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Checking Accounts and ChexSystems
Posted on Mar 10, 2006 by Tom Fragala
Jim Malmberg at GuardMyCreditFile wrote another fantastic article today, touching on an important, but little known topic. There's parallel system for checking accounts similar to credit files. And if you've ever been a victim of check fraud, you'll understand that this system is even more arcane than the credit reporting system, which most folks know at least a little about.
If you have never heard of ChexSystems, you are not alone. But if you have a checking account, it’s history is tracked in much the same way that credit reports track various lines of credit you may have. ChexSystems is the company that does this tracking, and the items that appear on your ChexSystems report should be just as important to you as those on your credit report. If the report is bad, you may be forced to close your checking account and not be able to get a new account at any bank.
technorati tags: check+fraud, idtheft, identitytheft
Filed under: Identity Theft
Comments
Jim Malmberg on Mar 21, 2006
Just wanted to say thanks for the compliment!
credit guy on Feb 3, 2007
Couldn't access the article for some reason...Do I have to sign up for membership?
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