Improve Your Credit– Los Angeles, Seattle, San Francisco
For many Americans, the denial of opening a new bank account is a common occurrence. But is this a deserving status or a misinterpretation of what should actually be looked at for your financial history. The other credit bureaus such as Transunion, Equifax, Experian, report credit history and relationships. But, this is not what most banks are pulling when applying for a new bank account. 80% of the nation’s banks use Chexsystems to look at your past, more so, all your negatives. They will look at any fraudulent accounts, bounced checks, or anything pertaining to negative movement on your deposit accounts. These databases are essentially punishing the lower income class by going through the small financial errors which will end up costing them more with the banking services that allow their situations. It’s been estimated that more than 2 million people get denied bank accounts per year because of Chexsystems.
Opening bank accounts is a critical factor in helping consumers who are working on Improving their Credit portfolios. A checking account is also helpful in establishing bank relationships and building financial credibility when consumers are working towards obtaining credit lines in order help with raising their credit scores. However, the banks using the information compiled by Chexsystems may cause banks to deny such accounts based upon unfair prejudicial information. Further, most negative information on a person’s reports stays in Chexsystems database up to five years. Moreover, most consumers don’t know how or even know that this information can be challenged in order to be removed.
Credit Team USA (888) 990-99787