Do you think being reported to chexsystems is bad? More and more people are telling me that they are being denied accounts not because of chexsystems, but due to EWS. This seems to be happening more with credit unions than banks from what I can tell. There are some that are opening accounts and later within a week to 30 days, the accounts are being closed due to EWS.
I decided to look into it more so because these people are on chexsystems so how have they been reported to EWS? I thought to myself, how can EWS have the information from chexsystems? This is what I have found so far.
Early Warning Services (previously Primary Payment Systems) is now being used by banks and credit unions the same as chexsystems. Along with other participating organizations, they now share information about potential customers that may be a risk through Identity Check . Identity check distinguishes high-risk individuals from profitable customers the same as chexsystems.
Several organizations have partnered with Early Warning Services to help increase awareness. Here is a list of partners they are in collaboration with currently. CO-OP Financial Services who is listed as a partner with EWS also signed a multi-year contract with eFunds Corp(chexsystems) April 2007.
Those wishing to obtain consumer report information should contact their Consumer Call Center at 800-325-7775. From what I have been told it is much easier to get a copy of your report with EWS than it is with Chexsystems. Apparently they will email you a form that you can mail or fax back to them. From what I have been able to tell, if you are reported to chexsystems then chances are good that you are reported to EWS. This seems especially true of those that have a Chexsystems report that has fraud indicated on it.
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.