Chexsystems

[Anonymous]

Hi Dave!  Very helpful reply just now.  Thanks!!!

You mention that EWS and Chexsystems do not not share info.  That's great to hear.  On the other hand, TU, EX, and EQ don't share info either -- but that doesn't mean that a creditor who has reported an inquiry to TU (or a new account, or a negative event, etc.) hasn't also reported it to EQ and EX.  Indeed, more often than not, if a creditor has reported it to one of the Big Three, he's reported it to the other two as well.  (Though the inquiry by itself might be only reported to one.)

So my question would not be whether CS and EWS share data (not surprised that they don't) but rather how common is it for a bank to report to more than just one.  I plan to pull my free report at each of the check-monitoring CRAs (Chexsystems, EWS, TeleCheck, and Certegy) here in a few weeks, and I should have some useful data on the overlap (given the large number of accounts I have opened in the last 7 months -- plus a few others in the last 5 five years).

BTW, I got the names of TeleCheck and Certegy from this list of all CRAs:

http://files.consumerfinance.gov/f/201501_cfpb_list-consumer-reporting-agencies.pdf

Certegy sounds like one that doesn't monitor the actual opening of bank accounts, so it may not be one I need to follow up on in the future.  I'd be grateful to hear any opinions you (or anyone else here) might have about how common Telecheck is (as a competitor to CS and EWS).

Speaking of followup, I live in Georgia, and our state law mandates two additional free reports from a CRA beyond the annual one required by federal law.  I am hoping that CS and EWS and TC all consider that binding on themselves as CRAs, in which case I will be able to pull at no cost once every four months from all three.

CS also has a score it provides, which is different from the report and does cost money ($10.50 I believe).  The score is similar to the way FICO and Vantage turn all your data in your report into a number.  I may purchase the CS score too.  Any opinions before I do?  Do you know if EWS also sells a score?

I found the following articles just now about CS and their score, some of which sounds applicable to EWS and possibly TC as well:

https://wallethub.com/edu/chexsystems-score/13318/

http://creditbuildersalliance.org/whats-new/resources/bank-account-opening-assessment-tools-chexsyst...

http://rebuildcreditscores.com/what-is-your-chexsystems-consumer-score/

There are a lot of other articles out there too.

[DaveInAZ]

Well, $10.50 isn't much for the Chex score, but if I knew I had no negative bank info (which I don't) I don't think I would bother. I ordered both an EWS & Chex report about a year and a half ago, before I started my new account spree, and they were both blank, i.e., no history. Not surprising, back then I hadn't opened a new bank account in over 5 years, and I've never ever had a banking problem, never written an NSF check. My only concern is having too many new account inquiries.

I can't see a bank/CU reporting to more than one service, it's not like credit reporting, the purpose EWS & Chex is solely to protect them from fraud and folks who frequently overdraw their accounts. While those NSF fees are a gravy train and most banks will keep customers who cover those fees, they don't want them as new customers. 

If you don't have a history of NSF or other unpaid bank fees I would be concerned only about racking up too many new account inquiries - with so many banks offering new account bonuses these days a customer with too many (over 5?) new account inquiries would indicate to them the customer is likely only interest in the bonus and then leave, instead of being a prospective long term, profitable customer.

The one report I would love to get is what Lexis Nexis has on me, but apparently they aren't considered a CRA. Last April I was doing a balance transfer on a pretty new Barclays card online and it asked me several security questions. I was concerned when the system asked me a question about my sister. Concern because she's one of those people who just cannot manage money and has terrible credit, but also concern at how they could possibly make the connection - she lives in Ohio and I'm in AZ. I posted a thread here on MyFico and one reply said "Welcome to Lexis Nexis!", and asked if we ever had the same address as adults. I replied "yeah, back in the mid 1980's when I went back to help my ailing father for a year". The poster replied "that's their connection, Lexis Nexis never forgets". Kinda scary. 

[Anonymous]

LexisNexis is listed on the CFPB's "List of Consumer Reporting Agencies" (page 22).

http://files.consumerfinance.gov/f/201501_cfpb_list-consumer-reporting-agencies.pdf

So you should be able to get a free report from them.

[DaveInAZ]

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@Anonymous wrote:

LexisNexis is listed on the CFPB's "List of Consumer Reporting Agencies" (page 22).

http://files.consumerfinance.gov/f/201501_cfpb_list-consumer-reporting-agencies.pdf

So you should be able to get a free report from them.

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Ah, thanks alot. Requested a copy of my file.

[Anonymous]

I'm gonna do that too.  LN has been on my list for a while.  So has Experian -- I can get my TU and EQ reports weekly through Karma but it's been a while since I have pulled an Experian report.

Some other CRAs that may be worth pulling your report from include Innovis and NCTUE.  And some credit card issuers may pull Sagestream and ARS (e.g. US Bank).

I found a cell phone account on my NCTUE report that belonged to some guy who had moved into my apartment after I moved out (five years ago).  Apparently the shared address was enough for NCTUE to get confused and place his account on my NCTUE report (though our first name, last name, phone number and social were all different).  If he had ever had late payments on his cell phone it could have affected me.

[core]

When you guys receive your IDA/Sagestream/etc reports, please remember to come back to this thread and post a followup saying that there's absolutely nothing in those files to be afraid of.  Or not, I guess.  It's much more fun to parrot stats about who-pulls-which-4th-CRA and to scare people into freezing them because they are some big scary deal. 

By the way I do not see any difference between advocating freezing one of the big 3 to manipulate a creditor's decision, vs freezing one of these IDA-type guys.  What's the difference?  Oh, I guess that one's not paying MyFICO's bills, and that's why we're allowed to advocate it.  Right?  Crystal clear.  Except the TOS on this forum are not.

[Anonymous]

That was really funny.  :-) 

Now I did NOT mention the freeze word.  :-)   I just said those were two CRAs that might be interesting to look at because at least one lender/issuer uses them.  Gathering information about your own profile is not advocating any particular tactic. 

But yes, if I can summon the energy (doubtful but possible) to pull those two CRA reports I will let you know what they look like, compared to my reports from the Big Three.  I am certainly very eager to see what the three banking/checking CRAs have to say.

[core]

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@Anonymous wrote:

I am certainly very eager to see what the three banking/checking CRAs have to say.

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I pull all of mine each year.   The LexisNexus packets are a real bear to scan a page at a time, by the way.  Nothing scary on any of them.  NO, they don't contain a conglomeration of all of your inquiries.  No, it doesn't say your "real" income.  No, it doesn't list that account that the creditor closed 20 years ago.  No, it doesn't show the time you got arrested in a cemetery with a chick when you were 18 years old.

A bunch of fuss over nothing.  Mainly from people who have never requested their own darn reports.

[Anonymous]

So what do I have to do to get the world to know about the time I got arrested in the cemetery with a chick?  I was really hoping that somebody would have a record of this.

[core]

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@Anonymous wrote:

So what do I have to do to get the world to know about the time I got arrested in the cemetery with a chick?  I was really hoping that somebody would have a record of this.

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They do have record of this... now, since you just admitted it    Too bad this was (in my case) before the days of wearable cameras and youtube.  Back then you had to sling a VHS cam over your shoulder.  Chicks seem to get creeped out about VHS cams in a cemetery for some unknown reason.  Maybe Sagestream knows why.  Hell if I do.

But seriously if you really want a semi-permanent record of it on file for the world, just don't pay the $25 fine for about 20 years.  Catches up to you.  The statute of limitations is tolled as soon as the charges as filed, even if filed against John Doe.  So they can haul you in for your heinous crime even 50 years later.