What happens when one person gets hit with a ChexSystems report but they have or wish to have a joint checking account? Joint bank accounts are often used by those who wish to share their finances, such as a coupe or a parent and a daughter or son. A joint account gives both account holders..
Everyone has heard a horror story about ChexSystems and trying to get off Chexsystems. Why do bank use ChexSystems? The idea behind ChexSystems was originally a good one – merchants wanted to know who the bad check writers were, and felt that sharing information would be a good way to keep from being ripped off..
Ever wonder what a ChexSystem report looks like? You can see a sample report by visiting the ChexSystems website. You should be taking advantage of your free ChexSystems report very year to make sure there is no incorrect information under your name. Don’t think ChexSystems has a report on you? You might be surprised. Almost..
How can you avoid being listed on ChexSystems? Obviously, nothing is foolproof. However, the following tips can help you avoid being listed in ChexSystems, and then if you are listed in error, you can call CFS for help. Keep an eye on your account. Use online, telephone and ATM banking to check your balance daily..
Many banking regulations put in place by the federal government are designed to protect the rights of U.S. citizens when it comes to financial transactions and money handling. Other regulations are put in place to protect the banks themselves. However, ChexSystems and other reporting agencies are not sufficiently regulated, and many obtain and disseminate wrong..
ChexSystems is a consumer credit agency, and as such, is very similar to Experian, TransUnion, and Equifax. All are regulated by federal law, and all must provide at least one free report a year to the consumer. However, there are several differences between ChexSystems and “the big three”. Type of Reporting The main credit agencies..
What IS ChexSystems? ChexSystems is a consumer credit reporting agency which tracks the financial history of people, especially in regard to their banking history. It consists of a database in which the names, social security numbers, addresses, and state ID numbers are associated with bank accounts closed for various reasons. ChexSystems is governed by the..
ChexSystems can cause immeasurable havoc on everyday life, causing you to be turned down for a checking account over and over again without you even being fully aware of the reason why. Many people are unaware that they are in the ChexSystems database until they find themselves denied bank account access, and then must go..