You can now access ChexSystems® data in combination with CoreLogic® Teletrack™ industry-leading credit risk assessment tools. Historically, consumers establish a debit account earlier than a credit record, which is why data from CHEXSYSTEMS® DebitBureau is valuable when assessing the risk associated with non-traditional credit transactions. In the last quarter of 2010, demand for CHEXSYSTEMS® data doubled from the previous quarter. Teletrack expects this trend to continue in 2011, as the CHEXSYSTEMS® Debit Report has been shown to help improve risk assessment for credit issuers who want to:
- Increase their overall customer base without increasing overall risk
- Maintain approval levels while reducing credit losses
- Grow overall profitability through balancing growth potential with controlled risk.
Using the extensive data from CHEXSYSTEMS® DebitBureau®, the CHEXSYSTEMS® Debit Report provides real-time debit summaries about consumers who have or had checking or savings accounts. Updated nearly 430,000 times each day, CHEXSYSTEMS® DebitBureau is a powerful tool that a lender can use to help determine creditworthiness, and review a consumer's past banking history, with information from more than 8,500 banks with over 150,000 locations and from 70,000 retailers and merchants.
You can access the CHEXSYSTEMS® Debit Report for a score and more than 78 data attributes through the same interface used to process credit inquiries against the Teletrack database. When accessing the CHEXSYSTEMS® Debit Report through our interface, you receive a score that can be used to help evaluate banking behavior and the underlying data from CHEXSYSTEMS® DebitBureau. In addition, data from CHEXSYSTEMS® for new account verification and risk management, and retail check information, are incorporated in the CHEXSYSTEMS® Debit Report. The CHEXSYSTEMS® Debit Report provides information about accounts closed for abuse and fraud, account opening inquiries, deposit account collections, check order history, non-sufficient funds (NSF) check activity and other banking data that are useful predictors of financial risk.
The CHEXSYSTEMS® Debit Report can augment Teletrack data returned during a transaction in situations where there is no record of the consumer in the Teletrack database and also provide deeper insight into a consumer's financial behavior for an applicant with a detailed history in the CoreLogic Teletrack database.
