ChexSystems Report

The consumer reports of ChexSystems will show all the problems and discrepancies that you’ve had with your checking or savings account over the years. These problems can include things like unpaid overdraft fees, suspicious account activity, bounced checks, credit freezes and so on. Anytime activities like these occur, banks will report them to ChexSystems and then they will appear on the consumer report shortly after. Although all of this may seem bad, there is an upside to it when it comes to something like credit freezes.

As a consumer, you have the right to freeze your own credit and prevent new accounts from being opened in your name. This comes in handy if you suspect that you’re the victim of identity theft and you don’t want the thief to open any unauthorized accounts in your name. However, the downside to credit freezes is that it damages your consumer score, even after you’ve cleared up any identity theft problems.

How long do items stay on a ChexSystems report?

The federal regulations regarding consumer reports through ChexSystems are very similar to the regulations of credit reports. Legally, ChexSystems can maintain existing consumer records for as many as 7 years. But, they tend to maintain them for only 5 years. This means if you have a bad consumer report, you must spend the next 5 years clearing up any problems that you’ve had and not creating any new ones. In some situations, ChexSystems will clear up any discrepancies on a consumer report if they were made in error. As a consumer, you have the right to review your ChexSystems consumer report just like you have the right to view your credit report. After you’ve reviewed your consumer report, you can file a dispute with ChexSystems if you have spotted a marking on your report which you believe is not accurate.

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ChexSystems vs Credit Bureaus

One big difference between consumer reports from ChexSystems and credit reports from credit bureaus is that credit reports show good and bad information while consumer reports only show bad information. For example, if you have used your checking accounts responsibly over the past 10 years, the consumer report is not going to show this positive information. It is only going to show any bad things that you may have done with your banking activities like not paying bank fees and so on. Fortunately, your consumer score will make up for this because it will be higher when you have little to no markings on your consumer report.

ChexSystems cares about preventing consumer fraud because it can hurt banks and financial institutions greatly. That is why ChexSystems has now started using the services of a special company called Early Warning Services, LLC in their efforts to help prevent fraud. This is another consumer reporting agency which works with ChexSystems to help them create more accurate consumer reports. Early Warning Services, LLC is owned by multiple big banks including Wells Fargo, JPMorgan Chase, and Bank of America.

Frequently Asked Report Questions

How can I see what is in my file?

You can contact ChexSystems by fax, phone, or mail to request a copy of your personal consumer report.

How do I dispute information?

You can now submit a dispute directly through the ChexSystems website.

If I paid my account in full, will my ChexSystems file be updated to remove the negative mark on my report?

Companies are not required to remove a negative mark, like account mishandling, from an accurate ChexSystems consumer report. It doesn’t even matter if the previous account debt has been recently paid. However, they are supposed to notify ChexSystems that the debt on the account has been settled.

What is the purpose of having to disclose my personal information on the form?

ChexSystems needs specific information about you so that your file can be accurately researched and obtained.

How do I add a statement to my file?

Yes, you can fill out a “Request for Consumer Statement” form and either mail or fax it to ChexSystems. This is usually done if your initial dispute was not resolved in the way you thought it should and that you still have problems with the report.

How do I fill out forms electronically?

You can fill out forms through a PDF file that ChexSystems provides. Once you are ready to submit it, save the file and then print out the form. You can either fax or mail the form to ChexSystems.

Only the last 4 digits of my account number, driver’s license number and/or social security number appear on my consumer report. Why?

This is ChexSystems’ way of protecting your privacy and personal information, in case the document falls into the wrong hands. But if you would like a copy of your consumer report which has the full number revealed, you can include this preference in your written request for the report.

I was refused a copy of my wife or husband’s consumer report. Why?

Communication must be made straight to the individual whose information is on the report. However, you can request your spouse’s report on their behalf by following the information described above.

Is there a way I can contact ChexSystems on someone else’s behalf?

If you want to contact ChexSystems on someone else’s behalf and they are over 18, you can do so by sending a written request to ChexSystems by fax or through regular mail. Along with the request, you need to include documentation which gives ChexSystems the authority to contact you about this other person’s report. This documentation may include either a notarized Power of Attorney form or notarized written instructions by the person giving you the authority to do so.

Is there a way I can contact ChexSystems concerning my “under 18” child?

If you have a child under 18 and you want to contact ChexSystems on their behalf, you must either fax or mail a written request to ChexSystems. In addition, you must include documentation which proves the identity of the child and your legal guardianship or parental rights over that child. This documentation must include a notarized copy of the child’s birth certificate, a copy of the child’s social security card, a copy of your driver’s license or state ID card, and an official document which proves your address (e.g. utility bill, payment stub). If your name is not on the child’s birth certificate, then you need to include a copy of an official document which proves your legal guardianship over the child. This would likely be a court document.

Is there a way to stop receiving prescreened credit offers?

The FCRA allows credit and consumer reporting agencies to place your name on a consumer list for insurers and creditors to use for the purpose of sending you prescreened offers related to insurance or credit, even if you have not requested these offers. However, the FCRA gives consumers the legal right to voluntarily opt-out from receiving these offers. Once they do that, these reporting agencies can no longer provide your name and information to these insurers and creditors.

Is there a way to know if my online session is secured?

Most browsers, like Internet Explorer, will display a “lock icon” on the top of the browser where the address bar is located. It is usually colored in green. This means it is encrypted and secured.