5 steps to clearing your ChexSystems report
- Request a copy of your ChexSystem report.
- Pay off your balances.
- Dispute mistakes or fraudulent activity on your report.
- Ask creditors to remove information from your ChexSystems report.
- Wait for items to fall off your report.
Why would ChexSystems decline your account?
If you were denied a checking account, it’s likely due to one or more negative items on your ChexSystems report. Too many past bounced checks or overdrafts. Unpaid fees or negative balances from a current or closed account. Suspected fraud or identity theft.
How long does it take for a ChexSystems record to be removed?
Wait until the record drops off the database If all else fails, wait until blemishes fall off your record. Reported information usually is removed from your ChexSystems file after five years. Until then, you might be able to open a second-chance checking account.
Is there a way to get out of ChexSystems?
The vast majority of banks pull a ChexSystems report prior to allowing consumers to open up new checking or savings accounts. ChexSystems only keeps records for 5 years, but you can dispute the accuracy of your record to get out of ChexSystems early. 1. Order a Free ChexSystems Report Online
What to do if your ChexSystems report is inaccurate?
There is no easy way out of the ChexSystems database, but there are steps you can take if you are reported in error to the agency. If you don’t recognize a derogatory mark on your ChexSystems report or believe it’s inaccurate, you can report the problem to ChexSystems or to the bank that reported the item you are disputing.
How does a ChexSystems record affect your credit?
A ChexSystems record doesn’t affect your credit score and doesn’t factor in to banks’ decisions to extend credit, but it can impact your ability to open a bank account or write checks. When you apply for a bank account, most financial institutions will screen your application by checking your banking history.
