ChexSystems is a consumer reporting agency that provides information to banks and other financial institutions about the banking history of their potential customers.
When you're reported to ChexSystems it can be a devastating, long-lasting effect on your finances.
Banks with no ChexSystems offer an opportunity to re-establish a banking relationship. But, if you have been reported to ChexSystems, you should first obtain a copy of your report to verify the accuracy of the information being reported. If you find any errors or inaccuracies, you can dispute them with ChexSystems.
Steps To Take When You Are Reported to ChexSystems
Step 1. Request your ChexSystems report.
Get your ChexSystems report instantly online.
Step 2. Review your report.
Identify any inaccurate information to dispute.
Step 3. Take action to remove ChexSystems errors.
ChexSystems Disputes can be submitted online, by fax, or mail. form on their website. Once you've completed the dispute form, mail or fax it along with any supporting documents to:
Chex Systems, Inc. Attn: Consumer Relations
PO Box 583399
Minneapolis, MN 55458
ChexSystems has 30 days to investigate your dispute. If they determine that an item is inaccurate, they're required to delete the debt from your report. Or, if the bank fails to respond, ChexSystems must delete the debt.
Step 4. Pay for delete reported debts.
Consider paying the bank that reported the debt inexchange for deletion from your ChexSystems report. You may be able to negotiate a lesser amount and settle for pennies on the dollar if the debt is older.
If you are unable to get the bank to agree to a complete deletion, make sure ChexSystems updates your record to paid. Plus, remember that negative information only stays on your account for five years, so be sure to check if a negative item is ready to drop off your report. Consumer reporting agencies don't always automatically remove outdated information from your credit reports.