Welcome to “When Credit Is Refused”
in the MyCRA (Specialist Credit Repair) Lawyers “Did You Know” Series.
This series of Hints, Tips, and (Legislation) Snippets will Reveal The Truth behind Credit Reporting Legislation, Privacy Legislation and Credit Repair.
You will discover:
- ways you can help your clients (without the need to engage us)
- ways clients can help themselves
- Pitfalls to avoid
Tip 101 (Legislation)
When Credit Is Refused
“Where a Credit provider (CP) obtains credit reporting information about an individual from a Credit Reporting Body (CRB) and, within 90 days of obtaining that information, the CP refuses a consumer credit application made by the individual, whether alone or jointly with other applicants, the CP must provide a written notice of refusal that:”
(a) meets the requirements of Section 21P(2);
(b) explains the individual’s right to access their credit reporting information without charge during the 90 days following the date of the CP’s notice of refusal and how to request the relevant CRBs to provide access to that information;
(c) is to the effect that it is important for individuals to be proactive in checking the accuracy of the credit reporting information that CRBs hold about them;
(d) states that the CP relies upon information from a number of sources when deciding whether to refuse consumer credit including information provided by the individual to the CP and credit reporting information disclosed to the CP by CRBs;
(e) provides information about factors that are often taken into account when refusing credit: these may include:
(i) the adequacy of the applicant’s level of income and other resources to meet repayments of credit;
(ii) the extent of the applicant’s indebtedness and other commitments;
(iii) the security of the applicant’s employment;
(iv) the applicant’s credit history including previous bankruptcy, defaults, serious credit infringements, high number of credit applications and unsatisfactory repayment history; and
(f) refers to the CP’s credit eligibility information access and correction processes and its complaints process.
The written notice must be given to the individual either at the time the CP notifies the individual of the refusal decision or within 10 business days of that date”
If your Credit Rating is polluted with black marks, and if those black marks (Judgments, Defaults, Enquiries) are the reason you can’t get finance, and if your life would be easier (and better) with a clean, sparkling, and shiny credit file you can be proud of, then you deserve a second chance, don’t you?
If you do deserve a second chance, call MyCRA Lawyers now on 1300 667 218
(Mention this particular post for a Free Initial Consultation (Valued at up to $440) with our Specialist Credit Repair Lawyers or their assistants.)
Click HERE or more in this “Did You Know” series
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have a look at a few previous success stories (Case Studies)
and once you’ve made the decision to call us now on 1300 667 218,
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