Self-regulation of the credit repair industry could involve brokers, and ultimately benefit their clients.
The burgeoning Credit Repair Industry Association of Australasia has held its first meetings, and executive member Graham Doessel, founder of credit repair agency MyCRA, said the formation of the industry body should help put brokers at ease.
Doessel said the CRIAA would look to institute a code of conduct and minimum qualifications for the credit repair industry, and that introducing these standards would give brokers peace of mind about working with credit repair agencies.
“Mortgage brokers referring to a CRIAA member can have more confidence that the work is done correctly, and therefore it protects their reputation and the money of their clients,” Doessel said.
Doessel said the agency had sought help from ASIC and the FBAA in drafting its code of conduct and standards, and had received strong interest from credit reporting agencies. He commented that brokers may even be invited to become members of the association.
“We’re trying to set it up to be the genuine representative body of the industry and all its stakeholders, so we’re not going to be exclusive. We’ll be looking at inviting mortgage brokers who refer clients to credit repair agencies. They’re directly affected and I think their inclusion is a good idea,” he said.
Doessel conceded that the credit repair industry had seen disreputable operators, and said the formation of an industry body could stem the tide of unethical businesses by introducing an industry standard.
“Any good credit repair firm works within the legislation and makes sure the creditor works within the legislation. The CRIAA is hoping we will ensure that all members have minimum qualifications and workflow standards,” he said.
Ultimately, Doessel said he hoped the formation of the CRIAA helped to raise the reputation of credit repair agencies.
“We’re looking to make it harder for less reputable businesses to operate effectively,” he said.
Our reputation in need of CRIA repair