New Report Slams ChexSystems and Early Warning System
A report from the National Consumer Law Center and Cities for Financial Empowerment accuses the consumer reporting agencies (CRAs) like ChexSystem and Early Warning System of preventing millions of Americans from obtaining banking services. The report authors claim that the CRAs often mistakenly identify the victims of identity theft or scams as the perpetrators of the fraud, which causes financial institutions to deny their new account requests. The report also states that the CRAs use inconsistent definitions of what constitutes fraud, account abuse, and other negative events, including when to report them. [10/21/15]
