Why Are Banks And Companies Checking Up On Your Bank History?
TeleCheck reports on your bank history. Though it has links with your credit history, it does not actually provide credit information. It reports on your banking history so that companies and banks may see if you are a viable customer and if they should accept checks from you or allow you to open an account with them.
Why Are Banks And Companies Checking Up On My Banking History?
A person may have a reasonable credit rating, but a terrible banking record. The same is true in reverse, and some companies and banks are interested in your banking history.
A company may be unwilling to open an account for a person they deem as a risk. They may be unwilling to accept checks from that person, and banks may be unwilling to either open accounts, or open accounts with privileges for people they deem to be a risk.
Banks and companies may use TeleCheck, Early Warning Services or ChexSystems. Some companies and banks use all three to get a better view of your banking behavior.
Risk And Other Reasons Why You Were Denied
TeleCheck will not give you a full risk report. They examine over one-hundred factors to determine if you are a risk. If you are denied the chance to open an account or transact any sort of business because of TeleCheck, then they will happily send you a free report giving the top three reasons why you were rejected, but they will not explain how they came up with their risk score and what factors they…