Do these payday loans actually affect your credit score?

the only way a payday loan can affect your credit score is if the lender reports to the three major credit bureaus (Equifax, Transunion, or Experian). So far, I haven't found one that does that - they usually report you to Teletrack (not telecheck), which is only used by payday lenders anyway.

The only way I can see a payday loan showing up on your credit report is if the lender sent it to a collection agency like Bass & Associates.

So what is Teletrack then? A collection company?

no - Teletrack is a database used pretty much only by subprime lenders and payday loan companies. They report your payment performance to Teletrack, and if you try to get a payday loan with another payday lender, you may not be able to. Not that it's a bad thing - if you're here trying to get out of payday loans, you sure don't want another one!

Teletrack does not show up on your credit report, and it doesn't affect anything else - just payday loans.

Telecheck, now, is a different matter - that's the database used by banks to report if you've had NSF checks unpaid on your account, or your account was closed with a negative balance, or you had fraudulent activity on your account. That will make it difficult to open a checking account at another bank.

Who do you have the loans from? You need to be more careful if you are dealing with storefront lenders, because most of them are a licensed business. I won't be too much worried about the online lenders because most of them are doing illegal business in different states. Let us know what companies you are dealing with. We will suggest further.

Ok- I just needed to know if these were going to affect my credit rating. Believe me I don't care if I can never get another payday loan again. No way would I ever want to get into this hole again. It seems as there is no way out. I have just started dealing with this mess and it is horrible.

mute805-
I am dealing with cashcentral,cashnetusa, ameriloan, purpose loans, oneclickcash, and payday1 all of them are internet loans.

introuble - since all of these are internet loans, I don't think you need to worry about your credit report at all.

Thankyou. So all of the threats are them just trying to scare you then!

Perhaps yes. But make sure that you pay their principal amount only if they are not licensed. You don't want to face any actions just because you avoided the original balance. Go through your file and find out the outstanding balance. Then call each company for some arrangements. You will be through

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