Some online lenders advertise that they offer "No-Teletrack loans." Is that important? Well, it is if you have negative information on your Teletrack report that might disqualify you for a loan. Most people are familiar with the big three credit reporting agencies, Experian, TransUnion and Equifax, but there are other, smaller agencies too, and Teletrack is one of them. While the big three keep records primarily about credit cards, mortgages, car loans and other large loans, Teletrack focuses more on smaller loans, such as payday loans, rent-to-own loans and similar high-interest short-term loans, and naturally that's the information that payday lenders and short-term installment lenders are most interested in. They may not even check your report with the big three, but they'll probably check Teletrack or one of the other reporting agencies that focus on the kind of loans they offer.
If you've defaulted on payday loans in the past or had similar problems, a no-Teletrack loan may be the surest way to get approved. If you're okay on smaller loans, but had a bankruptcy or a home foreclosure in the past, you may not need to bother finding a no-Teletrack lender.
What does a "no fax no Teletrack payday loan" mean?
Question: Is there any advantage? --W. McGuffey, Texas
Answer: If you take out a payday loan online, some places require you to fax back a signed contract, ID and other information. "No fax" payday loans let you sign the contract digitally (online) and email a scan of other documents as an attachment.
"No Teletrack" means the company won't check your record at Teletrack, a credit reporting company that keeps a record of your payments to payday loan places, rent-to-own companies, buy-here-pay-here furniture stores or auto sales, and places like that. The advantage of a "no Teletrack" loan is if your record isn't so good with those kinds of places.
Otherwise, you can qualify for loans, even if you have a poor credit history with the other credit bureaus or no credit history. For example, at this company. you might be able to receive a loan of $1000, as long as you have a job or other source of income, an email address and a checking account.
Are there "no Teletrack" direct lenders?
Question: It seems like every website just says they'll send my information to another company. How do I deal directly with a loan company? --J. S. B. San Diego
Answer: Yes, there are direct lenders, but they're not always easy to find. Lenders pay a commission to others to advertise for them. Sometimes that's not bad, since you may be given a choice of loans, or you'll only be sent to lenders in your area, but other times, you'd like to apply directly to a lender. Search for "direct lenders" but read the fine print, since not all results will actually be direct lenders. Sites will usually list the actual lenders' names, even though they may just be forwarding your application to them. Once you see the lenders' names, if you really only want to deal directly with the lender, go to the homepage of the actual lenders instead. Another option of course is to go to a local loan company in person, rather than online, though that's not always as convenient.
Are "no Teletrack" payday loans more expensive?
Question: Payday loans are expensive enough. I'd like to find a cheap one, but I'd rather they didn't look at all my past history. Are there cheap no-Teletrack loans? --Yvonne S. Dallas
Answer: No-Teletrack loans may be more expensive, due to the higher risk, but you may still be able to find one in the cheaper price range. Fifteen dollars per hundred is usually as cheap as you'll find for a typical payday loan or quick cash loan of any kind, though more expensive loans may be as much as $30 per $100. Try searching for "no Teletrack" and "$15 per $100" to find the cheaper loans.
How can I see my Teletrack report and correct it?
Question: I got turned down for a payday loan and I think there must be a mistake on my Teletrack report, because I've always paid everything on time. How can I tell? How do I fix it?--Jim B. Salt Lake
Answer: Teletrack's website has instructions on how to view a copy of your report, and request an investigation of anything that you want to dispute.
Is it legal for Teletrack to keep a report on me?
Question: My finances are nobody's business. Is it legal for companies to tell Teletrack what I do? How can I stop them?--Willamette, Montana
Answer: Yes, it's legal, and unfortunately you can't stop them. The Fair Credit Reporting Act allows it. Most people think of that law in terms of the big three credit reporting bureaus, but Teletrack falls under it too. The law does regulate how they can collect information and gives you the right to see it and correct it, though.
What's a "no Telecheck " payday loan? Is it different from "no Teletrack "?
Question: I see them both advertised. --Sam R. Los Angeles
Answer: Telecheck is a different company, that focuses on keeping a record of bad checks and banking problems. Looking at your Telecheck report is useful to payday loan companies, since they rely on a customer's post-dated check or ACH withdrawal information to get paid back for loans. You can get a free Telecheck report and correct any errors, just like you can with any other credit bureau or consumer reporting agency. If you're interested in seeing your Telecheck report, you may also want to look at your Chexsystems report. since it may include similar information.
How do I know if a loan company will look at my Teletrack report?
Question: Maybe I have other loans out that are due, or maybe it's just none of their business.--Julio F. New York
Answer: There's no way to know if they will, but the only way to know if they won't is if they advertise "no Teletrack." Most lenders use some kind of risk-assessment service, such as Experian, TransUnion or Equifax for credit cards and mortgages. Lenders that offer high-risk loans for small amounts find companies like Teletrack more useful than the usual credit reporting agencies, since it focuses on the borrower's performance with similar loans, so there's a good chance they'll look at your record unless they say they don't.
Do both online and storefront lenders check Teletrack?
Question: Do both online and storefront lenders check Teletrack? --Nita D. Wisconsin
Answer: Yes. They're both similar. Some will look at your report, while others advertise "no Teletrack" loans and don't look at your report, though they may still do other risk assessment using other companies.
What other places report to Teletrack?
Question: What kind of things will show up on my report?--Javier, Mass.
Answer: Besides payday lenders and other high-risk personal loans like installment loans and signature loans, they keep a record of rent-to-own transactions such as for furniture or electronics, buy-here-pay-here car loans and furniture stores, high-risk (subprime) credit cards or mortgages, some loans from credit unions, and cable or phone bills.
Isn't it lying to say "no credit check" and then use Teletrack?
Question: "No credit check" should mean just what it says, that they don't check up on you. --Harry R. St. Petersburg, FL
Answer: Well, yes, though I can see why they say it. A credit check usually implies looking at your credit score with the big three credit bureaus, Experian, TransUnion or Equifax, and lenders that say "no credit check" usually really don't look there, so your credit score with those companies doesn't matter. But there are other ways to check up on a person, such as Teletrack, Telecheck, Chexsystems, SCAN, and similar risk-management reports. So unless you can find a lender that doesn't use any risk management, they still may be finding out about your past history in some way, even if they don't care about your credit score.
This website provides responses to frequently asked questions about debt, interest, where to borrow if you have poor credit, how to improve your credit, where to get loans when you've suffered credit problems in the past, and other articles that I hope will be of some use to people who are looking for a way to meet emergency expenses, get out of a financial bind or work their way back to having good credit again.
Category: Payday loans