The Australian credit reporting system is one based almost exclusively on “Negative Credit Reporting”.
By Graham Doessel – Founder & CEO of MyCRA Expert Credit Repair Laywers
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It has be (wrongly) reported that the new So Called “Comprehensive” Credit Reporting is “Positive Credit Reporting” but nothing could be further from the truth as the comprehensive credit reporting changes (while there were a couple of nice amendments) simply added more Negative records to a consumers credit file.
Some of the (dare I say it) POSITIVE changes that came about on March 12th 2014 include:
- Bankruptcy will appear on your credit file for 2 years less
- A clear-out (7 years) will be downgraded to a default (5 years) upon payment
- Minimum default (5 years) amount increased from $100 to $150
- A consumer now has to be 74 days in arrears before they can be defaulted
But there is still no way for a consumer to “Improve” their credit score (I.e. by paying off their loan quickly and on time etc.)
Every day we still find creditors that do not:
- Understand
- Agree with; OR
- Comply with the credit reporting legislation
Which means good people get bad credit when – as you mentioned previously – they lived at the same address and had capacity to pay.
We find that with Energy companies specifically, common sense does not often seem to apply.
For example,
- You live at 123 Smith St,
- You call “Energy Company” and say that you need;
- The power connected at 456 Jones St on the 15th; and
- The power disconnected from 123 Smith St on the 17th as you are moving.
They will follow your instructions BUT…
- Will mostly send the final bill for 123 Smith St to 123 Smith St AFTER you have moved
- Will often list you for fraudulently avoiding your bills as a Clearout (7 years) as you don’t pay the final bill at 123 smith St –
- All the while knowing you are the same person, at 456 Jones Street.
Our clients are often frustrated that the “Energy Company” didn’t send the final bill to 456 Jones St as “We told them we were moving”…
The “Energy Companies” often try to argue that it’s a ‘different department’ however this argument is Flawed…
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Another lack of common sense example is:
- You called “Energy Company” to disconnect the power on the 17th.
- The “Energy Company” never asked for a forwarding address so still send the final bill to the disconnected power address.
In both of these examples, you are likely to have the default removed by MyCRA Lawyers.
Many Ombudsmen and organisations like the “Consumer Action Legal Center” and “CHOICE” have slammed some credit repairers as dodgy and one has taken out the CHOICE Shonky Award.
There are however – many talented, dedicated and honest individuals, corporations and Law Firms like MyCRA Expert Credit Repair Lawyers (Pardon the blatant plug) alike that are able to remove Defaults, Clearouts Judgments etc. quickly and cost effectively.
My Firm, MyCRA Expert Credit Repair Lawyers focuses 100% of its time & resources on Credit Reporting related legislation and having defaults removed as quickly and as cost effectively as possible.
Most defaults are removed from between $850 and $1500 each within a few weeks, and with our quickest ever removal, the creditor notifying us that the default would be removed just 37 minutes after we initially contacted them.
Before you choose your credit repairing organisation, just make sure they:
- Are a good fit for your business style, professional reputation and standing.
- Make sure they have Professional Indemnity Insurance in place (Many don’t)
- Have a recognised dispute resolution process / service in place
- Have the ability to interpret legislation and Authority to make it happen.
- Simply, Make sure they are someone you can trust
MyCRA Lawyers team (myself included) have been working with consumers with bad credit since 2003 (I owned Mortgage Now, Australia’s largest exclusively non-conforming brokerage 2003 to 2010) and have seen many scenarios that would break your heart. No One can fix everything but when you choose to recommend a law firm, you are giving your clients the best chance at fixing their bad credit issues.
Call MyCRA Expert Credit Repair Lawyers NOW On 1300 667 218 Today And Ask How You Get Up To $500 In Free Credit Repair Legal Help For Your Clients…[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]