If you’ve heard of the ChexSystem or are familiar with it, odds are it’s because you have a bad record in their system. This could affect your ability to sign up for checking accounts, bank accounts and credit cards. We’ll go over the basics of the ChexSystem, as well as how it directly impacts you. Most people that are aware of their ChexSystem report will later look to obtain a guaranteed checking account due to their ineligibility in signing up for a regular checking account.
According to their site, Chex Systems, Inc. is a consumer reporting agency that is managed by the federal Fair Credit Reporting Act (FCRA) and other laws. The Federal Trade Commission overlooks the FCRA to make sure everything they implement is lawful and regulated.
How am I Affected by Reports?
When a report is submitted to ChexSystems on behalf of financial institutions, the information will stay on your record for a full five years. If you feel the information against your is incorrect, you are free to issue a formal complaint and have it investigated. If you owe money to any company, that will also be filed against you and included in your record. Under the circumstance that you pay off any debt you owe or can prove that there are errors on your report, your record will be cleared.
In order to view a copy of your ChexSystems report, you must order it here.
For more information on ChexSystems and Guaranteed Checking Accounts