Behind Chexsystem Reports

[Admin]

The CHEXSYSTEM report is based on the information of two agencies; efunds check verification service and consumer credit reporting agency, reporting information on how a consumer handled deposit accounts in the banks. Efund gives services to thousands of banks and branches in the states dealing with DEBITBUREAU, DEBITREPORT, FRAUDFINDER , identify theft ,ID verification, ICMS, PROSPECTCHEX, Qualifile and transaction monitoring. Chexsystem report is a negative report reported in the past five years by the banks , containing irregularities as check overdrafts ,fraudulent checks, or suspicious accounts. A free chexsystem report can be retrieved every year to dispute information contained in the report.
As a result of criticism about the system the main financial institutions are changing the policy giving more possibilities to override the rules and conditions to open a new account .This is
why the customers should dispute the information in the chexsystem report to reduce the damages.