The people keeping track of payday loans and other sensitive data- They know you, but do you know them?
If you recently have taken out a payday loan, applied for another one and been denied, due to one being already open and not repaid, you may be
wondering, how do payday lenders know my other payday loan business? Is it on my credit report? I thought
they didn't check credit? Do they talk to each other? The answer is sort of, by using a "little" company known as
Teletrack.
Teletrack currently services ALL financial industries that need to verify information not found, or in lieu, of checking traditional credit. One of
their main clients is the payday loan industry. Teletrack delivers unique data and that helps in the decision making process for financial institutions.
Teletrack verifies personal information by gathering records from businesses across the country that cater to non-traditional credit consumers. Using
two data centers, Teletrack's provides their business clients with information that includes; credit inquiries, account charge-offs, paid charge-offs,
and open loan data from businesses whose target market is primarily high-risk, non-prime consumers. The Teletrack databases also include information
from landlord/tenant court records, across U.S., as well as, consumer bankruptcy data. They also gather data from Experian, one of the main three
credit bureaus, as well as, Lexius/Nexius.
Most payday lenders, as well as other businesses like rental purchase stores, non-traditional credit consumer finance businesses, non-prime auto
lenders and credit unions, use Teletrack religiously to verify customer information submitted, such as; bank accounts, identities and other sensitive
info.
If you have recently applied for a payday loan and been denied due to information found in a Teletrack report, you are entitled to receive a copy
of that information for free by law.