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Free Consumer Report from ChexSystems

Yesterday, we saw that certain banks do hard credit inquiries on checking accounts, but learned that others simply use ChexSystems to determine whether or not to issue checking accounts.

Did you know that you are entitled to a consumer report once a year?

I went on to the ChexSystems Consumer Assistance site and ordered my consumer report. Under the Fair and Accurate Credit Transaction Act (FACTA) amendments to the federal Fair Credit Report Act (FCRA), you are entitled to a free copy of your consumer report, once every twelve months.

So what does a ChexSystems report contain?

I went on to the ChexSystems website and requested my free copy, not because I was worried but because I was curious about what was on it.

It turns out that it could contain a lot of information. There are seven types of information listed in the report.

  • Reported information: These are accounts that have been mishandled, reported for cause, and/or outstanding debts. This information is retained by ChexSystems for five years.
  • Inquiries initiated by consumer action: This 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. These inquiries can be viewed for ninety days up to three years (Although I opened a credit card less than a year ago, and it is not listed).
  • Inquiries not initiated by consumer action: This includes current creditors, pre-approval creditors, potential employers, and potential investors trying to assess risks. This information is only reported to you as a record of activities and it is not included in requests made by others.
  • Retail information: This refers to returned checks written on an account and certain collection accounts. Retailers and other businesses report this information to Certegy Check Services, which passes the information on to ChexSystems.
  • History of checks ordered: This refers to a record of check orders placed within the past three years.
  • Social security number validation and driver’s license verification: They simply include basic information about when a particular sequence of digits first became available by the Social Security Administration. As well as any information associated with you (last 4 digits of driver’s license number, state, name, and date of birth).

Take Control of Your Financial Health

Surprisingly, other than the social security number validation and driver’s license number, my report contained no information. I thought my credit card would be included as well as a bank account I opened a little less than a year ago. However, they must have fallen off a bit earlier than expected.

Now that you know what’s included, do you Want your own report? Simply head over to the ChexSystems site and order your free consumer report.

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3 COMMENTS

  1. Hi Daniel! You are very, very cool! As I read your blog I kept on saying Wow! Wow! Wow! after each stat. I really wish we had been as disciplined as you when we were young. You’re setting such a great example for Avi who even thinks your apartment is totally cool.

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