Payday Loans

How Are No Teletrack Payday Lenders Different From Conventional Payday Loan Companies?

No Teletrack payday lenders often claim to offer no verification cash advances. However, it does not mean that they do not do any verification at all. All it means is that they do not check your Teletrack records, but they still use alternative ways to verify the records you submit, especially the ones about your bank checking account, your home address and your employment.

What Is A Teletrack Record?

Teletrack is the name of a company that provides credit reporting services. They work very much similarly to how the three major credit reporting companies (Equifax, TransUnion and Experian) do, but the kind of information that Teletrack provides is non-traditional because the sources it uses to collect those details do not include the more widely accepted credit Reports. Teletrack reports are generally used by collection companies, furniture stores (for things sold on installments) and payday lenders. Payday lenders, in general, check the Teletrack reports (instead of credit reports) of the applicants, but some lenders do not check even a Teletrack report.

What Types Of Information Does A Teletrack Report Contain?

Since payday loan companies do not check credit reports, they try to reduce the chances of fraud by checking the Teletrack reports of the applicants. By reviewing a Teletrack report, they can easily find out whether the social security numbers given by applicants are valid. Teletrack also helps payday loan companies to identify extremely high-risk borrowers because the reports issued by them also contain information about eviction notices, property deeds, mortgage and criminal history obtained from court systems. These reports also provide details about whether the applicant has defaulted on payday loan payments to any other creditor. Besides all that, Teletrack also helps payday loan companies to validate the bank account information provided by the applicants.

How Do No Teletrack Payday Lenders Work?

As the term suggests, ‘No Teletrack’ payday lenders do not use the services provided by Teletrack. They do not check your Teletrack records. It means your chances of approval with these types of lenders are very high. But, it does not at all mean that you should borrow from them. Since they do not even charge your Teletrack records, they charge a much higher rate of interest as compared to other payday loan companies. Besides that, as per the reports issued by FTC (Federal Trade Commission), the chances of such lenders being illegal and fraud are much higher.

Therefore, you are strongly recommended to do your research beforehand. Make sure that the no Teletrack payday lenders you want to borrow from are legal ones and the loan programs they are offering are something that you can easily afford.

How To Get A Copy Of Your Teletrack Report?

Teletrack provides its

services as per the rules and regulations issued under the FCRA (Fair Credit Reporting Act). It means you have the legal right to obtain a free copy of your Teletrack report at least once every year. In order to receive this copy, you first have to download an application form from the official website of Teletrack. Get a print of this form, fill it up and send the same through regular post to –

CoreLogic Teletrack
5550-A Peachtree Parkway, Suite 600
Norcross, GA 30092
Attention: Customer Service

Do not forget to attach a copy of your driving license with the application form.

What To Do If Teletrack Report Contains Wrong Information?

No Teletrack payday lenders do not check your Teletrack report, but other payday loan companies do check the same. Therefore, you must make sure that the information contained in this report is complete and accurate. If you find some errors in it, you can give a call to 1-877-309-5226 and file a complaint. Your complaint will be investigated, and if found true, the errors will get rectified within a couple of weeks.

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