Glossary
Account mishandling
Improper or negligent management of a financial account.
Complaint
A statement of dissatisfaction or grievance about a product, service or experience.
Consumer disclosure report
A complete record of all the information in a consumer’s ChexSystems file at the time of the request for disclosure, based on the identifiers provided by the consumer to whom the report pertains.
Consumer score
A numerical representation of the information in ChexSystems files, which is used by its clients in assessing risk in account opening decisions.
DDA (Demand deposit account)
A type of account offered by financial institutions where deposited funds can be withdrawn by the account holder at any time without advance notice.
FCRA (Fair Credit Reporting Act)
The Fair Credit Report Act is a federal law that governs the collection and reporting of credit and debit information about consumers.
Human trafficking block
A block of adverse information resulting from human trafficking.
Inquiries
When someone requests to view your consumer file, typically in connection with a business transaction.
Lender
An individual, organization, or financial institution that provides funds to another party with the expectation that the funds will be repaid.
Opt Out
To exclude your name from prescreen lists used to send pre-approved offers of credit or insurance.
Personal information
Data that identifies or relates to an individual person, such as name, address, phone number, Social Security number, etc.
Protected consumer
An individual who is afforded specific rights and protections under state security freeze laws.
Scoring model
Method used to analyze specific criteria for risk levels.
Security alert
A special message that notifies users of consumer reports that the consumer's identity may have been used without authorization and advises to use caution and verify identification.
Tradeline block
A block of adverse information resulting from identity theft.
CFPB (Consumer Financial Protection Bureau)
The Consumer Financial Protection Bureau is a U.S. government agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive.
Compromised account
An account that has been made vulnerable to misuse by unauthorized access or exposure.
Consumer Reporting Agency
Any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports.
Credit Repair Organization Act
A federal law that regulates credit repair companies and protects consumers seeking assistance with improving their credit scores and managing their credit reports.
Dispute
A statement from a consumer that information contained within ChexSystems files is inaccurate or incomplete.
FTC (Federal Trade Commission)
A federal agency that protects the public from deceptive or unfair business practices and from unfair methods of competition through law enforcement, advocacy, research and education.
Identity Theft
A type of crime where someone wrongfully obtains and uses another individual's personal data for financial gain or to obtain goods or services.
Key factors
Specific criteria or components used to calculate the consumer score.
NSCRA (Nationwide Specialty Consumer Reporting Agency)
A consumer reporting agency that compiles and maintains files on consumers on a nationwide basis relating to medical records or payments, residential or tenant history, check writing history, employment history, or insurance claims.
Overdraft
A transaction that exceeds the available balance in a demand deposit account.
Preapproved/prescreened offers
Marketing initiatives used by financial institutions, insurance and credit card companies to review potential customers who meet certain criteria based on financial history.
Reinvestigation
An investigation or review conducted to ensure accuracy and completeness of information.
Source of information
The origin or provider of data.
Security freeze
Prohibits a consumer reporting agency from releasing any information in a consumer file without the consumer's expressed authorization.