One reason experts urge you to monitor your credit reports is so that you can catch identity thieves who open fraudulent credit card accounts in your name.
But what if someone else opens a bank account under your name? The thief might be planning to bounce checks on your account or overdraw it at your expense.
That account likely would not appear on your credit reports. Instead, any black marks will appear on your checking accounts reports. If you don’t know how to check these reports, you might not be able to see that the fraudulent bank account exists until it is too late.
Here are the basics for every consumer to know about checking accounts reports. You can also get a free copy.
What is a checking account?
There are many types of consumer reports. One type of consumer report is credit reports. These reports reflect your credit history and loan repayment history.
A checking account report is another type of consumer reports. It reflects your bank history and check-writing.
Just as a lender would likely pull your credit report to determine whether they will lend you money, so a bank might pull your checking account reports to decide whether or not to open a new account.
The Consumer Financial Protection Bureau (CFPB) explains:
“Some banks and credit unions use checking account reports to help decide whether to offer consumers a checking account. Checking account reporting companies compile these reports using information from other banks and credit unions about consumers’ checking account and transaction history.”
Checking account reports contain negative information collected from banks and credit unions. According to the CFPB, this information could include that a checking account was closed because of unpaid overdraft fees or unpaid fees.
Not all consumers have checking accounts reports. The CFPB states that if a bank or credit union has never reported any negative activity related to checking accounts under your name, then you don’t likely have a checking report.
How to request copies of your checking account reports
Credit-reporting agencies — such as Equifax, Experian and TransUnion — collect the information that goes into your credit reports.
Under federal law, every 12 months nationwide credit-reporting companies must provide you with a free copy of the credit report they have on you. (Note: Until April 2022, you can get a free credit report as often as every week, access provided to help folks amid the coronavirus pandemic.) You can request your copy in the 6 easy steps we describe in “How to Get Your Free Credit Report in 6 Simple Steps
Similar to checking account reporting companies, they collect information to help you with your checking account reports. The nationwide checking account reporting companies must also give you a free copy of their reports every 12 months if you request one.
According to the CFPB, those companies are:
- Certegy Check Services
- ChexSystems
- CrossCheck
- Early Warning Services
- Global Payments Check Services
- TeleCheck Services
To find out how to request your checking account report from any of these companies, see the CFPB’s list of consumer reporting companies, which includes detailed contact information for each company.
Some of these companies let you request your report online. Follow the link in the CFPB’s list. For other cases, it is necessary to request the report by mail or phone.
Disclosure: The information you read here is always objective. Sometimes, however, we receive compensation if you click on links in our stories.
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Karla Bowsher,https://www.moneytalksnews.com/how-to-discover-if-crooks-have-opened-bank-accounts-in-your-name/
source https://ihomenews.com/how-to-tell-if-fraudsters-have-opened-bank-accounts-in-your-name/
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