Now that I’m in the middle of this Vanguard fraud, I seem to remember a piece of mail I got a few weeks ago saying that my “Deposit Account Score” was something like 642. Since I’d never heard of a “Deposit Account Score”, I figured it was some kind of fraud like the auto warranty plan mail I get. I discarded the letter.
Now I see that there is a firm called ChexSystems that maintains your “Deposit Account Score” which operates like a FICO score. Scores have a range of 100 to 899, so presumably 642 means that there is someone passing bad checks in my name. I only have one checking account at a local credit union and only write one or two paper checks per year. There has never been any sign of fraud in that account.
intercst
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Thank you for posting about your horrifying experiences of fraud. I never heard of this before.
Wendy
2 Likes
After I created an account at the three credit bureaus, I was amazed at how much spam I began receiving FROM THE CREDIT BUREAUS about additional services they offer to help boost your credit score or protect your credit rating and account security. Experion now offers its own service that helps you shop for the best credit card. Doesn’t that sound like a conflict of interest somehow?
Now with this example of another firm somehow leveraging data they collect on check processing to offer services to “guard” our privacy, it’s becoming clear…
If these credit bureaus and “security watcher” companies are as outdated and incompetent as the banks and brokerages they’re supposed to be watching, they are now a significant share of the overall risk to the security of my financial data and need to be regulated accordingly.
WTH
14 Likes