All about Chexsystems according to Wikipedia
According to Bankrate.com, Eighty percent of all commercial banks and credit unions in the United States use ChexSystems as a step in the consumer checking or savings account application process.
eFunds (company that operates Chexsystems) claims that their services are used in 9,000 banks, including over 100,000 individual bank branches in the United States.
Sample reports
SCAN REPORT
CHEX SYSTEMS
ChexSystem report contains the following information:
Reported Information
Reported Information refers to reports of accounts that have been mishandled, reported for cause, and/or outstanding debts. Reported Information is submitted directly to ChexSystems by members of our service, which consists mainly of financial institutions. Our current practice is to retain this information for a period of five years.
Debt Reported:
ChexSystems has no debt information available. May we suggest that you contact the source of the information to determine whether or not a debt is owed.
Reported For:
Transactions Involving Returned Items From Own Account At another Financial Institution.
Inquiries Initiated By Consumer Action
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.
Inquiries Not Initiated By Consumer ActionText
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.
Retail Information
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.
History Of Checks Ordered
History of Checks Ordered refers to a record of check orders placed within the past three years.
Social Security Number Validation
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.
Drivers License Validation
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 Verification
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.
