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.