What is Early Warning Services ® and how can it effect You?
Early Warning Services or EWS is another bank credit reporting agency that is similar to ChexSystems. While Early Warning Services has less of a market share, they are growing fast and are quickly gaining ground in the deposit account arena. While they may not be taking many customers from ChexSystems, many banks and credit unions are opting to do business with both companies as a way to further protect themselves from fraud and bad customers. How Early Warning Services differs from the standard credit reporting ot the 3 major credit reporting agencies Equifax, Experian, and TransUnion. Is that they manage data about how a consumer handles their deposit accounts at the banking institutions that report to Early Warning Services about checking and savings accounts they have closes.
Early Warning Services was formed through a partnership of BB&T, Wells Fargo, JP Morgan Chase, Bank of America and Wachovia. Early Warning Services was originally know as Primary Payment Systems, and was formed to provide the above banks with a strategic alliance to combat fraud as their institutions, as well as secure more business through their information partnership. Since Early Warning Services is deemed by the government to be a credit reporting agency Like the main 3 and ChexSystems. they are governed by the Fair Credit Reporting Act (FCRA) enforced by the Federal Trade Commission (FTC) and the same with any other Consumer Credit Reporting Agency, you have the right to dispute negative information contained in your Consumer Reports. To request a copy of your consumer report to be mailed to you, you can call Early Warning Services Direct at 1 (800) 325-7775 Monday – Friday 8:00 a.m to 5:00 p.m. Mountain Time Zone.