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.
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.
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
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.
Sub: #1 posted on Wed, 06/13/2007 - 18:28
Moderators
(Posts: 4583 | Credits: )
Sub: #2 posted on Wed, 06/13/2007 - 18:34
(Posts: 42 | Credits: )
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.
Sub: #3 posted on Wed, 06/13/2007 - 18:38
Moderators
(Posts: 4583 | Credits: )
Sub: #4 posted on Wed, 06/13/2007 - 18:52
(Posts: 197 | Credits: )
Sub: #5 posted on Wed, 06/13/2007 - 18:56
(Posts: 42 | Credits: )
I am dealing with cashcentral,cashnetusa, ameriloan, purpose loans, oneclickcash, and payday1 all of them are internet loans.
Sub: #6 posted on Wed, 06/13/2007 - 18:59
(Posts: 42 | Credits: )
Sub: #7 posted on Wed, 06/13/2007 - 19:04
Moderators
(Posts: 4583 | Credits: )
Sub: #8 posted on Wed, 06/13/2007 - 19:05
(Posts: 42 | Credits: )
Sub: #9 posted on Wed, 06/13/2007 - 20:08
(Posts: 197 | Credits: )
Sub: #10 posted on Thu, 03/18/2010 - 00:38