What You Need to Know about Teletrack
If you need to get a payday loan, you may hear about a company called Teletrack. Teletrack helps payday loan companies ensure that they are lending to people that will pay them back. Not all payday lenders use Teletrack, but many of them do, so if you want to be able to borrow from any payday loan company you want, you should stay on this company’s good side.
What is Teletrack?
Teletrack is a company that deals with unconventional lenders. It is a little like a credit reporting agency, except instead of dealing with banks and credit card companies, it takes reports from payday lenders, rent-to-own companies, cable companies, and high-risk auto lenders. They do not turn down your application for a payday loan, but the information that they provide to a payday loan company could cause them to turn you down for a loan. Teletrack helps payday lenders decide whether you seem to be honest and would be a good risk.
Information Teletrack Provides
Teletrack provides a lot of information to payday loan companies. It will be able to tell the payday lender whether the social security number you provide belongs to a dead person, or perhaps isn’t even a registered SSN at all. It will tell the lender about any loans that you may have outstanding, whether you failed to pay rent to your last landlord, and whether you have lied about past bankruptcies. All this information is used by lenders to decide whether you are honest, and whether they should lend to you or not.
How Teletrack Helps You
While most people that use payday loans are honest people who fully intend on paying their loans back, a small minority of borrowers have illicit intentions and take out a payday loan with the intent of defrauding their lender. This is often called “skipping.” When dishonest borrowers take out payday loans and purposefully don’t pay them back, this hurts the payday loan providers. If too many borrowers skip on their loans, lenders have to make up the difference somehow in order to stay in business. Unfortunately, this means that honest payday loan companies end up paying more money. Teletrack helps payday lenders give their loans to honest people while limiting the amount of money that they lose to dishonest borrowers.
No Teletrack Payday Loans
Sometimes things happen. You may have had every intention of paying for your furniture rental on time, but it just didn’t work out. Perhaps there was a payday loan that you had trouble repaying. If you have had trouble repaying loans to companies that report to Teletrack, you may discover that you get turned down for payday loans at companies that use Teletrack. This doesn’t have to be the end of the world. There are many lenders that don’t use Teletrack, and you can still get a loan with them.
If you are getting turned down for payday loans and you meet all of the normal payday loan requirements, such as a minimum income and a checking account, perhaps there is negative information in your Teletrack account. Like the three major credit reports, you can request a copy of your Teletrack report, and you can dispute incorrect information that ends up in your file. If you are being denied for payday loans when you have never defaulted on any sort of sub-prime loan, you may discover that there is incorrect information on your Teletrack report that you need to correct. In the meantime, seek out a no Teletrack payday loan.
