIPS FOR PROTECTING YOUR IDENTITY:

    •Check your credit report every year. If you find that you have been marked as having unpaid accounts, for example, that you have never heard of, you might have become the victim of an identity theft.

    •If you are on the phone, confirm that the persons you are making contact with are who you think they are.

    •Lock postal mailboxes to deter theft of mail.

    •Always store any personal or financial documents in a safe place.

    •Do not provide your tax file numbers or other identifying information to people who don’t have a requirement to know.

    •Destroy old documents and cards before disposing of them, otherwise your rubbish could become someone else’s means to stealing your identity.

    •Keep your credit and debit cards secure and never let them leave your sight when paying for something, for example the bill at a restaurant.

    •Report missing or stolen passports to the Department of Foreign Affairs and Trade.

    •Report missing or stolen driver licenses to your state/territory roads and traffic authority.

    •Report missing or stolen credit/debit cards to your bank or other financial institution.

    •Report missing or stolen mobile phones to your telecommunication provider.

    •Ensure that your personal computer has up to date software and antivirus software installed.

    •Be aware of phishing emails through which criminals will try to elicit your personal information (including credit card numbers).

    If you would like to know more about identity theft and your credit file, visit this link http://www.mycra.com.au/identity-theft/.

  • Credit survey shows mobile bill a priority at expense of mortgage

    late paymentA NewsPoll survey sponsored by credit reporting agency, Dun & Bradstreet has found that financially strapped consumers would forego paying their mortgage before they skipped paying their mobile phone bill. We look at the details of this survey and the ramifications for their credit file if people choose this path in reality when they are under financial stress.

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

    The Age published a story The Hard Truth on Credit Reports on Sunday, detailing the results of this survey sponsored by Dun & Bradstreet. We look at an excerpt from it:

    Newspoll asked 1200 consumers which bills they would not pay if they did not have enough money to meet their financial obligations. The mortgage is the most-nominated expense for non-payment, followed by pay TV subscriptions. More consumers would forgo payments on the mortgage, pay TV and electricity before they stopped paying their mobile phone bills.

    The survey, sponsored by credit reporting agency Dun & Bradstreet, goes against the accepted wisdom that most people would think it essential to keep paying the mortgage on time. Steve Brown, head of the consumer credit bureau at Dun & Bradstreet, says the results are probably explained by the fact consumers think about the consequences of not making their financial obligations.

    ”They are looking at how their lifestyle would be affected,” he says. ”With the mortgage, the reality is nothing is likely to happen for months,” Brown says. That is because there are processes that have to be followed by a lender before the house can be repossessed and the lender is going to negotiate first with the borrower.

    Brown says another factor could be that delaying a mortgage payment ”frees up” more cash than not paying some of the other household bills. Many people probably feel they cannot do without the mobile phone, he says. The pay-TV subscription, he says, is probably regarded as a bit of a luxury.

    Whilst these suggestions from Mr Brown are fair assumptions, one of the other reasons consumers could be nominating their mobile phone bills would be paid on time over their mortgage could also be to do with the long history of difficulties associated with dealing with telcos in situations of financial difficulty. Perhaps there is the perception that banks would be fairer in their approach to difficulties, and easier to deal with than telcos in these situations. Consumers have in the past experienced problems with customer service with telcos. The multitude of complaints in this area resulted in a major inquiry by the Australian Communications and Media Authority (ACMA) and the report – Reconnecting the Customer. (The telco industry has since developed a Telecommunications Consumer Protections (TCP) Code which came into effect on 1 September 2012).

    The other thing this report reveals is a lack of awareness across the board of current laws around reporting of late payments on Australian credit reports.

    If you are in real financial difficulty – try to sort it out with all of your Credit Providers prior to being late with any bill payment. But if you were to choose which credit account to miss paying – don’t make it the mortgage or credit card!

    Here are the current rules governing Australian credit reports:

    Repayments to licenced Credit Providers – including payments due for mortgages, credit cards and other licenced credit must be made on time. If you are more than 5 days in arrears with these payments, a late payment notation will be recorded against your name. This has been happening in Australia as of December 2012 and will show on your credit report as of March 2014. Late payments will be erased after two years. If you are more than 60 days in arrears on any account – including licenced credit, mobile phones and utilities, you will have a default recorded against your name. Defaults will be erased after five years.

     Brown says about 85 per cent of people have no reportable problems under the present system. Another 5 per cent have multiple incidents of payment defaults.

    The remaining 10 per cent have had a ”bump in the road”, Brown says. They will have missed payments due to a life event, such as losing their job or because of an ill partner, but will have since returned their finances to good order.

    Brown says the extra information will help the 10 per cent who have had occasional problems to restore their credit worthiness more quickly. However, there are some individuals who are ”teetering” on defaulting but are receiving more credit because lenders are not seeing the fuller picture.

    ”Some of the 85 per cent who do not have any reportable problems under the current reporting system are, in fact, overcommitted,” Brown says. They may find it harder to get credit under the new regime, he says.

    While the intention of the legislation may be to weed out “overcommitted” borrowers, we have long argued since the repayment history legislation was first in the pipeline that the reporting of late payments will mean those who have even one late payment will be subject to higher interest rate charges while the repayment history information sits on their credit file. We will be watching this phenomenon closely as it unfolds as of March 2014. We hope this new information won’t be a tool to charge higher interest rates to borrowers who have had a “bump in the road” or who have even just missed a repayment due to life circumstances such as holidays, or missed bills and is just used as it is intended – to seek out the overcommitted who are constantly teetering on default.

    How to Handle a “Bump In The Road” under the New Laws.

    For those people suffering temporary debt stress, there is now a large incentive to talk to your bank.

    If you are suddenly unemployed, fall ill, separate from your spouse or have a period of intense debt stress – you should know there are laws that may be able to help you through this difficult time. By putting your hand up early– before your accounts go into arrears – you could save your credit file.

    If you are experiencing temporary financial hardship you should contact your bank or building society or other Credit Provider and ask to speak with the Financial Hardship Variation Team.

    Using the specific words ‘financial hardship’ will help make it clear to the bank what you need. Ideally, act before you fall into arrears on your account – to save your credit file when you recover from this difficult time.

    They may make arrangements with you to get you over this temporary bump in the road, which could include reducing repayments, or freezing repayments for a period of time. To find out more, read the Australian Bankers’ Association’s Factsheet on financial hardship.

    To access more information about your credit file, contact MyCRA on 1300 667 218 or visit our website www.mycra.com.au.

    Image: Naypong/www.FreeDigitalPhotos.net

  • ‘TAX REFUND NOTIFICATION’ Don’t get caught out with this scam at tax time.

    tax refund notificationA high priority alert has just been issued from Stay Smart Online in regards to malware-carrying emails supposedly from the Australian Taxation Office, which could send your credit file into the doghouse. Most people who regularly read this blog will probably be well aware of the high prevalence of scam emails designed to capture your financial details either directly or through malware. They would also be well aware of the dangers that can pose for your ability to obtain credit in your own right if fraudsters steal your identity and pose as you to take out credit in your name. But we feel it is important to remain vigilant in warning the community when such emails are on the increase. They could just catch out someone you know. So we look at the details on this email and its variants, and what dangers it poses for the financial information of ordinary Australians.

     

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

    Today Stay Smart Online (the government’s online safety website) issued a warning about cyber criminals taking advantage of the upcoming tax deadline for filing tax returns by launching thousands of scam emails. The emails are purporting to be from the ATO, but contain malware which can steal your personal information.

    Security firm Bitdefender reported the detection of three email spam campaigns in late July and early August that saw up to 10,000 spam emails sent on 6 August. This surpassed the 3,000 messages sent on 23 July and the 5,000 messages sent on 15 July.

    “This sort of malicious outbreak is expected to continue heavier and more targeted as the tax time approaches its deadline in October,” a Bitdefender advisory warned. “Attackers hope their targets are too concerned with their financial duties to double check the sender’s address and discover the con.”

    If your system is infected by the malware in these messages, private data such as passwords and logins for financial institutions can be stolen and distributed to cyber criminals who will exploit it for financial gain.

    If your computer becomes infected, not only can personal information be stolen, but malware may force the computer to join a global ‘botnet’ that uses thousands of slave computers to distribute further malware-laden emails—or it might take part in distributed denial of service (DDoS) attacks. Among other things, this can seriously reduce the effective speed of a home Internet connection.

    What the emails look like…

    Most common spam emails

    ‘Australian Taxation Office – Refund Notification’, with body text including ‘TAX REFUND NOTIFICATION’. It instructs you to open an attachment called ‘ATO_TAX_pokeefe.zip’ or similar. The attachment is typically malware.

    ‘New information regarding lodgement’ and suggests that the ATO has been attempting to refund a payment to “the credit card we have on file.” Recipients are advised to log into an ‘e-portal’ to receive the refund manually, and that “during the payment process you will be given the opportunity to update the credit card that is on record.”

    Important Information…

    The ATO will never ask for such information via email. Any email that requests additional information before a refund can be released is a hoax.

    If you receive a message like this, do not under any circumstances open the attachment. Delete the message immediately. Never open attachments that arrive with these sorts of messages.

     

    Identity theft and your credit file

    Identity theft can lead to fraud, and can affect your credit file. It often goes undetected until the victim applies for credit and is refused.

    Any kind of credit account (from mortgages and credit cards through to mobile phone accounts) which remains unpaid past 60 days can be listed as a default by creditors on the victim’s credit rating, and those defaults remain there for 5 years.

    The consequence of people having a black mark on their credit rating is generally an inability to obtain credit.  Most of the major banks refuse credit to people who have defaults, or even too many credit enquiries, so it is really essential to keep a clean credit record.

    If you think your identity has been stolen, or that your personal information has been compromised there are three things you should do to protect your credit file:

    1. Contact Police immediately

    2. Contact the credit reporting agencies which hold your credit file.

    3. Contact your Credit Providers – especially financial institutions.

    If you think your tax file number has been stolen, you can visit the ATO’s Client Identity Support Centre for more help. They also give comprehensive advice on what to do in different situations of theft of your personal information.

    By law in Australia, if a listing contains inconsistencies the credit file holder has the right to negotiate their amendment or removal.

    But to clear their good name, the identity theft victim needs to prove to creditors they did not initiate the credit – which can be difficult. Not only are victims generally required to produce police reports, but large amounts of documentary evidence to substantiate to creditors the case of identity theft.

    Contact www.mycra.com.au for more details on credit repair following identity theft.

    Image: Stuart Miles/ www.FreeDigitalPhotos.net

  • Telcos to step up spend management awareness under TCP Code

    bill shockBILL SHOCK!

    We’ve discussed it frequently. We hear about it frequently as credit repairers. Next month, the Australian Communications and Media Authority (ACMA) is overseeing new guidelines under the Telecommunications Consumer Protection Code (TCP) designed to reduce the instances of bill shock, and hopefully the frequency of credit disputes over bill shock. The new requirements are about to take effect from 1 September. We look at what the new Code requires and what it will mean for consumers.

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

    Botched phone plans and lack of data usage monitoring has in the past left many Australians shell shocked over their mobile and internet bills, with bills so large many can’t pay up or refuse to pay up, leading to an increased rate of defaults.

    Consumers have been confused when it comes to data allowance – particularly on their smartphones, and this was a major focus following the ACMA’s Reconnecting the Customer inquiry – which found there was a real need for improvement in consumer protection in the telco industry in the areas of Critical Information Summaries, clearer advertising and improved complaint handling.

    In the past clients claim they have gone over their allowance really quickly, sometimes without realising it, or the plan they were put on was not appropriate for what they intended to use their mobile internet for. Often they have had great difficulty in cancelling the accounts or coming to a resolution with telcos over these billing issues.

    Sometimes consumers have reluctantly paid the bill, thought the matter was settled, only to find they were defaulted anyway, and others have just refused to pay the bill until they got some resolution. Either way, they have been faced with at least 5 years of bad credit from the episode unless they have been able to make a successful complaint.

    Last year, the Telecommunications Industry Ombudsman (TIO) surveyed its services. It counted 52,231 new complaints about telcos received between January and March 2012. Almost two-thirds were about mobile phone services.

    The TIO reports new complaints about over-commitment caused by inadequate spend controls increased to 4,282 in the January-March 2012 quarter, compared to 2,181 in the same quarter in 2011. In the same periods, new complaints about disputed internet charges increased from 981 to 2,823 (180 per cent).

    “It is well known that more internet browsing and downloads are now done on mobile phones and other mobile devices. With this change in consumer behaviour, we have seen complaints about excess data charges almost treble over the last year,” Ombudsman Simon Cohen said.  “The incidence of these complaints will reduce if consumers are only contracted for services they can afford, and where spend management tools such as notifications and usage meters are accurate and reliable”.

    SPEND MANAGEMENT TOOLS FOR TELCO CUSTOMERS

    From 1 September, 2013, spend management alerts, in addition to a range of new tools introduced for telco consumers following registration of the TCP code by the ACMA, will take effect. The changes include:

    • Residential customers on post-paid mobile and internet plans (with the potential for excess usage charges) will receive email updates when their data usage reaches 50 per cent, 85 per cent and 100 per cent of the amount included in their plan
    • Residential customers of the largest three mobile providers—Optus, Telstra and Vodafone—will also, from that date, receive SMS alerts when usage of their included value for calls and SMS reaches 50, 85 and 100 per cent.
    • The warnings at the 100 per cent usage mark must also include details of excess usage charges, which can be considerably higher than charges within the plan.

    ‘These notifications target customers most at risk of bill shock and represent an enormous industry reform by placing the power of information in the hands of consumers when they need it,’ said ACMA Chairman, Chris Chapman.

    Customers will not receive the warnings if they are on a plan which does not expose them to bill shock. This includes plans that are a pre-paid service, have a hard cap, or are an unlimited service, a dial-up internet service or are a shaped internet service, (i.e. which slows data rather than imposes excess usage charges when customers reach their data usage limit). The warnings are not mandatory for mobile plans launched prior to 1 March, 2012.

    The final element of the new TCP code, developed by Communications Alliance, rolls out in September 2014 when customers of the mid-sized and small telcos (less than 100,000 customers on included value plans) receive voice and SMS usage alerts to accompany their data alerts.

    Image: artur84/ www.FreeDigitalPhotos.net

  • Children targeted for clean credit history

    children credit historyAn interesting story just out of the United States on ID theft attempts on the credit files of children. Whilst Australia has vastly different laws when it comes to children and credit history, we want to share this story with you, to show that children are targets for fraudsters – and to explain what the dangers may be for our Australian children when it comes to fraudsters and their credit file.

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

    An alarming report by ABC 2 WBay last week ‘ID Thieves Targeting Children’s Clean Credit History’, revealed that children and adolescents have become the fastest growing sector of identity theft victims in the United States. In the U.S., children are allocated a Social Security number from birth, and it is this number that fraudsters are using to steal the identities of their young victims, and take credit out in their name. Here is an excerpt from that story:

    Experts warn from the time your child gets a Social Security number, their personal information needs to be protected.

    “Be aware of how your children’s personal information is used just like your own information–Social Security number, and date of birth–be aware of how it is being used,” says Jim Walsh, U.S. Postal Inspector.

    In a recent case, more than 500 elementary school kids in Los Angeles had their information compromised.  A suspect with access to school files sold the kids’ personal information to another suspect.

    “There were hundreds of accounts opened and most of the accounts were used to get money,” said Walsh.

    The suspects withdrew cash advances, or they would sell the names to make fake IDs.

    Postal inspectors say children have clean credit histories, which makes them appealing to criminals.

    “If they apply for a loan or try to get credit, they could find out their credit is basically ruined and wouldn’t know it the whole time they are growing up,” said Walsh.

    That’s why it’s important to periodically check your child’s credit.

    Unlike the U.S. system, Australian children don’t have a social security number, so they are protected from any immediate identity theft. But what Australian Police have been concerned about in the past is that children are still targets for fraudsters due to their clean credit history, but instead of using personal information straight away as in cases in the U.S. it may be being stored or ‘warehoused’ until the child turns 18.

    The main area Police have been concerned about is Facebook – which remains incredibly popular with children, and gives them the option to openly share their personal information on the internet.

    The Australian Federal Police’s national co-ordinator of identity security strike team, Ben McQuillan spoke about the dangers of identity crime as far back as 2011 at a forum in Sydney on money laundering and terrorism.

    He warned listeners about what was then a new trend of ‘warehousing’ which involves storing data for a time, making it harder for a victim or bank to trace where and when the data was stolen.

    ”If people know your full name, your date of birth, where you went to school and other lifestyle issues, and they were to warehouse that data, there is a prospect that could then be used to take out loans or credit cards or to create a bank account that could then be used to launder money,” Mr McQuillan told the Sydney Morning Herald.

    This warning was echoed by Queensland Fraud Squad’s Superintendant Brian Hay, who warned that criminals were targeting the personal information of our young Facebook users.

    Supt Hay said criminals had been known to be storing the personal information of children around the world in databases to be used when they turn 18 and are able to take out credit.

    “We know that the crooks have been data warehousing identity information, we know that they’ve been building search engines to profile and build identities,” he told Channel 7’s Sunrise program in October 2011.

    “We need to tell our children if you surrender your soul, if you surrender your identity to the internet it could come back to bite you in a very savage way years down the track,” he said.

    This data warehousing could leave the newly credit active young person blacklisted from credit well into their 20’s. For 5 years they are locked out of credit, refused cards, loans, even mobile phones. It need not be major fraud to be a massive blow to the identity theft victim. Unpaid accounts for as little as $100 can have the same negative impact on someone’s ability to obtain credit as a missed mortgage payment. So any misuse of someone’s credit file can be extremely significant.

    Proving the case of identity theft when attempting to recover a clear credit rating is already difficult for the individual to undertake, as the onus is on the victim to prove to creditors they didn’t initiate the credit. Adding to that the fact that the perpetrator would be long gone with the actual act of identity theft happening years earlier – and those young people will have a very difficult task of recovery indeed.

    So how can we protect our children? In the same way we may protect our own identity and credit file.

    It begins with taking an active role in children’s computer use, and realising that their personal information is just as coveted as our own. Perhaps even more so – as the likelihood the child will have a clean credit history to begin with is even higher.

    Image: imagerymajestic/ www.FreeDigitalPhotos.net children credit history

  • Google Chrome doesn’t secure stored passwords

    protect passwordStay Smart Online (SSO) has issued an urgent warning to Google Chrome users who save their passwords to their browser. Passwords are not secured properly – allowing other users to be able to view all saved passwords! We look at the vulnerabilities for this method on any browser, and look at what other methods of password retrieval computer users can to adopt to protect their important personal information and ultimately – their credit file.

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

    Here is an excerpt from the SSO warning – issued on Friday:

    Chrome will typically prompt you to save your password for a site that you visit, and remember this for future logins. While other browsers offer the option of a “master password” that can be activated to protect your passwords, Chrome does not.

    On any Google Chrome browser, you can type chrome://settings/passwords into the URL bar. This will display a page listing all of the passwords held by that browser—for all users of that computer.

    This is particularly concerning for shared computers. You should never save your passwords when using shared computers, such as public computers at a library or airport.

    Do not rely on your browser to safely store passwords for you if someone else has physical access to that machine.

    Only allow people you trust to access to your computer, especially if that computer contains confidential information.

    Online expert Daniel Smith says saving passwords on your browser is something you should never do.

    “It may be a convenient way to store the many passwords you might have for different accounts, but if it’s convenient for you, it can be convenient for anyone looking to steal them as well,” he says.

    Daniel recommends people wanting to remember difficult passwords should use a secure and trusted third-party tool to protect and manage their passwords rather than save them to their browser.

    “Sites such as Passpack.com or Lastpass could be good secure options for password management. One thing to note is that passpack has never been hacked. Another thing to note is that all browsers not just chrome do this,” Daniel says.

    Daniel’s Key Tips To Protect Your Password

    1. Use secure passwords. Come up with a unique password scheme – for example every 3rd vowel is a number or symbol. Or you could use two unrelated words which are memorable to you, and use tools like the Shift key to create a password that can’t be easily deciphered.

    2. Use a different password for each account. It may be harder to remember, but it may just take a little bit of work to make your passwords unique and also easy to remember.

    3. Use a unique username – not the default setting. Don’t use ‘admin’ as a username. You should use a username with at least 8 characters and include characters you have to press Shift for.

    4. Minimise password login attempts. For sites you have control over access to – restrict the number of attempts allowed to access the site, before the user is ‘locked out’, which prevents multiple attempts to crack the password.

    5. Include a 2-step verification plug-in. You can download a plug-in which requires 2-step authentification similar to bank requirements when logging in to the site. These are harder to infiltrate by hackers, but Daniel says many don’t use them because they are inconvenient.

    6. Never store passwords in your browser. Take time to make passwords unique yet easy to remember or use a secure third-party password manager if necessary.

    Personal Information Security and Your Credit File

    Stealing passwords or personal information through these channels can lead to identity theft and potentially fraud. Hackers can on-sell your personal information to fraudsters who have identity theft as part of their repertoire.

    Information like passwords, dates of birth, account numbers, full names etc can be warehoused and used to steal your identity and take credit out in your name. 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.

    Fraudsters are never so kind as to pay this credit back – which leads to defaults on your credit rating. Most victims are unaware of this until they apply for credit in their own right and are flat out refused.

    For between 5 and 7 years you can be locked out of credit while your 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.

    Prevention really is key to protecting your credit file from this fraud – so spend some time and make sure your passwords are as secure as possible as a first line of defence against identity theft.

    Image: foto76/ www.FreeDigitalPhotos.net

  • 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

    paid credit reportIndividuals 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.

    Image: Naypong/ www.FreeDigitalPhotos.net