What is ChexSystems? It is a company that reports credit information similar to the three main credit bureaus. However, the information they report is somewhat different. This company keeps information reported on you from your Bank or Credit Union. They then share that information with other Bank and Credit Union members. If you have negative information on your report and apply for a checking account at a member Bank or Credit Union, you could be turned down and this report is why!
Therefore, it is important to know what actions put you on this report. Below are many actions that can place you on this report but this list is not exhaustive:
• Several overdrafts on your account
• Any kind of Account Abuse be it ATM or Debit Card
• Owing the bank money from Insufficient Funds Fees
• Lying when opening your account
• Bank closes your account do to misuse
Once you have been placed on ChexSystems, you will remain on this report for five full years. This can make getting a bank account virtually impossible. Therefore, verifying the information on your report is correct is very important. Just like with your credit report you can dispute information on this report too! To do so, you need to send a statement in writing to them indicating the errors you are disputing. Make sure you include your Social Security Number, Full Name, Address and sign your request.
Attn: Consumer Relations
12005 Ford Road Suite 600
Dallas, TX 75234
Fortunately, if you have been placed on ChexSystems and can't get a bank account your in luck. There are banks that do not consider these reports and will take you as a customer. I personally recommend iCreditCentral to help you find one of these banks.
Back to Top of Page