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My friend Jim was frustrated. He just couldn’t get a checking account. The reason was that his name was on ChexSystems. I was fairly new to this term “ChexSystems” so asked him about it. He said that it was similar to credit bureau’s database of people with bad credit score however there was one difference. The Chexsystems doesn’t have a positive or negative score for each name. It is merely an entry in the database to warn bankers of potential risk in signing the customer.

Jim is trying for Second Chance Checking account. I sure hope he is able to improve his financial score. If this fails , I am sure he will apply for Bad credit loans