Sample ChexSystems Consumer Report
Sample ChexSystems Consumer Report
If you’ve never had trouble opening a checking account, then odds are you have no idea what ChexSystems is. On the other hand, if you’ve been trying to open a bank account and find yourself unable to do so, it’s likely that it’s because of Chexsystems. ChexSystems was initially developed to detect fraudulent activity and assist financial institutions with risk management analysis, particularly for individual customers. Banks that do not use Chexsystems are not impossible to find, although the company is pretty aggressive marketing-wise and its goal is to have 100% of the banks using its services.
Much like your credit score monitors the way you manage your credit and documents your credit history, Chexsystems monitors your banking activities and documents your banking history. Besides being a credit reporting agency, it’s also a licensed debt collector. From the reporting agency standpoint, though, just like you can request one credit report per year from each of the major credit reporting companies, you’re also entitles to a ChexSystems report, once a year, at no cost.
Related: Disputing mistakes on your ChexSystems report
Here’s what a sample ChexSystems Consumer Report looks like.
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Sample Consumer Report |
September 29, 2003
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JOHN C CONSUMER |
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123 MAIN ST |
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ANY TOWN MN 12345 |
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ChexSystems will reinvestigate any item listed in your consumer report that you believe may be inaccurate or incomplete. In order for a reinvestigation to be initiated, please complete the enclosed form and mail it to the address listed above in our letterhead or by fax to 602-659-2197. |
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This report was prepared for JOHN C CONSUMER |
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Consumer ID:12345678 for JOHN C CONSUMER |
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Please provide your Consumer ID number, along with your Social Security number in any future contact with ChexSystems. |
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Inquiries Initiated By Consumer Action |
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Inquiries Initiated By Consumer Action refers to inquiries resulting from a transaction initiated by you. These include applying for a credit card or completing an application at a financial institution. Please note that the inquiries are part of your credit history and may be included in our reports to others. These inquiries can be viewed for ninety days up to three years. |
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Inquirer Name: |
Any Town Savings |
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Inquirer Location: |
Any Town MN |
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Inquiry Date: |
02/28/2003 |
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Name Provided: |
John C Consumer |
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SSN/ID Provided: |
999-99-9999 |
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Inquiries Not Initiated By Consumer Action |
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Inquiries Not Initiated By Consumer Action refers to inquiries resulting from transactions you may not have initiated, so you may not recognize the source. Members of our service with a permissible purpose include current creditors, pre-approval creditors, and potential investors trying to assess risks. We report these requests only to you as a record of activities, and we do not include any of these requests on credit reports to others. |
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Inquirer Name: |
Renaissance |
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Inquirer Location: |
Beaverton CO |
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Inquiry Date: |
03/24/2003 |
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Name Provided: |
John C Consumer |
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SSN/ID Provided: |
999-99-9999 |
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Retail Information |
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Retail Information refers to returned checks written on an account and certain collection accounts. Retailers and other businesses report this information to Shared Check Authorization Network (SCAN). ChexSystems receives this information directly from SCAN and is not involved in the collection of these items. |
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For additional information you may contact SCAN by telephone at 800-262-7771 or in writing to SCAN, Attention Research & Resolution, 7805 Hudson Road, Suite 100, Woodbury, MN 55125. |
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Date Of Check: |
01/10/2002 |
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Check Number: |
6011 |
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Amount Of Check: |
$106.50 |
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Date Check Paid: |
Not Paid Yet |
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RTN/Account #: |
12345678/98765543454 |
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Drivers License: |
X123456789123 |
State: |
MN |
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Payee: |
ABC Merchant |
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Date Of Check: |
02/11/2003 |
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Check Number: |
7025 |
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Amount Of Check: |
$513.00 |
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Date Check Paid: |
08/23/2003 |
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RTN/Account #: |
12345678/98765543454 |
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Drivers License: |
X123456789123 |
State: |
MN |
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Payee: |
XYZ Stores |
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History Of Checks Ordered |
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History of Checks Ordered refers to a record of check orders placed within the past three years. |
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RTN/Account Number: |
12345678 / 98765543454 |
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Quantity Ordered: |
400 |
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Check Start Number: |
6060 |
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Date Order Shipped: |
03/03/2002 |
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Social Security Number Validation |
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Social Security Number Validation indicates the year and state that a particular sequence of digits first became available for issuance. This information does not include the name of the individual to whom the number was issued. |
999-99-9999 Became available for issuance in 1951 or before inthe state of MN.
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Drivers License Validation |
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Drivers License Number Validation indicates whether or not the format of the drivers license number provided matches the requirements set by the state of issuance. |
Drivers License X 123456789123 is a valid format for the stateof Minnesota.
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Drivers License Verification |
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Drivers License Number Verification is information provided to ChexSystems by the state that issued the drivers license number. This information, which is limited to certain states, identifies the name and date of birth of the individual to whom the drivers license was issued. |
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Drivers License: X123456789123 |
State: MN |
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Issued To: John C Consumer |
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Date of Birth: 01/31/1978 |
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ChexSystems Contact Information |
If you have any questions, please contact us at the address or telephone number listed
above in our letterhead or by fax at 602-659-2197.
As you can see, this is a very thorough report. It has drawn criticism because of that. One of the major points is that unlike other credit reports that contain both positive and negative information, a Chexsystems report contains only negative information. This is certainly true, and in response to that, some changes were brought to the way the information was reported and the weight assigned to some entries.
Yet this doesn’t change the fact that being reported to ChexSystems is decidedly not a good thing to happen to you; actually it’s something you should look to avoid at all costs. Otherwise a ChexSystems Consumer Report much like the one on this sample will be there to remind all banks that they shouldn’t be opening checking accounts for you.