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.
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.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.