ChexSystems

Discussion in 'Credit Talk' started by MSJ, Jun 1, 2000.

  1. MSJ

    MSJ Guest

    Can anyone tell me how long a persons name stays in the ChexSystems database, once you are on it? I have been there since June 1996, and it;s been hell ever since. The kicker is that all amounts oweing have been paid since July 10, 1996. Any information would be greatly appreciated!
     
  2. spyguyjim

    spyguyjim Guest

    The information on ChexSystems stays for five years. The report contains information submitted by financial institutions, such as NSF activity, check orders, and information submitted by retailers on the SCAN Network. They are considered a CRA and must adhere to the FCRA just like the big-3. A creditor or financial institution can request removal of the derogatory information. You can get a copy of the information on file, they are at 1-800-513-7125.

    ChexSystems also has a collection department for bad checks. Perhaps your problems stem from some old account that was not properly cleared off the system which results in declined checks.
     
  3. kim

    kim Well-Known Member

    Are there other check verifying systems out there? I just order a report from ChexSystems and was wondering whom else I should contact.

    Another message board talks about ICS, which stands for International Check Services, has anyone else ever heard of them. Apparently, they do some kind of check with Experian.
     
  4. spyguyjim

    spyguyjim Guest

    I've seen other names posted in various stores but can't recall them off hand.

    Most large retailers use the Shared Check Authorization Network (SCAN), developed in 1984. It is the largest check verification network in the nation. (Examples of users: Wal-Mart, Sears, Nordstrom, Kids "R" Us, L.L. Bean, Macy's, Bloomingdale's, Eddie Bauer, and thousands more.)

    I have yet to figure out who actually owns the database, but I suspect its one of the big-3. Since you mentioned Experian, I wonder whether the credit score comes into play, or if Experian has a similiar check reporting system. They may very well own SCAN.

    I'm looking more into this whole area for personal and professional reasons, so maybe I'll post more info later.
     
  5. Levern101

    Levern101 Guest

    I have a suggestion, because this worked for me years ago. Since it's been so long since you paid the debt off. Call the financial institution and see if they still have the records. Try to convince them to have chexsystems remove it from your file.
     
  6. kim

    kim Well-Known Member

    When I did a search for ChexSystems, it seems that I recall reading that SCAN uses ChexSystems. Does that sound right, I'll see if I can find the link again.
     
  7. kim

    kim Well-Known Member

    Deluxe owns ChexSystems and SC

    Here's a link:

    http://www.cardreport.com/overview/bureaus/chexsystems.html

    Telecheck is the other service.
     
  8. kim

    kim Well-Known Member

    More info on Check Guarantee I

    "Recently released data shows that TeleCheck again topped the Check Guarantee industry with a 31% share in 1998. This confirms TeleCheck as the #1 choice among retailers across the country. With a U.S. volume of $21.6 billion and more than 240 million check transactions processed, TeleCheck continued to outpace all of its competitors on both measures. Client totals grew to more than 87,000 at more than 136,000 outlets nationwide."

    Here's another site:
    http://www.telecheck.com/home/performancereport.html
     
  9. renae

    renae Guest

    I agree--I was in that situation a few years ago and because the debt was paid, the bank wrote a letter stating that I paid it and asked that I be removed.

    Do you have credit unions in your area? I found that they are much more willing and able to open a checking account for those who a entry in chex systems. They put me on probation for 1 year which meant if I had even one bad check, they reserved the right to close it immediately and to report me again. Another solution is to get a debit card. They must use a different data base even when it's attached to your checking account.
     
  10. RichGuy

    RichGuy Guest

    RE: More info on Check Guarant

    This is great stuff. This kind of customized info is the reason I log on to this site.
    Regarding ChexSystems and Telecheck: could one difference be that ChexSystems is used by banks to screen new accounts, while Telecheck is used by retailers to screen checks from customers?
     
  11. C

    C Guest

    I work for a local Ohio bank and believe me, once you're on Chexsystems with them, you're on it for life...nationally too! Be careful who you screw over.
     
  12. CardReport

    CardReport Guest

    Since ChexSystems is a "consumer credit reporting bureau" covered by the Fair Credit Reporting Act, they *could* legally list items for seven years.

    However, for some reason, they limit it to five years. The time limit has *no* relation to whether the item was paid or not.

    You can learn more about ChexSystems at...

    http://www.cardreport.com/
     
  13. CardReport

    CardReport Guest

    RE: More info on Check Guarant

    No, the difference seems to be just a matter of size and corporate success.

    The ChexSystems and SCAN systems are both owned by Deluxe, and the databases are linked together.

    TeleCheck does retail check-acceptance services, and also does new-account verifications for banks, along with other services, like collections.

    CardReport.Com - Credit Tools, News, And Reference
    http://www.cardreport.com/
     
  14. CardReport

    CardReport Guest

    No, I do *not* believe you.

    The time limit, set by Federal law (the Fair Credit Reporting Act), is seven years. ChexSystems chooses to list items for only five years.

    Two possibilities:

    1. You are deliberately *lying*, in order to vent some kind of hostility and to power-trip on trying to intimidate people.

    2. You really are ignorant of very basic financial industry laws and regulations, and are thus seriously incompetant at your job.

    Perhaps you could post the name of the bank where you work, so that potential customers can *avoid* a place that would employ someone with your ignorance and attitude issues?


    CardReport.Com - Credit Tools, News, And Reference
    http://www.cardreport.com/
     
  15. Melissa

    Melissa Well-Known Member

    There's a class-action lawsuit being formed against Chexsystems. Go to www.chexvictims.com
     
  16. Cathy

    Cathy Well-Known Member

    Do they take this into consideration when you are buying a house?
     
  17. test

    test Guest

    test
     
  18. renae

    renae Guest

    I agree. As I said earlier, I've had this experience--upon trying to open a checking account with a different bank a couple of years later I found out that I was on Chexsystems data base. Only after the bank wrote them a letter indicating that the debt was paid did they remove it. Acutally, I don't know if they actually removed it--it could be that they would indicate to any other banks that inquired that the previous debt had been paid.
    But I screwed up again and was put on it again! (When I was young and foolish!)I had only a savings account for a few years after that and had to get stupid money orders for everything. I called around to different banks first to ask them if they would allow me to open an account and some said they would. But I found a credit union also that said they would and they put me on probabtion for 1 year. I have been with them now for about 7 with no problems!! I also found that the banks who said they would allow me to open one were banks that are considered "independent". It seems they make their own policies regarding this issue and will look at each situation on it's own merits. I think that's why I was able to open one with a credit union. They aren't a big huge bank that has to adhere to strict policies made by management.

    This has been my experience.
     
  19. lbrown59

    lbrown59 Well-Known Member

    No, I do *not* believe you.

    The time limit, set by Federal law (the Fair Credit Reporting Act), is seven years. ChexSystems chooses to list items for only five years.

    Two possibilities:

    1. You are deliberately *lying*, in order to vent some kind of hostility and to power-trip on trying to intimidate people.

    2. You really are ignorant of very basic financial industry laws and regulations, and are thus seriously incompetant at your job.

    Perhaps you could post the name of the bank where you work, so that potential customers can *avoid* a place that would employ someone with your ignorance and attitude issues?
    CardReport
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    http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=4499#post4499

    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  20. Melissap1

    Melissap1 Well-Known Member

    lbrown59,

    Thanks for bringing this old post up! Now I probably have another fight. LOL. I just ordered my report and am keeping my fingers crossed.
     

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