ChexSystems

ChexSystems Reviews

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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.

Pros & Cons

Pros
  • Free yearly report
  • Prevents fraudulent activity
Cons
  • 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
ChexSystems provides banks and credit unions with account screening services to help them make informed decisions about whether to approve someone for a new account.
Dispute resolution
ChexSystems offers dispute resolution assistance to consumers who believe their banking information is inaccurate or incomplete.
Financial education
ChexSystems provides financial education resources and tools to help consumers understand and manage their banking history. The agency offers online resources, webinars, and other educational materials to help consumers build financial wellness and achieve their financial goals.

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.

ChexSystems Reviews

Stars Rating

  • 2%
  • 6%
  • 2%
  • 0%
  • 89%

Popular Mentions

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    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer ServicePunctuality & Speed

    Reviewed Feb. 2, 2024

    Applying for an account with a credit union. Was told by CU there was a freeze on my account by Chex. Called Chex and was told no freeze. After 30 minutes of answering questions, was told they'd mail Consumer Statement. One week later, no statement. Called Chex again. After another 20 minutes, was told they'd mail another statement. He suggested getting statement online. 3 attempts all with an error message saying my report can't be completed online. In the meantime, this crap company is holding up an important loan by at least 2 weeks. Avoid them at any cost. Unacceptable overseas customer service. Difficult to understand.

    Staff

    Reviewed Jan. 22, 2024

    I have been getting the run around about my dispute. I been told different things each time. I had a rep tell me to try harder when I told him I was not successful in my search. For a company that has a lot of pull, they sure are very unprofessional and they lack real customer care. This is sad, not only do the people lack knowledge and compassion. The automated service never hears you or compute the buttons you enter. This company is truly one of the worst for help.

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      Reviewed Dec. 10, 2023

      I literally can't open an account! The bank said it was b/c of information they got from ChexSystems, so I ordered their reports on me, but they have nothing on them! Literally, "reported information" section says, "No information found". The Inquiries section, simply lists the banks that I applied to open accounts with for the past 3 years (5 banks listed and 2 are my current banks). Nothing positive or negative, simply my name, address and last 4 of my SSN and the name of the banks - nothing else. The "Retail information" section says, "No information found". The "History of Checks Ordered" section says, "No information found". SSN Validation section, simply has the state and date that my SSN was issued (nothing positive or negative). My FICO credit score ranges between 798 and 807, but their score is in 682 - what? I have no debt, no legal issues, No liens, no unpaid bills, no closed accounts, no financial issues at all.

      I checked their list of "possible issues", but I've Never had any of them. Not even one applies to me (nor has ever applied to me), but the "reason" for the low score of 682 was "INSUFFICIENT DDA INQUIRY ACTIVITY SAME FI". The reason code was "1GD". What does that even mean? Who gave this company the authority to collect my private financial information in the first place? I did not. I have never agreed to do business with this company and have never knowingly released my financial information to them. Reading other comments here, I'm clearly not the only person they are committing libel against. They better be able to prove something negative against me, or they will be answering for it in a lawsuit.

      Customer ServiceStaff

      Reviewed Oct. 21, 2023

      ChexSystem customer service agents are all in India and cannot be understood because of heavy accents and the agents do not comprehend English. It is impossible to have any issues resolved. They do not have tech support to help with their online portal that you must register with to receive communications. If there is a glitch with the portal, then you are out of luck. I've tried writing to the mailing address but have received no response. This ChexSystem agency has the ability to control your banking life and exclude you from ever having a bank account. I don't know how to remedy. I filed a dispute online with ChexSystem, but cannot access my portal to receive any messages that they are sending. No one can resolve the portal issue. No one will tell me why they have declined my banking application.

      Staff

      Reviewed Aug. 23, 2023

      I just moved to a new city and tried to open a checking account. ChexSystems prohibited me from doing that. My credit score is 820. I've owned several properties. I paid off my Mercedes a year ago. I couldn't be a better risk and yet they told the bank I was a bad risk. When I received the "Report" there was NOTHING on it. My past addresses were correct but that was the extent of the correct information. The entire report was "No information found" I've been trying to talk to a representative of the company without any success. Why are they still in business?

      Staff

      Reviewed July 27, 2023

      They give banks false information. It's impossible to get hold of a live person. Try to request a report and the website just keeps refreshing! I be been turned down by several banks even though my credit score is over 800 and just came into a lot of money. I tried to open a $50,000 cd and was turned down because of ChexSystems. One of the biggest scams! This company should be banned. Check out other reviews on here.

      Customer Service

      Reviewed July 11, 2023

      ChexSystems is a bleepin' nightmare to deal with. If you've put a freeze on your credit for security reasons and need to open a bank account, you'll invest significant time (hours) trying to get ahold of a live person, and when you do, they tell you to call another number for which there is no representative available if though it is during business hours. I requested my security freeze pin be mailed to me 1.5 weeks ago and still haven't received it. What a ** show this place is!

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      Contract & TermsOnline & App

      Reviewed June 24, 2023

      It’s ironic that ChexSystems has information on you that you have to use to verify when trying to get a copy of your Consumer Report or register to their site BUT they don’t use this info to help get your application approved! And after you hit submit for your Consumer Report, the site is stuck on the processing wheel spinning and spinning. And, after you register to their site so you can see if you can get better service, they don’t allow you to save the User Terms and Conditions as a PDF! How can a company with inaccurate information and a poor website have this much control over consumers?

      Staff

      Reviewed July 30, 2022

      I got this letter in the mail today. It says, ''This letter is to inform you of your right to your customer 'Disclosure Report' as required by Colorado State Statute because ChexSystem... has received 8 inquiries about you within the past 12 months or has received negative furnished information about an account associate with you..'

      The letter continues to state that to request the 'customer Disclosure Report', I need to provide my birth date, SS, address (current and past), etc. I am lost. ChexSystems' address is in MN. The letter references Colorado. While I live thousands miles away, with no friends, relatives and few businesses there. What is ChexSystem? Just because they said they got inquiries or 'negative info' about me, I should send them all my personal info? Why can't they be specific about what they got on me? There is a big difference between 'inquiry' and 'negative info'.

      I have no debts, and I don't need any loans. Yet ChexSystem wants to threaten me with ambiguous wording like 'inquiries or negative info'. If an elderly in fragile financial and mental state got this letter, she would be so stressed out or panic, thus frantically hire someone to fix, which exposes her to more threats and fraud. I do recall opening a few accounts with a bank in Colorado recently. Can I ask them if they have inquired or reported me on ChexSystem?

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      Customer ServiceStaff

      Reviewed May 13, 2021

      Don't trust this company or any company that works with them. They don't even honor freezes. I tried to unfreeze my account and it ended up not even working so I had to move to another bank. When I tried to contact them I was answered by someone who could barely speak English who wasn't helpful at all.

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      ChexSystems Company Information

      Company Name:
      ChexSystems
      Website:
      www.chexsystems.com