ChexAdvisor Educational Report

The ChexAdvisor Educational Report, a product of Chex Systems, Inc. (ChexSystems®), gives consumers insight into what information a company using ChexSystems consumer reports might see.
ChexSystems consumer reports include historical debit and credit-related information on consumers. Companies use this information, sometimes along with other data providers (such as a credit bureau or other alternative data provider) as a means to evaluate a consumer for a product or service offering. Some example situations in which ChexSystems data can be used for evaluation include consumer applications for a:
  • Bank account
  • New auto loan or lease 
  • Credit card
  • Short-term installment loan
  • New utility or phone service
CBA has partnered with ChexSystems to provide access to the ChexAdvisor Educational Report. This partnership provides CBA Members with the opportunity to access ChexSystems data in real-time, hopefully, increasing client retention and engagement.

Through the partnership between CBA and ChexSystems, CBA Members can now access:
  • Discounted rates on ChexAdvisor Educational Reports
  • Enriched programming and client experience through the ChexAdvisor Educational Report and accompanying education access
  • Waived implementation and monthly minimum fees*
  • Implementation and credentialing support from CBA experts
  • Product and customer support from ChexSystem experts
*Fees are waived for subscribers who are contracted and active with product transactions prior to July 1, 2019. Please refer to your contract for specific details.

Understanding the ChexAdvisor Educational Report 

The ChexAdvisor Educational Report incorporates alternative data not incorporated in a traditional credit report.
What data is collected?
  • Personal Information: Name, Address, SSN, DOB, Phone, Driver's license
  • Events: Account inquiries (Demand Deposit Account or DDA, Credit, Check Cashing), Forced account closures (DDA), Check print orders, Returned retail items
  • Score: Calculated numerical value derived from events contained in a consumer's ChexSystems' file

Understanding the ChexSystems Score

The ChexAdvisor Education Report score is calculated based on actual events within the consumer's file at ChexSystems. Different ChexSystem products will deliver different scores to businesses, so the score on the ChexAdvisor Report may not be the same as a score used by, for example, a financial institution when it makes a checking or savings account opening decision.
The ChexSystems score and scoring model may be different than the score used by the business using the consumer report. Because a score is merely a snapshot of a consumer report at the time the score was calculated, the score will reflect changes in the report. There are a wide variety of scores available in the industry, and each business requesting a consumer report may use a different score or may give weight to the score they use in relation to other factors.
About the Score
A ChexSystems score is provided to businesses that request the score as part of their application process. The score range is from 100 to 899, where a higher score indicates lower risk. The score uses events in a consumer's file at a single point in time. Some events may have an impact on the score. For example, account closures may cause the score to go down. The ChexSystems score may not be the only factor in the decision process for a financial entity and it may not be the only score utilized to decide.

Frequently Asked Questions

Is ChexSystems a "consumer reporting agency" like TransUnion, Experian, and Equifax?

Chex Sytems, Inc. (ChexSystems®) is a nationwide speciality consumer reporting agency under the Fair Credit Reporting Act (FCRA). The FCRA defines a "consumer reporting agency" as any person which engages in the practice of assembling or evaluating consumer credit information for the purpose of furnishing it to third parties. ChexSystems is a consumer reporting agency and, more specifically, is a nationwide speciality consumer reporting agency.

How does a ChexSystems report differ from reports pulled from Experian, Equifax or TransUnion?

Unlike the traditional credit bureaus which focus primarily on credit activity (i.e. credit cards, home loans and auto loans), ChexSystems focuses on a consumer's checking and savings account (i.e. forced closed consumer demand deposit accounts) and alternative credit services inquiry history.

Who uses ChexSystems products and services reports today?

ChexSystems products and services have traditionally been used by financial institutions to assist in their checking and savings account evaluation process. ChexSystems also engages "resellers" to service other types of financial companies as part of their credit and noncredit, and utilities-related evaluation processes.
ChexSystems products might be used as a factor in evaluating consumers for a:
  • New bank account
  • New auto loan or lease
  • Credit card
  • Short term installment loan
  • New utility or phone service

What does my client need to know about the ChexAdvisor Educational Report service?

The information contained in the ChexAdvisor Educational Report is provided for informational purposes only at the written request of the consumer about whom the report relates, and may not include all the information included in their file at ChexSystems.
In addition, some information included in this report may be a summary of information included in the client's file at ChexSystems, and some information may be provided by a third party.
Access to a free file disclosure report can be obtained directly from ChexSystems at:
Online: www.chexsystems.com
Phone - automated line to request disclosure report: 1.800.428.9623
Phone - live line to speak with an agent: 1.800.513.7125
Fax: 602.659.2197
Mail:
Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125

What is the price for the ChexAdvisor Educational Report service?

Reports are discounted based on a sliding scale unit basis. Pricing ranges from $7.20 (0-10 monthly reports) per inquiry transaction to $3.61 (201-300 monthly reports). See a Sample Pricing Agreement. Please note that this fee cannot be passed on to consumers who request their report.
There is a one-time implementation fee of $2,500 and a monthly standard minimum monthly fee of $100. All CBA member subscribers who are contracted and active with production transactions prior to July 1, 2019, will have their fees waived.
Note: Pricing could change at any time and you should refer to your contract for exact details.

How long does it take to get set up for the ChexAdvisor Educational Report?

After receipt of a fully executed agreement, the credentialing process is initiated followed by activation of the product. Credentialing requires that a number of documents and a short eLearning training be completed by your organization. The initial credentialing and implementation process typically takes 8-10 business days, if all information is provided upfront and no additional credentialing steps, such as a site visit, are required. CBA's membership team will support all applicants through the process.

How long does it take to access a ChexAdvisor Educational Report?

Once credentialed, in seconds. ChexAdvisor Educational Reports are available in real-time (instantly) once a consumer's consent and personal identifying information has been provided.

Where can we go for additional consumer support?

ChexSystems educational material is available to CBA Members and consumers to help them understand the content of the ChexAdvisor Educational Report, as well as provide general information about ChexSystems.
Should the consumer have further questions or if a consumer would like to receive a free copy of their consumer disclosure report from ChexSystems, they can be directed to:
Online: www.chexsystems.com
Phone - automated line to request disclosure report: 1.800.428.9623
Phone - live line to speak with an agent: 1.800.513.7125
Fax: 602.659.2197
Mail:
Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125
If submitting a disclosure by fax or mail, to ensure prompt delivery of their consumer report, consumer should visit www.chexsystems.com for a request form
Note: These are contact materials made available for consumers and should not be used by CBA Members for support issues. 

Get Started Today!

Contact CBA's membership team to discuss specifics around eligibility and pricing or if you have additional questions. 

Contact CBA 

CBA Members: Access more information on the ChexAdvisor Educational Report.

ChexAdvisor Educational Overview