What is ChexSystems Consumer Score?
Table of Contents
- 1 What is ChexSystems Consumer Score?
- 2 Frequently Asked Score Questions
- 3 What is the score on my ChexSystems consumer report based on?
- 4 What is the range of consumer scoring for ChexSystems?
- 5 Why are scores used by companies in the first place?
- 6 How can I get a better score on my consumer report?
- 7 Does everyone on file with ChexSystems have the same score?
Like credit scores, ChexSystems has something called “consumer scores” when ranking a consumer’s bank account history. A consumer score can also be between 100 and 899 just like a credit score. Obviously, you will want to have a consumer score closer to 899 to be on the good side of ChexSystems consumer report. If you are toward 100, then opening a new checking account will be close to impossible for you to do.
When you go to a bank to open a checking or savings account, the first thing they are going to do is check your consumer score through ChexSystems. And although the consumer score is different than the credit score, it is possible for the consumer score to have a negative impact on your credit score and vice versa. It just depends if the banking activity had anything to do with unpaid debts to the bank.
For example, if you have a low credit score of 500 and a lot of bad marks on your credit report, the ChexSystems may take these factors into consideration when generating your consumer score. On the flip side, if you were to avoid paying overdraft fees to your bank, for example, then it would have an impact on both your consumer score and credit score. After all, why would a lender trust you in paying back a loan when you can’t even pay the overdraft fees on your bank account? So, you need to keep both scores balanced and positive at all times.
Any negative occurrence with your bank account in the past will affect your consumer score. Some of the most common negative factors include unpaid negative balances, check fraud, identity theft, lost checks, lost debit cards, multiple accounts opened within 90 days, credit inquiries, and even ordering checks too often.