Top Ten Credit Repair Tips

Top Ten Credit Repair Tips - Fix Your Credit With MyCRA Lawyers

Top Ten Credit Repair Tips – Fix Your Credit With MyCRA Lawyers – Call Now 1300 667218

Top Ten Credit Repair Tips

Tip 1

Simply making an enquiry about finance with a “PayDay Lender”  (i.e. Cash Converters, Nimble etc) can destroy your ability to get certain types of finance for up to five full years!

Tip 2

“Shopping Around” for finance can drastically lower your credit score and your chances for an approval. A good ‘rule of thumb’ is more than 4 finance enquiries in the last six months, or a maximum of six finance enquiries in the last 12 months is usually an ‘auto decline’ with many lenders.

Check Your Credit Rating For Free Here

Tip 3

Keep a close eye on what’s actually written about you on your credit files, as this makes up a very large part of your credit reputation. Check your credit files at a minimum every 12 months.

Tip 4

There are four Credit Reporting Bodies (CRB) in Australia and you may have a different Credit File with different information recorded about you with each one of them.

Click HERE to get access to the free version of all four of your Credit Files

Tip 5

Creditors are ‘busy’ and it’s not unusual to see a default or enquiry on the wrong person’s credit file with the same or very similar name. So you might like to review the information on your credit files to make sure it actually relates to you.

Tip 6

Check and read your credit rating BEFORE you make an application for finance because a Large number of clients we help are referred to MyCRA Lawyers by their broker AFTER they’ve been declined AFTER they assured their broker that they had perfect credit ratings.

Ask your broker if they can help you get your credit files.

Tip 7

Many defaults are caused by not paying a bill you knew nothing about, and very often it’s because the creditor sent the bill to your previous address even though you told them you were moving. It’s a very good idea to advise your creditors in writing (by email) of your new address and the date you’re moving. Another helpful tip is to pay for a 6-month mail redirection at the post office to increase your chances of getting your bills.

Click HERE to check Your Credit Files Today for free, Just To Be Sure

Tip 8

You can lower your Credit Score simply by changing Address, changing jobs, making too many enquiries, making the wrong type of enquiry, being more than 14 days overdue on your payments, by being sued just or many other factors not disclosed by the CRB’s

Tip 9

A Default will automatically ‘drop off’ your credit file 5 years after it was added to your credit file UNLESS it is unpaid and upgraded to Serious Credit Infringement (SCI), also known as a clearout, which will stay on your credit file for 7 years.

Tip 10

Paying an SCI will see it automatically revert back to a Default with a maximum life of 5 years.

Click Here to download a very helpful one-page resource guide with a list of all four CRB’s so you can apply for your Credit files later

Bonus Tip 11

You Don’t Always Have To Wait!

If you’re a bit worried that you might have something lurking in the shadows and you really can’t wait for up to 10 days for your free credit files, then download and complete this form, return it so we can get your two main credit reports with your credit score, normally within 20 minutes.

We’ll even call you back and explain how to read your reports and what it all means in your specific circumstances.

Call 1300 667 218 for more information or to chat about your, or your client’s specific situation.

Guaranteed Default Removal – 100% Money Back Guarantee Until 4 pm 29 June 2018


Oops… Guaranteed Default Removal broke the server!

Yesterday’s video talked about our Guaranteed Default Removal backed up with a 100% Money Back Guarantee available until 4pm tomorrow, and then the server melted…

We lost phones and web for quite some time, but we worked hard to get it all restored and then last night moved to a stronger, more robust platform that can take the increased traffic with ease!

For those who missed out yesterday, please email your credit files to docs@mycralawyers.com.au and then call 1300 667 218 and we’ll step you through the process and explain how to read and understand all the ‘stuff’ on your credit files.

If you want us to help, we can get your Equifax and Dun & Bradstreet credit files for you while you’re on the phone… EASY!

Brokers!  Are you referring clients to unlicensed Credit Repair Agencies?

Are you referring clients to unlicensed Credit Repair Agencies & Why Brokers MUST NOT Refer Their Clients For Credit Repair

Why Brokers MUST NOT Refer Their Clients To Unlicenced Credit Repair Agencies

Credit repair is a recent phenomenon emerging in Australia, with many unlicensed credit repair agencies popping up offering all sorts of commissions to Brokers who refer clients with bad credit histories.    However, unless your credit repairer is a *licensed legal practitioner you will not be covered under Professional Indemnity (PI) Insurance.

SBAA - Small Business Association Of Australia

MyCRA Lawyers is a Proud National Sponsor

In this special interview, Small Business Association of Australia member Graham Doessel of MyCRA Lawyers speaks with Darren Loades of Insurance AdviserNet and appointed Insurance Broker for Finance Brokers Association of Australia to explain why Mortgage Brokers could find themselves without PI Insurance cover if they refer their clients to a credit repairer who is not a lawyer/law firm.

In this interview Darren explains why:

  • You must declare your referral income to your PI Insurer; and
  • You must have a formal written agreement with law firm; and
  • You must refer your clients to a credit repair lawyer and not an unlicensed credit repair agency.

Darren points out a Broker referring their client to an unlicensed credit repair agency, while knowing (or should have known) they (the credit repair agency) are not a law firm and therefore not legally entitled to offer credit repair services (legal work), are unlikely to be covered by their PI insurance in the event of civil litigation action against the Broker by the referred client.

This is something that, should a client referred to an unlicensed credit repair agency get ‘miffed’ at you, could potentially destroy your business and so much more.

This Is Serious!

If this is a serious concern to you, please think about only referring your clients to someone you can trust. MyCRA Lawyers is the only Specialist Credit Repair Law Firm in Australia focused solely on Credit Repair with an independently and externally audited successful removal resolution rate of better than 9 out of 10 (91.6%).

Choose To Protect Your Business, And Protect Your Reputation – Enter into a formal written referral agreement with MyCRA Lawyers HERE.

*We believe Credit repair work is legal work and therefore reserved for lawyers. See https://lph.la/What_is_legal_work –  As such: FIRST if a credit repair agency takes payment, even if they then engage a lawyer for you, as it is the credit repairer that took your money, it is the credit repairer who is providing you with the legal service and fines of up to $54,000 or two years are jail just two of the available remedies.  PLUS The person working on your credit repair matter is doing legal work and needs to be directly employed by a law firm, under the direct supervision of a lawyer holding a current practising certificate, or be a lawyer with a current practising certificate.

MyCRA Lawyers Online Referral Agreement

Referral Agreement - Complete All Fields

Referral Agreement

Dated: 
BETWEEN 
 
 
 
 
OF 
 
 
 
 
 
 
 
"Referrer"
 
AND
LEGAL PRACTICE HOLDINGS PTY LTD ABN 46 164 014 868 trading as MyCRA Lawyers
OF
246-256 Stafford Road, Stafford QLD 4053.
“MyCRA”
 



 

  • MyCRA is a law firm that provides credit repair services to clients encountering difficulties with their credit files as published by Credit Reporting Bodies.
  • The referrer is aware of persons (“clients”) who have experienced difficulties as a result of the contents of their credit files.
  • The referrer wishes to introduce the clients to MyCRA so the client and MyCRA can explore the possibility of MyCRA providing assistance to the client.



 

  1. The referrer will introduce the client to MyCRA by providing the contact details for the client to MyCRA.
  2. MyCRA will communicate with the client to ascertain whether MyCRA believes, in its absolute discretion, it can assist the client and whether the client wishes to retain MyCRA services.
  3. If the client retains MyCRA all matters between them will be confidential unless the client authorises the referrer as a third party authorised person in which case, MyCRA will be able to discuss the client’s matters with the referrer.
  4. In any event services provided by MyCRA to the client will be subject to the legal requirements imposed by the Legal Profession Act 2007 and any other rules applicable to the conduct of solicitors and, in the event of any conflict between MyCRA’s obligations to the client or to the referrer, the obligation to the client will take priority.
  5. Legal Practice Holdings will not contact clients introduced by the referrer for the provision of any financial services for two years from the date of referral by the referrer nor will it accept instructions from the client in relation to any financial services without the approval of the referrer during the two-year period.
  6. MyCRA will, at the conclusion of the matter for the client, pay a referral fee to the referrer equal to 7.34 Percent of the professional fees (inclusive of GST ) paid by the client within 14 days of receipt of a fully compliant tax invoice from the referrer.



 
Completion of this form by the referrer filling in the relevant blanks and clicking SUBMIT will constitute an offer, the acceptance of which will be communicated by MyCRA sending an email to the referrer communicating acceptance of the details set out in the completed form.


 

WARNING – Darren Loades Of Insurance Advisernet Explains Why You MUST NOT Refer Your Clients For Credit Repair To A Credit Repair Agency

 

Why Brokers MUST NOT Refer Your Clients For Credit Repair

Why Brokers MUST NOT Refer Your Clients For Credit Repair

 

 

If You’re A Finance or Mortgage Broker or Professional Adviser, Then You Must Read Why You MUST NOT Refer Your Clients For Credit Repair

Darren Loades (Expert Mortgage Broker PI Insurance Adviser) explains why you must not refer your clients for credit repair services through a credit repair agency.

In this short (edited version of a much longer) telephone conversation, Darren Loades of Insurance AdviserNet explains to Graham Doessel where Mortgage Brokers could find themselves without Professional Indemnity (PI) Insurance cover if they refer their clients to a credit repairer who is not a lawyer/law firm.

This (video on YouTube)is just the main points of the conversation, reproduced with Darren’s permission.

Darren explains the need to have a written referral agreement with MyCRA Lawyers – Get your’s here

Darren explains why:

  • You must declare your referral income to your PI Insurer; and
  • You must have a formal written agreement with MyCRA Lawyers; and
  • You must not refer your clients for credit repair to a credit repair agency.

The video is just the main points of a 25-minute phone conversation between Graham Doessel of MyCRA Lawyers, and Darren Loades of Insurance Advisernet where Darren explained to Graham how a Broker referring their client to a credit repair agency, while knowing (or should have known) they (the credit repair agency) are not a law firm and therefore not legally entitled to offer Credit repair Services (legal work), are unlikely to be covered by their PI insurance in the event of civil litigation action against the Broker by the referred client.

 

This is something that, should a client referred to a credit repair agency get ‘miffed’ at you, could potentially destroy your business and so much more.

Example referring to a credit repair agency:

  • Broker refers their client to (lovely, well-intentioned credit repairer) ABC Credit Repair Solutions; and
  • Client does (or does not) get the outcome they wanted; and
  • Client loses deposit; or
  • Client loses the opportunity to buy the home etc.; or
  • Client see’s what happened with other credit repair agencies in the media; and (another Shonky CRA)
  • Client blames (see’s a potential pay-day) the referring Broker and sues you…

It seems the broker couldn’t rely on their PI cover for protection in the scenario above.

If this is a serious concern to you, please think about only referring your clients to someone you can trust.  MyCRA Lawyers is the only Specialist Credit Repair Law Firm in Australia focused solely on Credit Repair with an independently and externally audited successful removal resolution rate of better than 9 out of 10 (91.6%).

So now you can make your mind up and decide if you must not refer your clients for credit repair to a credit repair agency, or if you’re willing to risk your entire business and reputation.

Choose To Protect Your Business, And Protect Your Reputation – Enter into a formal written referral agreement with MyCRA Lawyers HERE

I look forward to welcoming you as a MyCRA Lawyers referrer.

 

Darren’s contact details for more information about PI insurance:

Darren Loades
Dip Fin Serv (Broking); Q.P.I.B

Authorised Representative of Insurance Advisernet Australia
Authorised Representative No 262182
Level 1, Niecon Plaza, Victoria Ave, Broadbeach Q 4218
PO Box 1735, Broadbeach QLD 4218
dloades@iaa.net.au | www.insuranceadviser.net/drloades   
(07) 5538 7655  |  (0414) 999 065

 

 

MyCRA Lawyers Referrer Agreement

Reaching Agreement With MyCRA lawyers | 1300 667 218

Referrer Agreement With MyCRA lawyers | 1300 667 218

Please download, complete and return the MyCRA Lawyers Formal Written Referrer Agreement today.

Or

MyCRA Lawyers Online Referral Agreement

Referral Agreement - Complete All Fields

Referral Agreement

Dated: 
BETWEEN 
 
 
 
 
OF 
 
 
 
 
 
 
 
"Referrer"
 
AND
LEGAL PRACTICE HOLDINGS PTY LTD ABN 46 164 014 868 trading as MyCRA Lawyers
OF
246-256 Stafford Road, Stafford QLD 4053.
“MyCRA”
 



 

  • MyCRA is a law firm that provides credit repair services to clients encountering difficulties with their credit files as published by Credit Reporting Bodies.
  • The referrer is aware of persons (“clients”) who have experienced difficulties as a result of the contents of their credit files.
  • The referrer wishes to introduce the clients to MyCRA so the client and MyCRA can explore the possibility of MyCRA providing assistance to the client.



 

  1. The referrer will introduce the client to MyCRA by providing the contact details for the client to MyCRA.
  2. MyCRA will communicate with the client to ascertain whether MyCRA believes, in its absolute discretion, it can assist the client and whether the client wishes to retain MyCRA services.
  3. If the client retains MyCRA all matters between them will be confidential unless the client authorises the referrer as a third party authorised person in which case, MyCRA will be able to discuss the client’s matters with the referrer.
  4. In any event services provided by MyCRA to the client will be subject to the legal requirements imposed by the Legal Profession Act 2007 and any other rules applicable to the conduct of solicitors and, in the event of any conflict between MyCRA’s obligations to the client or to the referrer, the obligation to the client will take priority.
  5. Legal Practice Holdings will not contact clients introduced by the referrer for the provision of any financial services for two years from the date of referral by the referrer nor will it accept instructions from the client in relation to any financial services without the approval of the referrer during the two-year period.
  6. MyCRA will, at the conclusion of the matter for the client, pay a referral fee to the referrer equal to 7.34 Percent of the professional fees (inclusive of GST ) paid by the client within 14 days of receipt of a fully compliant tax invoice from the referrer.



 
Completion of this form by the referrer filling in the relevant blanks and clicking SUBMIT will constitute an offer, the acceptance of which will be communicated by MyCRA sending an email to the referrer communicating acceptance of the details set out in the completed form.


 

You can then refer your clients via our 90-second simple online referral form, by email, or by calling 1300 667 218 for a quick chat about your client’s scenario, or to pass on your client’s contact details while you’re on the road…

3 Quick Easy Steps To Automatically Save Your Text Messages To Your Google Drive

MyCRA Lawyers helps with Compliance issues | 1300 667 218

MyCRA Lawyers Helps With Compliance Issues | 1300 667 218

These simple apps will make meeting your compliance obligations so much easier…

What if I could show you one of the simple methods I use to make sure our Credit Repair Law Firm remains compliant – and you get it for nicks!

Hi,  I’m Graham Doessel and I’m known for being the CEO of MyCRA Lawyers, Australia’s first and only Specialist Credit Repair Law Firm. I’m also known as a State Councillor for the Finance Brokers Association Of Australia, an advocate for Men’s Health, and a Champion for the Consumer – Basically, I Get Good People Out Of Bad Situations.

That brings me to Compliance Issues, and you might like to ask yourself:

  • Are your I’s dotted and your T’s crossed?
  • Are all your ducks in a row?
  • Do you have Audit Ready Confidence? Are you sure? 

What about your text messages? 

  • How are you saving your text messages? 
  • The long cumbersome way of emailing them to yourself?
  • Having to simply rewrite them word for word into your CRM or File notes?

If you’re like most people & love the convenience of SMS but hate the inconvenience of recording those SMS’s in your files for compliance, then I might have a solution you’ll love…

I found an app called IFTTT (If This Then That) which is supported by thousands of vendors and allows you to program your phone to do repetitive tasks to save you time.

Get and install IFTTT from the Play Store or the App Store

I created a program that copies my text messages I receive from clients etc., straight to a word doc in my google drive account – AUTOMATICALLY! (usually within a few seconds)

I created another program to do the same, but for the messages I sent TO my clients.

I now have one document with all the messages I sent to and received from that client, all time and date stamped, and all in order… Brilliant for auditing purposes or for copying and pasting to your existing CRM or file note system etc.

The program automatically creates a new document for each new client and adds the new text messages to that same document as they come in… Isn’t that so simple and so useful?

3 Simple Steps To Set This Up Are Available Here (We now use our own secure https://lph.la short link domain for your safety)

Step 1.

Step 2

  • Go straight to the app for copying sent texts; then (only for Android today, but iPhone coming in a few days, comment below if you want to be notified of the iPhone version)
  • Follow the prompts

Step 3

  • Go straight to the app for copying received texts; then (only for Android today, but iPhone coming in a few days, comment below if you want to be notified of the iPhone version)
  • Follow the prompts

Done.

It’s that easy! Let me know if you have any suggestions or if you want to know more about how to create the applets yourself – it’s really easy!

If you need a hand with your credit file, please call 1300 667 218 to chat about your situation, or to book your free 30-minute initial appointment.

What Jordan Malouf And His Company Malouf Group Enterprises* Have Admitted They Did Wrong!

Court Orders Jordan Malouf To Pay $1.7 Million

Court Orders Jordan Malouf And Company To Pay $1.7 Million

*Jordan Malouf’s Business Names & Websites:

Further to our initial report on the Court Orders:

The Federal Court has now published the text of the orders made on Monday 23 April 2018 allowing us to examine the declarations of fact in addition to the orders (already reported) of the Court.

The orders are a consequence of an agreed set of facts that were filed with the Court by all parties together. We are still waiting on a copy of the agreed set of facts however, it seems reasonably clear that the substantive allegations brought by the ASIC have now been admitted by the company Malouf Group Enterprises and Mr Jordon Malouf.

For a summary of the ASIC allegations

For the original ASIC filing in the Federal Court Of Australia.

 

Who Are MGE?

Malouf Group Enterprises PTY LTD ACN 115 371 581 (“MGE”) has traded or advertised as Credit Clean Australia, Credit Wash, Credit Fix Australia, Credityourcredit and Clean Your Credit and at CreditCleanAustralia.com.au, MGEonline.com.au, Creditwash.com.au, CreditFixAustralia.com.au and CleanyourCredit.com.au.

Currently, it has registered the business names Credit Clean Australia and Credit Fix Australia to its ABN.

For an earlier Court case concerning MGE, which describes how the business operated see Veda Advantage Limited v Malouf Group Enterprises Pty Limited [2016] FCA 255 (21 March 2016)

 

MGE Finally Admitted To Misleading And Deceptive Conduct In Relation To:

1. Falsely Claiming To Have Been Voted Number One

MGE claimed to have been voted “Australia’s number one credit repair solution company”, or “voted Australia’s first choice for a second chance” when in fact there had never been any vote “pursuant to an objective and verifiable voting process conducted by an entity other than itself.”

2. Publishing Fake Testimonials

MGE published testimonials on various websites that were not genuine testimonials from persons who had used the services of the company.

3. Lying About The Work They Would Do

MGE published the words “let us clean your credit” thereby leading people to believe that there would be services provided by MGE in relation to 3rd parties.

When in fact the scope of actual work performed by MGE in exchange for $1095 consisted of:

  • MGE providing the consumer with a copy of the consumer’s credit report; and
  • MGE providing the consumer with written instruction about, among other things, how to seek to repair their credit file; and
  • MGE was not required itself to act on behalf of the consumer in dealing with third parties (such as creditors or the Credit Reporting Bodies).

4. Lying About Only Taking On Clients They Could Help

MGE had salespeople use a script that said:

  • that upon receiving the consumer’s application MGE would obtain and consider the consumer’s credit file to determine whether MGE could assist with the negative listings; and
  • before approving the consumer’s application MGE would establish whether credit providers had correctly followed any relevant procedures before making a negative listing.

When in fact:

  • there was no review process (indeed there was no review team);
  • applications were approved without establishing whether MGE could help the consumer at all;
  • MGE did nothing until being paid; and
  • only then obtained a copy of the report which may have revealed that there were no negative listings at all on the credit report.

5. Lying About Having An Investigation Team When All They Had Were Salesmen

MGE had salespeople use a script that said “once we receive your application, our investigation team will open your file and look into it” or “I’ll get that application straight to our investigation team and are or have an answer back to you within an hour.”

When in fact there was no investigation team separate from the sales representative the consumer was talking to.

6. Lying About Being Selective As To Clients They Took On

MGE had salespeople use a script that said “… now please don’t take it personally if you’re not accepted… Unfortunately, not everyone is… But if you are accepted and approved that’s great. I only say this as I had a client this morning that abused me because she wasn’t accepted so I just want you to keep that in mind, okay.

When in fact no such client interaction had occurred that day.

7. Lying (by omission) About Whether They Could Guarantee Results

If a consumer asked MGE salespeople whether they could guarantee that the negative listings would be removed, MGE salespeople would refer to their guarantee policy, representing by omission, that the negative listings would be removed, when in fact they could not guarantee any such removal.

8. Lying About The Negative Consequences Of Not Acting Today

MGE salespeople said that because MGE had already checked the customer’s credit file (made an enquiry), that MGE’s enquiry would alert future lenders, and if the customer didn’t proceed there and then, they’d have to make a fresh enquiry later which might lessen the chances of getting finance.

When in fact this was not the case but rather “even if the company accessed the consumers credit record on multiple occasions, doing so would not be recorded on the copy of the credit report available to a credit provider, but rather would only be recorded on a copy of the credit report obtained by the consumer or the consumer’s representative.

9. Having A Sales System Based On These Lies

MGE had a sales system that:

  • targeted its services towards consumers who were financially vulnerable;
  • created television advertisements and website advertising as conduits to telephone sales calls;
  • paid its sales representatives in whole or in part by commission;
  • used the conduct referred in paragraphs 1 to 8; and
  • used unfair tactics

and was thereby engaging in conduct that was unconscionable.

If we compare these findings with the original allegations set out in the notice of filing of 30 June 2017, they are essentially the same allegations.

 

The Overall Aim Of The Lies

It is therefore clear that the MGE sales model consisted of misleading consumers to believe that:

  • MGE had an investigation team who would look at applications when they were received;
  • MGE did not accept every application but only those who would be successful;
  • MGE had reviewed their application’s merit before accepting it;
  • MGE had identified negative listings in their credit file before accepting the application;
  • MGE had identified failings by the creditor in the default listing process which would enable the default to be removed before accepting the application;
  • MGE would actively help the consumer to remove the default;
  • MGE had implied, but not specifically stated, that it could guarantee success.
  • clients had to act that day in order to secure assistance from MGE and to avoid further enquiries being recorded on their credit history if the client delayed the process to a later date.
  • MGE was voted Australia’s number one business in this area.

Whereas In Fact

  • all applications were accepted without any review process;
  • there was no investigations team to undertake investigations in any event;
  • only once the client paid MGE, was a copy of the credit file obtained;
    • if there were no defaults on the credit file, MGE still retained their fee;
    • if there was a default on the credit file, MGE would only provide written instructions suggesting how the client could remove the default themselves;
  • MGE did not provide ongoing assistance in the form of dealing with third parties like Creditors, Ombudsman Services or Credit Reporting Bodies.

 

Observations On Penalties Imposed

MGE has been ordered to pay $1.1 million in compensation to reimburse only the customers who’d paid MGE when in fact they had no defaults to remove.

There was nothing ordered to compensate any of the customers who did have a default on their credit file, but who were otherwise misled and deceived by the conduct of the company.

The Court has found that there were people who believed MGE was going to actively help them with Creditors and Credit Reporting Bodies but instead, they were just left to try to “muddle through” on their own.

As ASIC said in its original filing (at 9f) :
MGE represented that … after accepting a consumer for its service, MGE itself would act on behalf of the consumer in dealing with third parties to remove incorrect negative listings from their credit file. However, this was not the service offered pursuant to the MGE Agreement.

There is nothing in the orders other than the comfort of knowing that the company has been fined $400,000, Mr Malouf fined $100,000 personally, and ASIC’s $100,000 costs to be paid.

 

In light Of The Above, Please Remember:

  • MyCRA Lawyers is a boutique law firm focused solely on assisting clients to remove bad credit listings from their credit files;
  • MyCRA Lawyers employs Solicitors and suitably qualified Paralegals;
  • Our staff obtain and review client credit history reports, and the records of the creditor to identify potential breaches of the relevant rules and then advocate on behalf of clients;
  • Our advocacy can include writing to, telephoning creditors and if necessary, Ombudsman Services, Privacy Commissioner (The Office of the Australian Information Commissioner), ASIC etc. on behalf of our clients;
  • As a law firm, all our work is covered by our costs agreements. Sometimes our work is performed on a fixed fee basis but in any event, all work is fully itemised in written reports provided to the client;
  • As a Law Firm, we operate a trust account, hold Professional Indemnity Insurance, are subject to overview by both the Legal Services Commission and The Queensland Law Society, and must meet the standards expected of the Legal Profession.
  • All testimonials and reviews published by the firm are (as legally required) verifiable genuine comments, from actual clients.

We have previously published our views that credit repair work should be reserved for lawyers and you can read further here 

If you would like to engage a firm with the expertise and proven track record to help you clean up your credit file for real, please call 1300 667 218 to make an appointment to speak to our professional, friendly team today.

Patrick Earl
Senior Solicitor

&

Graham Doessel
Chief Executive Officer

Federal Court Today Orders Credit Repairer Pay $1.7 Million

Court Orders Jordan Malouf To Pay $1.7 Million

Court Orders Jordan Malouf & Co To Pay $1.7 Million

JORDAN MALOUF – UPDATE – $1.1 Million Payable To Victims Described In Court As “Vulnerable Members Of Society”

In the Federal Court on Monday, 23 April 2018 Justice Derrington ordered Jordan Malouf and his company Malouf Group Enterprises (“MGE”) to pay a total of $1.7 million as a result of a complaint by the ASIC and ACCC.

For a summary of the allegations made by ASIC see here: https://www.mycralawyers.com.au/summary-legal-proceedings-asic-filed-credit-repair-business-malouf-group-enterprises

Could Have Been Worse

The judge said that his initial thoughts were that the penalties were too low for the offending behaviour. After reading the joint submissions he accepted that the penalties represented the upper end of the business’ ability to make payment before it became certain that it would have to go into administration and the Director go bankrupt.

It was more important for compensation to be paid to the victims of the company then to set penalties so high that they were impossible to meet, the judge said.

Penalties Were Made by Agreement

When the matter came before the judge, all of the parties had agreed on what had occurred and on the appropriate penalties to impose. It must, therefore, have represented the best possible “spin” that could be put on the facts by the respondents.

The penalties were reduced because of cooperation with the authorities leading to saving of time and costs for ASIC and for the court. The matter had been scheduled for a two-week trial.

Enforceable Undertakings for $1.1 million

Mr Jordan Malouf and the company MGE have provided an enforceable undertaking to the court that they will make payment of $1.1 million over 18 months. This is to reimburse the worst class of victim, the 1176 individuals who paid money to have their credit history improved when there was no default on their credit history to remove.
An enforceable undertaking is effectively a promise to the court that you will do something. If you break the promise the court can take action against you.

Court Orders Jordan Malouf To Pay $1.7 Million

Court Orders Jordan Malouf To Pay $1.7 Million

Pecuniary Penalty (fine) for $500,000

Within 28 days Jordan Malouf has to personally pay $100,000 and company MGE has to pay $400,000 as a pecuniary penalty (fine) for the conduct of the business.

$100,000 Costs

Within 28 days Mr Jordan Malouf and the company MGE has to pay $100,000 representing the costs of ASIC investigating and prosecuting the matter.

18 Declarations About The Conduct Of The Company

The court has ordered that 18 separate declarations of fact be made about the conduct of the company. These declarations will inform the public of the behaviour complained of and hopefully deter other companies from similar behaviour. We will publish the declarations once they are available.

Conduct was… Disturbing… Unconscionable… Deliberately False… Cynical… Misleading & Deceptive… Unfair!

The company admitted, among other things:

  • making false testimonials on the Internet;
  • claiming a reputation for good work within the industry that was unwarranted;
  • using cynical scripts to lure people into buying services they either didn’t get or didn’t need; and
  • making false promises of work that would be done on behalf of customers.

The court found that the company engaged in unconscionable conduct describing potential customers as “… vulnerable members of society having a low social economic status …” and “… who were in financial difficulties …”.

The court criticised television commercials and sponsored links that were published by the company as unconscionable.

The court found that the company engaged in misleading and deceptive conduct involving unfair tactics to get clients to pay money.

The court described the company’s conduct as “cynical” being calculated to secure payment of substantial fees for services in the full knowledge that the services actually provided would be rather limited.

Jordan Malouf’s Actions

Jordan Malouf was found to have devised and implemented the strategies employed by the company. He was found to have drafted and approved the television advertisements, website, advertising, client agreements and scripts used by the company. He was found to have engaged and trained the staff and supervised them to ensure that they followed misleading scripts.

For more information about the allegations made by the ASIC against Mr Jordan Malouf and the company MGE please see our earlier articles.

Patrick Earl
Senior Solicitor

07 3088 3777

 Five Simple Steps TO Fix Your Small Business Bad Credit

Small Business Credit Repair

MyCRA Lawyers | five simple steps to clean credit | 1300 667 218

How To Go From Being Too Embarrassed To Apply For Finance For Fear Of Rejection In Your Small Business – To The Power, Strength & Certainty Of Being Able To Say No, To Too Many Finance Offers! – In Five Simple Steps!

Historically, We Entrepreneurs/Small Business Owners Often Tend To Put Ourselves Last. This Is How We Survive The Hard Times.

I know that I personally have chosen to pay my staff (at the time of a cash flow crisis) in preference to paying my personal credit card, my salary, or other Small Business related accounts.

Your logic might be similar to mine, in that if we keep the business alive we survive to fight another day and pay our bills later, but if the small business folds we lose everything we’ve worked for and our income stream. To me, it’s a no-brainer.

So if you’ve found yourself with a bad credit rating because of a previous downturn, keep reading and I’ll show you exactly how to get back on top in five easy steps.

 

 

5 Steps to Fixing Your Small Business Bad Credit History

 

Graham Doessel | MyCRA Lawyers | Armstrong Doessel Stevenson Lawyers | Chief Executive Officer

Graham Doessel
MyCRA Lawyers Founder & 
Chief Executive Officer

STEP 1:  Determine What Account The Default Is For.

Work out how bad your credit rating really is. The best way to do this is to get a copy of your personal and Small Business Equifax, and your personal and Small Business Dun & Bradstreet credit files (see the links at the bottom for more information). Free and Paid options are available.

STEP 2: Gather All The Information First.

Review your credit files and make a note of the following:

  1. the number and type of credit enquiries in the last 12 month period;
  2. the number and type of overdue accounts or defaults listed;
  3. the number of writs, judgements, serious credit infringement’s.

Also, make note of the following:

  1. the date of the listing;
  2. the amount of the listing;
  3. if paid, the date paid;
  4. the automatic deletion date.

STEP 3: Decide How You’re Going To Tackle Them.

Now that you know your credit situation and how good or bad it really is, it’s time to take action to improve your credit score.

Step three is about getting into action. Now you’ll need to negotiate with your creditor to remove the default. Don’t go in ‘guns blazing’, especially if you have a court Writ or Judgment, remember how you like to be treated.

Before you start, decide whether it’s something you want to spend the time and effort yourself to learn the legislation, find the best contacts within each creditor organisation, understand their obligations to be able to point out the errors, and then have the arguments with each of them multiple times… Or,

You want to take advantage of MyCRA Lawyers nine years of specialist training, research, systems, contacts, and our independently externally audited 91.6% removal resolution rate, so you can hand over the responsibility, knowing have now taken the right steps to give yourself the best chance of clean credit rating success.

Decision made!

STEP 4:  Write To The Creditor To Ask For Information On The Account.

This is where the rubber hits the road, and it might be hard going if you’re not experienced (there’s up to 8,000 pages of legislation and related reading).

You, or MyCRA Lawyers will contact your creditors individually and request a series of documents and associated information they are legally required to hold about you and your Small Business.

When we receive none, some, or all of that information, our solicitors go through it with a fine-tooth-comb looking for legislative or compliance errors or omissions in the way the listings were added to your credit file.

When we find those errors or omissions (91.6% of the time) we write back to the creditor, instructing them that this default listing is unlawful due to the breach and subsequently requires immediate removal.

STEP 5:  Consider Getting A Specialist Credit Repair Lawyer On Your Side.

Your creditor will either argue (we’ve been around a while so it happens less and less), refuse, or simply remove the offending listing.

29.4% of our clients get the good news in seven days or less, with most in 30 days or less.

Once your creditor has agreed to remove the listing, on average it takes between one and 10 days to actually have it erased from your credit ratings.

So if bad credit has been stopping you opening new advertising accounts, securing an overdraft, updating your fleet, refinancing, or anything else that has been holding back the growth of your business, maybe, just maybe it’s time you took some positive action to fix your credit rating and leave the past in the past.

Give me a quick call on 1300 667 218, and we can chat about your situation and what your options really are.

Mention you read this article (SBAA0518) when you call, and you’ll receive a 20% discount on any legal service invoiced & paid before 30/06/2018.

LINKS:

For a list of credit reporting bodies and where to get your free credit files go to:

https://www.mycralawyers.com.au/free-credit-rating-v2

Meet Our CEO – https://www.mycralawyers.com.au/who/staff/graham-doessel

Think about joining the Small Business Association of Australia (SBAA)- https://smallbusinessassociation.com.au/membership/

Proudly a National Sponsor of the SBAA – https://smallbusinessassociation.com.au/sponsors/