What is ChexSystems?

Chex Systems, Inc. (ChexSystems) is a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA). ChexSystems’ clients regularly contribute information on closed checking and savings accounts.

What is a ChexSystems consumer score?

ChexSystems assigns each person a Consumer Score based on how risky they are to open a bank account. The ChexSystems score ranges from 100 to 899, with a higher score indicating lower risk. You can request your personal ChexSystems Consumer Score via mail or fax.

What if my ChexSystems report has been used against me?

If your ChexSystems report has been used against you, you have the right to know. For example, if you apply to open a new bank account, and the bank rejects you because of bad information that was listed in your ChexSystems report, the bank is required to inform you.

Which banks use ChexSystems data for checking my bank account?

About 80 percent of all banks in the U.S. use ChexSystems data for this process. Some of the rest get similar reports from TeleCheck, Early Warning Systems or other specialty CRAs, while others do not check your banking history at all.

Does ChexSystems report on closed accounts?

ChexSystems’ clients regularly contribute information on closed checking and savings accounts. About Us Learn about your right to a free report. If you have been denied an account and ChexSystems was used in the decision process, you can request your consumer disclosure report to help you understand what led to this decision.

How do I request or dispute my ChexSystems consumer score?

Request your ChexSystems Consumer Score. Right to Dispute You have the right to dispute any information contained in your consumer file at ChexSystems. Dispute information now using this website.

How do I stop checks from bouncing in ChexSystems?

Sign Up For Overdraft Protection: Setting up overdraft protection for your checking account will prevent your checks from bouncing and your account from being overdrawn. If you don’t bounce checks or overdraft repeatedly, you won’t get dinged for them in ChexSystems.

How do I get Out of the ChexSystems database?

There is no easy way out of the ChexSystems database, but there are steps you can take if you are reported in error to the agency. If you don’t recognize a derogatory mark on your ChexSystems report or believe it’s inaccurate, you can report the problem to ChexSystems or to the bank that reported the item you are disputing.

What items are reported to ChexSystems?

Items such as excessive overdrafts, insufficient funds (NSF), or bank accounts closed with money still owed are compiled in your ChexSystems record and reported to member institutions. When you apply for a new bank account, the financial institution requests your history from ChexSystems.

How do I get Out of ChexSystems?

Even if the bank does verify that you failed to bring your checking account to a positive standing, there is one final option that may enable you to get out of ChexSystems. The bank is required by law to report any uniformly disputed information to ChexSystems.

What happens to my ChexSystems report when opening a bank account?

When opening a new bank account, you should be prepared to have your ChexSystems report analyzed. ChexSystems is a consumer credit reporting agency that collects negative information about your past bank account history.

How do I clear my ChexSystems report?

The first step in clearing your ChexSystems report is knowing what’s in it. You’re entitled to one free copy of your report every 12 months under federal law. You just need to submit your request online, by phone, by mail or by fax to ChexSystems. Once your request is received, you should receive your report within five business days.

Do you have a ChexSystems record?

Anyone who has ever opened a bank account in the U.S. is likely to have a ChexSystems record. ChexSystems reports only negative information, including every banking transgression you — or someone pretending to be you — committed in the past five years.

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How do I Opt-Out of ChexSystems?

You may opt-out with ChexSystems at 877.OPTOUT 5 (877.678.6885). You may also click here to submit an online request to opt-out with ChexSystems. Consumers under the age of 21 will not be considered for prescreened offers unless specific consent is provided.

What is the ChexSystems score range?

The score ranges from 100 to 899, with a higher score indicating a better risk profile. But don’t confuse your ChexSystems score with your credit score. The two figures are completely independent of each other and are, for the most part, used for different purposes.

How do I restrict access to my ChexSystems credit report?

Security freeze requests submitted to Chex Systems, Inc. will be applied only to your ChexSystems consumer report. If you wish to restrict access to your credit report at the major credit bureaus or other consumer reporting agencies, you must contact them directly.