Create a suppression script

Hello. I have 2 files which, and i want to supress one file against another. for example.

File 1 - suplist.txt
hello123
chris635
mike822

I then have another file

File2 - checklist.txt
stephen929
mike822
hiop191

I can see that mike 822 appears in the suppression list so i do not want this name in my file.

This is what i have so far, it works, but takes hours to run against a suppression with 1,000,000 records in

while read NAME
do
    grep $NAME suplist.txt > file
    wc=`wc -l < file`
    if [ $WC -eq 0 ]
    then
        echo "Name is not in list...so output"
        echo "$NAME" >> good.list
    fi


done < checklist.txt