"Teletrack is our safety net. In simple terms, you couldn't operate in today's environment in the payday loan business without Teletrack. There is simply no other service like Teletrack."

What does Teletrack do for Bill Oates, senior vice president of BF Motor Credit? The 27 stores owned by BF Motor Credit, doing business under the name Check Advance, use Teletrack's unique non-traditional consumer information as a fraud risk assessment tool to stop bad debt at the source. By using Teletrack's risk analysis, fraud detection and skip-tracing services, Check Advance effectively minimizes risk while increasing profits and relies on Teletrack to keep its employees informed and charge-offs low.

"We've used Teletrack since we opened in 1998," say Oates. "We have some good months and some bad months but overall our charge-offs remain pretty much the same."

Teletrack information is critical to Check Advance's operation because it brings consistency to decisions in a very competitive marketplace. "We're no different than anyone else, there is a lot of competition in South Carolina," says Oates. "The vast majority of our competition is using Teletrack. If we could just get everyone to use Teletrack we'd all be better off."

"There is simply no other service like Teletrack."

Part of Check Advance's strategy for minimizing risk and help increase profitability includes conducting a Teletrack inquiry on every new consumer. Store employees also inquire on previous consumers during the application process. According to Oates, this strategy helps his employees get a more accurate idea of the payday advance activity the consumer has been involved in since the consumer was last approved for an advance.

"We require a Teletrack report for every new loan and our policy is to access a report every 60 to 90 days on repeat consumers." says Oates. "However, if an employee is a little unsure about a loan decision, they know that they should pull a Teletrack report."

Teletrack's risk analysis, fraud detection and skip-tracing services, have enabled Check Advance to identify and prevent charge-offs for more than six years. All twenty-seven Check Advance stores use the service so store employees are able to base their decisions on more than the information provided by the applicant.

Check Advance stays ahead of the competition by incorporating Teletrack's additional services in their fraud risk assessment process. Not only do they compare applicant information against records gathered from Teletrack's nationwide network, but Check Advance employees also use OFAC and bankruptcy reports.

OFAC reports help keep Check Advance in compliance with the Patriot Act, and bankruptcy reports give them a better picture of their consumers so they can make an informed decision during the loan approval process.

"Bankruptcy information doesn't determine if we are going to make the loan or turn it down. It's a fraud risk assessment tool," says Oates. "It gives us a feeling for the consumer so you can determine if the consumer is going to pay you back. It gives you a heads-up that there might be problems with the consumer's ability or willingness to pay."

"With the competitive nature of this business I think you would be setting yourself up for some major problems if you don't know your consumers," says Oates.

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