Errors in Teletrack credit reports can destroy your opportunities to build credit. Here’s what to do if that happens to you.
Teletrack furnishes credit reports for people with little to no credit history and assigns a credit score. Teletrack scores are based on payday loans, credit card activity, and short-term lines of credit. But, like its parent company Equifax, when errors get reported, the consequences are financially devastating. Learn what you can do.
Teletrack is a division of Equifax, one of the three major credit reporting agencies. Unlike Equifax, however, Teletrack’s business is producing credit reports for people with little to no credit history.
What is a Teletrack Report?
A Teletrack report has the same function as any other credit report - to provide a potential lender with a snapshot of a person’s financial history so that the lender can decide whether to lend that person money. The lender assesses their risk by reviewing the reporting company’s assessment of the potential borrower’s creditworthiness.
To produce its reports, Teletrack gathers, compiles, and then produces a report from a person’s history of paying utility bills, cell phone bills, installment loans, credit cards, and other short-term loans. Lenders use this information to make decisions about whether the person can handle more debt. Like the reports from all credit reporting agencies, it's important to review Teletrack reports for accuracy. These reports impact your ability to secure new loans and other financial products on the way to establishing a traditional credit history. Consumer protection attorneys will help you determine what to do if you have found an error or inaccuracy in your Teletrack credit report.
The lenders who buy the reports from Teletrack usually are lenders who offer non-traditional loans. This includes lenders for auto title loans, lenders for short-term installment loans, cellular phone companies, credit card companies, and rent-to-own services. These lenders rely on Teletrack reports to make decisions about potential borrowers and offer products like short-term loans and other non-traditional credit options.
What is Teletrack?
Teletrack, like its parent company Equifax, is a consumer reporting agency that provides lenders with credit information not typically found in traditional credit reports provided by major credit bureaus.
- Teletrack provides credit reports for people with little to no credit history and gathers its data from payday loan companies, rent-to-own businesses, and other financial entities in the short-term high-interest loan market.
- The Teletrack report, therefore, offers a different perspective on a consumer’s financial behavior, but the goal is the same - to give potential lenders an idea of the consumer’s financial history, repayment habits, and overall creditworthiness.
- The same laws that govern traditional credit reporting agencies also govern Teletrack and require Teletrack to produce accurate reports, keep consumer data secure, and offer consumers an avenue to dispute inaccurate credit reports.
If you have a Teletrack credit report with inaccuracies in it or were denied credit due to a Teletrack report error, a lawyer for credit disputes will be able to explain the dispute process.
Teletrack Credit Report
A Teletrack credit report includes the same type of information as a regular credit report. It primarily focuses on a consumer's financial history and will typically show whether an individual has any outstanding loans, the amount of those loans, credit card balances, outstanding debts, the consumer’s payment history on these loans, and whether the consumer has any history of defaulting on such loans.
If applicable, the Teletrack report might include data about rent-to-own transactions, short-term installment loans, and any returned checks.
Errors can appear on Teletrack credit reports for many reasons. These range from identity theft to human error. Teletrack may receive outdated information from financial companies, lenders, utility companies, and cell phone companies. Removal of these errors is essential to establishing good credit. A consumer protection lawyer, like the lawyers at Consumer Attorneys, can help you remove inaccuracies in a Teletrack report.
Usage of the Report
Lenders examine a consumer’s Teletrack report when assessing the risk of lending to that consumer. Teletrack reports on people who apply for payday loans or other short-term, high-interest products. The Teletrack report assists lenders in determining the likelihood of repayment of the loan based on the applicant's history with similar types of financial products.
Potential Problems with the Report
The Teletrack reports can be wrong at times. Errors and inaccuracies in a Teletrack report can negatively impact a consumer’s ability to get a loan and, therefore, impact that consumer’s ability to establish sufficient credit along with being able to buy the goods and services the person needs to live.
Even the smallest inaccuracy about a missed payment, the amount of a loan, or the repayment history can disqualify an otherwise qualifying individual from getting a loan. If incorrect information in a Teletrack report leads to credit denial, consumers can be pushed further into high-risk, high-interest borrowing. We think this is unjust and are prepared to help you do something about it.
If you have experienced any issues with background check errors associated with your Teletrack report that have not been resolved within the promised resolution duration, reach out to Consumer Attorneys to fix it and if necessary, take legal action! You can connect with our legal team in various ways:
- Call +1 877-615-1725 for immediate assistance and a free case review.
- Fill out our brief Contact Us form or initiate a live chat to share your concerns.
- Reach out to us at email@example.com with any questions.
Our experienced attorneys are ready and eager to help you out.
Frequently Asked Questions
Can Teletrack give me a credit report?
Like its parent company, Equifax, Teletrack is a consumer reporting agency, so it is in the business of providing credit reports. Unlike Equifax, however, Teletrack provides specialized credit reports for people with non-traditional or very brief credit histories. Teletrack reviews a person’s history of payday loans, cash advances, credit card activity, monthly utility payments, and other short-term financial products.
Since Teletrack credit reports provide a snapshot of a person’s financial habits in areas not typically covered by traditional credit reporting agencies, it typically produces credit reports for lenders in the short-term loan and credit industry. Teletrack reports are essential for people without extensive traditional credit histories, so errors in these reports can be especially devastating.
What info is on a Teletrack Report?
A Teletrack report provides insight into a person’s financial history. Because the person’s financial history may be brief and with little to no experience with traditional loan providers, Teletrack focuses on areas not covered by traditional credit bureaus.
A Teletrack credit report includes information on cash advances, payday loans, credit card companies, and other short-term lending activities. The report will indicate whether an individual has outstanding loans, provide the payment history of those loans, and identify any defaulted loans.
If applicable, a Teletrack report will identify data on a person’s outstanding rent-to-own agreements and monthly payments on things like cell phones. Teletrack reports are necessary for people without a traditional loan history but who still need to purchase the fundamental requirements for living.
What is Teletrack on my Credit Report?
If Teletrack appears on your credit report it likely came from Teletrack, a consumer reporting agency that provides a credit report for people with little to no credit history. Teletrack still aims to assess a person’s creditworthiness but does so by focusing on short-term financial products like installment loans, pre-paid cards, cash advances, credit cards, and other short-term lending.
A Teletrack report will include all the details available about your loan history, repayment habits, and loan defaults. Lenders look at these reports to assess their risk in lending additional money to you. Even though Teletrack is a non-traditional credit reporting agency, it still must obey the same laws and provide the same accuracy as bigger credit reporting agencies. If the information is inaccurate, you should contact a credit reporting attorney like Consumer Attorneys.