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ChexSystems is a consumer reporting agency that banks and credit unions use to screen account applicants. You can dispute errors in your report and settle any outstanding debts to improve your ...
ChexSystems assigns consumers a score called the ChexSystems Consumer Score, which ranges from 100 to 899. The higher your score, the lower your risk and the better chance you have of your account ...
ChexSystems usually takes 30 days to investigate a dispute, after which it may remove your report. Bottom line Banks and credit unions use information provided by ChexSystems to determine the risk ...
The most recent version of the ChexSystems "QualiFile Score" returns a score on 95% or more of the US population and this would not be possible if it were only a negative data source. Some banks attempt to approve as much as 98% of the account applicants knowing full well that in the highest risk score ranges as much as 80% of all their losses ...
If you are interested in your ChexSystems Consumer Score, which can range from 100-899, with a higher score being less risky, you can request it online.
A ChexSystems report examines data submitted by banks in the past five years. A report may describe banking irregularities such as check overdrafts, unsettled balances, depositing fraudulent checks, or suspicious account handling. Banks may refuse to open a new deposit account for a consumer that has a negative item reported.
ChexSystems issues a consumer score that banks use to gauge the risk level of account applicants. Information on closed checking and savings accounts stays on your ChexSystems record for five years.
Scores range from 0 to 10, with 10 being the most severe. While many use only the CVSS Base score for determining severity, temporal and environmental scores also exist, to factor in availability of mitigations and how widespread vulnerable systems are within an organization, respectively.