MyCRA Specialist Credit Repair Lawyers

Tag: Press Releases

  • Don’t launch a cyber-assault on Australian businesses – just look in their rubbish bins.

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    dumpster divingMedia Release

    Don’t launch a cyber-assault on Australian businesses – just look in their rubbish bins.

    21 February 2013

    The identities of thousands of Australian consumers could be at risk every day through simply having their personal information dumped into the rubbish bins of Australian businesses, and a consumer advocate for accurate credit reporting says this practice is an appalling oversight when personal information has become so valuable to fraudsters.

    The National Association of Information Destruction (NAID-ANZ), which is the peak body for the secure destruction industry, recently hired a detective agency to find out what customer information was being thrown away unsecured in business rubbish bins.[/fusion_text][fusion_separator style_type=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” flex_grow=”0″ top_margin=”” bottom_margin=”” width=”” alignment=”center” border_size=”” sep_color=”” icon=”” icon_size=”” icon_color=”” icon_circle=”” icon_circle_color=”” /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”yes” overflow=”visible” 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_text][i]

    The investigator went through the contents of publicly accessible waste bins used by 80 Sydney businesses that have an established responsibility to client data, with the aim of discovering the relative percentage of confidential waste that might be available on a given day.

    They found 11 per cent of those businesses contained crucial personal information readily accessible to passers-by and identity thieves.

    “Some sectors did better than others,” said NAID CEO Robert Johnson. “For instance, of the nine randomly sampled trash bins serving government offices, no confidential information was found. On the other hand, bank branches fared less well with 40 percent found to be casually discarding confidential financial information.”

    The study involved someone ‘casually’ looking at a bin, rather than dissecting it in an overly-thorough manner.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says “dumpster diving”– a practice of looking through rubbish bins for personally identifiable information is well used amongst fraudsters – and unlike many other forms of attempted identity theft, can be easily prevented through careful destruction of personal information.

    “It is best practice in my organisation and I am sure in many others, to cross-shred every piece of personal information that is no longer required. If it is good enough for small business, it should be good enough for bigger business such as banks to properly dispose of this information,” he says.

    On Monday new Attorney-General, Mark Dreyfus QC warned that Australian businesses were increasingly being targeted for cyber-assaults.

    “Cyber attacks have shifted from being indiscriminate and random to being more coordinated and targeted for financial gain. Most attacks occur from outside the business, although it appears internal risks are also significant,” Mr Dreyfus said.[ii]

    Mr Doessel says whilst cyber crime is becoming increasingly prevalent, basic data destruction is still a pressing topic.

    “We can’t forget about educating Australian businesses on data destruction and this simple way they can prevent their clients’ personal information from being stolen by identity thieves,” he says.

    He says consumers should feel unnerved that it was so easy for the investigators to come across personal information in rubbish bins.

    “Pieces of personal information are basically the building blocks of identity theft. Crucial details such as full names, addresses and dates of birth can all be used to build a profile on the victim which can then be used to assume their identity and even take out credit in their name. Often victims don’t know about it right away – and that’s where their credit file can be compromised,” Mr Doessel says.

    He says once the victim’s credit rating is damaged due to defaults from this ‘stolen’ credit, they are facing some difficult times repairing their credit rating in order to get their life back on track.

    “These victims often can’t even get a mobile phone in their name. It need not be large-scale fraud to be a massive detriment to their financial future – defaults for as little as $100 will stop someone from getting a home loan for the five year term,” he says.

    He says what is not widely known is how difficult credit repair can be – even if the individual has been the victim of identity theft.

    “There is no certainty that defaults can be removed from a victim’s credit file. The onus is on them to prove their case and provide copious amounts of documentary evidence,” he says.

    /ENDS.

    Please contact:

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

    Graham Doessel – CEO 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.

    ——————————————————————————–

    [i] http://www.brokernews.com.au/news/breaking-news/brokers-trump-banks-in-protecting-client-info-148810.aspx

    [ii] http://www.attorneygeneral.gov.au/Mediareleases/Pages/2013/First%20quarter/18February2013-CyberattacksonAustralianbusinessmoretargetedandcoordinated.aspx

    Image: Naypong/ www.FreeDigitalPhotos.net[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Threat of identity theft looms as business cyber-assaults take new form.

    cyber-assaultMedia Release

    Threat of identity theft looms as business cyber-assaults take new form.

    20 February 2013

    The ramping up of efforts by fraudsters to go after Australian businesses holding personal information could contribute to a greater risk of identity theft and subsequent credit fraud for Australian consumers, warns a consumer advocate for accurate credit reporting.

    Yesterday new Attorney-General, Mark Dreyfus QC advised that recent national survey results for more than 250 major businesses show cyber-crime is becoming increasingly targeted and coordinated, with one in five businesses experiencing one in the last year.

    Mr Dreyfus said that cyber assaults have shifted from being indiscriminate and random to being more coordinated and targeted for financial gain. Most occur from outside the business, although it appears internal risks are also significant.[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]

    The 2012 Cyber Crime and Security Survey Report commissioned by CERT Australia and conducted by the Centre for Internet Safety at the University of Canberra revealed that most serious assaults involved the use of malicious software, theft or breach of private information and denial-of-service.

    In one case, an organisation reported the theft of 15 years’ worth of critical business data.

    A third of instances involved the theft of notebooks, tablets or mobile devices.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says Australians should feel concerned about where their personal information could be exposed to potential company data breaches, as personal information has become a valuable commodity used to commit identity theft and potentially ruin the victim’s credit rating and their financial future.

    “We can’t take lightly the possibility that any company that keeps data on its customers could be at risk of cyber-crime. Identity theft is becoming more prevalent, and personal information is lucrative for fraudsters,” Mr Doessel says.

    Last week the Australian Taxation Office (ATO) announced the identities of four tax agents were stolen and used to fraudulently obtain AUSkeys giving access to specialist tax agent online services.

    Whilst the ATO was able to contain the threat, and cancel the AUSkeys, it said in a statement to the media that doing business online has benefits, but also comes with risks.

    “People looking to commit identity fraud constantly look for ways to profit so it is critical to remain vigilant regarding your personal information and online security,” the ATO statement said.[ii]

    Mr Doessel says this instance is one of a long line of assaults on Australian businesses and government entities in recent years.

    “Unfortunately it seems everywhere people turn one entity or another has been hacked – and it seems everyone with a computer is at risk. It is still extremely scary the level of risk peoples’ personal information undergoes these days when it is stored online,” he says.

    Personal information in the wrong hands can lead not only to identity theft but credit fraud, which involves the use of the victim’s credit rating, which can have significant long term consequences.

    “Basically, a lot of identity fraud is committed by piecing together enough personal information from different sources in order for criminals to take out credit in the victim’s name. Often victims don’t know about it right away – and that’s where their credit file can be compromised,” he says.

    He says once the victim’s credit rating is damaged due to defaults from this ‘stolen’ credit, they are facing some difficult times repairing their credit rating in order to get their life back on track.

    “These victims often can’t even get a mobile phone in their name. It need not be large-scale fraud to be a massive detriment to their financial future – defaults for as little as $100 will stop someone from getting a home loan,” he says.

    Once an unpaid account goes to default stage, the account may be listed by the creditor as a default on a person’s credit file. Under current legislation, defaults remain on the credit file for a 5 year period.

    “What is not widely known is how difficult restoring a credit file can be – even if the individual has been the victim of identity theft, there is no assurance the defaults can be removed from their credit file. The onus is on the victim to prove their case and provide copious amounts of documentary evidence,” he says.

    Changes to the Privacy Act 1988 should help consumers collectively when businesses experience cyber-crime which leads to a data breach.[iii]

    From March 2014, increased powers of the Privacy Commissioner will force organisations that experience a breach to do something about it. Previously, the Commissioner could investigate and make recommendations as to what the organisation should do, but it had no way of requiring the organisation to take action.

    The Commissioner can also issue civil penalties to organisations that experience a breach and either fail to take reasonable steps to protect the information entrusted to them, or fail to adequately respond.

    Mr Doessel says consumers need to be insisting that the companies who hold their personal information have adequate tools to prevent a data breach, but he says despite this, the changing nature of cyber-crime means it can be difficult to keep up with the technology of fraudsters.

    “Despite our best efforts to keep our details safe, we don’t have control over the IT systems of the company which holds our information, so we have to place a lot of trust in them to stay one step ahead of fraudsters. With most organised crime gangs now placing identity theft on their repertoire, more damaging and more frequent assaults are probably imminent in the future,” Mr Doessel says.

    He says as a matter of routine, consumers should check their bank and credit card statements thoroughly when they come in, and should also order a copy of their credit report regularly – which would indicate if their credit file had been misused.

    Under current legislation a credit file report can be obtained at no cost 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.

    /ENDS.

    Please contact:

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

    Graham Doessel – Director 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.

    ——————————————————————————–

    [i] http://www.attorneygeneral.gov.au/Mediareleases/Pages/2013/First%20quarter/18February2013-CyberattacksonAustralianbusinessmoretargetedandcoordinated.aspx

    [ii] http://www.ato.gov.au/corporate/content.aspx?doc=/content/00345567.htm

    [iii] http://www.oaic.gov.au/privacy-portal/resources_privacy/Privacy_law_reform.html#whats_changed

    Image: Victor Habbick/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • A ‘fair go’ in the credit system for those under financial strain still a way off.

    Media Release

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    Financial Hardship
    Financial Hardship

    A ‘fair go’ in the credit system for those under financial strain still a way off.

    14 February 2013

    From March 1, national credit reform will see steps made towards a fairer credit system for disadvantaged Australians, but whilst a consumer advocate for accurate credit reporting welcomes the changes, he says those consumers suffering credit impairment may still come across difficulties getting fair treatment in the credit reporting landscape.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says for those Australians experiencing financial hardship, better protections will be afforded through significant reforms to the National Consumer Credit Protection Act which is due for implementation on March 1 2013.[/fusion_builder_column][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]

    “For those people doing it tough – one of the most important things they need is to be able to open a dialogue with their bank and make moves to guard their asset and their credit file during periods of financial difficulty, and this will be formalised under the new financial hardship laws,” Mr Doessel says.

    But he says for credit impaired individuals, we are yet to see the full extent of any ‘fairness’ until the implementation of amendments to the Privacy Act 1988 occur in 2014.

    “Whilst there are many aspects to this credit reform which will be helpful to those disadvantaged Australians, such as hardship provisions and capping pay-day loans, the most significant change for people forced ‘on the fringe’ will be within the area of correcting credit reporting mistakes, which won’t be implemented until March 2014,” he says.

    The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 will change the Privacy Act 1988 in the area of correction of credit reporting inconsistencies, including enabling consumers to force their Creditor to justify a disputed listing; and give consequences for credit reporting breaches.

    Next month’s implementation of the National Consumer Credit Protection Amendment (Enhancements) Act 2012 will also bring reforms to a range of credit areas, with the sole regulator being Australian Securities and Investment Commission (ASIC).

    A range of credit reforms will include;

    * Changes to procedures for hardship applications under the National Credit Code.

    * A ban on short-term credit contracts (that is not a continuing credit contract; where the credit provider is not an authorised deposit-taking institution (ADI); the credit limit of the contract is $2,000 or less; and the credit contract is for a maximum term of 15 days or less).

    * New obligations for small amount credit contracts (that is not a continuing credit contract; where the credit provider is not an ADI; the credit limit of the contract is $2,000 or less; and the credit contract is for a maximum term of 1 year) including:

    * introducing presumptions of unsuitability where a consumer is in default of an existing small amount credit contract; or in the preceding 90 days, a consumer has been a debtor under two or more other small amount credit contracts

    * Specific protections for reverse mortgages – such as the requirement to provide consumers with projections of the debtor’s equity in the property under a reverse mortgage and a reverse mortgage information statement.

    * Remedies for unfair or dishonest conduct by credit service providers.[ii]

    Mr Doessel says whilst the new obligations for Creditors will have significant advantages, they are only part of the credit reform ‘puzzle’. He says credit reporting mistakes still occur frequently, and individuals can be disadvantaged and refused mainstream credit by a system that has failed them.

    “People with defaults on their credit file can be severely disadvantaged – locked out of mainstream credit for 5 years. Not all defaults deserve to be there. People are getting let down by the system and have equal trouble correcting their credit reporting mistakes.”

    “Whilst the powers that be say that there is a legitimate avenue for correcting credit reporting mistakes for the individual, many consumers who have dealt with big companies for even small complaints issues will attest to the difficulty in getting a straight answer, getting someone who knows what they’re talking about first time, and ultimately correcting the mistake,” he says.

    He is hopeful that a large piece of the puzzle for those suffering hardship unfairly will be completed once the Privacy Act 1988 amendments come into effect in March 2014.

    “It remains to be seen next year how changes in credit reporting law will allow credit impaired individuals to be able to address inconsistencies on their credit report which can see them disadvantaged and funnelled into expensive credit such as payday loans,” Mr Doessel says.

    He hopes Privacy Act amendments will see fewer of those consumers locked out of mainstream credit unnecessarily – but he says it is a matter of seeing how the laws pan out.

    “My concern is, how ‘late payment notations’ (which are being recorded now as part of the Privacy Act changes) will impact credit suitability and I would hope repayment history information will not undo credit approval if the debtor has managed to avoid a default and negotiate a variation of repayment terms because of temporary hardship under these new laws,” he says.

    “So there is still going to be a time of uncertainty for many involved in credit, including for consumers. I know the intention is that eventually, we will see a better and fairer credit system for all – but I think the road to it could be a rocky one,” he says.

    /ENDS.

    Please contact:

    Graham Doessel – CEO Ph 3124 7133

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

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

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

     

    ——————————————————————————–

    [i] http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr4682_third-reps%2F0001;query=Id%3A%22legislation%2Fbills%2Fr4682_third-reps%2F0000%22

    [ii] http://www.asic.gov.au/asic/asic.nsf/byheadline/ASIC+Credit+Reform+Update+-+latest+issue?openDocument

    Image: David Castillo Dominici/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Prevent a credit default during a time of mortgage stress.

    mortgage stressMedia Release

    Prevent a credit default during a time of mortgage stress.

    12 February 2013

    For the thousands of Australian home owners who are under financial strain, interest rate cuts may have come too little too late – but a consumer advocate for accurate credit reporting says those families falling behind on mortgage repayments need to be educated about what they can do to try to keep their home and their good credit rating.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says it is vital that when someone is suffering financial hardship of some kind that they open up a dialogue with their Creditors as early as possible.

    “Too many people go into denial about their debts, and this only makes the long term prospects for recovery much worse. If I could give one piece of advice, it would be to talk to your bank and as soon as you encounter difficulties,” Mr Doessel says.

    Despite a recorded decrease in mortgage delinquency rates across the country to 1.2 per cent in September 2012 from 1.6 per cent in March 2012, credit ratings firm Fitch Ratings has recorded some continuing troubled areas where delinquencies remain high.

    Many of these ‘repayment blackspots’ have reportedly been impacted by the global economy through a drop in tourism numbers.[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’s credit repair firm deals with many clients who are attempting to salvage their lives and their credit rating after financial hardship, and he says sometimes effective communication and persistence may have prevented defaults.

    “If you are suffering hardship, get on the phone and discuss it with your bank. They may not issue a default on your credit file if you successfully negotiate to put repayments on hold or reduce the repayment amount – as long as you make a firm plan to get back on top of things, and you are able to stick to it,” he says.

    Credit file defaults are issued after credit accounts are 60 days in arrears, and late payment notifications are issued after repayments are one payment cycle late.

    Mr Doessel says the ramifications of having credit file defaults are generally refusal of mainstream credit – including credit cards, store cards and mobile phone plans for the 5 year term of the listing. Too many late payment notations may also impact credit approval.

    “If you are able to borrow, often the interest rate is much, much higher. If your bank can’t contact you, they may even issue you a Clear-out which has a 7 year term,” he says.

    “So you want to avoid having your credit rating black listed if possible.”

    People who need to negotiate with their lender because of hardship issues should now find the process much easier.

    Last year credit reform saw the introduction of changes to procedures for hardship applications. From 1 March 2013, The National Consumer Credit Protection Amendment (Enhancements) Act 2012 takes effect, giving debtors a statutory right to request a hardship variation if they cannot meet their obligations under a credit contract regardless of the amount of credit that is provided under their contract.[ii]

    Tips for Applying For Financial Hardship

    1. SPEAK UP. Firstly, you need to make it clear to your bank that you fear you may fall into arrears on your repayments – especially if you have a situation of temporary difficulty, such as unemployment or illness.

    2. WHAT CAN YOU AFFORD TO PAY? Work out what you can afford to pay prior to requesting a hardship variation. You can get budgeting advice through ASIC’s Money Smart website www.moneysmart.gov.au.

    “This would involve taking the bull by the horns and doing up a serious budget on what’s coming in and what your repayments are on all of your credit accounts,” Mr Doessel says.

    3. BE PRECISE. Put your request in writing and keep a copy as a record. You may need to use the actual words “financial hardship variation” for your lender to officially recognise the request, and to avoid confusion as to what you’re asking for.

    4. KNOW YOUR RIGHTS. Check your loan agreement as to the terms you entered into around financial hardship. Those agreements post-1 July 2010 have a clause which requires the lender to respond to you within 21 days.

    Creditors are legally required to consider a person’s request for variation on payment arrangements, but are not obliged to agree to any hardship variation proposal put forward. If a lender either refuses or fails to respond to your hardship request, you can lodge a complaint with their independent dispute resolution scheme, such as the Ombudsman they are a member of.

    5. DO YOUR RESEARCH. Research how to apply for financial hardship. You can do this through ASIC’s MoneySmart Website, or through sites like Money Help, a website run by the Victorian State Government.

    6. BE CONSISTENT. If you do get a variation on your repayments – keep up all repayments on time every time. And keep an open dialogue with your bank.

    “This fresh chance may be the catalyst to put in place some real changes in how you think about credit – taking a fresh look at ‘things’ ‘wants’ and ‘needs’– and making credit work for you next time instead of the other way around. This doesn’t ensure that mistakes won’t happen with your credit file, but it will ensure that a negative credit listing won’t make its way to your credit file through any fault of yours,” Mr Doessel says.

    /ENDS.

    Please contact:

    Graham Doessel – CEO Ph 3124 7133

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

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

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

    ——————————————————————————–

    [i] http://www.news.com.au/realestate/news/australias-mortgage-blackspots/story-fncq3gat-1226570977744#ixzz2KAbn7xXq

    [ii] http://www.asic.gov.au/asic/asic.nsf/byheadline/ASIC+Credit+Reform+Update+-+latest+issue?openDocument http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=LEGISLATION;id=legislation%2Fbills%2Fr4682_third-reps%2F0001;query=Id%3A%22legislation%2Fbills%2Fr4682_third-reps%2F0000%22

    Image: Nutdanai/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Lonely hearts ripped out and ripped off this Valentine’s Day by scams.

    romance scamsMedia Release

    Lonely hearts ripped out and ripped off this Valentine’s Day by scams.

    7 February 2013

    A warning this Valentine’s Day for those who use internet dating: be on the lookout for scammers. A consumer advocate for accurate credit reporting warns that getting sucked in by a scammer may not only leave you broken hearted, but can also leave you broke.

    CEO of MyCRA Credit Rating Repair, Graham Doessel warns that because of the personal nature of dating scams, many intimate personal details may be shared, and scammers could not only extract money, but can also garner enough information to steal your identity and take credit out in your name.

    “The costs of identity theft can be significant long term and are magnified by the fact that identity fraud is often not detected until you attempt to take out credit in your own name and are refused due to credit rating defaults from unpaid credit you didn’t initiate,” Mr Doessel says.

    The NSW Fair Trading Commission has issued fresh warnings recently in regards to romance scams, saying consumers are at risk of high debt and dissatisfaction.

    Commissioner Rod Stowe warns if you are looking for love -get introduction agency agreements in writing and beware of predators online and elsewhere.

    “Repeated requests for more money are standard practice for traditional and online romance scammers, whether the requests come from an agency or prospective partners,” he said in a recent media release.[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]

    “Once you’re on the hook, a scammer will reel you in as long as you take the bait. The internet presents a whole range of risks for consumers looking for love. The ACCC [Australian Competition and Consumer Commission] reported Australians lost $21 million to dating and romance scams in 2011. The average loss for a victim reporting a scam to the ACCC was more than $20,000.”

    Romance scams are so rampant in Australia, that the ACCC now requires online dating sites to display scam warnings and will threaten action against companies that fail to comply.

    Scammers target victims by creating fake profiles on legitimate internet dating services.

    The ACCC warns once you are in contact with a scammer, they will express strong emotions in a relatively short period of time and will suggest you move the relationship away from the website, to phone, email and/or instant messaging. Scammers often claim to be from Australia, but travelling or working o/s.

    “They will go to great lengths to gain your interest and trust, such as sharing personal information and even sending you gifts. Scammers may take months, to build what seems like the romance of a lifetime. They will then ask you for money, gifts or your banking/credit card details.” the ACCC warns on their website.[ii]

    The ACCC says scammers can site various reasons for needing money, including to cover the costs associated with non-existent accidents and illnesses, various fees and charges associated with precious goods such as diamonds, gold bullion and gemstones, or to arrange a meeting which never occurs.

    Mr Doessel says it is not always easy to forget a romance scam if the fraud has impacted your credit file.

    “If you fall victim to identity theft, you are hit three times – you may have lost a large sum of money, secondly you may be emotionally heartbroken, then thirdly you are locked out of credit for 5 years because of defaults on your credit file.”

    “You may not even get a mobile phone plan if you can’t prove you didn’t initiate the credit in your name,” he says.

    The ACCC’s SCAMwatch outlines some ways people can protect themselves when dating online:

    – ALWAYS consider the possibility that the approach may be a scam…Try to remove the emotion from your decision making no matter how caring or persistent they seem.

    – Talk to an independent friend, relative or fair trading before you send any money. THINK TWICE before sending money to someone you have only recently met online or haven’t met in person.

    – NEVER give credit card or online account details to anyone by email.

    – Be very careful about how much personal information you share on social network sites. Scammers can use your information and pictures to create a fake identity or to target you with a scam.

    – If you agree to meet in person, tell family and friends where you are going…

    – Where possible, avoid any arrangement with a stranger that asks for up-front payment via money order, wire transfer or international funds transfer. It is rare to recover money sent this way.

    -If you think you have provided your account details to a scammer, contact your bank or financial institution immediately.

    – Money laundering is a criminal offence: do not agree to transfer money for someone else.

    If you think you may be ‘dating’ a scammer, contact the ACCC on 1300 795 995 and if you have given over money, contact Police immediately.

    MyCRA Credit Rating Repair’s website also contains information on identity theft and your credit rating www.mycra.com.au.

    /ENDS.

    Please contact:

    Graham Doessel – Ph 3124 7133

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

    http://www.mycra.com.au/ 246 Stafford Road, STAFFORD QLD.

    Ph: 07 3124 7133

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

     

    ——————————————————————————–

    [i] http://www.fairtrading.nsw.gov.au/About_us/News_and_events/Media_releases/2013_media_releases/20130131_valentines_day_warning.html

    [ii] http://www.scamwatch.gov.au/content/index.phtml/itemId/694213

    Image: thanunkorn/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Safer Internet Day: Protect your child’s identity online

    Safer Internet DayMedia Release

    Safer Internet Day: Protect your child’s identity online

    5 February 2013

    On Safer Internet Day, parents and carers need to know their kids may be risking their identity and future credit rating by posting volumes of personal information to open forums and other sites, a consumer advocate for accurate credit reporting warns.

    “The harsh reality is if you’re a young person in Australia today you are not immune to identity fraud. Even though you are not yet credit active the personal information you make public today could be used against you in the future,” CEO of MyCRA Credit Repair, Graham Doessel says.

    ‘Cybersmart’ hosts Safer Internet Day today, with this year’s theme being ‘Connect with Respect’, encouraging people to think about their ‘Online Rights and Responsibilities’.[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]

    More than 22,000 students are participating today in Cybersmart’s online safety presentations, 1500 kids are playing Cybersmart Challenge games and Cybersmart is also broadcasting live and online all over the world from 5pm-8pm tonight.

    The website educates young people, their teachers and carers about how to stay safe and stay smart online, touching on issues like cyber-bullying, online predators, and identity theft with an emphasis on understanding the potential consequences of online behaviour.

    Mr Doessel says identity theft is still a risk for under 18’s, and many young people and their parents don’t know the dangers of having a public ‘profile’ on sites like Facebook and Twitter.

    “A public profile is a big risk for anyone at any age. With the volume of personal information contained there, fraudsters can use that information to create an identity in your name, and even take out credit,” he says.

    In late 2011, Identity expert Ben McQuillan of the Australian Federal Police warned people about the 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,” McQuillan told the Sydney Morning Herald.[ii]

    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.[iii]

    “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.

    Mr Doessel says identity theft is not only about the initial loss of monies, but if the fraud amounts to credit accounts in the young victim’s name going undetected and unpaid past 60 days, creditors will issue defaults.

    “It need not be major fraud to have a detrimental effect. Credit file defaults for as little as $100 can stop someone from being able to obtain credit for 5 years. So any damage, however small to someone’s credit file can be extremely significant,” he says.

    He says the onus is on the victim to prove to creditors they didn’t initiate the credit.

    “The fact that the perpetrator is long gone and the actual act of identity theft happened years earlier will only add to the difficulty for the young person in recovering their good name,” he says.

    Experts recommend parents and young people continue to update their skills on how to be cyber-smart.

    identity theft risk for under 18'sMr Doessel says parents and young people should remember 5 Key Tips for Safeguarding Personal Information:

    1. Keep privacy settings private. Your profile on sites like Facebook should be kept Private, and it’s a good idea to check your settings from time to time to make sure it stays that way. This makes it harder for crooks to find your personal information.

    2. Use passwords. Use strong passwords online, regularly changing them. You should also do the same for your smartphone. Stay one step ahead of hackers.

    3. What you post may be permanent. Every piece of information you post – no matter how secure you think it may be – may show up again one day.

    4. Your personal information should be guarded at all times. Personal information is the gateway to identity theft. How secure is the site you are using? Think – if it’s not necessary – do you really need to give it out or post it?

    5. Careful who you ‘friend’. Crooks can scan the internet requesting ‘friendships’ on sites like Facebook – but they may not be after friendship but your personal information. If you don’t know the person who is sending you the friend request, check their profile – do they seem like a real person? Ask -why do they want to be my friend? If you’re unsure, ignore the request.

    The cybersmart website http://www.cybersmart.gov.au/ has a range of multimedia educational resources.

    /ENDS.

    Please contact:

    Graham Doessel – CEO MyCRA PH 3124 7133

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

    http://www.mycra.com.au/ 246 Stafford Road, STAFFORD QLD.

    Ph: 07 3124 7133

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

    ——————————————————————————–

    [i] http://www.acma.gov.au/WEB/STANDARD/pc=PC_600164

    [ii] http://www.smh.com.au/technology/technology-news/police-warn-of-sophisticated-plan-to-steal-identities-20111108-1n5l8.html#ixzz1dB4ctHcT

    [iii] http://au.tv.yahoo.com/sunrise/video/-/watch/26825601/child-identity-theft/

    Image: Clare Bloomfield/ www.FreeDigitalPhotos.net

    Image 2: David Castillo Dominici/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Know the credit file risks before co-financing with a sibling

    siblings co-financingMedia Release

    Know the credit file risks before co-financing with a sibling.

    1 February 2013

    Real estate agents have recently reported an increase in siblings co-financing on homes in order to break into the property market, but this has a consumer advocate for accurate credit reporting concerned that some siblings could be getting financially involved without understanding the full implications for their future.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says real risks can arise when anyone co-finances, for both their relationship and their credit rating.

    “I understand it is hard for young people to get a toe in the property market, but it is so important for them to understand, when you co-finance, you must trust your personal credit rating to your sibling for the life of the agreement,” Mr Doessel says.

    Real estate agents say brothers and sisters purchasing together now make up 10 per cent of traffic at open houses and inspections.

    The trend, which has grown in the last three months, allows buyers to afford mortgages that would otherwise be beyond their reach on a single-income.

    “It is how they’re affording to break into the property market,” agent Silvia Vitale of Laing + Simmons Potts Point told the Sunday Telegraph this week.[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]

    But Gold Coast mortgage broker, Heather Nyssen, recently discouraged the trend, saying that siblings are usually quite young when they enter the financial partnership, and due to changes in circumstances can end up restricted by the obligation in later years.

    “In some cases they buy it so one or other can live in it, or they buy as an investment property, but they often end up in a bad position,” she told Australian Broker on Thursday.[ii]

    Mr Doessel agrees “Not only can the obligation restrict financial decisions in the future, but there is the potential for something to go wrong which sees both credit files defaulted if one sibling makes a mistake.”

    He says if repayments on any accounts linked to the property are not made on time, both parties could be held responsible and defaulted or a late payment notation listed on both credit files accordingly.

    “Rates, energy and of course finance repayments need to be paid on time every time to avoid a late payment notation on your credit file, and paid within 60 days to avoid a default listing,” he says.

    Defaults remain on a person’s credit file for five years, and late payment notations for two years.

    “If you have a default listing it can be difficult to get additional finance, a credit card, or even a mobile phone plan. If you have too many late payment notations against your name, it may also weigh negatively on your ability to obtain credit,” Mr Doessel says.

    He recommends those siblings wanting to co-finance on a property take these things into consideration:

    1. Know about your sibling’s credit history. If your sibling has financial skeletons in the closet, you should be wary about leaving your credit rating at risk. It would be a good idea to order a copy of your credit rating (your credit report) to make sure each of you is fully aware of the other’s financial history.

    For assistance to obtain your credit report at no cost, contact MyCRA http://www.mycra.com.au/credit-file-request/

    2. Ask what debts they currently have. This will give you an indication of how your brother or sister feel about money, and how much debt they consider normal to handle.

    3. Talk about paying bills. Do they always pay them on time? If not, why not? This will give you a good indication of how important they view credit repayments.

    4. Ask what their financial goals are for the future. Do they match yours? If you intend to hold on to the property whilst your sibling wants to sell in a few years to repurchase, are you prepared to pay them out? Will anyone be living in the property? How will you divide expenses on the property?

    5. Get all agreements in writing. Consider getting a solicitor involved to draft up a formal agreement. You may be family, but in 5 or 10 years your responsibilities and needs may have changed and you need to know what your legal rights and obligations are.

    6. Leave emotion out of it. As much as you may love your sibling – arguments can occur – particularly when money is involved. If the financial relationship is ‘strictly business’, it may be easier to separate the property from all other credit the individuals may possess. This is especially true if the property is purely an investment and neither sibling is living in the property.

    /ENDS.

    Please Contact:

    Graham Doessel Ph 3124 7133

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

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog 246 Stafford Rd, STAFFORD Qld

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

    Image: imagerymajestic/ www.FreeDigitalphotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Flood evacuation: Prepare early and secure your important documents from fraudsters.

    flood evacuationMedia Release

    Flood evacuation: Prepare early and secure your important documents from fraudsters.

    29 January 2013

    With residents continuing to evacuate flooded homes across Queensland and Northern New South Wales, a consumer advocate for accurate credit reporting is warning Australians that their important papers need to be ready to leave with them should they be forced to evacuate their homes, in order to prevent both loss and theft of identity.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says if people need to leave their homes, it is important that their emergency kit contains their important identity documents.

    “If you’re preparing your emergency kit, along with your essentials, you should be adding in your essential identity documents as well as insurance documents, and locking any other personally identitifiable documents in a safe if possible,” Mr Doessel says.

    He says disasters in the recent past were further plagued by scammers and identity thieves hoping to make a quick buck from the misfortune of others.

    “In the days and weeks following the Queensland floods in 2011, victims were tricked into giving over personal information and banking details, and were also robbed by crooks masquerading as tradespeople,” he says.[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]

    Likewise, after the Canberra bushfires in 2003, there were reports of fraud.

    “In the Canberra fires, many victims lost their homes, possessions, cars and key identification documents, meaning they had no way to prove their identity or use support services. Equally, impostors had an opportunity to present themselves as such victims, for instance by claiming to be someone whose name and address they had garnered from media reports” an Australian Federal Police Study reports.[ii]

    The Queensland State Emergency Services recommends people preparing an emergency kit for evacuation secure the originals or certified copies of their important documents. These include insurance documents, an inventory of valuable household goods, wills, house deeds, loan documents, passports, stocks and bonds, medical and government information, and bank and credit card details.

    “Scan copies of these documents and save on a USB memory stick or CD to include in your kit. Keep all these items in sealed plastic bags.” the SES advises. [iii]

    Mr Doessel says correct management of identity documents is so essential during disasters such as flood, not only because victims can then prove their identity to authorities and relevant relief bodies, but because personal information can be stolen by identity thieves and victims can have credit taken out in their name.

    “In this instance, the victim is hit not twice, but three times. Their homes and belongings ruined by flood, debts incurred in their name by fraudsters and a series of defaults or other infringements mean they are unable to get credit for up to 5 years.”

    “The process of repairing inconsistent credit listings can take months, regardless of the source of the default, as it involves the victim proving to Creditors they didn’t initiate the credit in their name,” he says.

    He says fraudsters may not need full copies of identity documents in order to fit pieces of a person’s identity together for fraud.

    “With so much personal information available online as well, even a small piece of personal information found or given away to fraudsters after a disaster may be all that’s needed to set up a new identity in a victim’s name, or attempt to claim compensation with it,” Mr Doessel says.

    Anyone who is suspicious their identity has been stolen or under threat should contact Police immediately, and should also contact the credit reporting agencies which hold their credit file.

    To order their credit report people can go to http://www.mycra.com.au/credit-file-request/.

    For those people needing a Flood Emergency Evacuation Plan and a full list of essential items for an emergency kit, the SES Queensland web page ‘Be Prepared’ http://www.emergency.qld.gov.au/emq/css/beprepared.asp will assist.

    /ENDS.

    Please Contact:

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

    Graham Doessel CEO –  Ph: 3124 7133

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

    246 Stafford Rd, STAFFORD Qld

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

     

    ——————————————————————————–

    [i] http://www.smh.com.au/environment/weather/vultures-descend-on-victims-with-scams-20110116-19sm0.html

    [ii] http://www.smh.com.au/articles/2004/03/17/1079199293672.html

    [iii] http://www.emergency.qld.gov.au/emq/css/emergencykit.asp

    Image: sakhorn38/ www.FreeDigitalPhotos.net

     [/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Smart borrowing to be taught in schools

    Smart Money Teaching ProgramMedia Release

    Smart borrowing to be taught in schools

    24 January 2013

    Classroom changes aimed at improving financial literacy in Australia have been welcomed by a consumer advocate for accurate credit reporting, who says teaching kids about money, and especially credit is long overdue. He says a new generation needs to be clever with credit to survive.

    Financial literacy lessons are to be rolled out nationally as term one of the school year begins, with the inclusion of Australian secondary schools to the ‘Money Smart Teaching Program’, developed by the Australian Security and Investment Commission (ASIC), adding to a primary school program that began last year.[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]

    About 120,000 children and 6000 teachers will take part in the trials, with the secondary schools topics set to include compound interest, supermarket unit pricing, finding the most cost-effective mobile phone plan and borrowing money.

    ASIC senior executive for financial literacy Robert Drake says it is hard to succeed in modern life without mastering money skills.

    “Knowing how to handle your money and the choices you have got to make as a consumer is a challenging thing in modern life, and really is a core skill”, Mr Drake told the Daily Telegraph on Monday.”[ii]

    CEO of MyCRA Credit Rating Repair, Graham Doessel says credit is an integral part of today’s culture, but many young Australians do not know how to make it work for them.

    “Many young people amble through their early years with credit, making mistake after mistake that can cost them dearly down the track. I have often said it should be taught in schools,” he says.

    He says he has seen many young people caught in the credit trap – robbing Peter to pay Paul – and in the end their good name suffers for five to seven years due to credit infringements.

    “I have seen young people get in deep with credit – putting cars and electrical goods on hire purchase and getting behind in repayments which sees them taking out new credit just to pay off the old credit. Before they know it, they’re 20 years old and facing Bankruptcy or Court Action and years of being locked out of the finance market coming into the crucial years when they need it most,” he says.

    Mr Doessel says teaching kids the importance of responsible borrowing and encouraging the exploration of philosophies of consumerism would be invaluable to reshape a whole new generation’s attitude to credit.

    “If we can arm our young people with more money knowledge, then collectively they may have a better break when it comes to home ownership and investments, things that seem to have eluded the current generation of twenty-something’s,” he says.

    “To go further, even basic legal responsibilities and requirements around credit would be an invaluable addition to the Australian secondary curriculum which could see rates of default decline as those kids enter the credit market.”

    ASIC’s trial program will take feedback from schools, with an aim to make it available more broadly from 2014.

    /ENDS.

    Please contact:

    Graham Doessel – Director Ph 3124 7133

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

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog 246 Stafford Rd, STAFFORD Qld

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

    ——————————————————————————–

    [i] http://teaching.moneysmart.gov.au/professional-learning/moneysmart-teaching-packages

    [ii] http://www.dailytelegraph.com.au/money/money-matters/schools-to-run-finance-classes/story-fn300aev-1226557978782

    Image: criminalatt/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Australia Day: Migrants to the ‘lucky country’ walk a rocky road to financial success.

    Australia DayMedia Release

    Australia Day: Migrants to the ‘lucky country’ walk a rocky road to financial success.

    21 January 2013

    Australia Day is the time when thousands of new Australians are welcomed, but an advocate for accurate credit reporting says some migrants are running into trouble with Australia’s credit reporting system, and are getting banned from credit and set back on the road to financial success.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says migrants have unique issues with Australia’s credit system, and often the origins for unfair defaults and other credit notations come from mistakes during identity establishment.

    “Some of our migrant clients are finding issues coming from incorrect names placed on their credit files – resulting in the wrong person ending up with the default or other credit listing.”

    “It may be easy to track down and correctly list ‘John Smith’ but some nationalities have three or four names which can be presented in a different order in their country of origin. Even our migrants themselves can be unsure how to present that name correctly for identity establishment in this country,” Mr Doessel says.

    He says apart from identity establishment and identification issues, there is also a lack of education for migrants on the types of credit available, and what type is safest and easiest to manage.

    “Migrants may choose lenders with high interest rates and terms that are not user-friendly, ultimately setting them on a path of overdue payments and debt,” he says.

    Mr Doessel suggests that new Australians make a point of ensuring continuity with their name on any credit they take out and requesting changes to any bills or documentation which are incorrect.

    He also says many do not know they should be checking their credit file regularly to make sure it is accurate and free from unfair or incorrect listings.

    “It’s actually not just new Aussies who are kept in the dark. Many Australian-born Aussies are unaware they are responsible for checking their credit file, and that they can obtain a credit report every 12 months at no charge,” Mr Doessel says.

    7 Credit Tips for New Australians

    1. Do use credit – Having no credit history means there is nothing to calculate and the risk appears high to lenders. Start by borrowing something small and make repayments consistently.

    2. Make repayments on time – Repay any bills by the due date to avoid incurring a late payment notation on your credit file. If a bill is greater than 60 days late you will be listed with a default. Both notations may hinder your ability to obtain credit. If you are having trouble paying a bill by the due date, contact the creditor as they may be able to work out a payment plan as preference to listing your overdue account on your credit rating.

    3. A stable address – Lenders like to see stability and this can be reflected in your address. Once you have credit, make sure you update your address whenever you move. Defaults can happen when bills are sent to the wrong address.

    4. Do your research – A competitive interest rate can save you thousands – so double check you are getting the best deal for you and your circumstances before committing.

    5. Apply for credit with care – Only apply for credit you have a very good chance of being approved for. Likewise, only apply for credit you have full intention of pursuing. Every application is noted on your credit file as an enquiry, it does not stipulate whether credit was approved or not.

    6. Check your credit file regularly – Check your credit file before you apply for credit. Make sure all your details are accurate.

    7. Don’t leave defaults too late – If your credit file does show defaults and you feel they are incorrect, unjust or just shouldn’t be there – don’t put up with them for 5 years – it is possible to dispute a credit listing you believe is inaccurate.

    “We should use Australia Day to help our fellow Aussies, and raise awareness of the problems our new migrants face, so we can all experience financial success,” he says.

    People can contact MyCRA Credit Rating Repair on 1300 667 218 for help to obtain a copy of their credit report.

    /ENDS.

    Please contact:

    Graham Doessel – Director Ph 3124 7133

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

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

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

  • Bankruptcy and Debt Agreements should be a last resort for debt struggles.

    debtMedia Release

    Bankruptcy and Debt Agreements should be a last resort for debt struggles.

    17 January 2013

    Australians experiencing severe debt problems are turning to Debt Agreements over Bankruptcy, with a recorded increase of 68% in Debt Agreement numbers since 2007, but a consumer advocate for accurate credit reporting warns that both alternatives fall under the Bankruptcy Act 1966, and should be encouraged only as a last resort for consumers struggling with debt.

    New figures provided by Insolvency and Trustee Service Australia (ITSA) show that bankruptcies declined 20% between 1 January 2007 and 31 December 2012, with 150,353 bankruptcies recorded during this period. During the same period, there were 49,034 new debt agreements made, which represents a 68% increase.[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]

    Reforms to the Bankruptcy Act in 2007 in the form of the Bankruptcy Legislation Amendment (Debt Agreements) Act 2007, aimed to improve the operation of the debt agreement regime.

    Attorney-General Nicola Roxon recently said debt agreements provide better outcomes for someone’s financial circumstances, and may allow those people in debt the chance to save their home.

    “Debt agreements give many Australians in financial distress an alternative option to get back on their feet sooner than bankruptcy,” Ms Roxon said.[ii]

    “Debt agreements in many cases can be the smarter way forward especially as bankruptcy can leave a financial legacy that can affect people for years.”

    But CEO of MyCRA Credit Rating Repair, Graham Doessel says whilst formal Debt Agreements may be preferable to Bankruptcy in many cases, it is important for consumers to know that both options are part of the Bankruptcy Act 1966, and therefore when proposed or implemented, record a Bankruptcy Notation on the consumer’s credit file.

    “A formal Debt Agreement may be a nice form of Bankruptcy, but make no mistake – it is still part of the Bankruptcy Act 1966. Both options will impact a consumer’s credit file and ability to obtain credit for 7 years. But what’s more, the debtor will be allocated a Bankruptcy number, which remains part of their credit history for life,” Mr Doessel says.

    The debtor’s name and other details appear on the National Personal Insolvency Index (NPII), a public record, for the proposal and any debt agreement.[iii]

    He says other than difficulties obtaining credit, having a Bankruptcy recorded can also impact business situations, and in some cases may impact employment opportunities.

    “You can’t get away from this notation, and answering the question ‘Have you ever been Bankrupt or entered into a Debt Agreement?’ incorrectly constitutes fraud,” he says.

    He says consumers owe it to themselves to exhaust all other options before they enter a Debt Agreement.

    “Talk to your Creditors – most don’t want to have to commence legal action against you, and will try to help you with repayment variations if they can,” Mr Doessel says.

    If Creditors have not commenced legal action yet, a consumer struggling to make repayments may be entitled to relief under financial hardship provisions.

    From March 2013, the Consumer Credit Legislation Amendment (Enhancements) Bill 2012 will take effect, allowing for greater ease of request for financial hardship variation and will generally be encouraged as a deterrent to any kind of credit file blemish or prior to someone having a court Judgment or a last resort-Bankruptcy filed against them.[iv]

    Mr Doessel says it is important for people not to bury their head in the sand, and to recognise and address financial difficulty early.

    “By catching it early, and avoiding a Default, Writ, Judgment or Bankruptcy on your credit file, when you’re back on your feet you could have the option to borrow again – even for basics like a credit card or mobile phone plan,” he says.

    ‘Dealing with debt: Your rights and responsibilities’ is a government publication which gives people information on dealing with debts, debt collectors and disputes. It is available through the ASIC (www.asic.gov.au ) or ACCC websites www.accc.gov.au.

    /ENDS.

    Please Contact:

    Graham Doessel – PH 3124 7133

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

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

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

    ——————————————————————————–

    [i] http://www.itsa.gov.au/dir228/itsaweb.nsf/docindex/Statistics+%26+Research-%3EStatistics

    [ii] http://www.attorneygeneral.gov.au/Media-releases/Pages/2013/First%20Quarter/10January2013-Debtagreementsbetterpaththanbankruptcy.aspx

    [iii] http://www.itsa.gov.au/dir228/itsaweb.nsf/docindex/Bankruptcy-%3EPersonal+Insolvency+Information-%3E3.+Debt+agreements

    [iv] http://www.mondaq.com/australia/x/175676/Consumer+Credit/Treasury+releases+amended+NCCP+Enhancements+Bill

    Image: renjith krishnan/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • “Bank of Mum and Dad” financing for kids can put your credit rating at risk.

    Bank of Mum and DadMedia Release

    “Bank of Mum and Dad” financing for kids can put your credit rating at risk.

    14 January 2013

    A recent survey shows high property prices have sparked one in three Australians to seek financial assistance from their parents for their first home, but an advocate for credit reporting accuracy warns that if assistance extends to a parent equity loan, parents need to know there are significant risks to their credit rating.

    ING Direct’s recent global survey, as reported in Australian Broker reveals that the average age of a first home buyer in Australia is now 26 years old, with one in three tapping the “Bank of Mum & Dad” to put their housing finances on a firmer footing.[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]

    The research found that the younger the age group, the more likely they are to have received financial help. Over half of 18-24 year old homeowners received money either towards their purchase or to help with home loan repayments, compared to 38% of 35-44 year olds and only 22% of those aged over 55.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says in some cases putting up a deposit is not enough, and the parent is required to go guarantor or put up equity to secure the loan for their child.

    But the danger for parents is that their credit rating is then linked with the credit rating of their child through a loan like this, despite parents having little control over the outcome of repayments.

    “If for some reason repayments are not met, the parent becomes liable for this debt, and may be defaulted along with the child. Unfortunately they may not be aware the loan is or was in default until such time as they attempt to take out credit for themselves and are refused,” Mr Doessel says.

    He says a negative entry on a person’s credit report will mean it is difficult to get credit. He says defaults impact the ability to obtain credit for 5 years, and even too many late payment notations may make things difficult for 2 years.

    “In cases of significant arrears, the bank begins to use the property the guarantor put forward as collateral to recover lost debts. The guarantor is in danger of losing their home,” he says.

    He suggests parents considering going guarantor on their child’s loan should sit down and ask some tough questions before committing.

    “The most important question parents need to be asking is ‘could we make the repayments on this loan should our child be unable to?’ If in doubt, don’t risk your good name to guarantee the loan,” Mr Doessel says.

    With ING reporting that three-quarters of Australians still agree it’s better to buy than rent, Mr Doessel says parent equity and guaranteed loans may continue to rise.

    He recommends parents take some things into consideration before signing off on the loan:

    1. Seek independant and or legal advice prior to any agreement being made.

    2. Insist there is safety net for anything that may go wrong during the term of the loan, such as life insurance and income protection insurance.

    3. Set a specific amount that will be guaranteed.

    4. Ensure there is an ending to the time period of the guarantee.

    5. Request a copy of all bank statements during the course of the guarantee, so that parents are aware of any late payments. This way, payment problems can be addressed prior to any defaults, and while the parent’s good credit rating is still intact.

    /ENDS

    Please contact:

    Graham Doessel – CEO Ph 3124 7133

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

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

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

    ——————————————————————————–

    [i] http://www.brokernews.com.au/article/aussies-fear-next-generation-wont-be-able-to-afford-to-buy-homes-147718.aspx

    Image: Ambro/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Be bushfire ready: Protect your important documents and protect your good name.

    [fusion_builder_container type=”flex” hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” border_position=”all” 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=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”true” min_height=”” hover_type=”none” link=”” border_sizes_top=”” border_sizes_bottom=”” border_sizes_left=”” border_sizes_right=”” first=”true”][fusion_text]

    Media Release

    bushfire warningsBe bushfire ready: Protect your important documents and protect your good name.

    10 January 2013

    With this week’s record heatwave fuelling bushfires across the country, a consumer advocate for accurate credit reporting is warning Australians that their important papers need to be disaster -ready to prevent both loss and theft of identity.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says if Australians need to leave their homes at any time during a disaster – whether that be a bushfire, storm, or flood they need to ensure their important documents are ready to go with them.

    “In a disaster, there is seldom time to fish around for important papers, so documents should be ready to go should victims need to leave their home in a hurry.”

    “In recent years, crooks have been quite savvy and have realised that personal information is the gateway to identity theft. Disaster victims are not immune and in some cases may be targets,” he warns.

    This comes as the Government issued bushfire warnings last week and urged the public to be prepared should disaster strike – including securing important family documents.

    “The next week is set to be a scorcher so it’s crucial Australians are prepared in the event disaster strikes,” Attorney-General and Minister for Emergency Management Nicola Roxon said in a release to the media last Thursday.

    She advised Australians to prepare an emergency kit, including a torch, first aid kit, medication and a battery operated AM/FM receiver.

    “Other items to include in a household emergency kit include copies of important family documents, contact details for your agreed out-of-town contact and spare clothes and strong shoes,” she said.

    Mr Doessel says disasters in the recent past were further plagued by scammers and identity thieves hoping to make a quick buck from the misfortune of others.

    “In the days and weeks following the Queensland floods in 2010, victims were tricked into giving over personal information and banking details, and were also robbed by crooks masquerading as tradespeople,” he says.[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”yes” overflow=”visible” 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_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=””]

    [i]

    Likewise, after the Canberra bushfires in 2003, there were reports of fraud.

    “In the Canberra fires, many victims lost their homes, possessions, cars and key identification documents, meaning they had no way to prove their identity or use support services. Equally, impostors had an opportunity to present themselves as such victims, for instance by claiming to be someone whose name and address they had garnered from media reports” an Australian Federal Police Study reports.[ii]

    He says if a disaster victim is unlucky to have their personal information stolen by identity thieves they can have credit taken out in their name.

    “They are hit twice – because they are also robbed of their ability to have a financial future. They are locked out of credit for up to 5 years or until any defaults that are incurred are removed. This is regardless of the source of the default. The process of repair can take months, as it involves the victim proving to Creditors they didn’t initiate the credit in their name,” he says.

    He says documents like passports, marriage, birth, and death certificates, past tax returns and even bank statements and utility bills could all be stolen and used to appropriate someone’s identity.

    “With so much personal information available online as well, even a small piece of personal information found after a disaster may be all the thieves need to set up a new identity for themselves in one of the victim’s names, or attempt to claim compensation with it.”

    Anyone who is suspicious their identity has been stolen or under threat should contact Police immediately, and should also contact the credit reporting agencies which hold their credit file.

    People can go to http://www.mycra.com.au/credit-file-request/ for help to get their credit report.

    Ms Roxon explained that Australian Government’s Preparing for the Unexpected[iii] brochure and the Red Cross’s Emergency REDiPlan[iv] are both good resources to help Australians be better prepared should disaster strike.

    /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 246 Stafford Rd, STAFFORD Qld

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

    ——————————————————————————–

    [i] http://www.smh.com.au/environment/weather/vultures-descend-on-victims-with-scams-20110116-19sm0.html

    [ii] http://www.smh.com.au/articles/2004/03/17/1079199293672.html

    [iii] http://www.em.gov.au/Publications/Communityawarenesspublications/Pages/

    PreparingfortheUnexpectedFifthEdition.aspx#preparing

    [iv] http://www.redcross.org.au/prepare.aspx

    Image: think4photop/ www.FreeDigitalPhotos.net

    [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Is your New Year’s Resolution to buy a home? Check your credit rating doesn’t have a shady past first.

    new year's resolution to buy a homeMedia Release

    Is your New Year’s Resolution to buy a home? Check your credit rating doesn’t have a shady past first.

    8 January 2013

    As the calendar has rolled to the 2013 New Year, many Australians have declared their intentions to knuckle down and put together a deposit for a home – but a consumer advocate for accurate credit reporting warns – before people apply for a loan, they should check they don’t have a shady past with credit they are not aware of.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says there are many reasons people can embarrassed with a bad credit rating and refused a home loan at the time of finance application, and the reason is not always as simple as failing to make payments on time.

    “People have got to be dedicated to be able to get together the minimum 10 per cent deposit that is generally required to buy a home today, but some people are getting to the credit check and are told they have bad credit history and they have no idea why,” Mr Doessel says.

    Prospective buyers may apply for a loan, only to be refused due to credit file defaults which show up on their credit report. Any creditor is able to place a default on a consumer credit file if a repayment is later than 60 days. Credit listings range in duration from 5 to 7 years depending on the listing type.

    Mr Doessel says home buyers do not always have bad credit because of something they have done wrong.

    “Paying your bills on time should, but doesn’t always guarantee a clear credit file. As credit repairers, we see a multitude of instances where the creditor has made a mistake and placed a default or other listing on the consumer’s credit file when it shouldn’t be there. Often it’s not until the credit file holder applies for credit that they are made aware of it, but at that time it’s too late, they often lose the home they are buying,” he says.

    “Credit file mistakes are common, and can be because of simple human or computer error but the end result is that the consumer is blacklisted from credit for at least five years unless they can prove the listing is unlawful.”

    Consumers can check their credit file for free every year, by requesting a copy from Australia’s credit reporting agencies.

    “It is good financial practice to request a copy each year, but there is never a more important time to make sure your credit report is accurate as BEFORE you apply for a home loan, so you don’t lose the home you have your heart set on. Credit reporting mistakes do happen, but the watchdog is you,” he says.

    If a default has been listed ‘unlawfully’ you have the right to request its amendment, or removal from your credit file.

    “If there is something amiss on your credit report, if you find have a shady past with credit that you believe is unfair, don’t let that one notation ruin your life. It’s not easy to dispute a credit listing, but if it shouldn’t be there, it’s a point worth fighting for,” Mr Doessel says.

    People can visit http://www.mycra.com.au/credit-file-request/ for help to get their credit report.

    /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 246 Stafford Rd, STAFFORD Qld

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

    Image: digitalart/ www.FreeDigitalPhotos.net

  • Great shot, wrong target: Gillard Government’s draft legislation to regulate small business credit completely misses the point

    regulate small business creditMedia Release

    Great shot, wrong target: Gillard Government’s draft legislation to regulate small business credit completely misses the point.

    21 December 2013

    The Federal Government has published draft legislation which proposes regulating small business credit, but an advocate for accurate credit reporting has criticised moves to regulate access to credit for small businesses, saying what is needed is not less credit, but simply a better credit reporting structure.

    Small business publication, SmartCompany, reported…that draft legislation put out by Financial Services Minister Bill Shorten’s office proposes prohibiting people from “engaging in credit activities” in relation to a small business credit contract or a small business consumer lease unless they hold an Australian credit licence.

    “Responsible lending obligations do not apply to small business credit contracts or to investment credit contracts generally, but only to specific classes of these contracts,” a spokesperson for Mr Shorten told SmartCompany.[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]

    “The substantive obligations in the National Credit Code do not apply to small business credit contracts and to small business consumer leases. Other than the unjust contract provisions, these provisions also do not apply to investment credit contracts.”

    The spokesperson declined to comment on whether the proposed legislation will make it tougher for small businesses to obtain credit.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says the proposed changes would be widely criticised by small business advocates as stifling the flow of business credit in Australia and that the changes are unnecessary form of “hand holding” for Australian business owners.

    “Australian small businesses are already doing it tough getting credit out there post GFC – this is going to mean they will struggle even further to expand and there will be less start-ups,” Mr Doessel says.

    But he does say any changes to credit reporting for small businesses would be welcomed.

    “There is a gaping hole in the basic rights afforded to commercial credit file holders before recovery is commenced, and this needs to be dealt with,” he says.

    In the consumer landscape, if an account is overdue, then the account holder is afforded a 30 day right to remedy under the Credit Reporting Code of Conduct. This is meant to ensure that fair and reasonable means have been taken to attempt to recover the outstanding amount before further action is taken, and before the consumer’s credit file is defaulted.

    As commercial credit is not covered under the Code, this right is currently not provided to commercial credit file holders – and Mr Doessel says many times small business owners have been caught out.

    “The common courtesies which consumers are afforded and which many assume stay with them in the commercial sphere just don’t apply – many don’t realise just how big a risk commercial credit is.”

    “It’s like the ‘wild, wild west’ out there with some lenders defaulting small businesses with little to no warning,” he says.

    Once a default is placed on a commercial credit file, then the length of time it remains on the credit file is legislated by the Privacy Act 1988.

    “A commercial credit file holder is still subject to 5 years of bad credit if they end up with a default listing, the ramifications are still the same – they are generally refused mainstream credit, refused mobile phone plans, car finance and credit cards – but the rules for how the default gets there in the first place are just not there,” Mr Doessel says.

    “In theory, you can be one or two days late in paying a commercial account and you can have your ability to obtain credit ruined. There is no right of redress, as there is no legislation governing notification requirements in the commercial credit sphere.”

    Mr Doessel says the Government has completely missed the mark on what small businesses need to thrive and survive.

    “Most don’t need restrictions on available credit, they just need the basic credit reporting rights that they deserve,” he says.

    /ENDS.

    Please contact:

    Graham Doessel – Director Ph: 3124 7133

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

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog 246 Stafford Rd, STAFFORD Qld

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

    ——————————————————————————–

    [i] http://www.smartcompany.com.au/politics/053547-government-sneaks-in-draft-legislation-to-regulate-small-businesses-access-to-credit.html?utm_source=SmartCompany&utm_campaign=82bc6a73e2-Friday_21_December_201221_12_2012&utm_medium=email

    Image: Ambro/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]