What is Chexsystems?
Chexsystems is a credit reporting agency where banks and credit union report negative activity from checking and savings accounts. Types of activity that may be reported to ChexSystems include:
Information can stay on your ChexSystems report for five years. If you owe an outstanding debt, paying it does not get it removed from your report early (unless the financial institution voluntarily deletes it), although your report will show that it was paid. If money was owed to the reporting bank(s) there is a chance that this will also be turned over to a collection agency and may show up on your credit reports as well.
Positive information is generally not reported to ChexSystems. If you have never had any incidents of mismanagement, you probably do not have a ChexSystems report. This is why we believe Chexsystems is not a fair system. Many have objected to its reporting practices.
-They state the system does not report fairly, and unlike credit bureaus which have both positive and negative information on your credit report;
-Chexsystems only contains negative information. This jeopardizes your reputation as a consumer, when you would otherwise be qualified to open checking accounts.
Opening an account with a ChexSystems report
When you apply to open a checking or savings account,most financial institutions will run your name in the ChexSystems database to see if you have a report. Some financial institutions may deny everyone who has a ChexSystems report, while others may only deny people with certain types of activity. ChexSystems itself does not approve or deny applications - it merely provides reports to financial institutions.
If you are denied an account due to having a ChexSystems report, that does not necessarily mean that there are no options available to you.
I work on my lists on a daily basis and talk to the people I help everyday about the banks they are able to find on my lists. Because of this, I know the best options for those on chexsystems, regardless of where you live in the United States.
MY LISTS ARE 100% FREE!!!!!
DON'T BE FOOLED BY PLACES THAT GUARANTEE SECOND CHANCE CHECKING!!! MOST OF THEM ARE SIMPLY SELLING YOU AN ACCOUNT TO PEOPLE'S CASH SOLUTIONS OR INFORMATION THAT YOU CAN GET RIGHT HERE FOR FREE!!!!!!!!!!!
I have seen most of the lists being sold on various sites for $20-$300 or more I can tell you that most of them are inaccurate and outdated. Many have my old information. Many of them are trying to sell you something else and want to see you fail so you will be convinced to buy a pre-paid card that they offer. So they will offer you a list that is CRAP. Be VERY careful!
Applying at banks that deny you can cause you to be denied at one that may have otherwise approved you
Many sites and forums that have free lists are incorrect and not updated.
My name is Mary. I am known on the boards as mca. Many of you know me from the old forum that is now closed. I am now a moderator of a forum with over 100,000 members and my own quickly growing forum that is dedicated to helping people just like you. Other valuable information is also on the forum: money market and brokerage accounts, an entire area dedicated to pre-paid options, other military options, credit card information that some might be looking for and more.
There are many reasons why people are reported to chexsystems. Millions of Americans from single parents, women and minorities to divorcees are un-banked.
This site is dedicated to helping those reported to Chexsystems as well as Telecheck and Early Warning Services (EWS). Whether you are looking for a bank or credit union that does not use them or you want to file a dispute to be removed, I can help you.
There are many websites that will sell you the information that we provide here for free. Many have been found to be selling our exact lists. Others claim to gurarantee removal. Because chexsystems, telecheck and Early Warning Services (EWS) are credit reporting agencies, there is no guarantee for removal but I can help you to file the proper disputes with sample letters that we will provide to help you fight them!
Many people believe if they pay any debt owed to a reporting bank, that they will then be removed from chexsystems but this is not true.
Many times paying off the reporting bank can cause you to be reported for a longer period of time than you would have been if you had not paid the debt owed. For example: a report that is from 2006 will be removed in 2011. If it is paid the bank can choose to report it 5 years from the date last paid. So for example a debt on a report from 2006 is paid in 2010, the report would not be removed until 2015. This is why I sometimes suggest NOT to pay the debt owed to the reporting bank(s) especially on accounts that are older ones.
Certain actions can restart the debt statute of limitations on a dormant account.
acknowledging that you owe the debt
making a payment
entering a payment plan
making an agreement to pay
making a charge on the account
If the clock on the statute of limitations restarts, it starts back at zero. This gives the creditor or collector more time to use the court to force you to pay the debt.