Showing posts with label what is ChexSystems. Show all posts
Showing posts with label what is ChexSystems. Show all posts

Wednesday, February 10, 2016

Are you On The ChexSystems List?

You might wondering how how To Find Out If You are On The ChexSystems List.

Below were steps you can follow in order to know whether you are on the system or not.

1. You can Call the ChexSystems number. There will be a list of automated instructions you must follow.
2. Visit official ChexSystems website, https://www.consumerdebit.com/consumerinfo/us/en/chexsystems/report/index.htm, and follow the online steps to get  official (free) ChexSystems Consumer report.

Sunday, September 11, 2011

ChexSystems in the eyes of American

Ask the average American who or what ”ChexSystems” is, and you’ll get a blank stare. The unlucky people who do know about ChexSystems are usually painfully aware of how severely it can affect their lives. If you are on ChexSystems’ list, you have probably experienced the pain and frustration of not being able to open a new bank account, write checks, or use an ATM card (the core banking conveniences that everyone seems to take for granted). Unfortunately, millions of Americans are on (or have been on) the list, and are unable to enjoy these banking conveniences.

If you are on the list, it is important for you to know what ChexSystems is (and what they are not). ChexSystems is not a bank or a financial institution. Instead, they are a large consumer reporting agency (CRA) that maintains a nationwide database of banking customers who have been reported for writing bad checks, defrauding banks, having unpaid bank debts, or having too many “non-sufficient funds” (NSF) items. ChexSystems is owned by a large publicly traded company, eFunds, Inc. ChexSystems tries to (and has succeeded!) keep a low public profile. They don’t have a company Web site, and it is relatively difficult to find information about them.

Like the other large CRA’s (such as Experian and TransUnion), ChexSystems tries to distance itself from the problems it causes, claiming that it is simply a provider of information, and that it is the banks who use ChexSystems’ data who are the bad guys for turning customers down for new bank accounts. ChexSystems’ marketing materials claim that the company has no responsibility for the decisions banks make, stating that “ChexSystems neither approves nor declines accounts for banks and credit unions. The decision is entirely up to them.”

This is a convenient position to take. However, the fact is that ChexSystems (like the other CRAs) is not perfect. They make mistakes and errors can find their way into consumer’s records. The problem is that an error in a ChexSystem record has a severe and dramatic impact on a consumer. Even a simple error in a consumer’s banking history can prevent that customer from opening a new bank account (or could even result in the customer having their current banking relationship terminated!). That is a LOT of power for a CRA to have.

Other consumer’s find out that their banking record has been ruined as a result of identity theft. For example, a common scheme for some identity thieves is to open a bank account under someone else’s name, using a stolen social security number, and then take out a payday loan or two using the assumed identity. The funds are then withdrawn from the account, and the account is abandoned, eventually resulting in an account closure or NSFs. Unfortunately, the person whose identity was stolen now ends up on ChexSystem’s list. Unless you take steps to clear this situation up, you will be stuck on ChexSystems’ list (even worse, you’ll be stuck there for five years or more!).

As a consumer, if you have been informed that you have a bad mark in your ChexSystems’ file, you need to act quickly to try to resolve it. Unfortunately, ChexSystems doesn’t make it easy for you to clear up a bad mark (even if it is clearly in error).
Lots of people have never heard of ChexSystems until they have some banking problems. Then, you may be told the bad news that your bank account is being closed because you are on a list maintained by a company called “ChexSystems”. Then you need to find out: What is ChexSystems?

Saturday, January 30, 2010

ChexSystems:Know what inside Chexsystems report

While Chexsystems maintains your chexsystems story they are not
responsible for the findings made by banks to deny you a glance
account. A mass boss can override Chexsystems at any time. What
is responsible for the veto of a checking account is the information
maintained in Chexsystems databases.

This information could be indecent, inaccurate, erroneous or outdated
and the slightest bit of harmful information can result in defiance and
have an injurious effect on the consumer. The next information
may be limited in your Chexsystems register:

* Paid and Unpaid Insufficient Funds ("NSF") matter


* Excessive "NSF" charges, even while you may have sheltered
all those charges with the pile


* Checking account routine that your tilt may ponder refusal


* Bank Fraud


* Uncollected overdrafts, ATM transactions or preset payments
the mound rewarded


* Debit card, savings account or ATM abuse


* Opening an account with sham information

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

Wednesday, September 23, 2009

How chexsystems works?

Members of ChexSystems makes an inquest online, or picks up the telephone and calls in with their veer Member ID number.

ChexSystems responds immediately, decisive the cache:

* If there is an account closure on parade

* Whether outstanding debts have been salaried

* Whether the Social Security number matches ChexSystems facts (e.g., the number may be void or unused, or it may not game the name on the ChexSystems file)

* If the applicant has checks outstanding on the SCAN catalog which alerts retailers to non-sufficient-rites
checks that have not been salaried

* How many accounts the consumer has practical for in the onwards 90 being; and if the driver's accredit number is accurate and issued to the applicant.

* Account blocked "for begin."
(Banks diverge terribly between them as to what official reasons are for finishing an account.)


* Bank was unable to amass for an overdraft, ATM transaction, or certain payment that they flattered on insufficient money.
(Banks shot this to ChexSystems regardless of total and regularly without waiting more than a the existence after mailing an observe to you!)

* Multiple overdrafts.

* Savings Account, deduct card or ATM abuse.

* Any acts of fraudulent activity

* Providing wrong information in chance account


If nothing of the above applies, members are merely told that there is no notation on the ChexSystems record.

Banks register the information to ChexSystems.

ChexSystems organizes it into an essential major database. ChexSystems neither approves nor denies new account openings for fiscal institutions. No stuff what a heap director may tell you, the result to pass or deny an account is always up to that reservoir.

Those decisions are fully up to each monetary institution and its individual policies. They can elect to overlook the ChexSystems inform.