What actually ChexSystems?According to Wikipedia, ChexSystems is a check verification service and consumer credit reporting agency (a US credit bureau or UK credit reference agency ) such as Experian, Equifax and TransUnion.Paydex score from Dun and Bradstreet and the Experian Intelliscore also synonyms with ChexSystems which i can check and verify yourCommercial credit reports and scoring .However there was also still a non chexsystems among banks.ChexSystems was also known as eFunds’ ChexSystems.
ChexSystems basically provides data related to how a consumer has handled deposit accounts at banking institutions.As for now almost 80% of all commercial banks and credit unions in the United States uses ChexSystems.
It was reported by eFunds ChexSystems that their services are used in 9,000 banks, including over 100,000 individual bank branches in the United States. There were many types of ChexSystems products offered by eFunds which is DebitBureau, DebitReport, FraudFinder, Identity Theft, ID Verification, ICMS, ProspectChex, QualiFile, and Transaction Monitoring.It was a very useful system for consumer checking or savings account application process which is vital on verifying credit relationships status.
