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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: New credit reporting system is being rolled out March 12th..

Posted by on in Consumer Warnings
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 A new credit history system coming to affect in March (12th) will allow lenders to check an extensive list of your credit behaviour ”

 

Click on this link to watch this report from Today Tonight Adelaide 

by reporter Bryan Seymour  Broadcast 27 February 2014  


 http://www.todaytonightadelaide.com.au/stories/credit-chec 

 

organza- Posted on Tuesday, March 4, 2014

Here is the government link to read all about what has been going on 


http://www.oaic.gov.au/privacy/privacy-law-reform/credit-reporting-reform 


AND I can't wait to view Today Tonight's next story "Broker Banks"

by reporter: Leisa Goddard Broadcast: Tuesday 4th March 2014

 

Here is that link, however at this time it was not uploaded.. So you must definitely check back later.. 


http://www.todaytonightadelaide.com.au/stories/broker-banks


Emailed in by a BFCSA member who watched the Today tonight program Broker Banks live...

CBA owns 80% Aussie and 21% owns another.
NAB owns 100% of  Choice, Plan and Fast
Westpac owns 100% of RAMS.........

Really highlights the "cosy relationship" the banks hide behind when it comes to agency, and whether the broker is an agent for the customer or the bank. "

Simon


Thanks to Simon and Organza for sharing J

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  • doyla66
    doyla66 Tuesday, 04 March 2014

    I was told all about this a month or so ago and was also told they intend to backdate it to December 2012 so if true doubtless all of our credit history is well and truly stuffed and another thing we should be demanding they all fix for only they who add the black mark can remove it and nothing that happened to any of us was our fault but of their doing. It relates to every bill re anything and everything that has been privatised meaning all your household utility bills and probably parking and speeding fines and goodness knows what else. I've been telling everybody for weeks and not a single person knew anything of it. Makes me wonder if we are really living in Australia for it's beginning to feel like we are now all behind some big iron curtain with an albatross around our necks!

  • doyla66
    doyla66 Tuesday, 04 March 2014

    just watch the property bubble burst now.....

  • doyla66
    doyla66 Tuesday, 04 March 2014

    Here is the government link to read all about what has been going on behind our backs http://www.oaic.gov.au/privacy/privacy-law-reform/credit-reporting-reform

  • doyla66
    doyla66 Tuesday, 04 March 2014

    Not surprizing RAMS charges a RISK fee instead of LMI and it is underwritten by Westpac! This is evil stuff.
    They don't have to answer to any one it seems, but Westpac their owner... just keep writing those jumbo loans RAMS, charge us a RISK fee of tens of thousands of dollars.. which protects you ... of course most of these loans goes sour a few years later (interest only for 5 years, nothing coming off the principal..) but you all have already pocketed your bonuses years ago........ and RAMS (Westpac) claims to be squeaky clean and has done no wrong??? no maladministration in lending??

  • doyla66
    doyla66 Tuesday, 04 March 2014

    All cloak and dagger stuff as usual and as evil as. Wonder if there will be any mention of whose corporate partner is said to be COSL???

  • doyla66
    doyla66 Wednesday, 05 March 2014

    All this with a Government blessing what a farce

    No wonder we cant get any justice the bloody banks have that much Government backing it is farcical. Here is just yet another example of the lengths that our political parties will and have now gone to to make sure our banks are protected and can use falsified exaggerated examples of how a customer has not met their obligations. Why don't you come clean BANKS and tell everybody why decent honest law abiding citizens have all of a sudden become serial non payment offenders. Lets all lay our cards on the table to see where the real problem lies, I would like my (and I am happy to do so if someone of officialdom from Government would like to oversee the process - but I doubt it, they wouldn't understand it) records of payment PRIOR TO BEING DEFRAUDED BY MY BANK and then my current record of payment POST (YET STILL UNRESOLVED) DEFRAUDING BY MY BANK. I am telling you now GOVERNMENT and you had better listen because the next WAVE OF FRAUD BY BANKSTERS is just around the corner, if you do not fix this BANKSTER CRISIS ----- NOW ------ no one will be paying their bills unless they are employed by BANKS. Lets face it that wont be a lot of tax paying citizens because as we all know MOST BANK JOBS GO OVERSEAS. What a marvellous industry our BANKS, rip off people at home and leave them destitute, send the work offshore and pay massive bonuses to their executives who retire to far off lands and spend all their ill gotten gains away from Australia. Gee that really works in our favour Mr Abbott and Mr Hockey, no wonder we want to set up a registry of the average folk and their total avoidance of the obligations or late payments. We certainly should be proud of our record of being the last country in the world to bring our Filthy Banking and Finance Industries into line while we expose those mongrels like Mrs Jones down at Number 48 that was shockingly 2 days late on her $327.34 electricity bill who had to set up a payment plan because the sheriff was coming to take her house the next day on behalf of the BANKSTERS. We are fast becoming the laughing stock of the rest of the western world holding out to say that our systems did not allow systemic looting by Banks of citizens properties. They are the most deplorable of industries and they are right back doing the same products under different names. These Banks are now trying to tell us this registry will stop bad risk customers from getting credit and yet they wrote the size of the loan that they knew would be unaffordable in 5 years or less to strip assets of their customers at their last cull of mortgage holders. Don't be fooled people: never EVER AGREE TO take a FULL DOC LOW DOC or NO DOC Mortgage. Stay away from Banks wherever possible because using a Bank for anything is a sure fire way to end up on one of these lists.

  • doyla66
    doyla66 Wednesday, 05 March 2014

    CBA owns 80% Aussie and 21% owns another.
    NAB owns 100% of Choice, Plan and Fast
    Westpac owns 100% of RAMS.........

    Really highlights the "cosy relationship" the banks hide behind when it comes to agency, and whether the broker is an agent for the customer or the bank. "

    Well as I reason it, no mater what fancy paperwork agreement their is
    They are a owed /a subsidiary of the banks, so they become / are their agents QED
    i.e. when Rams writes a loan for Westpac

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