How Long Does Check Systems Report You?

Save

Check Systems, or ChexSystems, is a consumer-reporting agency that financial institutions use to find out if applicants have a negative banking history, including closures due to overdrawn accounts or excessive non-sufficient fund charges. If an individual is denied an account at a bank or credit union, information received through ChexStems is a common cause.

Reporting Time

  • Information gathered and reported on ChexSystems stays on file for five years, unless otherwise required by law or requested by the reporting member.

Removal of Account

  • When a derogatory account is paid, the financial institution that reported the account is only required to update the information as paid; they are under no legal obligation to remove the filing.

Legal Rights and Consumer Requests

  • ChexSystems is governed by the laws under the Fair Credit Reporting Act, enforced by the Federal Trade Commission, and therefore consumers are entitled to view their report for accuracy. Requests can be made either in writing or online.

References

Promoted By Zergnet

Comments

Resources

You May Also Like

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!