How Do They Know I Have Bad Banking History?

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If you have ever had to clean up a credit disaster, you know that this is no small feat. Dealing with the mess associated with bad credit does not happen overnight. Whether your reasons for a measly credit score are justifiable or not, some companies will not let you put the past behind you.

One of these companies is ChexSystems, a company that keeps tracks of your banking misdeeds just like credit companies do your bad credit. In an effort to prevent banks from having to deal with unreliable customers, they report incidents of bad credit bank accounts to this company.

You may be reported to ChexSystems for any number of reasons including but not limited to: account or debit card abuse, using counterfeit information, fraud, or insufficient funds.

Although you should be applauded for grabbing your credit score by the reigns, this system essentially blacklists you from opening another bank account. Once reported, these incidents stay on file for five years. When a bank sees that you are in the system, aside from few exceptions, they will automatically deny you from opening an account with them. To see how you rate in the banking world, you can request a copy of your report at Consumerdebit.com.

If you are unable to open an account because a bad credit has been reported, one option to consider is taking out a prepaid or bad credit debit card. These cards will provide you the convenience that a checking debit card would and do not require a bank account. For steps toward getting back on your feet, see The Beginner's Guide to Credit Repair.

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