topic Chexsystem - No Information Found in Personal Finance

Chexsystem - No Information Found

Anonymous — Tue, 19 Feb 2019 22:29:44 GMT

Hey All,

I decided to check my Chexsystem because I was curious and I am thinking about moving away from Chase. The report arrived today and is not what I was expecting.

My Personal Information is correct, but not nearly as updated as I would have thought. Only one address appears, whereas my credit report has my old apartment and college address and one spelling of my name (I non-legally changed the spelling in grammar school, and both spellings appear on Credit Reports, don't ask...). Now it gets even more odd. Under all the categories it says "No Information Found."

I have had the same Chase account forever, and it is under the umbrella of my parent's account, opened a Wachovia Account for a SUP about 12 years ago, and six months ago opened a Navy Fed online checking account because it was the easiest way to get cash out of my (opened eight months ago) savings account. With the chase account I am joint with my parents on all the accounts, theirs, they are on mine, an account for a second home we share, and their two business accounts. The Social Security Number Validation has the correct last four of my social.

What are your thoughts? Is this good or bad?

The "No Information Found" categories are: Reported Information, Inquiries Viewed By Others, Inquiries Viewed Only By You, Retail Information, History of Checks Ordered.

Thanks

Re: Chexsystem - No Information Found

Anonymous — Wed, 20 Feb 2019 05:41:23 GMT

Chexsystems is a “negative information reporter”. That’s totally different than credit bureaus, which report all information.

Chexsytems only captures adverse banking behavior. If you bunched a check, negative balance, NSF, and if a bank account was closed by the bank for negative reasons. Nothing else. When you open an account and banks check your file they want nothing to come back. That’s good. If your file comes back with information that’s usually bad for you.

If you want a banking report that has every single ACH transaction you have ever made in your life, order your “Early Warning” report. It’s scary how much info they have.

https://www.earlywarning.com

Re: Chexsystem - No Information Found

DaveInAZ — Wed, 20 Feb 2019 14:25:28 GMT

True that about Early Warning (EWS), they also report monthly statement balance of accounts and phone number and email, they report way beyond an "early warning" for negative banking activity they claim to be. But Chexsystems also reports inquiries when opening new bank accounts. But Chase and Wachcovia, now Wells Fargo, use EWS so those accounts wouldn't be on Chex. I'm pretty sure Navy Fed uses Chex, but since the OP already had a savings account they might not have pulled Chex.

Re: Chexsystem - No Information Found

Anonymous — Wed, 20 Feb 2019 22:11:36 GMT

Thanks, guys. Interesting. Is there a way to determine which banks use Chex and which use EWS? Just curious because I had not heard of EWS and it seems it is prevalent with larger national banks (inferring from Dave's comment).

Re: Chexsystem - No Information Found

Anonymous — Fri, 22 Feb 2019 01:26:46 GMT

@Anonymous wrote:
Thanks, guys. Interesting. Is there a way to determine which banks use Chex and which use EWS? Just curious because I had not heard of EWS and it seems it is prevalent with larger national banks (inferring from Dave's comment).

Check "Doctor of Credit". His site is like something from the 90s but its full of usefull information

https://www.doctorofcredit.com/banks-credit-unions-dodont-pull-chexsystems/

https://www.doctorofcredit.com/everything-youve-wanted-know-early-warning-services-ews/

https://www.doctorofcredit.com/banks-credit-unions-dodont-pull-early-warning-services/

Re: Chexsystem - No Information Found

Anonymous — Fri, 22 Feb 2019 01:38:17 GMT

@DaveInAZ wrote:
True that about Early Warning (EWS), they also report monthly statement balance of accounts and phone number and email, they report way beyond an "early warning" for negative banking activity they claim to be. But Chexsystems also reports inquiries when opening new bank accounts. But Chase and Wachcovia, now Wells Fargo, use EWS so those accounts wouldn't be on Chex. I'm pretty sure Navy Fed uses Chex, but since the OP already had a savings account they might not have pulled Chex.

Navy uses EWS.

Its really easy to tell who does - if they offer Zelle, they use EWS.

Re: Chexsystem - No Information Found

Anonymous — Fri, 22 Feb 2019 18:20:17 GMT

Thanks, All. Great info here. I am going to switch my primary checking to Schwab and, while I am not worried about applying, I wanted to make sure there were no issues. Hate taking a HP (have none on EQ) for a bank account, but travel a lot so the fee savings is more important than the pull.

Re: Chexsystem - No Information Found

800FICOGoal — Tue, 26 Feb 2019 08:33:08 GMT

@Anonymous wrote:
The "No Information Found" categories are: Reported Information, Inquiries Viewed By Others, Inquiries Viewed Only By You, Retail Information, History of Checks Ordered.

Thats the same result I hope to get.