Chexsystems is a credit reporting agency used by over 80% of all banks in the U.S. to verify new accounts. When a prospect enters a bank to open a new checking account – most banks will run a report through Chexsystems to verify if the applicant has past banking issues.
If you had a checking account that was closed with a negative balance due to an overdrawn account in the past, the bank usually reports your name Chexsystems.
When listed in the Chexsystems database, your name will remain listed for 5 years. During that time it can be extremely difficult to find a bank that will let you open a new checking account.
You are allowed 1 free Chexsystems Report per year. You can dispute items listed negatively on your Chexsystems report, but it is very rare to have a case overturned.
To go official Chexsysystems website click here.
Contact Chexsystems by Mail or Phone:
Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125
It is very difficult to get your name removed from the Chexsystems list. While some companies claim they can get your name removed, it is usually not true. When listed in Chexsystems, it is usually best to rely on second chance checking accounts, prepaid debit cards or Non Chexsystems Banks in order to manage your finances.