Sample Consumer Report

February 14, 2009

Maria C. Smith
545 MAIN ST
ANY TOWN GA 54869

ChexSystems will re-investigate any item listed in your consumer report that you believe may be inaccurate or incomplete. In order for a reinvestigation to be initiated, please complete the enclosed form and mail it to the address listed above in our letterhead or by fax to 602-659-2197.

This report was prepared for Maria C. Smith

Consumer ID:12345770 for Maria C. Smith
Please provide your Consumer ID number, along with your Social Security number in any future contact with ChexSystems.

Reported Information

Reported Information refers to reports of accounts that have been mishandled, reported for cause, and/or outstanding debts. Reported Information is submitted directly to ChexSystems by members of our service, which consists mainly of financial institutions. Our current practice is to retain this information for a period of five years.

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As more and more consumers find themselves living with bad credit, banks have been forced to adjust to the new realities of the nation.   Until recently, it was assumed that someone with bad credit and a Chexsystems report would not be able to open a regular checking or  savings account.

Thankfully, some banks are beginning to realize that giving people a second chance can be profitable. Some banks will allow anyone with an existing checking account to open a savings account. One good example of such a bank is ING, offering an online ING savings account that has received very positive reviews from users particularly because the accounts pay a higher than average interest rate.

But if you don’t have an existing checking account, what do you do? Well, you can turn to those banks that are known to issue guaranteed checking accounts.

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Despite the message seen when you visit the national Get Checking website, the program continues to operate in the Los Angeles area.

Get Checking is a 6 hour educational program designed to help individuals who do not have a banking relationship to gain access to financial services. This program is particularly useful to people who are unable to open a new bank account due to bad credit or a failed ChexSystems verification.

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If you’ve recently been denied a new checking account due to bad credit or a failed ChexSystems or Telecheck verification, you are not alone. Thousands of Americans are in the same boat and are desperately looking for an alternative. These days its difficult to imagine living without a bank account.  Everything in our modern day lives is made easier with access to a bank account. Think about it… from getting paid, to paying practically every bill imaginable.

So what does one do when denied an account? Well, some people simply go without a bank account. These are the folks labeled as the “unbanked”. They frequent check cashing outlets to cash their paychecks and pay bills.  There are other options.  So if you are stuck having to use a check casher, listen up.

We just published a page with  a list of 2 FDIC insured banks that will provide guaranteed checking accounts to anyone who has 1) a U.S. government issued ID and 2)money to make the initial deposit ($30 will suffice)  Note:These banks will NOT charge you to open your account! Read the rest of this entry »

Are you one millions of Americans living with bad credit? If so, you’ve probably felt the frustration of trying to go about your life with limited choices. It really is a tough position to be in, especially if you have a family.  What’s most frustrating is for most people, having bad credit is a result of financial difficulty or challenging life circumstances. True, some people are irresponsible and cannot be trusted to pay anyone back. There are those who have a good source of income but just choose not to pay their bills.  This is a small minority of those who have bad credit.

The majority of folks with bad credit have had a rough time. Either they don’t make that much money and end up making lousy financial decisions out of stress and desperation or they’ve gone through a divorce, lost a job or have been too sick or disabled to work.

To add insult to injury, once you have bad credit, you can expect to pay MORE for most everything. Here is a list of what you can expect when you have bad credit…

The Cost of Having Bad Credit

1) Higher car insurance premiums –assuming you get approved.

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