Chexsystems

Most banks will not remove information on chexsystems even if you pay off the balance owed. Others may come along with a different opinion or experience, sit tight. :D

The only way I have seen it cleared out is if you can dispute errors in the listing and bank fails to respond.They are considered a credit bureau under FCRA and must follow it procedures.

My chexsystems experience:

I had a joint acct with a boyfriend (yeah yeah I know dumb move, but i was young and stupid) and his dumb ass cashed a fraudulent check for like $400 thru our acct. After we broke up i closed the account, unaware of this and 3 months later my new bank account got closed because I got reported to chexsystems. I paid the $400, waited six months and was able to open an account again. I don't know if it takes 6 months, that's just when I tried to open an account again. Also, I don't know what is still on chexsystems, but I was able to open an account which is all it prevented me from doing anyways. The original incident happened with Washington Mutual. I don't know if this helps at all. Good Luck

I think too that it also depends on the bank and what they want to do with the information. Being in chexsystems doesn't mean a kiss of death in some cases.

Quote:

That is correct, Morningstar. I also think while you do get one free report, you probably also get another one if a bank turns you down for an account--like you would if you are turned down for a charge card anywhere else.

kscornell,you and Morningstar are both correct. It is classified as a Cra by the Ftc and must follow fair credit reporting act to the letter. If you look at the sticky I have in this section called interesting tips you will find numerous companies have access to our personal info. :shock:

:x I guess we can no longer call our personal info personal huh?

Leah,the only personal info we have is a secret that you would share with no one ever :shock:

You do get a free report if you are denied a checking account.

Also, it is up to the repotring bank to remove the item. They don't have to. Sometimes you can get lucky and the bank will remove it if you ask them to with the payment.

Guest - You may have just gotten lucky and applied at a bank that uses a filter for chexsystems. Some banks only want to see unpaid items or fraud, so once you paid, even though the report was still there they opened the account for you. There are more and more banks that will open accounts for people on chexsystems, as long as the item is paid.