What is ChexSystems:
Learn the Information contained in your report
by rebuildcreditscores.com
Learn the Information contained in your report
by rebuildcreditscores.com
Open a New Checking Account
Some banks do not use Chexsystems and some banks who do use Chexsystems
practice second chance banking.
How to Dispute Information in ChexSystems
ChexSystems is subject to the Fair Credit Reporting Act and they must investigate any
dispute you submit.
What is Telecheck
Learn about Telecheck, how it differs from Chexsystems and what you can do it if you have
been reported to Telecheck.
Debt Validation
How to halt the collection process by requesting a collection agency to validate your debt.
Some banks do not use Chexsystems and some banks who do use Chexsystems
practice second chance banking.
How to Dispute Information in ChexSystems
ChexSystems is subject to the Fair Credit Reporting Act and they must investigate any
dispute you submit.
What is Telecheck
Learn about Telecheck, how it differs from Chexsystems and what you can do it if you have
been reported to Telecheck.
Debt Validation
How to halt the collection process by requesting a collection agency to validate your debt.
Chexsystems is a consumer reporting
agency (CRA) which produces reports
about your checking account habits. It is
not a financial institution but a publicly
traded company owned by eFunds, Inc.
Chexsystems maintains a nationwide
database on consumers who have bank
accounts. Consumers do not provide the
information maintained in Chexsytems.
The information recorded in Chexsystems
is provided by banks, credit unions and
other financial institutions. As with your
credit files, it is just as important to know
what information is contained in
ChexSystems about your banking habits.
agency (CRA) which produces reports
about your checking account habits. It is
not a financial institution but a publicly
traded company owned by eFunds, Inc.
Chexsystems maintains a nationwide
database on consumers who have bank
accounts. Consumers do not provide the
information maintained in Chexsytems.
The information recorded in Chexsystems
is provided by banks, credit unions and
other financial institutions. As with your
credit files, it is just as important to know
what information is contained in
ChexSystems about your banking habits.
Why you need a Checking Account
Not having access to a checking account means you will have to pay extra to cash checks, you
will have get money orders to pay bills, you will not have the ease of use of an ATM or debit
card and the list goes on. Most damaging and quite possibly dangerous, you will have to carry
cash all the time.
Many consumers do not realize their credit scores may be lower if they do not own a checking
account. Having a checking account shows responsibility and credit worthiness. Why do you
think every credit application asks whether or not you have a checking account. That
information is being factored into the decision to grant you credit. A checking account, in good
standing, helps build credit.
Information contained in ChexSystems reports
While Chexsystems maintains your chexsystems report they are not responsible for the
decision made by banks to deny you a checking account. A bank manager can override
Chexsystems at any time. What is responsible for the denial of a checking account is the
information maintained in Chexsystems databases. This information can be incorrect,
inaccurate, erroneous or outdated and the slightest bit of negative information can result in a
denial and have a damaging effect on the consumer.
The following information may be contained in your Chexsystems report:
You are entitled to your ChexSystems report
Chexsystems is a consumer reporting agency (CRA) and is subject to the Fair Credit
Reporting Act (FRCA). Your report can be made available for a fee.
Under the rules of the Fair is Under the Fair and Accurate Credit Transaction Act (FACTA) you
are entitled to a free copy of your ChexSystems report once every 12-months.
You may also get a free report if you have experienced one of the below:
If you have resolved the issue with the bank make sure your report reads “all amounts owed
have been paid” or "paid status." The bank which reported you should update your file with
ChexSystems but unfortunately this does not always happen.
If the resolved matter does not reflect a paid status, contact the bank immediately and request
they file an update with ChexSystems.
Negative items
Negative information can remain in your file for up to five years. As a consumer reporting
agency they are subject to the Fair Credit Reporting Act. You can request a free copy of your
consumer report and dispute information in your Chexsystems file.
Not having access to a checking account means you will have to pay extra to cash checks, you
will have get money orders to pay bills, you will not have the ease of use of an ATM or debit
card and the list goes on. Most damaging and quite possibly dangerous, you will have to carry
cash all the time.
Many consumers do not realize their credit scores may be lower if they do not own a checking
account. Having a checking account shows responsibility and credit worthiness. Why do you
think every credit application asks whether or not you have a checking account. That
information is being factored into the decision to grant you credit. A checking account, in good
standing, helps build credit.
Information contained in ChexSystems reports
While Chexsystems maintains your chexsystems report they are not responsible for the
decision made by banks to deny you a checking account. A bank manager can override
Chexsystems at any time. What is responsible for the denial of a checking account is the
information maintained in Chexsystems databases. This information can be incorrect,
inaccurate, erroneous or outdated and the slightest bit of negative information can result in a
denial and have a damaging effect on the consumer.
The following information may be contained in your Chexsystems report:
- Paid and Unpaid Insufficient Funds ("NSF") items
- Excessive "NSF" charges, even though you may have covered all of those charges with
the bank
- Checking account habits that your bank may consider negative
- Bank Fraud
- Uncollected overdrafts, ATM transactions or automatic payments the bank paid
- Debit card, savings account or ATM abuse
- Opening an account with false information
You are entitled to your ChexSystems report
Chexsystems is a consumer reporting agency (CRA) and is subject to the Fair Credit
Reporting Act (FRCA). Your report can be made available for a fee.
Under the rules of the Fair is Under the Fair and Accurate Credit Transaction Act (FACTA) you
are entitled to a free copy of your ChexSystems report once every 12-months.
You may also get a free report if you have experienced one of the below:
- Denied a bank account due to information in your ChexSystems file. You must request
this report within 60 day of your denial.
- If you are unemployed and intend to apply for unemployment in the next 60 days.
- If you are on public welfare assistance.
- If you have reason to believe your file contains inaccurate information due to fraud.
- Contact Chexsystems
- ChexSystems
7805 Hudson Road
Woodbury, MN 55125-1403
800.428.9623 tel
602-659-2197 fax
www.consumerdebit.com
If you have resolved the issue with the bank make sure your report reads “all amounts owed
have been paid” or "paid status." The bank which reported you should update your file with
ChexSystems but unfortunately this does not always happen.
If the resolved matter does not reflect a paid status, contact the bank immediately and request
they file an update with ChexSystems.
Negative items
Negative information can remain in your file for up to five years. As a consumer reporting
agency they are subject to the Fair Credit Reporting Act. You can request a free copy of your
consumer report and dispute information in your Chexsystems file.
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