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 Posted: Thu Feb 01, 2007 12:03 pm Subject: Paydayone - threatening Teletrack- affiliated with who????? |
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I live in Arizona and have a payday loan (internet) with PayDayone. I told them just to take the fees out of my account and needless to say they tried to take the whole amount out and well you can guess it bounced. Now I have a chain reaction of bounced fees.
Now they are stating if I do not pay the loan off in full they are going to report me to Teletrack.
First of all I do not know anything about teletrack and second of all how can I avoid all of this by sending them a letter? Help please
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ouzog12
Joined: 02 Aug 2006
Posts: 120
Debtcc Points: 3665
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| Posted: Thu Feb 01, 2007 12:10 pm Subject: |
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Teletrack is a reporting agency for sub prime lenders. It's similar to chexsystems, or telecheck. It will only affect you being able to get sub prime loans (payday loans), renting furniture, and other high interest bad credit situations.
Telecheck is for bounced checks.
Chexsystems is for banks to report on negative balance accounts, fraud, and misuse of accounts.
It's not really a terrible thing to be on teletrack. It will just prevent you from being approved for payday loans, and other forms of credit that are for high risk comsumers. It will not stop you from buying a car, a house, or getting a real credit card.
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goudah2424
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Joined: 31 Oct 2006
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| Posted: Thu Feb 01, 2007 12:23 pm Subject: |
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Once it is paid off is it removed from TeleTrack or does it stay on there and it just shows paid? Also,
is there anyway to prevent this? Payment arrangments etc. I was willing to pay the fees just like I instructed them to but instead they messed my whole account up. Any suggestions
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ouzog12
Joined: 02 Aug 2006
Posts: 120
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PinkLady
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Joined: 15 Jun 2006
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| Posted: Thu Feb 01, 2007 2:16 pm Subject: |
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Even if the negative item stays in Teletrack, it will be shown as paid once you have cleared the due.
Have you confirmed if Paydayone is licensed in your state and following your state laws? Most IPDL companies are famous for not following the state laws in which the borrower resides. You need to check on this company and go through their contract carefully.
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Bridget
Joined: 03 Mar 2006
Posts: 351
Debtcc Points: 4963
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| Posted: Thu Feb 01, 2007 2:19 pm Subject: |
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With telecheck once the item is paid it is removed.
With teletrack the item stays on for 5 years, but will be marked paid if you pay it. Only the reporting company can have you removed. There is a dispute process, but I'm unsure of how it works.
With chexsystems the item stays on for 5 years, but will also be marked paid if you pay it. Only the reporting company can have you removed. There is a dispute process, and the item can be removed it the reporting company doesn't verify the information.
I think if you call the company they can tell you how you can prevent this from happening. They may allow you to set up some sort of payment arrangements. But really, it's not that bad . . . .
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goudah2424
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