What is ChexSystems Consumer 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.

We believe in second chances

Guaranteed checking account for customers who are denied by ChexSystems or who are looking for a Second Chance Checking Account. Feel free to apply for a new account, despite your financial history.

  • NO Monthly Service Charge
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  • Online Banking, Mobile Banking, and Bill Pay

Frequently Asked Score Questions

What is the score on my ChexSystems consumer report based on?

The consumer score on your ChexSystems report is based on the previous banking transactions that were recorded on there.

What is the range of consumer scoring for ChexSystems?

Similar to the credit score range, consumer scores in ChexSystems reports can be a minimum of 100 and a maximum of 899. The lower the score, the worse the report and the higher the risk. The higher the score, the better the report and the lower the risk.

Why are scores used by companies in the first place?

Whether you go to a bank to open a new checking account or a lender to apply for a loan, they are going to want to see how well you have managed your financial responsibilities in the past. By looking at your consumer score, these companies will be able to decide whether you are trustworthy with taking on more debt or a new bank account.

How can I get a better score on my consumer report?

The score on the ChexSystems consumer report can change as time goes on. There is no fast solution for changing your consumer score unless you dispute it because you feel it is inaccurate. Otherwise, you could end up waiting years before the consumer score changes. During that time, you need to fix any problems in the past that damaged your score in the first place such as unpaid overdraft fees or other unpaid amounts that you owe. Also, do not trust any third-party company that claims they can eliminate bad marks from your credit history, such as late payments or loan defaults. If these negative items are supposed to be on your report, it is illegal for some company to try and remove them for you. This will only result in you getting in trouble and worsening your consumer score and your credit score.

Does everyone on file with ChexSystems have the same score?

Each person on file with ChexSystems has their own unique score. This score is based on the customer’s own personal financial transactions from the past which is why their consumer score is unique to them. The first thing lenders and creditors see is the customer’s credit score and consumer score. This gives them an idea of what the rest of their report will be like. Also, all the clients who hire ChexSystems have their own conditions and strategies for managing the risks they are taking with their customers. Even though they may be influenced by a customer’s consumer score and credit score, it is up to the client to decide whether they will trust their customer or not. ChexSystems does not make that decision for them. They just provide the consumer report and score based on the information they’ve collected about that customer. The score itself changes all the time as information on the report changes.