You may be looking for a payday loan when you’re in a financial pinch and need money quickly. In addition to evidence of income (in the form of a job) and a bank account from which to repay the loan, most payday loans have traditionally required little to no financial history details or credit verification.
However, since even payday lenders will review your background and financial records, your credit can be adversely impacted by defaulting on any loan. Previously, when applying for a short-term payday loan, the effect on your credit from defaulting on a loan may not have been a concern.
Today, though even for short-term payday loans, more firms are testing an applicant’s background, and this credit check could impact whether or not you get the short-term cash you need. The form of loan called “No Teletrack PayDay Loans” is a possible choice for people in this situation.
What Is Teletrack?
Teletrack is a tool for credit monitoring and scoring which goes beyond conventional methods of scoring. Until recently, conventional scoring approaches developed by Equifax, TransUnion, and Experian did not document the financial history of a consumer’s payday or short-term loans.
Now that such loans are being reported and used in rating, Teletrack has been developed to integrate short-term and payday loans into the creditworthiness determination of a borrower. Using two special products, Teletrack makes this determination:
- Decision Manager: This product incorporates data on the history of jobs, credit status, frequency of payment and history, and earnings to create a creditworthiness score.
- CyberScore: This method finds the full past of credit card and loan applications, including short-term online payday loans, by borrowers.
Teletrack belongs to a firm known as CoreLogic and payday loans and short-term lending firms are two of CoreLogic’s customers.
In order to determine whether borrowers have a good financial background, including their payday loan repayment history, these lenders use CoreLogic’s goods, including Teletrack.
The use of Teletrack’s goods has definitely resulted in the refusal of customers for loans.
What Are No Teletrack Payday Loans?
No Teletrack Payday Loans is a form of payday loan for which the application process does not require the use of Teletrack items for other short-term loans to validate the past borrowing and repayment background.
It is not likely that skipping a deposit or defaulting on a previous payday loan would adversely impact the acceptance chances on a No Teletrack Payday loan.
An application may not be accepted by Teletrack Payday Loan lenders even though the borrower has defaulted on prior payday loans.