Monday, November 30, 2009

Do I need a lawyer if I reported to ChexSystems?

Many people are unaware of the existence of ChexSystems until it is too late and are reported to ChexSystems by their banks. Normally, if you keep your accounts properly, ChexSystems will not be a problem for you. However, banks sometimes mistakenly report by consumers ChexSystems and sometimes consumers are perceived negatively because they reported being defrauded until too late.

Hence it is important to be forewarned about what is ChexSystems, what if you are reported to them, and what resources you have once been reported. Although this FAQ provides general information about ChexSystems and the process of the dispute have been reported, is not intended to take the place of qualified legal counsel.

If you have been reported to ChexSystems and feels that there are other legal implications, you should seek advice from a qualified attorney. reported to them, and what resources you have once been reported. Although this FAQ provides general information about ChexSystems and the process of the dispute have been reported, is not intended to take the place of qualified legal counsel. If you have been reported to ChexSystems and feels that there are other legal implications, you should seek advice from a qualified attorney.

Wednesday, November 25, 2009

How to Open a checking account while in ChexSystems

The ChexSystems provides verification services to deposit account to the members of your financial institution to help identify applicants that you may have a history of account mishandling. The service seems useful, and it is for banks and financial institutions. It helps them to be alert for fraud and other abuses. Habitual and those who intentionally write checks must have their criminal activities recorded in ChexSystems. However, not all activities are negative instances of fraud or intentional misuse. Many consumers have written at least one check that has bounced back and if he had closed a checking account in the negative and not pay the negative balance in time, the bank had informed consumers ChexSystems.

Each report submitted to ChexSystems remains on file for five? You, unless the bank or credit union that filed the report with them has been eliminated or ChexSystems becomes obligated to delete the file in accordance with the law . However, if a collection is reported amount is paid, it is obliged to mark the account as paid.

If reporting to ChexSystems sure not to close the checking accounts of any other you may have. Pay all overdraft fees as soon as possible. Make a good personal check in which they are written out. Once you have paid the overdraft fees and satisfied everyone that had received a returned check, then make sure you have an explanation of the material inserted into your ChexSystems file.

Just because you are in ChexSystems, there are still ways to get a checking account in a bank. Sometimes this can be overlooked by the official bank of what may be able to open a new account. There are also many online banks that offer second chance checking accounts to people who have been reported to ChexSystems.

Monday, November 23, 2009

Chexsystems and checking accounts

If you try to open a bank account and reject it, possibly because his name appears in the system of ChexSystems, the largest national company auditing. Banks use auditing services to exclude applicants who have mishandled any previous bank account. If you previously had a checking account overdrawn who left with a negative balance, it is possible that your name appears on the ChexSystems database.

Under federal law, ChexSystems is considered as "a specialized credit bureau and must comply with the law" Fair Credit Reporting Act (FCRA) of the Federal Trade Commission (FTC). Reports of individuals remain on file for five years. The bank or credit union that provided the information can make the decision to delete the report within five years.

You are entitled to receive a free copy of your ChexSystems report each year. Call 800-428-9623 or visit www.consumerdebit.com for a free report. Get a report if you have been denied a bank account or is a victim of bank fraud bank fraud An example is when someone forges your signature and steals your checks to use them. Your ChexSystems report includes instructions for disputing inaccurate information. The company must investigate your claim and notify the results within 30 days.

SCAN (Shared Check Authorization Network) and Telecheck are databases of bounced checks. If your check was not accepted in a store can get a free report by calling 800-262-7771 SCAN and Telecheck at 800-835-3243.

Sunday, November 22, 2009

ChexSystems Questions and Answers (Q&A) Session 3

There are so many questions asked when it comes to chexsystems.Of course people are afraid of it since chexsystems makes you trouble since you can't
What ChexSystems Does
ChexSystems simply keeps records about people who have “abused” or mismanaged a deposit account. In other words, they have a list of people who bounce checks or owe a bank some money.

If you bounce checks, your bank may report you and your activity to ChexSystems. ChexSystems then shares that information with other institutions that ask about you. It’s kind of like an agreement among the banks to help each other avoid risky customers.

Any negative reports are kept on file for 5 years. After that time, ChexSystems removes the report. In addition, a reporting bank can ask ChexSystems to remove a negative report.

ChexSystems also offers some additional identity verification services to banks, but the meat-and-potatoes is the risk reporting.


What ChexSystems Does Not Do
ChexSystems does not decide whether or not you should be allowed to have a bank account. They simply tell an inquiring bank what they know, and the bank makes the decisions.

In addition, ChexSystems doesn’t have a complete history on everybody. First, ChexSystems only keeps records of negative items. Contrast this to a credit bureau that also keeps records of well maintained debts. Another way to look at this: if you’ve got a credit history it generally helps; if you’ve got a ChexSystems history it hurts you.

ChexSystems is only as good as the information it receives. If a bank fails to report a mismanaged account, ChexSystems will never know. Likewise, ChexSystems may have erroneous information that the consumer needs to correct