chexsystems and payday loans

Hello Fan. A Bank can affect your chexsystems report if you had a balance due with them at time your account was closed. PDLs also can affect your chexsystems report.

If this is the case that pdls do report to Chexsystems, then I hate to see my report :shock:

I've never seen a payday loan company on my report. I think they report to something called "telecheck" but not checksystems. I'd ask the credit union why they turned you down specifically. They shouldn't have turned you down for just inquires.

There was NOTHING on the "REPORTED" section (where banks list you for mishandled accounts, etc.) Only "Inquiries"....

My mistale I got it backwards..LOL! PDLs DO report to telecheck and Banks report to Chexsystems. Have you ever had a bad bank account in the past that was unresolved. Also be aware that Credit Unions run credit checks upon new account approvals.

But banks don't?? Also, I believe PDL's report to Teletrack not telecheck.

Banks dont what? Credit unions are a little more strict :? So your chexsystems report is clean? Then I would definately ask the credit union about the denial. I know banks and credit unions report to Chexsystems.

"Teletrak" is also another company that gets reports from PDLs. Also "Scan" is another company that gets reports as well. You can get all these reports free of charge.

Banks don't run credit checks?

They may not run credit checks, but they do check to see if you have ever had another bank account that was closed & never paid. I tried to open an account with my sister & because she had a "black mark" with chexsystem for an old account, I had to open it in my name only.

I am clueless on this one but I would think chexsystems only deals with bounced checks and most internet pdl's are EFT. If you had a store front pdl and closed your account then I can see being turned down due to a chexsystem report (not that I agree with it). telecheck and teletrack are paper checks turned electronic I think? Banks do run credit reports, I just opened a new account and they ran my credit. I opened the new account while my old account was in good standing before all this pdl stuff hit.

That is exactly right kfstaff24 . Most banks will run your credit or a chexsystems report to verify your information. I had all 3 of my banks including my credit union run my credit. On another note, there are a list of banks floating around here that DO NOT use chexsystems and you can try either one of those. try researching it in the here:

http://www.debtconsolidationcare.com/banking/index.html

Teletrack will burn you from reloaning on a PDL or Rent-A-Center, etc.. Only if you have a negative mark(even though there are loopholes) :? Chexsystems deal with alot more than bounced paper checks. I am no expert either. On the other hand, based off of experience, banks CAN report overdrawn accounts to Chexsystems. Also Teletrak is just not an EFT system. Bounced paper checks can be reported to them as well. This will result in you being unable to right paper checks at certain retail locations or grocery stores. . :!:

If I was denied a bank account I would check my SCAN, Teletrak, and Chexsystems report for any derrogatory information. If no derrog then I would challange the bank. good Luck :wink:

I've been told that pdl's have been known to pull chexsystems reports in attempt to find new banking info on a person. Can't verify it though.

I have heard the same thing through the chains as weel. They are sneaky as heck :x

yes I have been told by a person that works for a payday loan company that they do indeed run a chexsystems report to gather information etc. Most of these places are ran by "crooks" that definitely have no regard for laws

Like I said I am no expert but I have been in the payday loan cycle since 2005 and I just ordered my chexsystem report and there was only one payday loan company on it Cashnet USA. Their were tons of DP Bureau, LLC whatever that is.