What is ChexSystems: Learn the
Information contained in Chexsystems
by Lisa Phillips
Information contained in Chexsystems
by Lisa Phillips
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This information can be incorrect, inaccurate, erroneous or outdated and the slightest bit of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.
Second Chance Checking
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This information can be incorrect, inaccurate, erroneous or outdated and the slightest bit of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
- 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.
Second Chance Checking
Chexsystems is a consumer reporting agency (CRA) which produces
reports about your checking account habits. Chexsystems is not a
financial institution. It is a publicly traded company owned by eFunds,
Inc. Chexsystems maintains a vast nationwide database on all
consumers who have bank accounts.
reports about your checking account habits. Chexsystems is not a
financial institution. It is a publicly traded company owned by eFunds,
Inc. Chexsystems maintains a vast nationwide database on all
consumers who have bank accounts.
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, you will
have the inconvenience of carrying cash all the time.
A Checking Account Shows Creditworthiness
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.
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, you will
have the inconvenience of carrying cash all the time.
A Checking Account Shows Creditworthiness
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.
Related Topics:
Consumers do not provide the
information maintained in
Chexsytems, banks, credit unions
and other financial institutions
provide the information. As with
your credit files, it is just as
important to know what information
is contained in ChexSystems about
your banking habits.
information maintained in
Chexsytems, banks, credit unions
and other financial institutions
provide the information. As with
your credit files, it is just as
important to know what information
is contained in ChexSystems about
your banking habits.
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