Today I was introduced to Chexsystems. I had a delinquent balance with a bank which had been paid up. I went to open a checking account at a different bank and I was told that they wouldn't open the account due to information at CS. Who the heck are these guys? 5 years to open a new account? huh? I can go out right now and get several secure credit cards but I cannot open up a checking account? Am I missing something here? Something seems wrong here. Are they a credit reporting agency like TRW or Equifax? They don't seem to fit the rules. Are they a fraud reporting agency? I haven't committed fraud. How does bankruptcy affect the information at CS? All of a sudden I am extremely wary sof giving out my SSN or any other information which could be shared/sold by someone? I'm not sure what to do. Any commentary would be appreciated.
Yes, they are a sort of credit bureau that is focused checking account misbehavior. Here is some background and explaination on them... http://www.cardreport.com/overview/bureaus/bureaus.html Good Luck. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/
Here are some links for you: http://members.tripod.com/~CHEXSYSTEMSBITES/index.html http://www.chexvictims.com
The same thing happened to me. I got a letter from the bank where I had a delinquent balance stating that it had been paid. I took the letter to the new bank where I wanted to open up an account. I had a new checking account in ten minutes. Hope this helps.
Chex-systems functions much like a CRA in that they exist as a national registry for banks to track high risk customers. Often consumers land on its database for closing accounts with negative balances. Over 80% of US banks consult this database before approving checking accounts. Once on the list, your name remains there for 5yrs. It ranges from dificult to nearly impossible to get your name removed from the list before the 5yr window expires. Many consumers have gotten around this by establishing accounts with on-line banks.
Thank you everyone for your responses. It's really interesting, though. When I went into the bank to open the account and they said they couldn't because of some information I asked what information? They gave me a form to fill out and mail to CS. What perturbed me most is: 1. Who is CS? 2. The form they gave me asked for a lot of information to prove that I am me so they could send me the info they have on file; and 3. Why would I want to send any more info to CS? Question: If I send info to CS to prove that I am me and they do not have some of the information on file - do they add it? I'm really wary of this organization. (I've been reading a lot lately about CS.) I am going to write a letter to my state attorney general. There is something that does not seem right about CS. I just can't put my finger on it. It's like a CRA but it's not. Smoke and mirrors and money.
this is not going to be a popular response, and I do not work for chexsystems or its parent, deluxe, but think about it...if someone intentionally writes bad checks, and the bank has to close the account, shouldn't there be some sort of punishment? I mean, we all have to abide by rules and laws, and writing bad checks is both against the law and the rules. If I have to keep my account in good standing, and not write checks when I don't have any money, why shouldn't EVERYONE be held to that same standard? I know we all make mistakes, and I have too. I have bounced a few checks in my lifetime, and have had numerous accounts, but in the 15 years or so since I've had checking accounts (my first was my sophomore year, when I was 15), I have NEVER landed in a database such as chexsystem's. I don't get it.
What about the innocent victims?To paraphrase a wise chap, I'd rather see 100 bad cheque writers go free, then one innocent person messed over by CheXnAZIS
