ChexSystems Inquiries

ChexsystemsVictims

When a person applies for an account at a bank that uses Chexsystems and is denied, it shows up as an inquiry on your report. Too many inquiries on your report can cause Chexsystems to "flag" your account for suspicious activity. It is very important to know where you can and can not get an approval at prior to applying at a bank.

Too many denials can cause a bank that you might have been able to open an account at originally to deny you for these inquiries. Unfortunately this is a mistake that many people make when they first find out that they are reported to Chexsystems. Once they have been denied by a bank they tend to start applying just anywhere and everywhere only to be denied more.

It is also important to find out exactly what your Chexsystems report says. Your options of finding a bank can change drastically depending on what is reported and how it was reported. I have had some people tell me that they were reported to Chexsystems more than 5 years ago, not knowing that they should have been removed after 5 years. Many times this does not happen automatically as it should and just a simple letter can get it done. Many people have disputed even before the 5 year mark and are able to be removed.

There are 2 types of inquiries that will show up on your chexsystems report, the only inquiries that can hurt you are those that have been initiated by a consumer action
(that means that you authorized the bank, credit union or company to run a chexsystems report on you in order to open an account)

Inquiries Not Initiated By Consumer Action refers to inquiries resulting from transactions you may not have initiated, so you may not recognize the source. Members with permissible purposes include current creditors, pre-approval creditors, and potential investors trying to assess risks. They report these requests only to you as a record of activities, and they do not include any of these requests on credit reports to others.

Under the federal Fair Credit Reporting Act (FCRA), consumer credit reporting agencies are permitted to include your name on lists used by creditors or insurers to make "pre-screened" offers of credit or insurance that are not initiated by you. The FCRA also provides you the right to "Opt-Out", which prevents consumer credit reporting agencies from providing your credit file information for "pre-screened" offers. If you choose to opt-out, your name and address will be removed from the lists these offers are based on. You may opt-out with the nationwide credit bureaus at 1-888-5 OPTOUT (1-888-567-8688). You may opt-out with ChexSystems at 1-877-OPTOUT 5 (1-877-678-6885).

Inquiries Initiated By Consumer Action refers to inquiries resulting from a transaction initiated by you. These include applying for a credit card or completing an application at a financial institution. Please note that the inquiries are part of your credit history and may be included in our reports to others. These inquiries can be viewed for ninety days up to three years.

You can not dispute the Inquiries Not Initiated By Consumer Action

You can dispute the Inquiries Initiated By Consumer Action

If you have an inquiry on your report that shows up under those initiated by a consumer action and you did not authorize the bank or company to do so, you can dispute it and they will have to remove it if they can not prove it was authorized.

Sample letter to remove inquiries that were not authorized (send certified mail)

Your Full Name

Current Address
Current Phone Number

Chexsystems Consumer Relations
7805 Hudson Road
Suite 100
Woodbury, MN 55125
Date
RE: Consumer ID # (your consumer ID # here)

This letter is a formal request to remove unauthorized inquiries from my report. I've enclosed a copy of the report that your organization provided me on {insert date of report}. I've listed the unauthorized inquiries below.

Creditor: {insert name of creditor(s) making the inquiry}

Please note that before making this request, I sent letters to the organizations responsible for these unauthorized inquires asking them to remove their inquiries from my credit reports and to cease their illegal activity. Although I sent these letters return receipt requested and have proof that my letters were received more than 30 days ago, they have failed to respond therefore, I ask for your assistance in resolving this matter.

In accordance with the Fair Credit Reporting Act, I respectfully ask you to investigate my claim and, if after your investigation, you find my claim to be valid and accurate, I ask that you immediately delete the unauthorized inquiries outlined below. Furthermore, I ask that you send a corrected copy of my credit profile to me at the above address.

If your investigation determines the inquiry was authorized, I respectfully request you forward to me a description of the procedure used to determine this within 15 days of the completion of your re-investigation.

Thank you for your consideration and cooperation and if you have any questions concerning this matter.

Sincerely,

Signature
Printed Name

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