Payday loan companies do not report to the 3 major bureaus

Usually, payday loan companies use TeleTrack for recording the consumer accounts. But, in any case, they are not stopped from reporting to the credit bureaus. They have the legal rights to enter accurate information in an individual's CR.

I am just assuming about those payday loan companies that do not have their complete paperwork of doing legal business in a state. They can come under legal issues if they report to the bureaus. So, by using TeleTrack, they can escape the legal fronts and at the same time, continue with their business. I might be thinking wrong on this but this is the only way I have drawn my conclusion.

From my experience and research, payday loan companies cannot report to the credit bureaus because there was no contract signed. The only information they have is your financial institution account number, and in some cases your SSN#. Instead they use TeleTrak, as you mentioned, to keep you from getting new loans from other companies.

There has been discussions of wage assignments being invalid because they were not signed in person. This also goes with contracts, they need to be signed in person. However, some debate could go into this because certain contracts you have with other companies (such as electric company, cell phone carrier, cable company) are not signed.

Soooo....do contracts really need to be signed in person? Another example I want to bring up: patient responsibility with medical bills. If the patient responsibility form is not signed, then that account is cleared. The medical group has no legal right to collect on it, because they neglected to go over insurance/billing procedures with you.

Regards-
Mike

I also have payday loans from stores where I walked in and signed a contract. Even those ones are not reported (at least not yet, after 6 months).

There is something fishy about this payday loan industry in general.

The above post was by me guys. I don't why I got logged out.

We hear from people that some of the payday loan companies are shown in their file. If PD lenders don't report to the bureaus, how can they be listed in the CR? Why does the collection agency threaten the people that if he does not pay back the loan, his credit will turn bad?

John-

It's certain payday loan companies that turn their files over to certain collection agencies. Ted Crosby, for instance, probably called up a few payday loan companies and begged for them to sell over their bad accounts. In turn, Crosby knows the ins & outs of putting certain items on consumers credit file.

Regards-
Mike

Ok, agreed that the collection agency can hit file fraudulently. I heard someone saying Platinum B, SJM Marketing listed in his CR. They are payday loan companies, right???

I know that Platinum B is a payday loan company. It just shows how shady this industry is, including the collection agencies use. Yes, they do use Teletrack mainly. I have a copy of my recent tele-track report and they can put negative information on their one defaults on a loan. I'm not really sure which companies do or not do. They don't check your credit in order for you to get a loan so I don't know how they will put it on anyone's credit report.

And, I am so curious to know about the famous........SONIC... they are also a PD loan company. But I am not sure whether they report to the CRAs...

Mike, need you here..dude :D

Sonic states they have reported me to teletrack but nothing is here. If they reported to the credit bureas, they would be in deep trouble. I know they are under investigation in Canada. It's only a matter of time until something happens to them in the states.

They threatened the same thing with me and they never did report to teletrack or chexsystems as they threatened.

Didn't Ted Crosby do Platinum B, and SJM?

Platinum B is also known as SJM Marketing. They used to hire Ellis Crosby for the collection matters some time back. But, after knowing the straights facts about them, The VP of Platinum B said in public that they won't hire them anymore.

If more and more companies come to know about the saga of Ellis Crosby, I am sure Ellis Crosby and its affiliates won't be able to stand not only in front of the consumers but also in front of the companies.