When Was The Last Time You Requested A Copy Of Your Chex Systems’ Report?

Have you ever tried to open a checking or savings account only to have been denied?  It could be because of what is on your Chex Systems’ Report.  Bergen County New Jersey residents are denied requests to open accounts with financial institutions daily.

Chex Systems, Inc. (ChexSystems) is a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA).  ChexSystems’ clients regularly contribute information on closed checking and savings accounts.

 

You must routinely check your credit reports to ensure accuracy.

You must routinely check your credit reports to ensure accuracy.

Chexsystems’ clients regularly contribute information on closed checking and savings accounts. ChexSystems provides services to financial institutions and other types of companies that have a permissible purpose under the FCRA. ChexSystems’ services primarily assist its clients in assessing the risk of opening new accounts.  According to its website its current practice is to retain record of reported information for a period of five years from the report date unless the source of the information requests its removal or ChexSystems becomes obligated to remove it under applicable law or policy.

Even if a delinquent account was paid the source of the information is under no obligation to remove an accurate report of account mishandling.  However, the source of information is obligated to update the report with a paid in full or settled in full date when applicable.

Under the Fair and Accurate Credit Transaction Act (FACTA) amendments to the Federal Fair Credit Reporting Act (FCRA), you are entitled to a free copy of your consumer report, at your request, once every 12 months.  You may request a copy of your consumer disclosure report through any of the methods listed below.  The report will be sent to you, free of charge, via U.S. mail within five business days of receiving your request.  You can request a copy of your report by completing this form.

You can click on this link to view a sample report.  This report is something we should all be monitoring just like our other credit reports.

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