What is Early Warning Services?
Consumers are not using cash nearly as much as they used to. Statistics show that over one billion financial transactions which take place each day do not involve cash. Because of this, the risk of fraud, forgery, identity theft and counterfeiting has never been greater. All types of organizations depend on top-notch security technology to point out any potentially fraudulent or suspicious transactions. But instead of tracking these transactions themselves, they hire a third-party financial security expert like Early Warning Services to track these transactions for them.
Early Warning Services is a 25-year-old company that works primarily with banks, governmental agencies, and financial institutions to locate any transactions of theirs which could potentially be illegal or fraudulent. They use a mixture of consumer reporting tools and security technology to make this happen. So, if someone were to write a bad check or use a false identity, Early Warning Services would most likely be able to detect this for the financial institution they’re working with.
For those transactions that are fine, they can be processed a lot faster because of the tools that Early Warning Services uses. This means payments will clear faster which allows e-commerce to be expedited. Of course, there are other companies like Early Warning Services which provide services like these to financial institutions. The two big ones are ChexSystems and TeleCheck. However, Early Warning Services has retained a good reputation since it is operated and used by some of the biggest banks throughout the globe. These banks include Wells Fargo, Capital One, JPMorgan Chase, Bank of America, and BB&T.
How to Check your Consumer Report in Early Warning Services
There may be situations where your consumer report on file with Early Warning Services has errors in it. You may first become aware of this after applying for a new checking account at a bank and being turned down unexpectedly. Unless you’re aware of banking problems that you’ve had in the past, you will likely not understand why your consumer report made the bank want to turn you down. Therefore, you must obtain a copy of your consumer report from Early Warning Services so you can see what issues are listed on there.
The Fair Credit Reporting Act entitles each consumer to be able to request their own consumer report for free from reporting agencies like Early Warning Services who keeps a record of them. You can request your report by simply contacting the Early Warning Services: Consumer Services Department. The only contact option available is calling their toll-free number by phone. In addition, Early Warning Services may also include free helpful information on how to protect yourself from online identity theft, bogus credit repair services, and debt collection scams.
Once you get the report back in the mail, look it over and see if there are any errors on it. The information that you see on the consumer report will be from within the last 7 years. Any issues older than that should not be on the report. Early Warning Services will report positive or neutral information in addition to the negative information. This is different than other reporting agencies like ChexSystems which only report negative information.
How Do I Dispute Information on My Consumer Report?
If you’ve reviewed your Early Warning Services consumer report and you think there are one or more errors on it, then you need to file a dispute with the company and state your reasoning for why you think the information is wrong. This dispute must be submitted to Early Warning Services in written format. You can submit it online, by fax, or by mail. There are no fees charged by the company for filing a dispute since it is within your rights to do so under the Fair Credit Reporting Act.
You should expect the dispute process to take no longer than 30 days. This is the maximum amount of time allowed for the dispute process to be completed under the Fair Credit Reporting Act. However, the majority of disputes are often settled within a couple of weeks at the most. In certain cases where someone has stolen your identity and you have a police report to back up the claim, Early Warning Services will resolve the dispute within 4 days.
After the dispute has been resolved, you should receive a written letter in the mail within 5 days after that. This letter will inform you as to the outcome of Early Warning’s investigation. If they decide in your favor, then the errors on your consumer report will get removed. If they decide against your dispute, then you are allowed to submit a short statement about your disagreement with the decision. This statement will be attached to your consumer report and will be visible to financial institutions in the future when they run a check on you through Early Warning Services.