Flood affected? Ask for help early to protect your credit rating

As flood and cyclone victims across Queensland and New South Wales start to take stock of their homes and businesses, they may not know that their obligations to lenders still apply unless they take some necessary steps NOW to prevent being defaulted. We look at what flood victims should do to get back on their feet again and in the process, hopefully save their credit file. By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au. Today the Credit Ombudsman COSL has urged lenders to show compassion to flood [...]

2017-09-05T05:25:13+00:000 Comments

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

Media 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 [...]

2017-09-05T05:25:13+00:000 Comments

Are relaxations to guaranteed loan requirements right or wrong?

Banks have begun to relax Guaranteed loan criteria in a bid to encourage more first home buyers into the market. The relaxations from some banks will now include those outside the immediate family.  The banks seem eager to increase business in what are cautious times for home buyers. But should we all jump in? We look at what you are really risking with your asset and your credit rating by guaranteeing a loan for a family member or friend and perhaps for borrowers, when using a guarantor that is not a family member. [...]

2017-09-05T05:25:13+00:000 Comments

Smart borrowing to be taught in schools

Media 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 [...]

2017-09-05T05:25:13+00:000 Comments

Money: The Top 4 Relationship Busters

What are the ways your relationship may be at risk due to money matters? Last week we featured how your credit rating can be at risk when you enter joint debt. This week, we look at how your relationship in general can be impacted by finances. To follow we feature a great article from SavingsGuide.com.au, titled ‘Relationship Finance: The Top 4 Romance Busters’. Here it is in it's entirety: Relationship Finance: The Top 4 Romance Busters. Money is the major reason for divorce, as well as the major source of friction in many [...]

2017-09-05T05:25:13+00:000 Comments

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

Media 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 [...]

2017-09-05T05:25:15+00:000 Comments

How to cure Christmas credit hangover

In our ‘Make Credit Work For You’ post this week, we look at what you should do to recoup those financial losses over the Christmas period which are seeing you struggling with debt and that may have already impacted your credit rating this January. The below story by Karina Barrymore was featured in The Daily Telegraph and other publications this Sunday, and features comment from debt and finance experts including myself, Dun & Bradstreet CEO Gareth Jones, and Financial Counselling Australia’s Brian Harvey. I hope you find some helpful tips to assist [...]

2017-09-05T05:25:15+00:000 Comments

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

Media 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 [...]

2017-09-05T05:25:16+00:000 Comments

How to Avoid Sexually Transmitted Debt

Being ‘in love’ is one of the best feelings in the world, but not one of the most practical states to be in. Sometimes personal financial values go out the window and people lose themselves in the process of adding to the 'relationship' and creation of 'us'. But at some point the boring old finance stuff becomes vitally important. We look at what you need to do to prevent STD impacting your credit file. By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au. Many people run into trouble [...]

2017-09-05T05:25:16+00:000 Comments

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

Media 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 [...]

2017-09-05T05:25:16+00:000 Comments