I just received my Chex report. Didn't expect anything derogatory on it but was curious. Nothing neg on it HOWEVER my bank pulled THREE inquiries on 3/6/02. I never applied for credit...only have checking with them. I did have them 'trace' a transaction in March for me, though. My question... Do hard inquiries on CHEX hurt you in any way? Mist
Some banks will refuse to open a checking account if they see you've been gathering inquiries by opening or attempting to open many other checking accounts. I don't think that inquiries from the same bank are going to hurt you.
Chex works like other CRAs except. Reports are for only 5 years not 7. returned checkes backed by SCAN are reported. You cant get items removed with out an act of god, Banks pull your chex report to make sure you are not screwingover another bank. if they find out you are then they tend to close your accounts without notice. even if they are in good standing. more than 3 inquireies in a month is bad. other than that dont worry bout it. checkout www.chexvictims.com if you are having trouble with them.
Mist, I just had a discussion with Chex over this issue. If the inquiries are listed under 'customer initiated inquiries', they will only be reported to you. Inquiries listed as 'consumer initiated' will be included in your report to others for 90 days. They will remain part of your report for 3 years however. Three or more 'consumer initiated' inquiries within 90 days could carry the same weight as a negative report according to some banks.
The only common sense answer I can think of is that someone looking for a quick scam before leaving town could open checking accounts at six or seven banks, kite lots of checks and then move on. If I were responsible for a bank I might not deny someone that was opening account after account but I sure would want to manually review the application and ask about it. If you want the real reason I suppose you'd have to ask someone other than me who knows for sure.
Jeff, Mine are under Customer initiated. Under Consumer heading it says none so these three are ALL hard inquiries if I take them to mean the same thing as other CRA's. Again, the only reason my bank pulled these was because I thought I had missing funds from an ACH transfer. It didn't even turn out to be any mistake - just my confusion but PNC must have dinged CHEX as part of their researching my problem, or rather "alleged" problem. What do you think I should do? Dispute? Call my bank? I really don't know how to deal with this or even if I should. My fear is that when I apply for a new car loan (soon) I'll have repercussions of this and I can't let that happen after spending the last year making sure I paid down debt and that errors were removed from my files. Now in one week I find two errors on Innovis, three hard inquiries on Chex, wrong balances and CL on EX, and that my TU is still comingled with hubby even after I had sent proof of my social to TU back in Nov and thought it was fixed! I'm counting on a VERY low car loan rate and I'd just lose it if this messed me up!
Mist, The 'customer initiated inquiries' will not hurt you at all. I received ChexSystems' 'Explanation of Consumer Report' just last week after my conversation with them. This is what it says about Customer Initiated Inquiries: "We report these requests ONLY ( Chex emphasis ) to you as a record of activities, and we do not include ANY ( Chex emphasis ) of these requests on credit reports to others." This is the same information they gave to me on the phone over the same type of concerns you are having. I think you are OK. Jeff
Anyone who has ordered their Chex When ordering your chex report, do you say you were denied for an account within the past 60 days to get a free report? Or are you just paying for the report?
Re: Anyone who has ordered their Chex ...so grandma leaves you a BUNCH of money...you open a second checking account at a different bank, open a savings account, at a 3rd bank, open some CD'S at a 4th bank (because they have the highest interest rates)... NOW YOU CAN'T OPEN ANYTHING ELSE??? LOGICAL!?!?!?!?!?!?! NOW YOUR A BAD RISK?????
Re: Anyone who has ordered their Chex Jeff, So you actually paid for yours, correct? I'm just wondering if anyone has used the same logic as ,ost do with TU, i.e. claiming they were denied credit within the past 60 days...
1*Why don't you tell John & Dock how thrilled you are with credit scoring? 2*Both of these guys say scoring has a place. Inform them where to stick it so that they will know where it's place is!
Re: Anyone who has ordered their Chex mindcrime, The info. that came with my report seems to indicate that they follow the same rules for a free report as the other CRA's. Mine was 8 bucks.
Re: Anyone who has ordered their Chex 1*Or because FDIC Won't cover all of the money if deposited in only one bank: 2*Any time you look out for your best interest or try to protect yourself you are a bad risk.I thought you knew that GEORGE!
