MyCRA Specialist Credit Repair Lawyers

Tag: MyCRA Lawyers

  • Case Study Linda From VIC Bad Credit Repair

    Click this link to download the PDF – Mycra Lawyers Linda default Case Study

     

  • Case Study Ayii Vic 18 Minute Fast Bad Credit Repair

    Click this link to download the PDF  Mycra Lawyers Ayii Default Case Study (record 18mins)

     

  • Bad Credit Rating Removal Case Study Bradley WA

    [fusion_builder_container backgroundcolor=”” backgroundimage=”” backgroundrepeat=”no-repeat” backgroundposition=”left top” backgroundattachment=”scroll” video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” bordersize=”0px” bordercolor=”” borderstyle=”” paddingtop=”20px” paddingbottom=”20px” paddingleft=”0px” paddingright=”0px” menu_anchor=”” equal_height_columns=”no” hundred_percent=”no” class=”” id=”” type=”flex”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” 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” align_self=”flex-start” border_sizes_undefined=”” first=”true” last=”true” hover_type=”none” link=”” border_position=”all”][fusion_imageframe image_id=”7670|full” max_width=”” sticky_max_width=”” style_type=”” blur=”” stylecolor=”” hover_type=”none” bordersize=”” bordercolor=”” borderradius=”” align_medium=”none” align_small=”none” align=”none” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” lightbox=”no” gallery_id=”” lightbox_image=”” lightbox_image_id=”” alt=”” link=”” linktarget=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″]https://mycralawyers.com.au/wp-content/uploads/2015/10/ML-logo-letterhead-header-20151015-e1445322644153.png[/fusion_imageframe][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=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” 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=””]

    Client Profile:

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    Name: Bradley
    State: WA
    Sex: Male
    Age: 42
    Married/Single: Single
    Listing Type: Clear out
    Original Creditor: Cash Converters
    Current Creditor: –
    Paid / Unpaid: Unpaid
    Listing Amount: $716
    Commenced work: –
    Default Resolution: –
    case study image

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  • Do You Have Too Many Enquiries On Your Credit File

    Do You Have Too Many Enquiries On Your Credit File

    Did you know that too many credit enquiries (online credit card application & loan enquiries etc.) can stop you getting your home loan?
    Q. What is a credit enquiry?
    A. A credit enquiry can be generated whenever you actually apply for a form of finance or credit.

    Q. How many credit enquiries is too many credit enquiries?
    A. That depends on the type of finance you are applying for. We do know though that as little as 3 credit enquiries can stop you being approved for your home loan.

    Q. Do I need to be approved the finance for it to be recorded on my credit file?
    A. No, the simple act of making an application (online or offline) can show up as an enquiry

    Q. What information is recorded on my credit rating?
    A. Usually, your credit file will show:

    • The Date of the enquiry
    • The amount you applied for
    • Creditor you applied through
    • If it was just you or if you applied with a partner
    • The reference number of the enquiry
    • If the enquiry was for commercial or consumer purposes
    • And finally the reason for the enquiry (I.e. Car loan, overdraft, mortgage etc.)

    Q. Is there anything else I need to know about Credit Enquiries?
    A. Yes, be wary where you get a copy of your credit file as the wrong type of enquiry can hurt you even more.

    • for example, if you have a company “We Remove Bad Credit” listed on your credit rating, it will raise a RED FLAG for many lenders.
    • MyCRA Lawyers can help you get a copy of your credit file BUT
    • MyCRA Lawyers will NEVER appear on your credit file

    Q. Where can I quickly and easily get a copy & check my credit file?
    A. If you need to check what is on your credit file today, MyCRA Lawyers (Tel: 1300-667-218) can help you get a copy (with no trace of MyCRA Lawyers) of your Equifax (Formerly Veda Advantage) Credit file (with your credit score) and a copy of your Dun & Bradstreet credit file from within one business hour…

    To get a copy of your Equifax (Formerly Veda Advantage) and your Dun & Bradstreet credit reports, call MyCRA Lawyers on 1300 667 218 now.

    If too many enquiries are stopping you getting your finance, Call MyCRA Lawyers has been successful in removing credit file enquiries.

    Call MyCRA Lawyers now on 1300-667-218 to have MyCRA Lawyers help you remove excess credit enquiries now.

  • Bad Credit Scams, Cyberbullying And Identity Theft All Lead To ACORN

    Have you been the victim of an online scam and too embarrassed to tell anyone?
    What about Identity Theft? Have you got unusual activity on your credit file?

    • Credit enquiries for credit you didn’t apply for?
    • Different addresses you’ve never lived at?
    • Linked credit files to names very similar (or the same) as yours that may be stopping you getting finance approved?

    Have you been the victim of a phishing hoax scam like the emails from the bank asking you to ‘re-enter your details’?

    Have you been the victim of CyberBullying?

    We all rely on the internet so much these days and the scammers and fraudsters are becoming harder to detect.

    At long last, The Australian Government in conjunction with law Enforcement Agencies and Police have joined forces and created A.C.O.R.N. which stands for “Australian Cybercrime Online Reporting Network“

    If you believe you may be the victim of an online scam or Cybercrime, please go to  to lodge an official report.

    Learn more about the different types of Cybercrime

    If you have been the victim of a CyberCrime and have a bad credit rating as a result, you will often need to evidence that you have reported the crime before the bad credit can be removed.

    Contact MyCRA Expert Credit Repair Lawyers for more information on Toll Free 1300 667 218

     

     

  • 3 Top Myths About Credit Repair

    The 3 Top Myths About Credit Repair That You Need To Know!

    Bad Credit VS Good Credit RepairThere’s a lot of Mis-Information circulating about credit repair so here is your chance to uncover the genuine facts about Credit Repair In Australia.

    1.     Defaults Can’t Ever Be Removed

    Bad Credit can only come off your credit rating in 2 ways:

    • They will Automatically ‘Expire’ after a set time
      • Defaults 5 Years
      • Enquiries 5 Years
      • Bankruptcy 5 Years
      • Clear-Outs 7 Years
      • Late Payments 2 Years
      • Judgments 5 Years
    • You discover that your creditor has made mistakes when listing the bad credit that may deem the Bad Credit listing Unlawful – You then instruct your creditor to remove the unlawful listing immediately

    2.     All Credit Repair Companies Are The Same

    • There are vast differences between Credit Repairers’
      • Some are Honest, Ethical, Cost Effective Law Firms
      • Some may be untrained and just out for your buck
      • Some have received National Awards (Like the Choice Shonky Award)
      • Some hide the fact that they are run by convicted fraudsters
      • Some are run by ex-taxi drivers
      • Some sell you an “out-of-date” how-to manual that just doesn’t work ($1100- ish)
      • Some are Honest, Ethical, Cost Effective Law Firms

    3.     It’s Only A Small/Large Amount & It’s Paid/Unpaid So It’ll Be Easy/Hard

    • Some people previously believed:
      • It’s a small default ($amount) so it will be easy
      • It’s a large default ($amount) so it’ll be impossible
      • I paid it so it’ll be easy
      • I haven’t paid it so it’ll be hard

    The truth is that in most cases, it doesn’t matter if it’s big or small, paid or unpaid.  It all comes down to “Did your creditor adhere to the legislation, did they follow the correct procedure?”.
    If not, then in most cases, it’s likely we’ll have your Bad Credit listing removed

    4.     BONUS – You Can Just As Easily Do It All Yourself

    • This is not really a myth actually – YOU CAN DO IT ALL YOURSELF (Just like doing your own tax or like you can defend yourself in court)
      • All you need to do is:
        • Research which legislation governs your default type
        • Study the legislation (Approx 8,000 pages for finance defaults)
        • Compare what the creditor can prove they’ve done against the legislation
        • Identify noncompliance
        • Seek appropriate remedy
      • Just go to the appropriate Ombudsman yourself
        • For best results, help the ombudsman by following points 1 to 5 above then send your file to the Ombudsman in the event the creditor still refuses to remove the bad credit listing after you’ve identified where your creditor has breached the legislation.
      • Just Pay It And They’ll Remove It
        • Wouldn’t that be nice…
          • Paying your default will simply have your creditor ‘update’ your bad credit from unpaid to paid and it will stay on your credit file as a paid default.

    MyCRA Lawyers is an Incorporated Legal Practice working exclusively and with a Laser Sharp Focus on issues surrounding your bad credit ratings and how we can help you remove and erase your bad credit.

    If you need professional, trustworthy honest help without all the marketing hype and BS of unqualified so called ‘credit repairers’ Do Yourself  A Favour & Pick Up The Phone Right Now And Call MyCRA Lawyers On 1300 667 218 For An Obligation Free Chat About How MyCRA Lawyers Can Help You Today.

  • G20 – 20% OFF

    G20 ExtendedMasterlogoOkay, so the G20 starts today and some people really don’t know much about what is really going on.

    One of the most important facts of the G20 right now, Thursday morning the 13th of November is that if you have bad credit then the G20 can save you 20% off your billings for any new Credit Repair matter (or file) opened during the G20 Conference in Brisbane if you mention the CODE “G20-20OFF“.

    Spread the word – Share this promo but make sure you demand your discount when you mention this code today, Friday or Monday.

     

    “The offer ends 5pm Monday the 17th November 2014 [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”][QLD Time]” (The Period)

    Some conditions apply – and it is not to be used in conjunction with any other offer.  ~ The 20% discount will be applied to all invoices resulting from a new Credit Repair matter started during the dates 13th Nov 2014 to 5pm 17th Nov 2014 where the CODE “G20-20OFF” is stated and the discount is specifically requested at the time of commencement of the file; AND ~ Where there are adequate funds held in trust to cover the total of the invoice when the invoice becomes due and payable; AND ~ You make payment of funds into MyCRA Lawyers Legal Trust Account of not less than $1000.00 and have your fully completed and executed MyCRA Lawyers Legal Cost Agreement returned to MyCRA Lawyers by or before 5pm Tuesday the 18th of November 2014.  MyCRA Lawyers reserves the right not to accept all Credit Repair applications at it’s sole discretion.  MyCRA Lawyers have the right to withdraw the offer at any time. Numbers are limited.

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  • New Study Reveals Bad Credit Is Making You Fat

    A recent small scale study revealed having a Bad Credit Rating could be making you FAT

    [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”]

    Small Scale Study Reveals Bad Credit Makes You Fat
    Small Scale Study Reveals Bad Credit Makes You Fat

     

    We all know that too much takeaway can make us fat and increase the chances of health problems like heart disease, diabetes and so but did you know that having bad credit could also make you fat?

    A recent small survey showed the effects of having a bad credit rating could indeed cause you to feel depressed which has been shown to be related to emotional eating, lack of motivation to exercise.

    Add together lack of motivation to exercise and emotional eating and you can do the math… Bad Credit = Getting Fat

     

    Who would have thought that having MyCRA lawyers fixing your bad credit rating could actually help you lose weight.

    It might be a little bit of a stretch but it sounds reasonable enough to suggest that if bad credit can contribute to depression, emotional eating and lack of motivation to exercise then the lack of bad credit could lessen the same and potentially help you lose weight 🙂

    Even if when you choose MyCRA Lawyers to help you with your bad credit, even if it didn’t help you lose weight, having a clean credit file would help you regain your financial reputation and lose the embarrassment and stigma some people associate with bad credit.

    If you would like to fix your bad credit rating, call MyCRA Lawyers NOW on 1300 667 218

     

    Please note that the above is for entertainment purposes only and should not be taken as legal or medical advice in any way.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • “Huge” increase in identity theft from scams: ACCC

    scamScam report numbers have ballooned to a massive $89 million lost to scams in Australia, according to the Australian Competition and Consumer Commission (ACCC). Dating and romance scams topped the list of financial losses and the ACCC reports a “huge” increase in identity theft numbers from scams. We look at the details of the ACCC’s report, as well as which scams have taken the most victims. Be scam-savvy in order to protect your finances as well as your identity. Identity theft through scams, or any means can lead to credit file misuse, so it is important to know how to look out for scams as a way of maintaining your clean credit rating in this day and age.

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

    The ABC News Report ‘Scams cost Australians $89 million in 2013, says Australian Competition and Consumer Commission’ says the ACCC figures show a 10 per cent spike in scam reports last year, as well as an alarming trend in phishing and identity theft.

    Out of a total of 92,000 complaints received – losses amounted to $89 million. The ACCC’s Targeting Scams Report shows Australians lost $25 million to dating and romance scams with only 2,777 losses related to this type of scam.

    According to reports the most complained about scam was advance fee-upfront payment scams, where consumers are typically asked to make a payment with their credit card to access a bogus refund, prize or other kind of reward. More on this report:

    ACCC deputy chairwoman Delia Rickard says the figures are only a small snapshot of how much money people are losing to scams.

    “We talk to other agencies, and work is being done so there will be a central repository of all reported scams in Australia but that’s not in place just yet,” she told the ABC.

    “So we know it’s significantly more than the $89 million that was reported to us.”

    …Ms Rickard says she is very concerned about the “huge increase” in phishing and personal identity theft.
    “These can take all sorts of forms but usually it might be ‘fill in this survey and you could win a $50 voucher’ and you go to fill in the form and it will ask you for a range of private things with your name, age, address,” she said.

    “It might ask for your credit card details so they can deposit winnings into it, Medicare numbers, passport numbers.

    “What scammers do is they then use this information to impersonate you to open all sorts of accounts, run up debts in your name, drain your bank account.

    “So people really need to learn the importance of that personal information and not give it out unless they’re absolutely clear about who they’re dealing with and it’s clear why that person will need that information.”

    Identity theft including credit rating misuse can be pretty lucrative for fraudsters. In addition to your regular ‘scam’ fraudsters may also tack on a request for personal details, which signifies an attempt to misuse those details in the future, possibly for identity theft purposes. Requests for full names, dates of birth etc may leave victims vulnerable to identity theft.

    Fraudsters may also ask these questions:

    • With whom do you bank?
    • For how long?
    • What is your credit card number?
    • What is your driver’s licence number?

    If fraudsters have a person’s full name plus who they bank with, and what their driver’s licence number is they have the basic building blocks for an identity theft attempt. They can call the bank and have some kind of identity information on which to proceed with accessing bank accounts AND accessing further credit in your name.

    Sometimes you may not know you have been a victim until after you apply for credit and are refused.

    By that time, it is a struggle to recover your good name. For an identity theft victim to have a chance at removing bad credit history, you must prove you didn’t initiate the credit in the first place. This can be difficult if the scam happened months or years before.

    What to do if you are a victim of a scam

    1. Contact the Police immediately. Don’t be embarrassed or dismiss it because you don’t think the amount was significant enough. It is only through identity theft being reported that data gets collected and appropriate preventative measures eventually get put in place.

    2. Contact your Bank. They should be able to flag your accounts so that no credit can be obtained in your name.

    3. Contact the credit reporting agencies that hold your credit file. In Australia, this is Veda Advantage, Dun and Bradstreet and TASCOL (if in Tasmania). You should inform them that you may be at risk of identity theft and they may have a plan of action for protecting your credit file.

    4. At this time, you should also order a copy of your credit report. If there are any inconsistencies on your credit report – change of address, strange credit enquiries and instances of credit you don’t believe you’ve access, then you may already be a victim – and should do all that’s possible to follow up on each account so as not to accrue defaults on your credit file that should not be there.

    5. If you find you have defaults that shouldn’t be there, take steps to remove them. 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 in order to get the credit listings removed from your credit file.

    If you have neither the time nor the knowledge of Australia’s credit reporting system and credit legislation that you may need to fight your case yourself, you can seek the help of a professional credit dispute firm.

    Visit www.mycralawyers.com.au for more information on identity theft and bad credit or call us on 1300 667 218.

    The latest information about scams and tips for consumers can be found at the ACCC’s ScamWatch website, and you can also subscribe to alerts there:  www.scamwatch.gov.au.

    Talk to us about disputing your credit report

    Image: Stuart Miles/ www.FreeDigitalPhotos.net

  • Australian homes unaffordable and the result could be more bad credit

    housing affordabilityResearch released this week from the International Monetary Fund (IMF) has placed Australia’s housing market as among the world’s most unaffordable housing markets. When household incomes and rents are taken into consideration, the IMF’s figures rank Australia as third behind Belgium and Canada for ‘unaffordability’ when examining and comparing 24 countries. The survey was made as part of a move to push governments to act against housing bubbles. This is not the first time affordability has been on the radar for Australia. We look at how that might play out with lenders and how unaffordability can impact debt levels and instances of credit defaults.

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

    The full story featured in the Sydney Morning Herald ‘Home Prices Outpacing Earnings: IMF’ explains that the IMF data was published in an attempt to ensure governments moved from a policy of “benign neglect” regarding house prices. The story cited IMF’s deputy managing director, Min Zhu who warned in a recent blog post that boom-bust patterns in house prices preceded more than two-thirds of the recent 50 systemic banking crises.

    More on this story:

    The IMF data is the latest indication of the high cost of Australian housing, which some economists believe has started to deter buyers.

    In April, Barclays economist Kieran Davies said prices were ”flashing red” with prices at 4.3 times household income and 28 times annual rent, both just below record highs.

    In a sign the market might be cooling, however, capital city prices recorded their first monthly fall in a year during May, according to RP Data-Rismark. Sydney’s median house price fell 1.1 per cent in the month to $678,500 and Melbourne’s dipped 3.6 per cent to $555,000.

    Australian houses have long stood out as expensive when compared with other nations. But Mr Zhu conceded that detecting overvaluation was ”more art than science” and it was important to also consider factors such as credit growth and household debt.

    On this front, recent figures have been less dramatic. Latest Reserve Bank of Australia figures show housing lending growing at its fastest annual pace in three years, but it is still well below the pace reached before the global financial crisis.

    Household debt as a share of disposable income is also at a three-year high, at 148.8 per cent, but remains below record highs.

    In order to prevent housing markets from overheating, the IMF recommends governments consider rules to rein in riskier bank lending, which Australia has so far avoided.

    Mr Zhu said more than 20 countries had adopted ”macroprudential” policies such as caps on low-deposit loans or debt-to-income ratios in recent years.

    Macroprudential policies have reportedly been up for consideration by the Reserve Bank (RBA), especially since their adoption by New Zealand. Such policies may include placing restrictions on how much finance borrowers can access when compared to the value of properties they are borrowing against. In an earlier Sydney Morning Herald story, Housing affordability a challenge for RBA, investment bankers Goldman Sachs had presented research to the RBA on the benefits of macro-prudential housing policies, suggesting that the measures impact house prices and credit growth. However, RBA Governor Glenn Stevens said late last year, he did not have an “active plan” to deploy such measures at this time.

    This is complicated stuff, and I am sure the RBA will be watching New Zealand closely for the impact on borrowers and affordability there.

    In the interim, can banks react to reports such as this internally and adopt similar policies individually in the absence of government policy? Absolutely – and this could have been happening for some time.

    We know that for many borrowers lending criteria has been fairly tight for a long time, and certainly since the GFC.

    On the flip side, there seems to have been a fairly consistent requirement post-GFC for a clear credit rating in most situations. Our experiences in credit repair have seen clients who were able to raise a good deposit and plenty of ongoing income, but were still denied due to bad credit.

    Considering this, I don’t see any reason why the income to value ratio requirements couldn’t have reduced internally as well.

    Unaffordability and debt

    The other possibility is an increased reliance on credit in place of ‘income’ amongst some sections of the population who are facing high rental and housing prices. The instances of bad credit may be higher in an ‘unaffordable’ housing market, because of this reliance on credit. This may exacerbate the problem of access to affordable housing given lending restrictions on bad credit clients amongst most top-tier lenders. So it becomes a revolving door of unaffordability for certain sections of the population.

    It is interesting to note, that we don’t have figures on ‘bad credit’ or default numbers to go on to fully analyse this thought, as our credit system has only just made the requirement that this information be collated and made available – but it will be something to keep on the radar in the future in this context.

    Bad credit is not always valid.

    Mistakes can happen on credit reports. Likewise, bad credit in Australia can be listed on credit files unknowingly. We have a responsibility to check our credit report, but according to Veda, 80% of Australians have never done this.

    They probably also don’t know that a credit listing should be tested against the appropriate legislation for its validity and its accuracy. Australians should also know Creditors have a legal obligation to remove a listing which was placed incorrectly.

    With affordability so low, and the first home buyer market in crisis, education is key for every credit active individual to make best use of these changes, aware of the action they need to take to ensure their rights are upheld and their chances of home ownership are still within reach.

    Find out more about credit repair and disputing a credit listing.

    Image: ponsulak/ www.FreeDigitalPhotos.net

  • Housing Finance flat in April – is it time to put credit repair in your top pocket?

    credit repair top pocketFigures just in from the Australian Bureau of Statistics (ABS) show Australian Housing Finance has flattened out for April 2014, despite economists expecting a slight lift this month. Many are saying this is good news for the economy, but for brokers, it may also mean flatter sales results while house prices remain higher. You may need all the clients you can get. Or – clients with a better quality credit rating. In the past, some brokers have not bothered to investigate the validity of bad credit with their clients, and have instead preferred to either show them the door, or steer them to a second-tier or non-conforming lender. But what if those options are no longer viable or wanted by the client in this flat market? Credit repair assessment becomes a great option to keep in the top pocket for brokers who have bad credit clients in Australia. We look at how, if clients can fix their credit rating with credit repair, it can be a cost effective alternative to a second-tier loan, and a great way to ensure you don’t lose those clients whose bad credit just shouldn’t be there. 

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

    ABS data shows April’s home loan figures remain flat at 52,109, despite an expected 0.2 per cent lift predicted by economists. Here’s the ABS’ key points below:

    APRIL KEY POINTS
    VALUE OF DWELLING COMMITMENTS

    April 2014 compared with March 2014:
    The trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.4%. Investment housing commitments rose 0.5% and owner occupied housing commitments rose 0.4%.
    In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions rose 1.7%.
    NUMBER OF DWELLING COMMITMENTS

    April 2014 compared with March 2014:
    In trend terms, the number of commitments for owner occupied housing finance rose 0.1%.
    In trend terms, the number of commitments for the construction of dwellings rose 1.1% and the number of commitments for the purchase of established dwellings rose 0.1%, while the number of commitments for the purchase of new dwellings fell 1.3%.
    In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 12.3% in April 2014 from 12.6% in March 2014.

    JP Morgan economist Tom Kennedy, says the ABS figures confirm that the boom seen in the second half of 2013 is slowing down.

    ‘‘We’ve seen building approvals, house prices, auction clearance rates and now loan data all signalling that things are moderating a bit and suggesting that things have softened from very quick growth rates,’’ Mr Kennedy says as reported in the Sydney Morning Herald’s story ‘Home Loan Figures Below Expectations’.

    CommSec chief economist Craig James says in the same publication that the slowing market is “encouraging”, indicating the housing market is moving at a “more sustainable pace.”

    The stable market and bad credit clients

    This is an interesting phenomenon. When markets flatten out, it can at times mean that clients who present with bad credit may have less confidence to tackle the second-tier market. This is often due to being less inspired by the likelihood that the extra interest they will pay will necessarily be absorbed by a short and significant rise in equity.

    Our own research has shown that typical bad credit loans can incur tens of thousands more in additional home loan repayments over the first three years of their loan. In a flat market, many buyers would consider this expense too hefty to justify. They may simply choose not to buy rather than pay the extra in interest.

    Instead of losing your clients to a flat market, it may be worth considering the validity of the bad credit in the first place. Rather than waiting for the bad credit listing to ‘drop off’ the client’s credit file, which could take 5-7 years in Australia, brokers could recommend the client investigate credit rating repair.

    Many clients who currently have negative listings on their credit file may be living with bad credit history unnecessarily. Often times the clients don’t even know they have a bad credit rating before they apply for a loan. It’s only once the credit check is done that these problems arise – and sometimes unpaid bills for as little as $150 can kill the deal.

    Although not every client is eligible for credit repair due to the nature of their default – creditor errors are surprisingly common, and given the experience and knowledge of legislation of some credit rating repairers, the success rate for removal of inconsistencies is high – much higher than if the individual attempted to repair their credit rating themselves. The first step is to refer that client to a credit repairer who will assess their situation.

    How can credit repair save money for your client?

    Let’s calculate the figures on an average loan of $400,000 over 30 years, comparing non-conforming loan interest rate of 9.5% with a standard variable rate of 7%. The client would be paying a staggering $702.71 per month with non-conforming loan interest rates. They will be hit with $22,867.15 more in home loan repayments over the first three years of the loan.

    Credit rating repair allows brokers to get a better deal for their client. The fee they pay the credit repairer is miniscule compared with the thousands they will save on interest alone.

    But beware – the wrong kind of credit repair could be costly to your client. Credit repair in Australia is not regulated, and credit repair rip-offs are common. That is why a law firm could be your client’s safest choice for credit repair. A credit repair lawyer can review the case and based on legislation demonstrate why the Creditor should remove the negative listing on the bad credit client’s credit rating. Click here to find out more about credit repair, including choosing the right credit repairer.

    If you want to know more about credit repair and credit repair lawyers in Australia, or just want to talk discuss how we can fix your client’s bad credit rating then you can contact us on 1300 667 218 or if you want to refer a client, visit the link below.

    Refer a client or friend for credit repair.

    Image: pakorn/ www.FreeDigitalPhotos.net

  • What you should know about credit repair

    credit repair in AustraliaIs your credit rating letting you down, and want to know the best way to fix bad credit in Australia? Or want to know some tips and tricks to credit repair in Australia that many in the industry won’t tell you? I regularly write guest posts for popular broker publication ‘The Adviser.’  The post The Adviser published last week was called “What your clients should know about credit repair” and it explains the ins and outs of credit repair in Australia, and how clients experiencing bad credit can best safely and effectively navigate the credit repair industry. I have provided this post in its entirety, and recommend anyone considering credit repair to give it a read.

    By Graham Doessel, MyCRA Lawyers www.mycralawyers.com.au.

    As seen in The Adviser…

     

    What your clients should know about credit repair 

    06 June 2014 | Graham Doessel

    As a former broker, I know the hills you often need to climb to get deals over the line. One of those obstacles can be bad credit. When everything else stacks up – bad credit can be a deal breaker.

    So naturally at some stage as you struggle with clients who would qualify apart from their bad credit, you may find yourself considering credit repair and its benefits to your clients.

    So what is credit repair? For those that don’t know, credit repair is working on behalf of a client to assist in disputing an inconsistent credit listing or listings. Credit providers will only make corrections in accordance with the Privacy Act 1988 (Cth).

    The information on the client’s credit report must be inaccurate, out-of-date, incomplete, irrelevant, or misleading to be removed. A credit repairer’s job is to find and argue inaccuracies in credit reporting.

    I would love to say that every firm educates clients and brokers in this way. But in reality there are a whole ton of broken promises, misleading statements and at times out-and-out lies permeating the industry.

    This can make it harder for clients to find those firms which have genuine skill and experience in the industry and who will act with ethics and integrity. Some brokers have a direct referral system with a reputable credit dispute firm for that reason. But if you don’t, how do you make sure your clients aren’t going out there blindly and making costly mistakes?

    Here’s what your clients should know about credit repair:

    1. Cheaper does not mean better

    The cheaper the price, the less work that is probably being done on the credit file. We allocate about 28 working hours to each case because that is the average time frame involved if the job is done correctly.

    2. Nothing is guaranteed

    There are no guarantees with this type of work, but a firm should not take on someone they don’t believe they have a good chance of helping. This comes down to having trust in the firm you are recommending as well as the firm having a rigorous assessment stage. Clients should also be looking for published success rates and testimonials as evidence of a firm’s success.

    3. Get it right the first time

    Your clients may only have one chance to get it right. When clients have already used another company or have done some of the work themselves, it can place limitations on their case.

    4. The ombudsman should be the last resort

    Any credit repairer worth their salt should have access to more avenues of investigation and dispute than what an industry ombudsman can provide. They should be pursuing these before seeking an ombudsman’s assistance.

    5. Beware of imprints

    Be careful of firms which leave imprints on the credit file, as this could instantly undo all the work done in removing the credit listing.

    6. Lawyers can help

    A law firm will have the added protection of a state law society. A lawyer can act in court processes including the removal of judgment and writ services, which is something a non-lawyer can’t do. A lawyer can also identify and advise on legal issues; prepare binding agreements, conduct formal negotiations and then follow through with enforcement where necessary; make formal recommendations to credit providers making reference to the law, and make representations on their client’s behalf.

    While credit reporting mistakes continue to come up on client credit files, there will always be a place for skilled credit reporting advocates in the finance industry. As brokers, more education about credit reporting can give you the power to contribute to a solution for the credit repair industry, and assist in minimising the current problem.

     

    If you want to know more about credit repair and credit repair lawyers in Australia, or just want to talk to us about how we can fix your bad credit rating then you can contact us on 1300 667 218 or visit the link below.

     

    FIX MY BAD CREDIT 

    Image: iosphere/ www.FreeDigitalPhotos.net

  • Protect Your Personal Information To Prevent Identity Theft

    Identity crime

    (As seen on the ATO’s website)
    Your personal information is the key to your identity.
    Protecting your personal information is just as important as locking your front door.
    Do you know what you need to protect and how? Watch the ATO’s video and make protecting your personal information part of your day.

     

    Here is the full transcript for the video:

    Your personal information, like your identity – is unique. You use it to verify who you are and to access things like bank accounts, loans and tax returns.

    Protecting your personal information is important. But do you know what to protect?

    Personal information includes your name, address, date of birth, credit card details, myGov details, tax file number and driver’s licence details.

    Without proper protection your personal information can be stolen. For example, a scammer might use a fake job recruitment process to ask for information like your tax file number. Scammers can also email you, knock on your door and collect your details via online ‘classifieds’.

    Like locking up your house or covering your pin at the ATM, make protecting your personal information part of your day. Here are a few simple tips to follow:

    • firstly, don’t put your tax file number on your resume and only give it to an employer after you’ve started a job
    • never share your tax file number on social media
    • if your relationship status changes, think about changing any passwords you shared, and
    • if you’re going to use a tax agent, make sure they’re registered.

    Go to ato.gov.au/identitycrime for more tips.

    Protect your personal information and you’ll protect yourself.

  • Identity theft at their fingertips: Fraudsters and Social Media

    Media Release

    Identity theftIdentity theft at their fingertips:

    Fraudsters and Social Media

    5 June 2014

    As identity theft numbers increase in Australia, a consumer credit advocate shows how easy it can be for fraudsters to commit identity theft using social media, warning there are too many Australians disregarding their personal information, and leaving themselves wide open to identity theft and credit rating misuse.

    Graham Doessel, who is a Non-Legal Director of MyCRA Lawyers, a firm focused on credit dispute, says social media users who don’t opt in and maintain strong Privacy settings are ‘sitting ducks’ for fraudsters.

    “Fraudsters are trolling Social Media and other internet sites right now, looking for those consumers who are free and easy with their personal information,” Mr Doessel warns.

    “If you don’t strengthen your Privacy settings you run a grave risk – it’s not just the risk of having your account hacked, it’s the risk of having your identity stolen and having crime, including credit fraud, committed in your name.”

    Mr Doessel says the reason Facebook and other social media are so tantalising for fraudsters, is because many of the building blocks for identity theft are laid out.

    “If your Privacy settings aren’t secure your personal information is right at the fingertips of fraudsters,” he says.

    In order to obtain a birth certificate in Australia, a full name, date of birth, father’s name, mother’s maiden name, place of birth, and residential address are required.

    Mr Doessel says this can all be freely available on many social media profiles.

    “The other day I went on to a popular social media site, to see how easy it could be to obtain information. The frightening thing is, within five minutes of browsing a ‘random’ name, I was able to get four points of the information required on this person, and have a pretty good guess at the fifth. By simply changing the address, a fraudster could have a red-hot go at obtaining a birth certificate in this person’s name,” he says.

    Mr Doessel says other random browses proved to be similarly forthcoming, particularly amongst men using social media.

    “Women seemed to safeguard their information much better than the men I came across, begging the suggestion that women are much savvier when it comes to social media Privacy,” he says.

    His warnings come as part of Stay Smart Online Awareness Week 2014, a national education campaign aimed at helping Australians using the internet understand the simple steps they can take to protect their personal and financial information online.

    “We are raising awareness of some simple ways Australians can stay smart with their credit rating. Smart Facebook and other social media use have got to be number one,” he says.

    He is urging Australian users of social media to take some simple steps to protect the privacy of their profiles:

    Staying Smart on Facebook

    1. Don’t share too much, remember your personal information is valuable – and often once you’ve posted something online – it’s permanent.

    2. Install and maintain strong Privacy settings on social media.

    3. Change passwords regularly and use different passwords for different sites.

    4. Put a password on your mobile device.

    5. Don’t ‘friend’ someone you don’t know.

    6. Be wary about the type of requests, emails and attachments you click on.

    According to a recent Australian Institute of Criminology Identity crime and misuse survey, identity theft has increased to 1 in 10 Australians affected. 14 per cent of those victims were refused credit as a result.

    “Identity theft can lead to loans or other credit being taken out in the victim’s name, and often the victims don’t even know they’ve succumbed to identity theft until they’re refused credit themselves,” Mr Doessel says.

    He says recovery can be painstaking because the victim needs to prove they didn’t instigate the credit in the first place, but often necessary due to the victim being locked out of credit for between 5 and 7 years.

    “Identity theft can be really hard to prove, especially if the victim has no idea how their personal information was obtained in the first place. Police reports and large amounts of documentary evidence are generally required to substantiate to creditors the case of identity theft, but to those experiencing this, it’s a point worth fighting for,” he says.

    /ENDS.

    Please contact: Graham Doessel – Non-Legal Director MyCRA Lawyers Ph 3124 7133

    Lisa Brewster – Media Liaison MyCRA Lawyers media@mycralawyers.com.au

    www.mycralawyers.com.au www.mycralawyers.com.au/blog  www.mycralawyers.com.au/mediacentre

    MyCRA Lawyers 246 Stafford Rd, STAFFORD Qld Ph 07 3124 7133

    About MyCRA Lawyers: MyCRA Lawyers is an Incorporated Legal Practice focused on credit file consultancy and credit disputes. MyCRA Lawyers means business when it comes to helping those disadvantaged by credit rating mistakes.

    Image: Gualberto107/ www.FreeDigitalPhotos.net