Chexsystems - when will they go?
Usually, the Chexsystems remove the negative items after 5 years. After paying off the overdraft fees with BOA, you can ask the bank to remove the listing from Chexsystems. This way the negative will be removed from your report.
Thanks for the response...but do balances affect the 5 year window?
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.
-Chexsystems does remove you after 5 yrs automatically. Yes even if a balance is owed, they will still remove you after the 5 year mark. Again as long as payment on the debt has not been made. Some banks may allow removal even if payment has been made but there is no guarantee unless you get something in writing.
Thanks...you mentioned they don't remove automatically. Are there any strategies to get them to remove you?
Is the 5 year like a credit report...date of first delinquincy kind of thing?