Checking Accounts and ChexSystems

Jim Malmberg at GuardMyCreditFile wrote another fantastic article today, touching on an important, but little known topic. There's parallel system for checking accounts similar to credit files. And if you've ever been a victim of check fraud, you'll understand that this system is even more arcane than the credit reporting system, which most folks know at least a little about.

If you have never heard of ChexSystems, you are not alone. But if you have a checking account, it’s history is tracked in much the same way that credit reports track various lines of credit you may have. ChexSystems is the company that does this tracking, and the items that appear on your ChexSystems report should be just as important to you as those on your credit report. If the report is bad, you may be forced to close your checking account and not be able to get a new account at any bank.

technorati tags: check+fraud, idtheft, identitytheft

Comments

[Jim Malmberg]

Just wanted to say thanks for the compliment!