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payment processing
check verification service
social security number
Are You A Victim Of Check Payment Processing?
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Are You A Victim Of Check Payment Processing?

Check payment processing or registries as they are sometimes called, are just another type of agency that will collect information about you regarding your check writing and banking privileges.

When you bounce a check or whether you write a check on an account that has insufficient funds, your bank will report this activity to the check verification service and it is recorded.

These registries are nationwide. Two that you are probably familiar with are Telecheck and Chexsystems.

Don't write bouncing checks and they will never be problematic for you. If, on the other hand you have written a bounced check, and it has caused your checking account to be closed, be prepared to have this incident reported to the bureau(s) and it will remain on your record for five years.

Have you ever been out shopping and you write a check at a merchant place of business to pay for the item you want to purchase. The merchant will then process your check via Telecheck or Chexsystem to determine whether the registry has a negative report concerning you.

Chexsystems Report

Chexsystem report and what it contains. This report will contain information that pertains to your character. In this report it will show the name, address, city, zip and phone number of the bank that is does the reporting.

The next line on this reports shows who the report is concerning. This report will show your name, address, city, state, and zip.

The next line shows a representation of your social security number. It will not show your entire SSN, but it will show something that looks similar this format. XXX-XX-9999. It will show the last four numbers of your SSN.

Here you will also find your drivers licencse number. It appear similar to this format.

Drivers Licences: XXXXXXXXXXX State: the state of issuance.

Here you will see your banks routing number and it will look similar to: RTN: 000000000 along with your account information: Account: XXXXXXXX

Now you'll see what is call the date the incident was reported: Date Reported: 00/00/2012

Here is where you will see what is called the "Reported For" item, this will show what the problem was with the check such as Non-Suffient Funds or (NSF) Activity.

Next line is the "CLOSURE STATUS" line. Here it shows whether the account is open, closed, or unpaid.

The next line in this report is called "Debt Reported" line. This line indicates whether any information is available. It can also suggest to the merchant that they contact the bank to determine whether the debt is owed.

You can do a search on Google and you can find website address and phone numbers for both Chexsystems. Once you have a copy of your report go over it very carefully. You want to check for any inaccuracies and report your findings to them.

Part of your rebuilding process is to clean up any items that can cause your bad credit rating. Organized any reports that your order and keep them in a binder. Record keeping is vital to your success when you are working on building up your credit score.

Whenever you send out any written communication it is recommended that you use certified mail with a return receipt. This will ensure that the company that you're written to will receive the documents.

Also, it comes in handy when doing a follow-up and the company tells you that they haven't received your letter(s). Now you have a record of this transaction. Be diligent in your quest to repair your credit. It's imperative when you are following any credit repair rebuilding program.

Use this technique and get a free copy of your report annually from Telecheck and Chexsystem so that you are aware of what is being recorded in your files.


Street Talk

Excellent advise here. Jackie knows how to lay it out in laymen terms. This is worth a tweet and should be spread across the globe. Thanks Jackie for the outstanding article.

Reply
  about 1 decade ago

Thank you for your support!. Tweeting about this article will help get the word out.

Reply
  about 1 decade ago

Great article although I'm not familiar with all this. I well remember though my bank bouncing my cheque despite the fact that I was still within my overdraft limit. Creates a sense of bad taste sometimes?

Reply
  about 1 decade ago

Banks are in the business to make money. It's really up to us an individuals to stay on top of them, to make sure they don't get monies that they are not entitled to.

Reply
  about 1 decade ago
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