CategoryChexsystems

CAN CHECKSYSTEMS FREEZE MY ACCOUNT?

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Freezing of accounts is a serious issue and some consumers are neither aware of the circumstances that could result in this action, nor the involvement of Chexsystems in it. Well, as a consumer, you need to be informed of the process that leads up to the actual freezing of the account so you can tackle it better. Some other Consumer Reporting Agencies (CRA)  provide reports on both the...

ChexSystems: The Little Known Database Banks Use for Screening

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Most people are aware of credit ratings; that they are a measurement of how a person may handle their financial commitments based on previous credit behaviors. It’s widely understood that lending services use credit scores to assess various factors when handing out financial loans. They also know the importance of a good credit score when applying for those financial services. However, what many...

Does ChexSystems has a record on you? Can you get a report?

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We established already that ChexSystems is a nationwide specialty consumer reporting agency (CRA) under the federal Fair Credit Reporting Act (FCRA). What you might not know is that is used by more than 80% of United States banks and credit unions help in the decision-making process of financial products. ChexSystems’ clients regularly contribute information on closed checking and savings...

What is a ChexSystems report and what banks uses them?

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Financials. It’s a topic most people dread. It is even worse when you know your bank accounts haven’t had the brightest or cleanest history about them. If that sounds like your bank accounts, then this article is for you. You may be wondering why you were denied by a bank while trying to open a new checking account. ChexSystems is likely the culprit of your poor reputation. But don’t worry, we...

How does ChexSystems affect consumers?

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ChexSystems is a nationwide specialty consumer reporting agency (CRA) under the federal Fair Credit Reporting Act (FCRA) that is used by more than 80% of United States banks and credit unions help in the decision-making process of financial products. ChexSystems’ clients regularly contribute information on closed checking and savings accounts. This means that if a consumer has ever opened a...

How To Improve the ChexSystems Score

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ChexSystems is a consumer reporting agency, which was established under the Fair Credit Reporting Act (FCRA). The agency collates shared information about deposit accounts held by the clients of financial institutions which sign up to the service, that is then fed into a database used to perform risk assessment checks upon customers seeking to open new accounts by over 80% of U.S. banks. In this...

How to dispute ChexSystems

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Most banks don’t even bother to ask what ChexSystems’ record shows. Jane Bryant Quinn, The Washington Post The denial of an application to open up a checking or savings account at a financial institution is often due to negative data recorded against your name in a database run by the consumer reporting agency ChexSystems, or one of its smaller rivals such as Early Warning System, or...

ChexSystems is Watching You: That’s Why You Can’t Open an Account

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Banks rely on ChexSystems to provide information about individuals who have had problems with insufficient funds in the past. It works much like being denied for a credit card due to past credit history. Even if your current situation has improved, you may be denied a bank account based upon your past banking history. Lauren Ward, Crediful ChexSystems is a consumer reporting agency, which was...