Re: How long information stays on your Teletrack report?
Sidewinder... how do these systems work? Do they report any returned check, even if you pay the re. check fees & the check, or only bounced checks that you never made good on?
We used Telecheck for check cashing when I was a manager at the casino's. Even if a returned check is paid, the system keeps that information and will decline access to write anymore checks. The casino's pay for this system as a guarantee. If Telecheck authorizes a check to be written and the amount approved, and the check comes back NSF, then Telecheck paid the casino. It was costly, but not near as costly as it would have been if I had to add all those to the 'rubber bucket'.
From my understanding, Telecheck also would base your ability to cash checks on certain amounts by your history with them. It did not care if you had 10k in the bank, wrote a check for 100 and it approved you. If you decided to cash another check later for 100 bucks, it may decline you due to them not having enough positive information in their system. So, if you were a frequent check writer, no NSF's you were able to cash more checks than someone with limited or no history with them. I guess it is sort of like building your credit history. They are in effect covering this for you if your bank returns it for any reason.
While it may have been an effective system, it was a pain to have to try to explain to a customer why they had their check declined, even though they may be waving their bank books at us, showing they have money in their accounts. Telecheck does not know what your account balance is.
I also do not remember how long Telecheck kept the information in their system in regards to derog's. I want to say it was atleast 2 years, probably more.
Most of our regular customer's set up a line of credit, or 'marker's' with the credit department. And yes, those lines of credit report to the credit bureau's too.