Word: telecredit
(lookup in dictionary)
(lookup stats)
Dates: during 1963-1963
Sort By: most recent first
(reverse)
...Ramac 305 computer is the soul of a profitable, year-old company called Telecredit, Inc., bossed by Chairman Robert Goldman, 36, an electrical engineer, and President Ronald Katz, 26, a businesslike onetime assistant dean of students at U.C.L.A. The computer at Telecredit headquarters is programmed with the name, number and physical description recorded on each of California's 8,500,000 drivers' licenses, and with the latest police reports on check forgeries or thefts. When a stranger wants to cash a check with a Telecredit subscriber, the subscriber asks for his driver's license and reports...
...Telecredit operator then punches the number on a keyboard, transmitting it to the computer. The computer can handle up to 24 check queries simultaneously, and flashes back its answers on a closed circuit television screen. A warning goes up whenever the driver's license has been reported lost or stolen, and whenever the license holder has been reported for bouncing checks or has tried to pass a suspiciously large number of checks within recent days...
Subscribers pay $30 a month for the direct telephone line to Telecredit, plus 20? each for every inquiry above 150. So far, 400 Los Angeles companies have signed up, including Sears, Montgomery Ward, the May Co., and almost all major supermarket chains in the area. Katz and Goldman expect to expand into San Francisco and San Diego this year, then reach eastward. One of their sales points: the number of bad checks passed in Los Angeles declined almost...
| 1 |