Check Verification Registries

Written by Brett Bruce

Another type of bureau that collects information about you is a check verification registry. This keeps track of your banking and checking information. Negative activities such as bounced checks and insufficient funds with your bank may be recorded by them.

There are several check registries used nationwide. However, the most commonly used are Chexsystems and Telecheck. As long as you don’t have bounced checks and negative balances in your account, you’ll be okay with these companies.

However, if you do have a negative balance that closes your account or you have checks that bounce, you can have a negative report placed on your report. These will stay on for five years.

The consequence of this type of bad report is the inability to get a bank account or write checks to merchants who verify them through check registries.

One of the biggest problems that people face when it comes to check registries is the incident of identity fraud. If someone else is using your checks or debit card to make purchase, you bank account may be cleaned out before you even know it.

Ask anyone who has been through this, and you’ll find out that it can be a nightmare to straighten out the situation. There are steps that you can take, though. In Chapter Nine, you’ll learn about what to do if your identity is stolen.

You’re entitled to receive a free copy of your report from check registries annually or any time you’re denied a bank account from the information on the report. It’s a good idea to check your report occasionally to make sure that the information on it is accurate.

Chexsystems reports can be ordered online at www.consumerdebit.com or by calling 800-428-9623. Telecheck reports can be ordered at www.telecheck.com or by phoning 800-TELECHECK.

Your banking information is as important as your credit information when it comes to your life. Bounced checks and problem with identity theft in this area are likely to lead to legal problems that you don’t have with credit card companies. Check to make sure your check report is correct at least once a year – even if you don’t suspect a problem. It’s free and it will save you a lot of heartache down the road.

TrackBack URI for this entry

Subscribe to this comment's feed