Teletrack verification is a consumer credit history report from CoreLogic that lenders may use when making loan decisions for potential borrowers. The verification report provides consumer information that can include past loan applications, bankruptcy history, loan repayment history, charge off history, and more. Many fast cash lenders offering payday and installment loans require Teletrack verification, but there are some lenders who do not.

Teletrack verification can be beneficial to borrowers in some cases, and disadvantageous in others. Teletrack verification is frequently used when a borrower is seeking a short-term fast cash loan solution, such as payday loans and installment loans. Payday loans are loans for small amounts that typically must be repaid on the borrower’s next payday, while installment loans can be for smaller to larger amounts that are paid back in installments over a longer period of time. Borrowers who believe that they have a less favorable credit history may seek lenders that do not require Teletrack verification to increase their likelihood of getting approved for a loan.

However, obtaining a loan from a lender that does not use Teletrack is not without risk. Lenders that use Teletrack are fully-licensed lenders – this is verified before they can begin using the Teletrack service. Working with a licensed lender ensures the borrower is protected by the Fair Credit Reporting Act, which protects the borrower’s personal information from being shared without permission. In addition, licensed lenders are usually regulated by the government, offering protection to the borrower.

Borrowers who have taken many short-term loans do not necessarily need to worry about not getting approved for a loan with Teletrack verification. As long as the borrower has been responsible and made timely payments, the number of previous loans is unlikely to impact the borrower’s chances for approval. If a borrower does have negative information reported on their Teletrack report as a result of poor repayment history or defaulted loans, he or she might consider whether opening a new loan is the appropriate solution. If a borrower is not certain he can timely make the repayments, obtaining additional debt might only add strain to his financial situation. In cases like these, a better solution for the long-term may be to focus on changing spending habits to fit within a sustainable budget and paying down debt, rather than seeking additional loans.

When applying for a new loan, a borrower needs to consider the benefits and drawbacks of seeking a loan with a lender that uses Teletrack verification. If a borrower wishes to review his report before seeking a loan, they can request a free copy of their report by filling out the downloadable form available on CoreLogic.com. If errors are identified on the report, the borrower should contact CoreLogic to have them corrected. If there is negative information that is not in dispute, a borrower may reconsider taking on additional debt until he or she is in a better financial position.

References:
https://installmentloansbase.com/no-teletrack-installment-loans-guaranteed-approval
https://www.sapling.com/5870946/check-before-applying-payday-loan

The content on this site is for informational purposes only and is not professional financial advice. Blue Trust Loans does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.

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