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Another Database With Your Information - Keep An Eye On It!

Posted on Nov 15, 2006 by Michelle Pastor

ChexSystems is another database that we, as consumers, can access. This is the database that banks and credit unions use when they decide whether or not to let you open a savings or checking account.

ChexSystems generates a Consumer Report that has information about your banking habits such as 'account mishandling', which is when your overdrawn account is closed by the bank or credit union, and other issues with your financial accounts.

According to FACTA, you can get your ChexSystems Consumer Report for free once every 12 months. If you've been denied an account within the last 60 days from a bank or credit union where ChexSystems was used in the decision process, you can request the report online at www.chexhelp.com (this is actually the ChexSytem portion of the Consumer Debit Resource website). If you haven't been denied an account, but just want to see what's in your file, also go to www.chexhelp.com and get the form to request a report by phone, mail or fax.

I suggest that identity theft victims check their credit report AND their ChexSytems Consumer Report to make sure there haven't been any fraudulent financial accounts set up in their name. ChexSystems will reveal a fraudulent bank account well before the credit report will. That's because an identity thief can open an account and overdraft on it for awhile before the account is sent to collections. Only after the account goes to collections will it appear on the victim's credit report and create a red flag. On the other hand, the ChexSystem's Consumer Report will reveal the fraudulent account soon after it's opened, thereby giving the identity theft victim a much earlier heads up than the credit report.