Chexsystems is primarily a deposit account verification service and a consumer credit reporting agency just like TransUnion, Equifax, and Experian. Chexsystems maintains data about consumers who have mishandled deposit accounts. They provide this information to various financial institutions such as banks and credit unions to help them identify applicants mismanaging their accounts.
Chexsystems - How does it work?
Can you obtain a copy of your report?
You can obtain a copy of your consumer credit report from ChexSystems annually.
Chexsystems - Is it a credit bureau?
ChexSystems is not a credit bureau. It is a consumer credit reporting agency. However, ChexSystems is constrained by the Fair Credit Reporting Act (FCRA) and other laws just like the credit reporting agencies. It is also certified to function as ChexSystems Collection Agency and offer debt collection services to its members. ChexSystems Collection Agency is governed by the Fair Debt Collection Practices Act (FDCPA).
How can you dispute information in ChexSystems?
Under the Fair Credit Reporting Act (FCRA), the ChexSystems has to investigate a disputed item within 30 business days of receiving the letter. If the reporting bank or credit union can't verify the disputed item within 30 business days of receiving it, then the item has to be removed from your credit report. Under FCRA rules, ChexSystems should inform you how they verified your disputed item. If the ChexSystems fails to inform you how the item was verified, they should remove the item.
How can you contact ChexSystems?
If you want to communicate with ChexSystems, you can contact them at the following address:
ChexSystems , Attn: Consumer Relations , 7805 Hudson Road, Suite 100., Woodbury, MN 55125
Fax : 602- 659-2197 | Phone Number : 800-428-9623
With proper help you can
- Lower your monthly payments
- Reduce credit card interest rates
- Waive late fees
- Reduce collection calls
- Avoid bankruptcy
- Have only one monthly payment