While your credit score represents your history in paying bills and the manner in which you manage credit, Chexsystems monitors and reports on your banking activities. It looks for unusual or suspicious banking transactions, overdrafts, cashing checks against insufficient funds and not meeting minimum account balances. On this subject: read full article.
There's a second letter, also from your bank. This one states the fact that due to unpaid fees and a 'lingering' negative balance your account has been closed and your name and account info have been reported to Chexsystems.Current Chexsystem News:.
Chexsystems serves banks in two ways with these functions. It verifies your checking activity and also operates similar to how a credit consumer-reporting agency does. Just as with the credit reporting agencies like TransUnion, for example, you can also ask for one free report every year. It's free of charge to you just as your yearly credit report is free of charge to you. This is because it falls within the jurisdiction of the Fair Credit Reporting Act, similar to the credit reporting agencies.
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