World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Migrants to Australia walk a rocky road to financial success


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. Some migrants can also be unsure how to present their 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 variation to your repayments which could prevent you from getting a negative listing 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.

© Scoop Media

 
 
 
 
 
World Headlines

 

Whaling: Japan’s Institute for Cetacean Research In Defiance Of World Court Ruling

The ICR Today Filed Court Briefs Stating They Intend to Return to Antarctica to Hunt Whales in 2015-2016; Will Seek to Enjoin Other Sea Shepherd Entities from Obstructing Their Operations More>>

Ukraine: UN Urges 'Maximum Restraint' Amid Situation In East Ukraine

Deeply concerned by the deteriorating situation in eastern Ukraine, United Nations Secretary-General Ban Ki-moon has called for maximum restraint and appealed to all sides to work towards calming the situation, which has the 'growing potential' to ... More>>

United Nations: Children Can Now Lodge Complaints With The UN

GENEVA (14 April 2014) – United Nations child rights experts have hailed a new treaty that allows children to complain directly to the UN Committee on the Rights of the Child about alleged violations of their rights. More>>

India: Election But A Ritual In Nation Lacking Rule Of Law

The Asian Human Rights Commission (AHRC) congratulates the people of India for their participation to elect the 16th Lok Sabha. The process has attracted, as usual, considerable media attention across the world. Media claims the process to be 'the largest democratic ... More>>

Solomon Islands: Thousands Remain Affected After Flash Floods

An estimated 52,000 people remain affected in the worst-hit areas of Honiara and greater Guadalcanal following last week’s devastating floods which killed at least 23 people. More>>

ALSO:

World: Some 437,000 People Murdered Worldwide In 2012 - UN

Almost half a million people across the world lost their lives in 2012 as a result of intentional homicide, with the highest murder rates logged in the Americas and Africa, and the lowest in Europe, Asia and Oceania, the United Nations Office on ... More>>

Central African Republic:: Security Council Establishes UN Peacekeeping Mission

Deeply concerned about the deteriorating security situation and ongoing human rights abuses in the Central African Republic (CAR), the Security Council today approved the establishment of a nearly 12,000-strong United Nations peacekeeping operation ... More>>

ALSO:

Parliament: NZ Sending Aid Flight To Solomons

Foreign Affairs Minister Murray McCully has announced further support for the response to severe flooding in Solomon Islands. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news