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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 ...
Your ChexSystems report might contain information from Certegy, another consumer reporting agency that offers check authorization services to merchants. You can get a free copy of your Certegy report.
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.
The PRBC alternative credit score range is 100 to 850. There are also scores like ChexSystems Consumer Score designed for financial account verification services ranging from 100 to 899. The L2C (Link2Credit) score by L2C, Inc. ranges from 300 to 850.
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 ...
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.
Shared Check Authorization Network (SCAN) is a database of bad check writers in the United States. The database is used by retailers in order to reduce the number of bad checks received. The database is used by retailers in order to reduce the number of bad checks received.