Chexsytem Is A Hard Pull????

jeremyharrison | Mar 29, 2023 | 56 posts since 2011

I routinely ask questions by email before applying for accounts. When asking Brilliant Bank if they pull a credit report and if so is it a soft pull or a hard pull? I just got this response: "We pull a Chexsystems report which is basically a credit report for deposit accounts. We do not pull an actual credit report however. Only a soft report for identification purposes.

Chexsystems is a hard pull. Any credit report pull would be soft."

What does that MEAN? Does a Chexsystem hard pull affect one's FICO score?

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Answers

IGR | Mar 31, 2023 | 580 posts since 2020

Both answers, by Bank and Jeff are largely incorrect.
There are too many aspects and intricacies to be explained here, just majors;
Chexsystems does NOT effect FICO, it has nothing to do with it.
Chexsystems is NOT Credit Reporting Bureau, it is Consumer Reporting Bureau.
Chexsystems run its own score - "Consumer score"
Every time Consumer applies for Bank Account - it is HARD Inquiry(pull) against Consumer record - "Inquiries Viewed By Others".
Every HARD Inquiry negatively affect Consumer score.
Low score is detrimental to Consumer ability to obtain account, mortgage, loan, lease, rent, employment, etc...
Insurance Industry rather use LexisNexis

JeffinEasternFL | Mar 30, 2023 | 744 posts since 2020

From my understanding about a Chexsystem pull is NO; I have opened 3 new CDs in last 3~ mos, my credit score is not at all affected as all 3 did just Chex ("Soft") system pulls (or so they said). But, if you aren't looking to get a loan or change/renew auto/homeowners' insurance soon a pull that is "Hard" (from the 3 major bureaus), the score impact is minimal, it only matters if you are "on the line" with the major bureaus anyway.

planxy | Mar 31, 2023 | 140 posts since 2013

Hard pulls are themselves viewed with suspicion by Chase, don't ever get more than 5 of these over 24 months or you will automatically be denied its credit card. Wells Fargo and American Express can be even more nasty over hard pulls; they are arbitrary and capricious. Always ask credit unions if merely joining requires a hard pull--assume so unless told soft pull.

IGR | Apr 1, 2023 | 580 posts since 2020

False again!
Chase doesn't use at all ChexSystems for Identity verification.
One must understand the difference between ChexSystem and Experian/Equifax/TransUnion
Credit Card applications are verified via trifecta of Credit Bureaus

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