[set4sail]

I didn't realize Teletrack sells the info from pdl companies to collection agencies.

Most skip-tracing vendors are focusing on offering lower price points or offering services with a satisfaction guarantee promise. One company in particular, TeleTrack Inc., only charges companies for its services if it delivers new information not already in their files. TeleTrack's People Location product is a batch processing tool for collections agencies and debt buyers to help them find employment addresses and numbers, as well as home numbers. But what makes the product unique is that it gets its data from sources that do not report to credit bureaus. "We obtain data from sources such as payday advance companies or rent-to-own companies. These type of businesses have information on consumers with no credit file or very thin files with the big three bureaus," says Todd Cable, vice president of marketing for the Norcross, Ga.-based company.

"The product is offered as a 'last pass' skip-tracing tool and works to find the �worst of the worst,]" says Julie Tehiel, vice president of national accounts for TeleTrack. Since the firm considers itself the only subprime credit bureau in the business, it doesn't worry about competition. "We have data suppliers no other bureaus have access to."

[finsfan13]

Teletrack is only something I've heard about since defaulting on those payday loans..What's the difference between teletrack and chexsystems? And do banks use teletrack as well?

[set4sail]

Good question.

From my understanding, Teletrack considers themselves "the" credit bureau for sub-prime lending. Their customers are primarily (according to the teletrack.com website):
"Teletrack customers supply the information in our database. Teletrack customers include payday advance businesses, rent-to-own merchants, furniture stores who offer financing, auto finance companies, sub-prime consumer finance merchants, sub-prime mortgage businesses, sub-prime credit card issuers and cable/telecom companies"

I didn't realize that within minutes of a bankruptcy being filed, Teletrack already has the public record and will report it to your creditors (if they are a Teletrack company). I know it's public record, but that almost feels like an invasion of privacy. And I didn't see anything on their site about servicing banks and credit unions.

Chexsystems is a different computer modeling program/ database. It's owned by Deluxe check printing company, and it keeps track of overdrafts, nsf, etc on bank accts for reporting institutions. When I was looking up info on Chexsystems a few weeks ago, I read that about 80% of financial institutions use Chexsystems reports as a basis for opening, or not opening, new accts. Oh yeah, Chexsystems is also SCAN, which is kind of like telecheck, used in approving checks at time of purchase, based on your account history.
(website is chexhelp.com)

[finsfan13]

wow. I'm a sub-prime consumer.

[john]

Banks report all the consumer accounts to the chexsystem and payday loan companies do the reporting to the Teletrack. If there is any sort of negatives like overdrafts in your account, it will be negatively reported to the chexsystem until you have paid it. Most banks inquire from Chexsystem before opening a new account in your name. So you must have that record nicely shaped up.

Payday loan companies do the reporting to the Teletrack. Their function is also similar to that of Chexsystem and gives information about consumers to the PDL companies.

Conclusively, we learn that our accounts should be monitored at the credit bureaus, Teletrack and the Chexsystem. A good record in their system will enhance our credit worthiness.

[rmunson]

I received my teletrack report today. There is only 1 company listed on there (paydayok). Which is funny since I had 16 loans at one time. I don't think they are complete.