What is Teletrack?
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 is a credit reporting agency. It does not work with the banks or large crediting companies but tightly cooperates with payday loan lenders. It provides the following information about the customer:
- Verification of Social Security number;
- History on payday loans or other similar loans the customer took in the past;
- If the customer had any overdue loans;
- Check the user’s address and contact details;
In other words, Teletrack issues a quite informative report estimating a score of a potential borrower.
Teletrack Inc was founded in 2000. The company’s main activity includes providing consumer credit reporting services.
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.
The most frequent clients that apply for
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.
How Long Does a Payday Loan Stay in the System?
Credit history is actually a person’s financial reputation. The main purpose is to determine the risk when issuing a loan.
Payday loans do not work like regular loans.
The records of traditional loans may be kept for 6-10 years.
Payday lenders do not usually report to the credit bureaus, even in case of overdue repayments.
But the payday loan may be filed once it is passed to the collectors after the lender sells the debts.
How to Check Your Teletrack Report?
The customers should remember to check their credit report before applying for a payday loan and make sure it does not contain inaccurate information.
A report can be obtained through the official site of CoreLogic Teletrade.
It offers to download a required request form.
Then it should be printed out and filled in. The customer should post a duly signed form to the company directly. And the result will be ready in 2-3 weeks. If the user finds any irrelevant and untruthful information, then he should contact the Member Services Department by telephone stated on the website.
All credit reporting companies should provide a report free of charge at least once per 12 months.
No Teletrack Payday Loans
A no Teletrack payday loan is a loan issued without a Teletrack check. In other words, a lender will approve a loan using only a report from the traditional rating agencies such as Equifax, Experian, and TransUnion.
In this case, no checks are carried out on the borrower’s history on past short-term loans. Usually, no Teletrack payday loans are small loans from $100 to $1.000. And they are given maximum for 14 days.
When the applicants need cash immediately they may look for payday lenders who will instantly approve a loan request. It mainly refers to the borrowers with a bad FICO score, bankruptcy in the past or fraud activity. And in view of high risks, the lenders are charging very high commissions.
Other Services Like Teletrack
All customers know about three major national credit bureaus.
These are Equifax, Experian, and TransUnion. But there are also a number of smaller companies providing supplementary data to avoid fraud.
Alongside with Teletrack reports lenders often use additional sources to verify the credit history of potential borrowers. All these information collecting agencies carry out their activities under the Fair Credit Reporting Act.
The most known agencies are Certegy Check Services, ChexSystems, Innovis, Charity Services, Corelogic Credco. The ID verification to avoid, monitor customer activity with the accounts, verify customer’s checks validity, show details on payday and installment loans, auto loans, telecommunication accounts. They mainly cover a low-income consumer segment.
The list is not complete as there are very many bureaus offering credit check services. Detailed information can be found in the List of Consumer Reporting Companies by CFPB.
All of the above-mentioned bureaus will provide an annual report free of charge upon application receipt. Some agencies can freeze customer’s report if they get such a request.
The customers cannot prevent lenders from requesting Teletrack reports when applying for a payday loan.
Some lending companies declare they offer ‘no Teletrack’ loans. But in this case, the interest may be considerably higher in view of potential risk.
But even if Teletrack report cannot be avoided, the customer may always ensure it states the correct information by requesting the report for inspection.
And every customer should remember he has a right to dispute information stated in the report.