I went in today to open a new money market account, and the bank's computers pulled up an erroneous entry that was appearing on my ChexSystems report. Consequently, the account was not open. I called ChexSystems, and they advised me that my report was CLEAR. The bank-Washington Mutual- said that they receive updates from ChexSystems about once a week, and to try back then. Doesn't the computer at banks search current ChexSystems files? The way the bank describes it, they receive a download from ChexSystems every week, and the computer searches that. Any suggestions other than waiting? Bring in my clear ChexSystems report? Speak to a manager, or just wait? Thanks-DD
It can't hurt to sit down with a manager and show them your document or maybe even call ChexSystems together if they are willing.
I agree. Identifying information used to access CRA databases is not necessarily unique, since there can be variations in the identifying information reported by each creditor even for the same person. Differences in the way you are identified to conduct the search may result in variations in the information retrieved, possibly merging someone else's information with yours. At least this appears to be how it works, from testimony from CRA employees. I don't know specifically about CHX. This could make resolving a case where you see nothing, and a potential creditor sees something, difficult to resolve without the creditor's cooperation. You may need the information directly from the report pulled by the bank. Note that if the bank tells you they cannot give you this information, due to a clause in their contract with CHX, such contract clauses are specifically prohibited by FCRA when there has been an adverse action. The FTC is studying whether to require lenders to disclose their copies of reports to the consumer to deal with these sorts of problems.
Just an update, I contacted the branch manager this morning, and she said that they will contact Chexsystems directly to verify the new accounts. The result: ChexSystems reported a clear, and the accounts were opened without further delay. I'm very satisfied with Washington Mutual.
