One of the problems with ChexSystems is that they treat you as if you were guilty until proven innocent. That is, if you are on ChexSystems’ list, you stay there until you prove your innocence (or at least convince ChexSystems that they don’t have enough proof that you should be on the list). Luckily, there are ways you can get off the list.
Since ChexSystems is a credit reporting agency (CRA), they are regulated by the “Fair Credit Reporting Act” (FCRA). FCRA has lots of rules that allow consumers to dispute bad marks on their credit reports (such as the list maintained by ChexSystems).
Use of the rules provided in the FCRA is KEY to removing your name from ChexSystems list. The FCRA was enacted, in part, because credit reporting agencies aren’t perfect (far from it!). Some people estimate that as many as 80% of all credit reports have some errors in them! As you know, an error in your ChexSystems’ report can cause HUGE problems for you!
One of the key rules we rely on is the FCRA rule that gives you the right to challenge the validity of any information ChexSystems has in your file. As an example, if you have a closed bank account in your record, under FCRA, you have the legal right to challenge or dispute the accuracy of this information.
Even better, the FCRA rules state that any information contained in your report must be 100% accurate and verifiable or it must be deleted! This is powerful stuff! We know that mistakes happen, and that records and information gets lost (especially given the fact that ChexSystems processes millions of records each year!), so we can use this rule to our advantage.
In our free newsletter, we provide details of how you can use the rules in the FCRA to get off the ChexSystems list. Getting off the list is the best possible situation for you—you will then be able to open a new bank account at almost any bank (even your local bank).
Before you can figure out how to get off the ChexSystems list, you’ll first need to figure out how you got on the list in the first place. The FCRA requires that ChexSystems give you a copy of the report they have on you. You need to order a copy of the report! Our free newsletter tells you how.
Once you have a copy of your report, you may decide to send one or more letters to ChexSystems and/or your prior bank to dispute the information. We will provide you with sample letters and information on how to write these important letters, so that you maximize your chances of success.
Most of our customers mistakenly believe that they have NO CHANCE of getting off ChexSystems list. Don’t assume the worst! Our series of letters can still work for you! Remember, the best possible situation is for you to get OFF ChexSystems list, and get back to banking like you deserve!
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