A New Credit Bureau – The Chex System

Can’t Open A Bank Account?  Here’s Why!

Maybe you haven’t heard of the Chex System.  And well you might not until you have a negative run in with your bank and they report that information to the Chex System. Basically, it is just another credit bureau which currently deals only with banks and like the other credit bureaus, they are becoming a force to reckon with!

Let’s say that you closed an account but there was an outstanding charge pending or the bank paid a fee or NSF check for you and you were late correcting the situation.  Most banks immediately report your negative information to the Chex System.  And just like the creditors and credit bureaus, when you correct or pay the bill, the negative reporting remains on your Chex System credit report.
This makes it nearly impossible when you go to open a new account somewhere else.  And most people also don’t realize that this information may keep them from renting a house or apartment, getting a security clearance or even a job.  It’s sort of a hidden negative mark on a different credit report.

Fortunately for consumers, the Chex Systems falls under the Fair Credit Reporting Act and so do the banks.  There is typically NO documentation passing between this bureau and the bank, so the information (in this case) can be challenged and each party must be able to prove what was reported.  No documentation???  Than the reporting must be removed under penalty of law!

Section 611 of the FCRA gives you the right to have your information thoroughly investigated and proof provided by ChexSystems.

Section 623 of the FCRA gives you the right to have the furnisher of the information (your bank) thoroughly investigate and have proof of the information provided by them.

Interestingly enough, both ChexSystems and banks have been slow to respond or simply haven’t responded which is a violation of federal statues leading to the removal of the information.

However, getting to that point requires a bit of effort on your part and is totally worth it, not to mention satisfying!

We have created a series of letters and instructions on how to use them and have negative information removed by the banks, ChexSystems or both.

We are currently offering our Chex System Guide for FREE for a limited time.

To get your FREE copy simply call (800) 805-8438 and ask us.  We will gladly send or email a copy to you.


About Safe Haven Credit

I don't much like the pompous attitude of the credit bureaus and the damage they have caused consumers and businesses, so I like to rant about it here...
This entry was posted in Banks, ChexSystems, Credit Reporting Agencies, FCRA and tagged , , , , , , , , . Bookmark the permalink.

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