Is Chex Systems the same as a credit bureau?

Chex Systems is not the same as a traditional credit bureau, although it operates in a similar capacity within the banking and financial sector. While traditional credit bureaus, such as Experian, Equifax, and TransUnion, focus on collecting and reporting credit history related to loans and credit cards, Chex Systems primarily deals with consumers' banking history. Specifically, Chex Systems tracks information about checking and savings accounts, such as account closures, overdrawn accounts, and fraud. Financial institutions use this information to assess an applicant's risk when they apply for new accounts. Chex Systems provides a report that can impact one’s ability to open new bank accounts, so it is important for consumers to be aware of what is contained within their reports. For further information on Chex Systems, consumers may consider checking the official website for additional details and resources.