About ChexSystems
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ChexSystems is a consumer reporting agency under the Fair Credit Reporting Act (FCRA) that maintains a database of information related to consumer banking activity. Specifically, it tracks information about consumers who have had issues with their checking or savings accounts, such as overdrafts, bounced checks and account closures. Banks and credit unions use ChexSystems to help determine whether to approve a new account application.
- Free yearly report
- Prevents fraudulent activity
- Can limit consumers’ banking options
- Limited transparency
What is ChexSystems?
Founded in 1971, ChexSystems collects and maintains data on banking accounts, including checking and savings accounts, and reports that information to its member financial institutions.
ChexSystems also helps consumers to understand where they stand in the eyes of a bank or credit union. You can also place identity theft security alerts and account freezes to ensure your consumer data remains secure.
While you must be 18 years or older to request a free report, individuals can request a copy for minors.
How does ChexSystems work?
ChexSystems works by gathering and maintaining information on consumer banking activity from its member banks and credit unions. When you open a new checking or savings account, the bank or credit union may run a ChexSystems report to check your banking history.
The report will include information about any negative activity you may have had, including:
- Overdrafts
- Bounced checks
- Account closures
- Too many accounts applied for recently
- Account or ATM abuse
- Any suspected fraud or identity theft
If you have a negative report on your ChexSystems record, the bank or credit union may deny your application for a new account, or it may require you to pay additional fees or maintain a higher minimum balance since you are seen as a higher risk.
ChexSystems services
ChexSystems offers a handful of services to its banking and credit union partners, as well as help for consumers. Here are the main options:
Account screening
Dispute resolution
Financial education
ChexSystems FAQ
How long does a closed account stay on a ChexSystems file?
ChexSystems keeps closed accounts on record for up to five years from the report date. It can be removed sooner if the source of the information requests its removal or ChexSystems becomes obligated to remove it under applicable law or policy.
Is ChexSystems a secure online site?
ChexSystems takes steps to ensure the privacy and security of consumer transactions with Secure Socket Layer (SSL)/Transport Layer Security (TLS) to encrypt internet transactions.
If I pay what is owed on an account, will ChexSystems remove a negative mark?
Banks and credit unions are not obligated to remove an accurate report, even if you restored your good standing with the financial institution. However, they are obligated to report that you have paid in full or settled in full status, so that your report reflects that information.
Can I dispute a negative mark on my report?
Yes, you have the right to dispute any inaccurate information directly with the source, or you can bring your claim to ChexSystems and it will contact the source on your behalf. You can provide additional documentation to support your case, including any of the following: identity theft affidavit, police report, account statements, paid or settled-in-full letters or death certificates.
Is ChexSystems legit?
ChexSystems is a legitimate consumer reporting agency that works closely with many well-known banks and credit unions. Even though many consumers do not feel like they benefit from this company, you do have the right to review your report and dispute inaccurate information. ChexSystems is not a collection agency and will never attempt to collect money from you.
You can contact the automated system 24 hours a day or get in touch with its customer service department during regular business hours.
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ChexSystems Company Information
- Company Name:
- ChexSystems
- Website:
- www.chexsystems.com