Due to making bad financial choices, many consumers have ended up with negative information in Chexsystems. There are positive steps that can taken in order to obtain a bank account despite an adverse credit history.
What is Chexsystems?
Chexsystems is an electronic funds and check verification service. They also act as a consumer credit reporting agency in the same way as Equifax, Experian, and TransUnion, but the only credit they report on is banking credit. If a person has written a bad check, or their bank has denied an electronic funds transaction on their behalf, a negative history in Chexsystem will be created.
Most banking and financial institutions will order a Chexsystems report prior to opening a savings or checking account for - if negative credit information is found, the application will almost always be denied. Unlike the three major credit reporting agencies, negative credit will stay on your Chexsystems profile for 5 years instead of 7 or 10.
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