“Considering the credit risk, there is no better option for the payday lending industry,” says Jim Heath, Founder and President of Palmetto Credit Corp., also known as Palmetto Cash Express. “We use Teletrack to separate out the customers that fit the business model we adhere to.”

A Teletrack inquiry identifies non-traditional customers, multiple loans, charge-offs and fraudulent Social Security numbers. This information plays a key role in helping Palmetto Cash Express store managers make good customer decisions.

“Teletrack allows us to determine how many advances customers have,” said Heath. “We have policies in place that help protect us and the customer from over-obligation. If the customer has over a certain number of advances we deny them.”

At Palmetto Cash Express the goal is to approve as many customers as possible while limiting skips and charge-offs. Teletrack data helps the company identify applicants who pose the highest probability of becoming a charged-off account — critical information to consider before making an advance.

“There are a lot of good reasons to use Teletrack. I wouldn’t operate my business without it.”

“Recently, in one of our offices a customer came in three times with three different social security numbers,” explains Heath. “Of course through investigation and a (Teletrack) report, we found those numbers to be false. I don’t know where the customer got them but his name was on all of them.”

“If we would have made that advance, we would have never seen that person again,” Heath continues. “There are a lot of good reasons to use Teletrack. I wouldn’t operate my business without it.”

Teletrack has been a part of the company’s credit risk management since its founding in 1995. The company started with one store in Sumter, South Carolina and now operates seven stores with plans to open at least two more stores this year. With plans to grow, Heath is evaluating how Teletrack can contribute more to his business.

“Our customers’ situation is so fluid. Things change from day-to-day with them,” said Heath. “Using Teletrack helps ensure we have the best and most up-to-date information on our customers.”

As the newly elected president of the Financial Services Centers Association of South Carolina, formerly the South Carolina Check Casher’s Association, Heath is concerned about convincing every payday loan store to use Teletrack.

“I think there are more and more stores that are starting to use Teletrack,” said Heath. “The Financial Services Centers Association of South Carolina is working hard to let everyone know about Teletrack because it is only going to help us all.”

The association plans to hold its first conference in early 2007. With more than a 75 members and a membership drive in progress, Heath knows the conference will be a big success.

“There are about 250 licensees in South Carolina. With seven stores, my business counts as one licensee,” says Heath. “This is a huge industry in South Carolina. If we all use Teletrack, it is going to benefit every single one of us.”

Heath’s confidence in Teletrack is clear. “If you’ve got a customer that’s going from office-to-office and receiving advances,” he says. “Teletrack is going to catch up to them pretty quick.”

If you would like more information about the Financial Services Centers Association of South Carolina and their upcoming conference, please send an information request to Financial Services Centers Association C/O Jim Heath; 2081 Wedgefield; Sumter, SC 29154.

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