Debt Consolidation Credit Counseling In Phoenix

If you have been placed into chexsystems you are in a difficult spot. This will prevent you from opening a checking account and really hurt your credit score.

There is an alternative; you can get a prepaid credit card. Most offer direct deposit for free.

This can save you money on having to pay check cashing fees. You card will also be able to be used to pay bills.

There is a free service that enables you to write checks from your account. You can pay your bills or an individual. This feature is called bill pay and will save you money by not having to buy money orders.

This card works just like a checking account. Your card is accepted over the phone and online.

Additionally with the prepaid account now visa you can enroll in another free service called credit builder. This service will record the payments you make using bill pay and report that information to a credit reporting agency. This can be used to show future credit worthiness.

What is ChexSystems?

This is a group of financial institutions and they use this information to screen out potentially problem customers. You will be put in it if you have had an account closed for reason.

Reasons can include:

- Fraud

- Repeated overdrafts without the bank being able to collect payment

- Opening an account with false information

When this happens to you will be unable to open a new checking account. Your credit score will be significantly lowered.

This mark stays on your credit for 5 years. Be aware that you may be able to open a new checking account but it will be closed once the bank runs your information and learns you are in chexsystems.

In sum a prepaid credit card is a great alternative to a checking account. It will provide you with everything a checking account would and more.