Chexsystems and Differences Between Reports

Chexsystems and Differences Between Reports

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  • Experian credit reports contain a unique feature that many users find extremely enlightening. For all of the accounts listed in your credit file, Experian shows you “Status Details” indicating when an account is scheduled to fall off your credit report.
  • Fair Credit Reporting Act: The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.
  • Equifax reports are the only ones that summarize “Open Accounts” and “Closed Accounts,” making it far easier to distinguish this information and choose which accounts you want to examine first.
  • Key Differences Between Equifax, Experian and TransUnion Credit Reports:
  • Equifax files often show an 81-month credit history for your credit accounts.
  • With Experian credit files, you will see a monthly “Balance History” for any accounts that are still open, or for those closed accounts with an outstanding balance.
  •  TransUnion reports list “Satisfactory” and “Unsatisfactory” accounts. They also include color-coded boxes (white, green, yellow, orange and red), with words or numbers inside of them, to indicate your payment history.
  • TransUnion also uses the notation “N/A” or “Not Applicable” to describe various accounts.
  • TransUnion has the most thorough employment data section in your personal summary. You can update or correct several fields, including: your current or previous employer’s name, the position you held and the date you were hired.
  • ChexSystems will never require payment from a consumer in order to investigate the accuracy of consumer reporting information, nor will it ever require payment in order to remove inaccurate consumer reporting information.
  • ChexSystems: a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA). ChexSystems' clients regularly contribute information on closed checking and savings accounts. ChexSystems provides services to financial institutions and other types of companies that have a permissible purpose under the FCRA. ChexSystems' services primarily assist its clients in assessing the risk of opening new accounts.
  • ChexSystems is not a collections agency. 
  • ChexSystems will never contact a consumer as part of an effort to collect a debt, and does not make unsolicited calls to consumers.
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