What is ChexSystems?
ChexSystems is a Consumer Reporting Agency (CRA) that keeps track of consumers’ accounts related to credit unions, savings, and other deposits. If you are switching banks or creating a new savings account and are having trouble, you need to check if ChexSystem has listed you as the banks depend on their information about your activities. In addition, Equifax, TransUnion, and Experian also offer credit reports.
The Activities That Are Shown on ChexSystems Are:
- Checks that are bounced or overdraft
- Any theft or fraud activity
- All unpaid bank balances
- They keep track of the number of accounts that you have tried to apply recently
- All types of incidents that have been occurred on the invoice or ATMs.
These are some of the actions recorded by them. There are more features available with them.
In most cases, you might not even notice that your lists are under ChexSystem until you try to open a new savings account, and when you are listed and lost on how to deal with it, below are a few tips that will help you to overcome this obstacle.
- Request for a ChexSystem report to know the faults in your account. For requesting, call @ 800 428 9623 or go to the ChexSystem.com website, click on the Request Report option, and fill out the required form.
- Upon receiving the information, if there is any unpaid debt, pay it off immediately.
After paying the pending debts, inform your creditors regarding it to update the file and remove you from the list. - If you find any error or fault in your account regarding ChexSystem, you can immediately reach out to clear the dispute. You can contact them via the ChexSystem website ChexSystem.com. Click the ‘Dispute Information Section’ on the website, fill out the required details, and press the ‘Submit’ button. Any other available option is to connect with a representative from ChexSystem by calling @ 800 513 7125, and they will guide you through it.
- Finally, if the above steps don’t help you, then note that ChexSystem removes/deletes all their collected databases every once in five years. Then automatically, all your data will be gone, and you will have nothing to worry about.
Without worrying anymore now, you can open your savings account or any other for that matter!
