Fraud Bank Account: Checking to see if there is a fraud Bank Account in your Name

Fraud Bank Account: Experts recommend monitoring your credit reports to detect identity thieves who open a Fraud Bank Account using your identity.

However, what if somebody with malicious intent were to fraudulently establish a bank account using your identity? The burglar may intend to commit check fraud or deliberately exceed the account balance, causing you financial loss.

It is improbable that such an account would be shown in your credit reports. Conversely, any instances of negative records would be visible on your checking account statements. If you are unaware of the need to review those reports, you may not become aware of the existence of the deceitful bank account until a considerable amount of time has passed, by which point the harm may have already been inflicted.

Every consumer should be aware of the essential information regarding checking account reports, including the process of obtaining a complimentary copy of their report.

What is a checking account report?

A checking account report is a document that provides a detailed summary of the transactions and balances associated with a checking account.

There are various categories of consumer reports. Credit reports, which provide a record of your credit and loan payback history, represent only a single category.

A checking account report, which provides a comprehensive record of your check-writing and banking activities, is classified as a consumer report.

Similar to how a lender would typically review your credit report to assess your creditworthiness for a loan, a bank may review your checking account report to evaluate your eligibility for opening a new account.

The Consumer Financial Protection Bureau (CFPB) explains:

“Financial institutions employ checking account reports to assess eligibility for providing consumers with checking accounts. Checking account reporting agencies aggregate these reports by utilizing data obtained from various financial institutions, including banks and credit unions, regarding the checking account and transaction history of consumers.”

Checking account reports comprise adverse data gathered from financial institutions such as banks and credit unions. For instance, the Consumer Financial Protection Bureau (CFPB) states that this information may encompass the closure of a checking account as a result of outstanding overdrafts or unpaid penalties.

Consequently, not every customer possesses checking account reports. As to the CFPB, if there is no record of any bank or credit union reporting any unfavorable activity linked to your checking accounts, you likely do not possess a checking account report.

How to solicit duplicates of your checking account reports

Credit-reporting organizations, such as Equifax, Experian, and TransUnion, gather the data that comprises your credit reports.

Under federal legislation, credit-reporting agencies are obligated to furnish you with a complimentary copy of your credit report once every 12 months. Please be aware that, until April 2022, you have the opportunity to obtain a complimentary credit report every week. This access is being offered to assist individuals throughout the ongoing coronavirus epidemic.) To obtain your copy, please follow the instructions outlined in “How to Obtain Your Complimentary Credit Report in 6 Simple Steps.”

Likewise, there are checking account reporting agencies that gather data to generate your checking account reports. If you make a request, the national checking account reporting agencies are obligated to provide you with a complimentary copy of their reports once every 12 months.

According to the CFPB, the companies in question are:

• Certegy Check Services
• ChexSystems
• CrossCheck
• Early Warning Services
• Global Payments Check Services
• TeleCheck Services

To obtain your checking account report from any of these firms, refer to the CFPB’s compilation of consumer reporting companies, which provides comprehensive contact details for each company.

Certain companies have the option to request your report online. Simply click on the link provided in the CFPB’s list. Alternatively, in certain instances, you are required to make a formal request via telephone or postal mail.