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ChexSystems FAQ

ChexSystems FAQ

If you are not familiar with ChexSystems, there are some questions that you can read. By knowing such questions, it will be easy for you to understand the company and to know some of the other in depth information regarding the matter.

What is ChexSystems?

One of the common questions which is being asked by people is ” what is ChexSystems?” ChexSystems is a company that gives information and deposits account verification programs and services to some financial institutions. This is especially supplied to those that are affiliated with ChexSystems. The information that can be obtained from ChexSystems is effective in determining those applicants who have history of mishandling their bank accounts. In addition to that, ChexSystems is also an institution that is in charge in giving services focused in debt collection.

Is ChexSystems is also considered as Credit Bureau?

ChexSystems operates abided with FCRA or the Fair Credit Reporting Act as well as other laws and regulations. Because of this, the answer is obviously yes.

How Can I Identify If I Am Included in the List of ChexSystems?

This is also one of the most common questions that you will encounter online. The answer is very simple. Once you have been declined by any banking institution especially when you are planning to apply for your account, then this is one of the indicators that you are already listed in ChexSystems.

If I am included in ChexSystems list, how long will my name stay there?

In every report that is present in ChexSystems, it will remain there for about 5 years. However, there are some measures that the involved person can do in order to eliminate his records in the company. These steps are supported by the law. When the steps are properly done, this will allow you to secure your bank accounts in the future easily. Yet, you have to keep in mind that the decision whether your name will be eliminated from ChexSystems depends upon the credit union as well as the individual policies of banks.

In case I will pay the institution in full, are there chances that they will eliminate me in the list?

This is another nice question. Even if you pay it in full, the answer will still be no. Bear in mind that paying the bank is not the right solution you need in order to be removed from ChexSystems list. What you have to do is to execute the desired legal stipulations needed in order to remove your name in the list. Only then, you are already be allowed to perform the activities that are once restricted like opening your new bank account.

What are the possible tips to see your report from ChexSystems?

With regard to this question, there are two main options available for you. First is requesting for the report through directly calling the office of ChexSystems and second is using the service of the internet to navigate the site of ChexSystems. Regardless of the option that you chose, make sure that you will follow the instructions properly. This is to ensure that you will receive the report you need.

How long it takes to receive ChexSystems report?

This question is in relation to the aforementioned question. When it comes to this matter, there is no definite waiting period that is true to all cases. However, the report can be obtained for more or less 7 days. This is the standard period based from the experiences of some people. In case you have not yet received the report within this specific period of time, you can again try to request for the report by choosing any of the measures stated in the previous FAQ.

Does ChexSystems will affect my credit score?

When it comes to this question, the company only affects your credit report if in case you owe money from a bank and if the bank outsourced or sold the debt to a particular collecting agency.

How can I dispute my ChexSystems information?

When it comes to disputing your ChexSystems information, what you need to do is to see the information present in the official page of ChexSystems. Particularly, the ChexSystems Consumer Relations Department will provide assistance to people in terms of disputing their file. This will provide you with step by step information that should be followed properly.

Is there any personal information that should be presented?

Under this question, there is certainly some information that you need to present such as your driver’s license number and your social security number. However, there are also instances wherein other additional information will be requested from you. This depends on case to case basis.

Why do I need to present my personal information in reference to the above question?

As mentioned earlier, you need to present your driver’s license number as well as your social security number. The main reason behind is to ensure that there will be proper research and your correct information will be presented to you. This is especially true since there are some people with same names requesting for ChexSystems report.

What are the possible reasons why I am listed in ChexSystems?

Concerning this question, there are multiple reasons why you are listed in the company such as suspected fraud, ATM transaction abuse, Account Abuse, Non-Sufficient Funds, overdrafts and many more. There are even cases wherein you are victimized by identity theft.

What about Non-Sufficiant Funds and Overdrafts?

This means that your account is past due for about 30 days period of time. Usually, the account balance is being charged over the expected limit fees. This is the reason why it is reported in ChexSystems.

What you do mean by Account Abuse?

Once talking of account abuse, this pertains to the case wherein many bounced checks as well as bad credits are involved. In addition to that, the Wells Fargo reports are also considered as overdrafts.

What do you mean by ChexSystems Suspected Fraud?

This means that when you have deposited bad check, you are held liable for it. If this will not be handled properly, the banking institution will conclude that you have done it with purpose. But in cases wherein there is no proof present, ChexSystems is labeling it as suspected fraud. This makes your name included in the list of ChexSystems.

Can I be sued in the future because of having a list in ChexSystems?

The decision is based from the institution involved. There are some companies that might sue you right after the mistake has been committed. Aside from that, there are also some companies that might not sue you after all. This depends on the problem that has occurred.

What is crossview?

It is a product that pulls ChexSystems and Experian.