The term of Teletrack is very often used in regards to payday lending. However, the concept is not understandable for everyone. Here is more information on the account.
Teletrack has recently transformed into Corelogic.com and it “provides information intelligence to identify and manage growth opportunities, improve business performance and manage risk”. It is regulated by the Fair Credit Reporting Act that operates since 1970. All the collection and the usage of credit information goes under this act.
Teletrack collects information from various resources – so-called financiers. They are different companies such as payday lending firms and credit card companies as well as banks and credit unions. Public court records are also used by Teletrack in order to create a complete picture for a record.
This is not in the task of Teletrack to influence the decision of a lender either to give approval for a loan or decline the borrower’s application. Basically, a Teletrack record contains the information about consumer’s credit history with regards to loans – payday loans also, and protects from fraud as well as helps to verify a borrower’s information.
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It is important to know what Teletrack is and how it can affect your chances on getting a payday loan. It might be possible that this information is responsible for the rejection that you have got.
As it has already been mentioned, Teletrack is a consumer reporting agency and it is used very broadly by lenders to get the information about their customers.
Teletrack provides the following information about a borrower:
- The number of payday loans applied and paid off
- The cases of late or defaulted repayments as well as any charge-offs
- All the records about a borrower’s filing for bankruptcy of court sues are also reflected in the report.
This information is taken into consideration by the majority of lenders that offer payday loans. The best part about them is that the majority of payday lenders still have very lenient policies and they do not reject customers even with the history of bankruptcy and late or defaulted repayments.
As with credit report, it is also recommended to get a look at one’s Teletrack record on a regular basis. This helps to avoid and correct, if necessary, the mistakes and make sure that its information will not be the reason for your loan application rejection.
One can get a Teletrack record by applying for it from the website – Corelogic.com. The company offers a range of financial data assessment options for individuals and businesses alike.