Separate names with a comma.
Discussion in 'Credit Talk' started by Scott, Sep 17, 2000.
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It is the same time as a bad debt stays in the system which is over 5 yrs but not over 7 depending in which state you live in.
Most likely it is 6-7 yrs.
It's five years from the date of report from the finanical institution.
I owed a bank after closing an account. Approx. $450 in 8/1998. Paid it in 2/99 and then my name was removed. So I think. I couldnot get a bank account for those few months and I used my mothers account. It never made it to my credit report.I have not had a problem getting an account since.
Good having you back C&C
Did you pay the bank or Chexsystems? If you paid the bank directly, then they removed your name from CS. However, paying CS will not remove you from their list. Your name will merely be appended with a notation that the debt has been paid. Some banks (very few) will open provisional accounts if there is a paid notation on CS.
One thing to try if you are on CS and the bank reporting you has been acquired by another bank. I've gotten three clients of CS by having them dispute the report. In each instance they banked at Bank "A" which had be bought by Bank "B." Bank "B" failed to locate the archived records of the first bank and my clients were no longer on CS.
ChexSystems is considered a "consumer reporting agency," and is covered by the Fair Credit Reporting Act, like the regular credit bureaus are.
The FCRA sets the time limit at seven years, (although New York apparantly has a separate state law setting the limit at five years for its residents.)
Anyway, despite the fact that ChexSystems *could* list information for seven years, for some reason they have policy of expiring negative items after only five years.
Here is some background info on ChexSystems and their parent, Deluxe Corp...
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I paid the bank. I was told my name was then removed from cheksystem. I have a Chase account which told me NO at first before I paid the debt. I am moving this week, and I hope that I dont have a problem with a new bank. I havenot had a problem with opening investment accounts either.
As an employee with Netbank.com, we use chexsystems for information on applications. Chexsystems provide us information up to 7 years back. On how long they keep records I do not know, I only know thats all the further they provide out.
I opened my account today in the city I plan to relocate. The rep opened the account over the phone and did a chex and credit check. He said I was OK.