MyCRA Specialist Credit Repair Lawyers

Tag: Veda Advantage survey

  • The new credit habit EVERY Australian should adopt in 2014

    Media Release

    credit reportThe new credit habit EVERY Australian should adopt in 2014.

    15 January 2014

    New credit history data about Australians is set to be shared with credit providers in March this year, after a 16-month collection period that many consumers have been unaware of – and a consumer credit advocate is warning Australians about the importance of routinely checking their credit rating to make sure their information is accurate.

    Graham Doessel, Non-Legal Director of MyCRA Lawyers – a firm focusing on credit disputes, says come March, Australia’s credit reporting laws are set for a major overhaul as part of widespread changes to the Privacy Act 1988 (Cth) and a move to more “comprehensive” credit reporting will see much more information available to lenders, including repayment history.

    “Since December 2012 if you have been late making repayments to finance providers on accounts such as credit cards and loans, this information has been collected. From March 2014 this information will be included as part of your credit history and available to potential lenders who perform a credit check,” Mr Doessel explains.

    The other new data sets available to lenders include – the date on which a credit account was opened; the date on which a credit account was closed; the type of credit account opened; and the current limit of each open credit account.

    “It is up to every individual to ensure the information recorded about them is accurate, but unfortunately, the majority of Australians are just not checking their credit rating – I think this is a big worry going forward under these new laws.”

    In September last year, credit reporting agency Veda Advantage published results of a survey showing that a whopping 80 per cent of Australians have never checked their credit history and 53 per cent were not aware that they could ask for a copy of their credit file.(1)

    Mr Doessel says these numbers reflect a nation which is largely unaware of just how important their credit file can be for lenders making financial decisions.

    “There are no class lines, whether rich or poor if your credit file is ‘impaired’ by negative notations, your ability to obtain credit will be affected or the interest rate you are offered will be higher,” he says.

    Up till now, only accounts more than 60 days in arrears were recorded on Australian credit files and listed as ‘defaults’. The new laws add to this, and allow for the 2-year recording of late payments on licenced credit made even one day late, although Mr Doessel says a grace period of 5 days has been proposed to be implemented with a new Credit Reporting Code of Conduct.

    “Five days is still an extremely small window in which to ensure that mistakes or simple oversights on both sides haven’t occurred. It is really essential that Australians keep good paperwork on all credit accounts, and routinely check their credit history,” he says.

    Mr Doessel says it is unknown just what weight lenders will give to this new information they have available to them.

    “It’s up to each lender and their own calculations as to how they treat this new information as well as whether a potential borrower is refused credit or bumped up to a higher interest rate. But I believe late payment notations will impact the individual’s credit score,” he says.

    HOW TO CHECK YOUR CREDIT RATING.

    • It is not well publicised, but under Australian law checking your credit report is free once per year for each individual.

    • It takes about 10 working days from the receipt of your request to send you out your report. This ‘free’ report doesn’t contain any credit score, but does list all of the credit information about you available to any potential lender, as well as all of your personal information.

    • You can apply for a copy of your credit report from credit reporting agencies Veda Advantage, Dun & Bradstreet, Experian and Tasmanian Collection Services (if in Tasmania).

    Or you can apply all in one place at www.freecreditrating.com.au.

    • You can generally pay the credit reporting agencies to be sent an urgent report, or with Veda Advantage, obtain your ‘VedaScore’.

    • If you check your own credit report you do not generate a “credit enquiry” through the agency’s system, whereas if you leave it to a lender, you do. Too many credit enquiries can be detrimental as they are classed as ‘applications’ and potential lenders can assume this notation means you have been refused credit in the past.

    “Thankfully, if there are issues of inaccuracy on credit reports from March – there will be more support for correction within the new legislation, so we are hopeful dispute cases have more chances of success than they’ve had in the past,” Mr Doessel says.

    /ENDS.

    Please contact:

    Graham Doessel – Non-Legal Director MyCRA Lawyers Ph 07 3124 7133

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

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

    www.mycra.com.au/blog

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

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

    Link:

    (1)http://www.veda.com.au/sites/default/files/images/ycai_launch_infographic_final_190913.pdf

     

  • Law Firm lends its muscle to credit rating wars.

    Media Release: National

    credit rating warsLaw Firm lends its muscle to credit rating wars.

    19 November 2013

    Thousands of consumers are being locked out of credit because their Credit Provider has blacklisted them unfairly, and a new national law firm is stepping up and taking positive action to fight for them.

    MyCRA Lawyers’ Graham Doessel – a pioneer in credit repair who is Non-Legal Director of this breakthrough legal firm focused on credit file consultancy and credit disputes – says the practice means business when it comes to helping those disadvantaged by credit rating mistakes.

    “People all over the country are experiencing this debilitating issue and refused finance for five years. If a bad credit listing such as a default has been applied to the consumer’s credit file and it shouldn’t be there – it’s important that someone stands up and advocates for them,” Mr Doessel says.

    It doesn’t have to be a big amount which the Credit Provider claims is owed to create a default, nor does it need to be a serial offence.

    “Some Australians are snowed under with credit and genuinely robbing Peter to pay Paul; and some have no regard for making payments on time. These people can owe thousands to their Credit Providers and should be weeded out by the credit reporting system.”

    “But there are many more ordinary people who are tarnished with the same brush due to one-time oversights, Credit Provider errors, and unsettled disputes. Even accounts of $100 can see them locked out of credit,” he says.

    Bad credit notations are listed with credit reporting agencies such as Veda Advantage, who hold the credit files of 16.5 million Australians.

    But despite credit file accuracy resting with each individual, a recent survey by Veda revealed 80% of Australians have never checked their credit file.[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]

    “This lack of awareness can foster a culture of complacency if those that are supposed to be taking care with credit notations effectively have no watchdog to ensure correct and fair procedure is followed,” he argues.

    He goes on to say, “often if the notation is there in error it’s not until the consumer applies for credit and is knocked back that they even begin to start to unravel the mess on their credit rating.”

    Whilst there are free channels for disputing credit listings, Mr Doessel says in many cases consumers have neither the time nor skill to build or argue an effective case.

    “New changes are coming through for credit reporting which could increase the number of Australians with bad credit. We forsee a great need for good advocates going forward, and we believe the best way to do that is by being part of the legal process,” Mr Doessel says.

    His passion for helping consumers is a match for MyCRA Law’s Legal Practitioner Director and Principal Solicitor MaryAnn Armstrong.

    She was once told that good people do not make good lawyers, and Ms Armstrong is determined to prove them wrong.

    Armstrong and Doessel have built a team of like-minded people from Solicitors through to Receptionists who are all focused on helping consumers.

    Ms Armstrong says, “Lawyers have a notorious reputation for helping themselves first and the client second, but I went into law with the viewpoint that everyone needs and deserves help in some way – and if we can provide that – even if it’s just furthering awareness of these issues, that’s what I will do.”

    She warns consumers experiencing credit issues to be wary of shonks out there who are offering to repair bad credit and providing legal advice or performing a legal service without a practising certificate.

    “Credit repair is not a formally regulated industry and while there are some good companies out there, there are also plenty of cowboys preying on consumers desperate to get finance and delivering very little in terms of quality or results,” she says.

    “In some instances if people can’t afford good credit repair, they may get better results doing the leg work themselves if they have the time, and accessing the free channels for dispute, rather than paying good money to a company which seems cheap, but in many cases has minimal legal training and therefore little recourse for unethical behaviour, and could end up costing them dearly down the track,” Ms Armstrong says.

    You can check if a credit repair firm is an Incorporated Legal Practice with the relevant Law Society (there’s one in each State).

    MyCRA Lawyers are offering a free credit check to readers who have never checked their credit rating. For details call MyCRA Lawyers tollfree on 1300 667 218.

    For existing credit issues, an in-depth Credit File Analysis and credit file consultation can also be obtained.

    /ENDS

    For interviews, please contact:

    Graham Doessel – Non- Legal Director MyCRA Law Ph 3124 7133

    MaryAnn Armstrong – Legal Practitioner Director, Principal Solicitor MyCRA Law Ph 3124 7133

    For general media enquiries, please contact:

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

    MyCRA Lawyers 246 Stafford Rd, STAFFORD Qld

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

    MyCRA Lawyers…permanently removing defaults, Writs and Judgments from credit files.

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