What Is The Chexsystems Reporting Agency?

A vast majority of population in US has a bank account

, irrespective of its facility of checking, trading or saving, and they use it on a regular basis. All the same, has it ever occurred that you have applied to open a check account in a bank and have got declined due to some information in a report? There is a new strategy that has been introduced and imposed upon 80% of the banks in US on their fair consent. A consumer reporting agency named as ChexSystems has been organized to keep records of your banking information, based upon the data submitted to them by your bank.

These reports are made when you order checks, draw an overdraft, are charged an NFS fee and in cases of check fraud and owing money to some other bank. If you have undergone any of these unfortunate circumstances, and your bank reports this to Chexsystems, you can be warded from creating another bank account for the next five years. If you have been the victim of a similar situation, then you should know that you are not alone in this. Apparently, there are numerous other people, who have faced similar fate.

ChexSystems reporting agency is simply an agency that monitors and reports information on how your banking institute is handling your bank account. This agency is part of the eFunds Corporation, located at Delaware.

It is considered to be the like of three credit bureaus of Experian, TransUnion and Equifax. These agencies keep a track of whether or not you have drawn an overdraft and have been assessed any NFS fee, if you have any unpaid balances to your previous or existing account. In case, your bank doubts anything fishy going on, for example, deposition of invalid checks or anything, then they might report to the agency.

You must be wondering how this can keep you from creating a bank account. A large number of banks that are a part of the ChexSystems network evaluate your past banking record, before granting you an account. If they see anything negative in the report, stated by any bank within the last five years, then, there is a good amount of chance that you can be turned down.

Banks, in collaboration with this agency, are taking special measures to fight check account fraud cases that cause them to lose million of dollars. This is the reason why thousand of customers with a negative credit record are being turned down from getting a checking account.

by: Martha Geenes

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