The ChexEDU Report, a product of Chex Systems, Inc. (ChexSystems®), gives consumers insight into what information a company using ChexSystems alternative data may see when they apply for a new account.
Good credit is an asset in the modern United States economy and hinges on having access to a bank account. In many ways, a savings and checking account are prerequisites for establishing financial stability and gaining access to credit cards and certain loan products. Banks and credit unions use screening methods to ensure they are opening safe and profitable checking and savings accounts. About 80% of these organizations use ChexSystems reports to do so. ChexSystems reports are also used by payday lenders, check cashing companies, and more use these same reports.
Working with ChexSystems, CBA Access members can provide a new service to their programming by using the ChexEDU report. ChexEDU report, a product of Chex Systems, Inc., gives financial coaches and counselors a version of the reports that banks, credit unions, and other financial institutions see when a person applies for a bank account or credit.
Through this partnership, CBA Access Members can now:
- Get discounted rates on ChexEDU Reports
- Enrich programming and participant experience
- Remove or reduce barriers to banking for participants
- Waived set-up fees ($2,500) and monthly minimum fees ($100/month)
- Receive technical support while implementing and credentialing from CBA experts
- Receive product knowledge and support from CBA experts
Frequently Asked Questions
Yes, but they report on different material! ChexSystems is a nationwide specialty consumer reporting agency under the guidance of the Fair Credit Reporting Act (FCRA.) The law defines a consumer reporting agency as any person or entity that assembles or evaluates consumer credit information to furnish this data to third parties. ChexSystems does this, focusing on banking on a national level. This makes it a nationwide specialty consumer reporting agency.