About Chexsystems

Discussion in 'Payment Processing' started by footballonlooker, Apr 2, 2019.

  1. footballonlooker

    footballonlooker New Member

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    Hello everyone! I do not know is it that place where I should write this question but I can not find another one. Have ever heard about Chexsystems and how it's work. Please answer just those who know the answer/ Thanks!
     
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  2. Conall

    Conall New Member

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    As I know Chexsystems is the special software for banks which helps them to check their customers and find if they bring some risks to the bank systems. It's something like information about potential clients and data about their payment ability, loans and credit history. Other words, all data about their financial life.
     
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  3. footballonlooker

    footballonlooker New Member

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    Thank you for answer very much. And how does it work? Am I giving some written agreement to allow them gather this data?
     
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  4. Conall

    Conall New Member

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    I don't know exactly but I'm not sure about agreement. I think they gather it themselves
     
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  5. Ian Morgan

    Ian Morgan New Member

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    Customer report from Chexsystems is more difficult than simple credit report of every client. Keep in mind that ChexSystems does not report to credit bureaus. They only keep tabs on any negative actions on your part. It doesn’t operate like the credit bureaus, which report the “good” deeds you are doing with your banking accounts.
    Instead, it solely reports the “bad.”
    But no all banks use Chexsystems. Here is the updated list with non chexsystems banks https://checkgain.com/non-chexsystems-banks/

    Hope I was informative and useful for you.
     
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