There have been many posts asking what the difference is between Teletrack and Telecheck - I thought it might be helpful to have this information as a sticky to clear up any confusion.
Teletrac:
This nationwide database is used solely by payday lenders, some rent-to-own retail stores, and a few other high-risk lenders. If your payday lender uses this database, and you default on their loan (or in some cases, just tick them off by paying late), they will report their experience with you to Teletrac, which will make it difficult to obtain another payday loan. But if you're here, then you're probably looking to get OUT of the payday lending trap, right? So if you never intend to ever take out another payday loan, having your name on Teletrac shouldn't be a problem.
Teletrac does not report to credit bureaus, so this has no effect on your credit report, or your ability to obtain a bank account.
Telecheck or Chexsystems:
These nationwide databases are used by banks to report their experience with their customers. If you have fraudulent activity on a bank account, your account is closed due to NSF checks with a negative balance, and you don't pay it right away, the bank will report this to Telecheck or Chexsystems. Having your name on this database will make it difficult to obtain a checking account in the future, until you pay it off and have your information removed from their records.
Our member, Goudah2424, has compiled a list of banks that do not use Chexsystems to verify new accountholders, and it's been very helpful! However, it would be wise to pay off the debt reported to Chexsystems or Telecheck, to avoid any future difficulty.
How do i contact goudah 2424 to get a list of bank s in oklahoma that don't use check systems or teletrack
Posts: 6813
Credits: 65223.9 Send message to finsfan13
Great post Sue! I think it will clear up a lot of confusion.
I know I never even heard of Teletrac until I started with Payday Loans.
Detroit Marathon, October 2009
Posts: 5800
Credits: 74318.7 Send message to Bossy4455
Thanks for the great post, Sue!! I know, not long ago there was a discussion about who did what, and this clears that up!! :D Karen
Posts: 4533
Credits: 65517.1 Send message to SUEBEEHONEY70
Thanks, Fins!
I know, many have not heard of these databases until they run into Teletrac on a payday loan, and then it gets confusing because of Telecheck and Chexsystems.
You know the payday lending industry started Teletrac and made the name similar to Telecheck in order to make it sound the same...so people would fear it. :evil:
Posts: 7813
Credits: 122049.4 Send message to goudah2424
Great job Sue! This definatly should be a sticky! :D
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Posts: 2667
Credits: 28231.75 Send message to ladybug
Thanks for the clarification Sue.
8)
ladybug
Posts: 5378
Credits: 40828.4 Send message to kashzan
You need to register and then pm her or
you can use this link to e mail her
chexhelp4u(at)hotmail.com,
Posts: 107
Credits: 4550.65 Send message to krisT
Thank you for that information!! I have sent a letter to TeleCheck to see if I have any outstanding checks.
Posts: 713
Credits: 14625.351712481 Send message to mca
Personally I would never pay off chexsystems .. ( maybe Telecheck ) unless you are wanting to do the " moral thing" paying off chexsystems will NOT remove your name from their data base and you will still not be able to open a checking account. Telecheck is a bit different
Big difference is that telecheck will remove you if paid and chexsystems will not unless the bank tells them to. Both are CRA's
According to the Federal Trade Commission they are considered a consumer reporting agency, as specified in the Fair Credit Reporting Act.
They collect, store and report consumer information relating to check transactions and bank accounts.
Also, Telecheck activities are governed by two federal laws because they collect and sell consumer information, and also collect debts.
The Fair Credit Reporting Act - for consumer information reporting.
The Fair Debt Collection Practices Act - for check collection activities.
Here is the list of banks and credit unions that may help you if you find that you are on chexsystems
http://www.debtconsolidationcare.com/banking/index.html
my list of non-chex banks and credit unions is located at http://www.chexsystemsvictims.com
i have been fighting a listing in check systems for a supposed insufficient funds account that was closed and the origional bank that was supposed to have reported me even sent me a letter about them never reporting any accounts in my name and even with that letter check systems will not take my name out of their system
i guess even a fraud listing is allowed to stay unless you can find a lawyer willing to let you pay 300 a hour to remove a fraud listing they are trying to make me pay 40 to settle that was never reported according to the bank check systems claims reported me
it is not about money and i will gladly spend 40 million to make a point of not letting them profit from fraud but they will not get the 40 dollars they claim i owe that the origional bank even says in writing i do not owe
i just want them to spend so much money trying to collect in court even after showing them the letter several times i got directly from the origional bank about never being reported
Pages
Add new comment