Frequently Asked Score Questions
Why did my ChexSystems consumer report receive the score it did?
Your ChexSystems Consumer Score is based on information contained in your consumer file. By reviewing the key factors that impact your score, you can gain a better understanding of your score.
Why do companies I want to do business with use scores?
Potential lenders or other creditors want to see how you have fulfilled your past credit obligations to assist them in determining if they are able to approve your request for credit with them, and to help them determine the terms of that credit.
How can I manage or improve my score?
Scores can change gradually over time as your overall credit and debit history changes. There is no quick remedy for eliminating past credit history that may be affecting your score. There are many credit repair companies doing business today but you should be very cautious and avoid any companies that offer to remove late payments or other accurate information from your credit history. It is illegal for these companies to offer to remove accurate and timely negative items from your credit history. If you are unsure about a company's credibility, you should contact the Better Business Bureau before doing business with them. The best approach for managing your score is to manage your credit and debit activities responsibly over time. You should review the key factors provided with your score. These are the main elements or factors affecting your score.
Do all ChexSystems customers receive the same score?
No. Each client of ChexSystems services may consider a number of factors (including your ChexSystems Consumer Score) and employ its own risk management strategies in connection with its decisions whether to approve an application and on what terms. The ChexSystems Consumer Score and scoring model may be different than the credit score used by a recipient of your consumer report. Because a credit score is merely a snapshot of a consumer report at the time the score was calculated, the score will change to reflect changes in the report. There are a wide variety of credit scores available and each lender may use a different score, or may give more or less weight to the score they use in relation to other factors.
What are ChexSystems Consumer Score ranges?
ChexSystems Consumer Scores range from 100 to 899, with a higher score indicating a lower risk.