Free ChexSystems Help and Bad Credit Resources for All Consumers

(PRWEB) April 21, 2005

“With over 20,000,000 people stuck in ChexSystems, and thousands more reported to Telecheck, we felt the need to create an organization to help people overcome their financial situation,” said Steven Baik, the co-founder of On April 2003, with partner and co-founder Natalie Moy, they began their mission to create a website where anyone with an internet connection could simply visit the site and find immediate solutions to ChexSystems. In addition to informative articles, they give you full and free access to a list of “non-ChexSystems banks.” “Non-ChexSystems banks” are simply banks that do not use the ChexSystems verification system. As simple as it may sound, information on these types of banks are very valuable to individuals currently listed on ChexSystems.

Background on Chex Systems, Inc:

“Banks rely on ChexSystems primarily to help them screen applicants for new accounts, especially checking accounts. Checking accounts don’t generate much money for banks; many offer them free in hopes of enticing you to invest in more lucrative products.

But issued indiscriminately, checking accounts can expose the bank to considerable fraud and eat into profitability. According to a September 2000 report by TowerGroup, financial institutions were hit for an estimated $ 1.3 billion in check fraud in 1998. Merchants lost an estimated $ 13 billion to bad checks that same year.

Since past account problems are considered a key predictor of potential risk, many (though not all) member banks will deny an account based on a ChexSystems report.

In these scenarios, the customer frequently considers ChexSystems the bad guy even though it has nothing to do with any decision a financial institution might make based on information in its database.

“The data that is stored within ChexSystems is factual, accurate data; it’s what happened. Now, how the bank uses that information is completely at their discretion,” says Nelson, chief privacy officer of EFunds. “Just because there is an account closure on file in ChexSystems is not an automatic decline at every bank. Each financial institution sets its own parameters.”

A little less than 50% of the people that are reported to ChexSystems, use non-ChexSystems banks to overcome their problem. Over 50% of them resort to opening up an untraditional bank account often called “second chance bank accounts”; usually a debit card connected to a bank account. “With the high demand for second chance banking products, we’ve partnered up with a FDIC insured bank to offer our second chance checking account. Although, this account is initially checkless, it does provide all the benefits of a regular checking account (bank routing number, account number, and debit card). If you keep your account in good standings, the bank may graduate you up to check privileges,” Natalie states.

Beyond ChexSystems and “second chance” bank accounts, has furthered their interest in providing quality financial products by offering bad credit personal loans and home mortgages through lending partners that primarily deal with bad credit.

“Our original mission was to create a website where people with damaged credit could find quality financial products without getting ripped off or overcharged, and this is the same mission that drives our site today. We screen all of our 3rd party partners to make sure that they are legitimate and that they provide good products at competitive rates. It works! People find competitive rates on great services, and the service providers get the business that they are looking for,” says Steven.

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