TeleCheck
TeleCheck is a check verification service that helps businesses safely accept checks and avoid check fraud. Verification can take place at the point of sale, by telephone or over the Internet.
We found that many payday loan consumers confuse TeleCheck with Teletrack, a consumer credit database for sub-prime lenders, so we decided to add a link to TeleCheck as well.
TeleCheck will tell a business if you have ever bounced a check. Teletrack, on the other hand, will tell a sub-prime lender (such as a payday loan shop) if you have ever applied for sub-prime finance, charged-off on it or have multiple outstanding loans.
The two are completely different services with a common aim - to protect businesses from fraudulent transactions.
From the TeleCheck website:
TeleCheck… is the world’s leading provider of paper and electronic check services helping more than 300,000 retail, financial institution, grocery and other industry clients increase profitability, reduce risk and streamline operations. With nearly 40 years of experience, TeleCheck has created the most advanced and reliable systems to provide check acceptance and electronic commerce solutions for businesses and consumers.
TeleCheck (External Link)
(http://www.telecheck.com/)
Teletrack can be found in our Links section.
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