ChexSystems Debit Report®
Historically, consumers establish a debit account earlier than a credit record. To help lenders better assess risk associated with nontraditional credit transactions, we have united Fidelity National Information Services, Inc. (FIS) data with our industry-leading credit risk assessment tools.
The Debit Report provides real-time debit summaries about consumers who have, or had, checking or savings accounts. Using information that is updated nearly 350,000 times each day and comes from 8,500 banks with more than 100,000 locations, as well as more than 70,000 retailers and merchants, this powerful report helps lenders determine creditworthiness and access consumers’ past banking histories. This data is especially useful for thin-file applicants, or for deeper insight into detailed financial histories.
The 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
- Evaluate banking behavior
The Debit Report delivers a score and more than 78 data attributes through the same interface used to process credit inquiries with Teletrack. Highlights include:
- New account verification and risk management
- FIS SCAN℠ check authorization network
- Information about accounts closed for abuse and fraud
- Account opening inquiries
- Deposit account collections
- Check order history
- Non-sufficient funds (NSF) check activity
- Other useful predictors of financial risk.
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