Examples of Teletrack in a sentence
This payday lender only used Teletrack scores to make loan approval de- cisions for first-time applicants, though conditional on the Teletrack score higher FICO scores predict higher repayment rates by economically and statistically significant amounts.
Just this week, the Commission announced an FCRA enforcement action against Teletrack for violating this provision.
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The law’s provisions kick in when “adverse action” is taken against a person, such as a decision to deny insurance or increase rates.55 In 2010, the FTC also settled a complaint with Teletrack, a subprime CRA, regarding its sale of an online consumer-reports database for marketing purposes: The complaint alleges that Teletrack created a marketing database of information that it gathered through its credit reporting business.
Direct Lending subsequently resold some of these lists to third parties, who “used the lists to pitch loan modification and debt relief services to people in financial distress,” including to companies that had been the subject of prior law enforcement investigations.37In June 2011, Teletrack, Inc.
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We show that the two scores have inde- pendent information and are specialized for the types of lending where they are used: Teletrack scores have eight times the predictive power for pay- day loan default as FICO scores.
Teletrack provides consumer reporting services to payday lenders, rental purchase stores, and certain auto lenders, so that theycan determine consumers’ eligibility to receive credit.12 The Commission alleged that Teletrack created a marketing database of consumers, and sold lists of consumers who had applied for payday loans to entities that did not have a permissible purpose.
For example, Experian purchased Clarity while TransUnion purchased FactorTrust and Equifax purchased Teletrack.
We study the population of adults who borrowed at least once from a Texas outlet of this company between September 2000 and August 2004¡ who did not change pay frequency¡ and who did not get ”second chances™ to borrow again after a default.3 We replace with missing the top and 2 Defaults–and positive loan outcomes–are reported to a subprime credit rating agency called Teletrack.