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

 

Ban To Take Up Fight Against Ebola With All UN Organisations

Street sellers at Waterside market in central Monrovia, where there has seen a huge drop in customers over the past months due to the onset of the Ebola Virus Disease. Photo: UNDP/Carly Learson (20 November 2014) More>>

ALSO:

Darfur: UN-Backed Event Promotes Role Of Women In Peace

Darfur: amid mass rape allegations, UN-backed event promotes role of women in peace processes More>>

Ebola Cases No Longer Rising In Guinea And Liberia

In Conakry, Guinea, a mobilizer teaches children about proper handwashing techniques, which help prevent the spread of diseases, including Ebola. Photo: UNICEF/Timothy La Rose More>>

ALSO:

UN: Alleged Mass Rape In North Darfur

UNAMID commanders from Rwanda and Ethiopia exhange duties in Tabit, North Darfur, to escort a convoy of World Food Programme (WFP) trucks travelling from El Fasher to Shangil Tobaya. Photo: UNAMID/Albert González Farran More>>


Illegal Fishermen Encroach On World’s Most Isolated Tribe

Due to their isolation the Sentinelese of India's Andaman Islands are the most vulnerable society on the planet. They face increasing threats from illegal fishermen who are targeting their waters. More>>

World War: Nearly 1,000 Dead Amid Shaky Ukraine Ceasefire

In latest report, UN rights office says nearly 1,000 dead amid shaky Ukraine ceasefire More>>

ALSO:

Palestinian Activists Cross Apartheid Wall

Friday morning around 50 Palestinian and international activists used makeshift bridges to cross the Apartheid wall between Qalandiya and Northern Jerusalem. This non-violent direct action was in response to the restrictions Israel had placed on Palestinian ... More>>

Police And Crime: FBI Warns Ferguson Decision ‘Will Likely’ Lead To Violence

As the nation waits to hear whether a Missouri police officer will face charges for killing unarmed teenager Michael Brown in Ferguson , Mo., the FBI is warning law enforcement agencies across the country that the decision “will likely” lead ... More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news