Negative info on Teletrac?

Hi everyone,

I was wondering, since lots of us have defaulted on these PDLs, I am sure we are on the teletrack database. I remembered reading that (I think) the only way this would effect us is if we tried to take out another PDL (DUH!), or some other kind of subprime loan. Is this true? What are the negative consequences of being on teletrac?

JEN - welcome to the site!

If you are never planning to take out another payday loan (and shouldn't, once you are out of that vicious cycle), a negative report on Teletrac should not concern you at all.

Teletrac is used only by payday lenders and some rent-to-own retail stores. It is not used by banks and does not affect your credit rating.

Telecheck is used by banks to see if you have had any fraudulent activity on a bank account in the past, or excessive NSF checks, or if you had an account closed due to NSF's. Having a report on telecheck will make it hard to obtain a bank account until you clear it up. Our member, Goudah, has compiled a list of non-Telecheck banks in every state, so even this difficulty can be overcome.

Yes Sue is right. Don't worry about teletrak as they are only affiliated with PDL's and rent-to-own places. You don't even want another PDL.

If you have anything with telecheck make sure that you pay it off and your name will be removed from there database. I have been there and done that.

ladybug

Teletrak is great!!! IT makes it impossible for us to get another PDL.I love teletrak

Another sure way to keep yourself from being tempted to obtain another PDL, if you don't have the willpower or worry that you will weaken and get one in a desperate moment....don't have a checking account. It's a drastic step, but 99% of the PDL's out there won't give you a loan without a checking account. A sure-fire way to keep yourself out of that trap. And it's not impossible to go through life without a checking account, trust me. A little more inconvenient, perhaps, but not impossible. And there's no more worry about overdraft fees or NSF checks.

There are many prepaid debit card options available nowadays - I have one myself, and I have my paycheck direct deposited to it every week, withdraw whatever cash I need from an ATM using that card, and I can pay bills online with it. Just like I would using a debit card from a checking account.

Good advice Suebee! Thanks...

My boyfriend actually uses the type of debit card you referred to. He loves it. He doesn't trust banks at all! (he didn't get into a PDL mess, but he had other issues. I was actually considering doing the same thing, because I am so scared that the PDL's will get a hold of my new bank info, even though Goudah and everyone assured me that it is not likely. It did happen to Tweety though, so you never know.

Jen - I'm following the advice from my original bank and never giving my account information out for anything. She actually has two accounts setup - one she uses to deposit money in for purchases and the other she uses for direct deposit. I haven't gone that far but I only pay for things with my new debit card. She said without the matching routing number there was virtually no way they can find you. I'd like to think Tweety was just a fluke.

I hope that's the case to Mperez! I actually did pay my ConEd bill through my new checking account a few weeks ago...Hope that doesn't come back to bite me in the a**! I'd like to believe that they keep that kind of info secure, but who knows for sure!

Jen...I did the same thing...not een thinking...I use my new debit card for all purchases but when I pay bills on line...like electric and gas, cell, etc. I usually use my checking account numbers...they say it's a secure link...I hope so...

You guys, I really believe that paying your utility bills, etc. is okay to do on line. These guys aren't idiots who "sell" information or anything like that. And, of course, they're not related to any pdl companies. Now, if ordering anything off the internet, I wouldn't give any checking account information! Use your debit card. But I still pay my electric, cable, etc. with "bank draft". They have secure sites.

Do they charge you a fee at the ATM to withdraw money? I know dumb question, I am sure that they do, about how much does it cost to withdraw money?

I actually seen one of those pre-paid Visa's at walmart today. Great idea

ladybug

Actually, that's not a dumb question, ladybug. Now I'm curious. I know some guys at my work have a "paycard". It's a debit card that their pay is automatically deposited in and they can use their card. They're out of town/state a lot. I'm going to ask if there is a fee if they withdraw cash. Good quesion, actually!

Jen and Mperez
I also used my new account to pay Con Edison. I spoke to some one there and they assured me that they dont keep the bank info on file, which is why you have to give it to them each time. Cable also does not keep your banking info. However my cell phone is with sprint and they do keep your info on file. They actually ask if you want to use the banking info that they have. I have changed it to my debit card number. I dont want them hanging on to my checking account