PDL Question

Quote:

Some PDL companies verify prior loans using your Teletrak report. So any defaulted, unpaid, or negative information concerning your PDLs or other businesses can be reported to Teletrak. It will definately affect your ability to obtain a new PDL. Teletrack is also used by other small businesses (ex. Rent-A-Center).

So I would not worry too much about Teletrack if you are in direction of settling your PDLs. You want to end the cycle obviously. As for obtaining a checking's account, I do not of any banks that use Teletrack. However, some banks do use Chexsystems which is a totally different system. So you should be fine to open another account as long as you have a good banking and check-writing history.

agreed, i am on teletrack and it never affected me at all

I think the OP is confusing TeleTrack with TeleCheck.

PDLs report to TeleTrack. It is kind of like the "sub-prime credit bureau". If you have negatives on TeleTrack, as others have said, the most that will happen is you might not get PDLs again.

TeleCheck is a check verification service. It helps retailers make sure that checks don't bounce when customers pay by check. If you have items on your TeleCheck report, then you might not be able to pay by check at some places.

But TeleTrack shouldn't really affect your chances of opening a new bank account...