ChexSystems is more important than you may think!
I just read a great article titled Back to the Basics: Staying out of ChexSystems on the It’s Just Money blog. This article really shed some light on ChexSystems. Most people (including myself) have either hever heard of ChexSystems, or they have no clue what it is.
Not being an advocate of redundancy, I won’t repeat the article in its entirety (but you should read it!). Here are the highlights:
- “ChexSystems is a consumer reporting network among banks, used much like credit reporting agencies”
- “There is no ChexSystem’s “score” or rating. It is simply a yea or nay system”
- “An individual who is reported to ChexSystems will likely be denied opening a checking, savings, or even a CD account with virtually every bank in the country” (!!!!)
Yea…scary stuff! I suggest you read the rest of the article and STAY OFF OF CHEXSYSTEMS!!!
