ChexSystems Consumer Score?

Anonymous · ‎04-01-2013

Thanks to this forum, I've got a pretty good foothold into the world of consumer credit scores/reports and so fourth.

Every year I order my free ChexSystems reports - most of you know this is a "credit bureau" which pretty much only tracks your use (or MIS-use) of different types of bank accounts. Pretty much if you bouce checks or somehow otherwise abuse your checking or banking accounts, you'll get a black mark reported to ChexSystems and you won't be able to open a checking or savings account with anybody, anywhere.

That being said, I got a Capital One 360 Checking Account (because of their $50 offer to give to you after 50 days) and I also applied for and received a $500 overdraft line of credit which resulted in a hardpull of my Equifax report. I wanted to see if Cap One looked at ChexSystem, too.

On the ChexSystems site I discovered something that I didn't know before: ChexSystems has something called a "ChexSystems Consumer Score".

The ChexSystems Consumer Score and scoring model may be different than the credit score used by a recipient of your consumer report. Because a credit score is merely a snapshot of a consumer report at the time the score was calculated, the score will change to reflect changes in the report. There are a wide variety of credit scores available and each creditor may use a different score, or may give more or less weight to the score they use in relation to other factors. ChexSystems Consumer Scores range from 100 to 899, with a higher score indicating a lower risk. - Quoted from the ChexSystems website

Anybody know anything about this score? Any places that most of us need to be concerned about actually look at this score? Has anybody else looked at their own score???

It costs $10.50 to order the score from them, so I'm going to do that this morning and see what comes back. I'm curious.

lg8302ch · ‎04-01-2013

looking forward to your findings....and just curious about the scores in your siggy...starting/current inversed?

Anonymous · ‎04-01-2013

My beginning FICO scores were from myFICO reports that I paid for.

After that, I got my only baddie which was being reported on Equifax deleted - that resulted in my Equifax score going up by quite a bit. So my starting Equifax FICO score was 656 with the baddie. Baddie off, it went to 749.

My TransUnion at the beginning had no baddies on it - but I was (and currently am) battling CMI about a baddie on Experian. As a result of that I think, they reported the baddie to TransUnion recently. That resulted in my TransUnion FICO going from 778 down to 690 - all in one day.

So currently, I have one baddie from CMI listed on my Experian and TransUnion reports. I'm working all angles at the moment to get that removed. That's the only thing holding me back right now from my goals.

Once that's accomplished, I'll have zero derogatories across the board and will only have to take care of my old and new credit accounts (pay on time, let them age, focus on CLIs, etc.).

I curse you CMI.

But yeah, I will order that score and post the results on here as well as any other information that might accompany the report. I seem to remember a few places that I applied to for credit recently that also had a 100 to 899 scoring model like ChexSystems - I wonder if that's related somehow??

lg8302ch · ‎04-01-2013

oh thanks..did not think of this..just thought it would make sense the other way around

. ...might buy my scores and check this report too as I have never done so. on that report it should show just my bank accounts then ?

Anonymous · ‎04-01-2013

I got my latest ChexSystems report at the end of February 2013. Here's what it entails when you order it and get it in the mail:

You are issued a permanent "Consumer ID Number" by ChexSystems. That's listed.

The next section is the personal information they have on file for you. That entails (in this order):

Your date of birth, Names (yes, names, with an "s" - like on credit reports, variations of your name reported to them), addresses (current and past addresses).

Next section is "Reported Information": Quoting from the report:

"Reported inforatmion referers 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".

If you're good, this section will only state, "No Information Found".

If you have problems, those problems will be listed in this section.

Next section is called, "Inquires Initiated By Consumer Action".

"Inquires Initiated By Consumer Action refers to inquires 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 inquires are part of your credit history and may be included in our reports to others. These inquires can be viewed for 90 days up to three years."

If you have inquiries, this section will list them.

Next section is, "Inquiries Not Initiated By Consumer Action".

This section is for current creditors checking up on you, pre-approval creditors, potential employers and potential investors trying to assess risks. These inquires are only reported to you and not reported to others.

Next section is, "Retail Information"

"Retail information refers to returned checks written on an account and certain collection accounts. Retailers and other businesses report this inforatmion to Certegy Check Services, Inc. ChexSystems receives this information directly from Certegy Check Services, Inc. and is not involed in the collection of these items."

Again, if you're good, this section should read, "No Information Found"

Next section is, "History of Checks Ordered"

"History of Checks Ordered refers to a record of check orders placed within the past three years"

Next section is, "Social Security Number Validation"

Here it will list your social security number and indicatre the year and state that your number became available. Basically it's verifying that your social security number is real.

Next section is, "Driver's License Verification"

This section will have your current driver's license number, the state of issuance, whom it is issued to (should be your name) and your date of birth.

Then half a page of legal mumbo-jumbo.

so there's some interesting info to be found in that report...

...therefore I am curious about this consumer score they have and what it's specifically based on!

lg8302ch · ‎04-01-2013

oh what a pity! I cannot order the free report because I returned my US DL and kept two European ones

...a few years back I realized I could never apply for the Walmart card (wanted for score purpose only) but did not encounter any problems so far and now this...might have to drive around the block one more time and try to convince the DMV to let me have 3 driver licenses?

Anonymous · ‎04-01-2013

I wouldn't worry about the driver's license. First, I have a German driver's license and a valid state driver's license, too. I paid too much money and invested too much time and training to get my German license and I won't give it up. Plus the DMV (in any state I think) has no way of knowing or even checking if you have another countries license (unless you make it an issue and bring it up to them). In other words, I applied for and got my US driver's license with my German license in my back pocket. Never was an issue. They didn't ask and I didn't tell.

I think the rule is you can't have more than one American license (like you can't have a California driver's license and a Maine license at the same time for example).

If you're in the US, why not get a state driver's license?

But a lack of a license won't keep you from getting your free ChexSystems report. The info to do that is here:

https://www.consumerdebit.com/consumerinfo/us/es/chexsystems/report/index.htm

lg8302ch · ‎04-01-2013

thanks...one should read the fine print

DL was not a mandatory field and it processed ..yupiee..the report will be mailed. Curious to,see what is recorded there. so fare did not see the score purchase but on the mobile it is a bit small...will check on the PC later on.

Anonymous · ‎04-01-2013

This is the link for the consumer score:

https://www.consumerdebit.com/consumerinfo/us/en/chexsystems/disclosure/index.htm

Like I said I don't know if knowing what's on there is important or practical, but out of curiosity only I think it might be worth looking into!