ChexSystems is a consumer reporting agency that works nationwide. It operates under the FCRA (Fair Сredit Reporting Act). ChexSystem has credible information that is a contribution of their clients regarding their savings accounts and closed checking accounts.
ChexSystems collects data from banks which gives insights into consumer behavior regarding finance management. Being under the FCRA radar, this institution works nationwide and provides financial services to financial institutions such as banks, credit unions, and other companies.
The primary purpose of ChexSystems is to provide insight to the financial institutions so that they can assess the risk of opening an account. There are many questions about ChexSystems regarding how it works, what the implications of the ChexSystems report on your account approval are, etc. This article has covered these questions in great depth.
Unlike a credit bureau, which reports on your credit, ChexSystems reports on your deposit account and gives insights to the institutions of the risk that a potential consumer can pose owing to the negative behavior of finance management on part of the consumer.
As ChexSystems is governed under the Fair Credit Reporting Act, they have legislated it to ensure that the consumer’s information gathered through the established procedures is well under the ambit of law and is done accurately and fairly according to the consumer’s privacy rights. You have the right to ask for the disclosure of your consumer report anytime as provided in the FCRA. According to the FCRA, a consumer report can only be disclosed to the person or entity that has a legal right to that information which means that it can be disclosed only for legitimate use.
You can either reach out to them through the options provided on their website or contact them directly at 800-428-9623.
ChexSystems pays close attention to private information and has taken steps diligently to ensure maximum security. All the transactions are done through Secure Socket Layer better known as SSL or Transport Layer Security (TLS) for the encryption of internet transactions. This makes it safe to transfer your personal information to them on the internet.
Currently, ChexSystems retains your record and all the reported information for a maximum period of five years unless the source that provided that information requests for early removal. In that case, ChexSystem is bound by law to remove that information.
The source which provides the information is not obliged by the law to remove an accurate report of misuse of the account even if the account is paid. But it is obligated to alter and change the composition of the report once the account gets paid or is settled within the date.
You can always request a copy of your report directly from the ChexSystem’s website.
If you are not the person whose report is in concern and you are someone who is reaching out to the ChexSystems on someone else’s behalf who is not a minor person, then it is possible to do so. However, there are a few formal requirements you need to complete.
If you are submitting a request on behalf of a person who is a minor child then you can request it through mail or by fax. Following documents must be attached with the application:
As a consumer, you have the right to dispute any information which you believe to be incorrect or incomplete. Please use the following link, submit your dispute, to get your information. If you want to dispute information regarding your driver's license, then you can refer to this link: Contact your State DMV.
Here is a link to submit your statement: submit your statement. You can check if you are entitled to submit a statement to your file and you can describe the nature of your dispute.
According to the Federal Fair Credit Reporting Act (FCRA), the credit reporting agencies have the right to include the name of their file lists that can be used by the creditors or the insurers to provide you with pre-screened offers of credit that you didn’t initiate.
While they have the right to include your name on the file, you also have the right to opt out. This prevents consumer reporting agencies like ChexSystems from adding your credit file information for their prescreened offers. When you opt out, your name and address on the list will be removed.
You can opt out by reaching them nationwide at 888.567.8688 and if you want to opt out of the ChexSystems you can reach out to them at 877.678.6885. You can also submit an online request to opt out of the pre-screened offers on their website.
If, however, you are under the age of 21, you will not be considered for the prescreened offers. If you do however want to be considered for the pre-screened offers, you will have to provide your consent. By law, it is required that you provide your consent expressly written and signed by you. You can send your request at Inc. Attn: Consumer Relations at 7805 Hudson Road, Suite 100, Woodbury, MN 55125.
You may submit a complaint to ChexSystems, Inc. by reaching out to them at:
Mail
ChexSystems, Inc.
Attn: Complaints
7805 Hudson Road, Suite 100
Woodbury, MN 55125
Fax
602.659.2197
Here are the contact details for the Consumer Financial Protection Bureau:
P.O. Box 4503, Iowa City, Iowa 52244 | |
Telephone | 855.411.CFPB (2372) |
Español | 855.411.CFPB (2372) |
TTY/TDD | 855.729.CFPB (2372) |
Fax | 855.237.2392 |
Online | www.consumerfinance.gov/complaint |
It is very easy to see whether your online session is encrypted or not. There is a lock icon that appears on the top of the address bar. Click it, and you will see HTTPS secured protocol. That way you can assure that your session is encrypted.
ChexSystems does not have the authority to approve or decline an account. ChexSystems just provide a report based on what the financial institution you are working with decides to approve or decline your account.
ChexSystems asks for this information to ensure the identity of a person. Before ChexSystems files a report, it makes complete and accurate research so that in the future, they can provide you with accurate information that pertains to you.
Identifying information is a name or a number that can be used to identify other information, alone or when combined with another piece of information. This information is used to identify:
This is a security measure and is a kind of masked protection to protect the privacy of your information. Should you need a copy of your data, please submit to ChexSystems a request to have unmasked data with clear information as to what kind of data you want to be unmasked.
By law, it is required to communicate directly with the individual whose ChexSystems report is in concern. ChexSystems strictly adheres to this privacy policy as a part of consumer privacy protection. To communicate with someone who is acting on behalf of that person whose report is in concern, ChexSystems requires you to submit a notarized power of attorney or a detailed copy of instructions written and signed by the consumer. That is the only way ChexSystems can disclose any kind of information.
If you want to fill out the form electronically, download the file to your device, fill it out, and complete the form with all the requisites. Save the file, and after that, you can print the saved copy, mail, or fax it.
The FCRA has a summary of consumer rights published by the FTC. You can find this information by checking the following link - ChexSystems FCRA Summary of Rights
If you are a victim of Identity Theft then you can visit this link to have a summary of rights in case of Identity Theft Summary of Rights. Identity Theft is considered theft of your personal information which is being used by someone else pretending to be you. The person who has stolen your identity can have access to your name, SSN, date of birth, and any other information that identifies you.
An easy example of this would be someone who is pretending to be you can use your information to get a loan in your name or open a credit card account. If you believe that you have been a victim of Identity Theft, then you have been provided rights under the FCRA. Here are your rights to help you recover from identity theft:
You can also prevent other businesses from using your information and reporting your information that you believe is a result of Identity Theft.
