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Chexsystems - when will they go?

Submitted by on Mon, 02/07/2011 - 18:26
Posts: 202330

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.

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.

Submitted by on Tue, 02/08/2011 - 00:02

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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.

Submitted by Mary Adkins Matthews on Wed, 02/09/2011 - 19:14

Mary Adkins Matthews

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