Recently Denied a Bank Account?

If you have recently been denied a Bank account, chances are you are being reported by ChexSystems.  The ChexSystems, Inc. network is comprised of member Financial Institutions that regularly contribute information on mishandled checking and savings accounts to a central location. ChexSystems shares this information among member institutions to help them assess the risk of opening new accounts. ChexSystems only shares information with the member institutions and does not decide on new account openings.

 

But just like with Credit Reporting Agencies, they too are subject to the Fair Credit Reporting Act (FCRA).  As such, you have the opportunity to request a free report once per year.  More importantly, you also have the ability to dispute the information contained in the report.  Generally speaking, once information is disputed, an investigation into the disputed information must take place within 30 to 45 days and results provided.  If the disputed information can not be confirmed, it must be deleted.

 

Investigated information can only be added back to your report if the information provider verifies that it is accurate and complete. If ChexSystems claims the information was verified as being inaccurate, and nothing was deleted, then you can send a Procedural Request letter. When the investigation is complete, ChexSystems must provide you with the results, in writing, and a free copy of your report if the dispute results in a change. They must also send you written notice that includes the name, address, and phone number of the information provider.

 

In the event that ChexSystems does not respond to you within the 30-45 days of receiving your dispute, you can take action by sending a Demand for Removal letter to ChexSystems. No response indicates that confirmation of the information may not have been conducted; therefore, the information must be removed from your report.

 

If an investigation does not resolve your dispute with ChexSystems, a brief written statement can be added to your report explaining your dispute.

For more information about ChexSystems and correcting your report, please contact Doan Law, and click here.

 

 

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