ChexSystems

ChexSystems is a check verification service and consumer credit reporting agency; similar in ways, to Experian, Equifax and TransUnion; but unique in the fact that its main purpose is to provide information related to how a consumer has handled banking relationships (checking, savings, etc) rather than consumer or business credit relationships. ChexSystems is a registered service mark of Chex Systems, Inc, a wholly owned subsidiary of eFunds Corporation.

Common ChexSystems Uses

Many commercial banks and credit unions in the United States use ChexSystems as a step in approving the application for a consumer who wishes to open a checking or savings account. Commonly, the database kept by ChexSystems will show whether or not a consumer has had numerous overdrafts or an unsatisifed balance with another bank. The information in this database is often a primary factor in the approval or denial of an application for a checking account. In 1999, ChexSystems was successfully deemed a consumer reporting agency, and therefore, governed by the Fair Credit Reporting Act. Consumers are now able to retrieve a free annual report from ChexSystems and allowed to dispute transactions and demand proof of any negative information reported.

External links

• ChexSystems Official Consumer website
• Corporate website

Free ChexSystems resource sites:

• CreditServicer.com
• CardReport.com
• CreditInfoCenter.com
• Chexvictims

Fee-based ChexSystems resource sites:

• PassChecking.com