ChexSystems Report Check-Up
Since I opened over 20 different financial accounts of some type during the last half of this year, I was curious to see what my ChexSystems report looked like to see how much damage I made. This little-known company is like a credit bureau except it tracks bank accounts instead of credit accounts.
I put in a request for their free annual (FACTA) report through their website and waited for the report to come in the mail. It arrived in a few days and it had many pages to it, but as I looked through them, there were only three accounts shown on the report. Two were credit unions local to California, and one was Bank of the West.
I also learned that my Social Security Number, was issued when I was around 8 years old. I’m guessing my mom opened a bank account for me around that time. There is also a ranking of your “wealth index” that seemed rudimentary, but was interesting to see.
Only seeing these three accounts temporarily emboldened me for my bank bonus quest. However, I am somewhat suspicious. Doing some quick searching, I found there are a couple other agencies that do the same thing (EWS and Telecheck), so I plan on checking those out as well and will post on those as well.
Reference – Consumer Financial Protection Bureau (CFPB) Article