I have a few accounts in Chex that are all coming up on the 5 year mark in 2011. I have a few questions
1) Do these lines automatically get removed after 5 years? If not, what can I do?
2) If there is still a balance, will it be removed?
3) If I am paying off a balance, does it reset set that 5 year clock. IE if I had $300 dollar overdraft with Bank of America and paid it off or worked out a plan, does this mean the 5 year clock is reset
Please advise, I really want to get out of this and have been in Purgatory for a long time. I am not looking to avoid debt either, that's why I have worked with those banks.
Sub: #1 posted on Tue, 02/08/2011 - 00:02
Sub: #2 posted on Tue, 02/08/2011 - 07:37
-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.
Sub: #3 posted on Wed, 02/09/2011 - 19:14
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Is the 5 year like a credit report...date of first delinquincy kind of thing?
Sub: #4 posted on Thu, 02/17/2011 - 16:11