ChexSystems is commonly known as an association which is providing personal applicant information to some banks affiliated with the company. Based from the resources available, this gives detailed information regarding the mutually unwanted customers who have problems when it comes to their credit history. This is to ensure that the new applicants of some bank accounts are worthy of the services offered by the institution. However, there are some misconceptions about ChexSystems that are true for some people. These misconceptions about this company give the institution false reputation among users. Of course, it is important that you know the correct information about ChexSystems.
However, before you know some of the misconceptions about ChexSystems, it is first important to know the consequence of having your name listed in this company. Once you are included in ChexSystems list, this means that you have a previous credit history which is not settled. The type is different depending upon the problem that has been committed. In the event that you will apply for a new bank account, having your name in ChexSystems will prohibit you to apply and be granted with an account. This means that you cannot perform bank related transactions in the future. This really sounds frustrating especially when you need to do some bank related transactions.
Top Misconceptions about ChexSystems
There are so many people out there who believe that the entire bank accounts can be found or being reported to ChexSystems. They believe that this is because ChexSystes is CRA. This is one of the misconceptions about ChexSystems that should be given the right answer. Bear in mind that only those accounts with some negative banking histories are being reported to the company. It is best for you to seek information from the site of this company to ensure that you will be given the right answer.
Many believe that the records from this company will be there for seven years. This is also one of the most common misconceptions about ChexSystems. Not like the credit bureaus, the records present in ChexSystems will remain for about 5 years only. This is the longest time that your records will appear in the list of the company. If there are some information sources out there telling you that your records are still present for 7 years or longer, those are misconceptions about ChexSystems that you should not believe. If in case you are sure that your record under this company is already present for 5 years, you are rest assured that the company will already remove your records in their file. Thus, it will be safe for you to apply for bank accounts in the future. But if it is not yet in its 5th year, you are still restricted to do the process.
Additionally, one of the most common misconceptions about ChexSystems is that a credit repair professional or lawyer will do the disputing of your records in ChexSystems. Definitely, this is not true. Bear in mind that those lawyers and other credit repair professionals have restricted power to do it. The only thing that you can do is to fulfill your own responsibilities. There are some steps that you need to do or execute so that you can eliminate your record in ChexSystem. This can be learned by means of navigating the official site of ChexSystems. By doing so, you will learn some of the steps needed in order to dispute your name in the list of ChexSystem. Make sure that you will follow the exact procedures that are recommended for you. This is to ensure that you can successfully eliminate your records in the company. If the simple measures do not provide you with the right solution you need, the best thing for you to do is to contact higher authorities.
Aside from the aforementioned misconceptions about ChexSystems, another misconception that many people believe regarding ChexSystems is that this decides whether your application for another bank account will be approved or not. This is definitely one of the most serious misconceptions that needs to be given the right answer. This institution is not the one responsible in terms of approving your application for new bank account. The main function of the company is to provide banks and other affiliated institutions with the information they need regarding the credit history of their applicants. It is up to the bank or the institution to decide whether they will approve the application or not. It is like ChexSystems is giving a clue to those affiliated institutions the decision whether they will accept new applications from some applicants or not.
In addition to those misconceptions, people also believe that they cannot open any new account right after their name has already been included in the list of this information source. This is definitely false. As mentioned earlier, you can do some measures in order to settle the problem. Aside from the aforementioned measures, there are other options available for you such as ChexSystems disputes, prepaid debit card, second chance checking, Non-ChexSystems Banks and many more. It is important that you research to determine some of the possible options which will work best for your part. Proper selection of the best option is needed to avoid any possible problems in the future. Even if you look for the possible solution for your needs, if not taken seriously, you will still encounter problems in the future.
Moreover, there are also some people who think that the personal information needed in disputing ChexSystems list will be used in scamming them. This is also one of the possible misconceptions that other people think about the company. Keep in mind that ChexSystems will not use the information you will provide them. Everything that you will provide to the company will be treated with utmost confidentiality. These will never be used in scamming and doing some other negative things against you. Just like in any other institutions, getting personal information will remain private as long as the law requires it to be exposed. Your identity and your private life will never be revealed to other people.
These are the common misconceptions that are believed by many people regarding ChexSystems. It is important that you know the basic answers to these misconceptions to ensure that you will know clearly the real score of ChexSystems. It is also important that you know some information regarding these misconceptions to ensure that you can correct other people who know false facts regarding ChexSystems.