Financial Blog Network

Disputing a ChexSystems Report

Background
ChexSystems, like credit bureaus, is considered a Consumer Reporting Agency (CRA) and governed by the Fair Credit Reporting Act (FCRA), which entitles consumers the right to repair their own credit report. A study by the U.S. Public Interest Research Group (USPIRG) found that one in four credit reports contain errors.
The Fair and Accurate Credit Transaction Act of 2003 (FACTA) added new sections to the FRCA, which placed new emphasis on the accuracy of information in consumer reports. Previous to the FACTA, disputes regarding the accuracy of information in a consumer report restricted the consumer to deal only… Continue reading

Tags: ChexSystems, chexsystems report, want to open checking account am on chexsystems

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Overview

Are you having trouble opening a banking account?Denied a Bank Account?
Do you keep getting denied and can’t understand why? This may be caused by a service, used by financial institutions, called ChexSystems. What is ChexSystems? And what does it have to do with you? I’m glad you asked.Approximately 80% of all banks and credit unions nationwide are members of, or use, ChexSystems. ChexSystems is a database of information, provided by financial institutions, containing reports on consumers with account mishandling issues in their past.

ChexSystems is used by banks when… Continue reading

Tags: Alternative Banking, banking account, ChexSystems, chexsystems report, debts

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