Get Removed From ChexSystems. Stop Getting Denied a Bank Account!

Millions of people nationwide have been denied a Bank Account because of
Jan. 14, 2011 - PRLog -- ChexSystems is a Consumer Reporting Agency like the 3 Major Credit Bureaus: Experian Equifax and TransUnion. When you want to buy a new car or simply rent an apartment, your Credit Profile is pulled and reviewed. If you have multiple negative information on your record it can be used as a factor to deny you the car loan and/or apartment lease.

ChexSystems is a similar Reporting Agency used by banks in the United States to determine the potential Risk Level of applicants applying for a new bank account.  Everyone has a ChexSystems Profile that documents each account they have attempted to open and if any banks have reported derogatory information about your previous banking activity.

ChexSystems is governed by the Federal Fair Credit Reporting Act (FCRA). A creditor can report late payments, charge-offs and negative information to the Credit Reporting Agencies (CRA's). A financial institution may report NSF, Overdrafts, Account Abuse, Suspected Fraud and Fraud Activity to ChexSystems.

As ChexSystems continues to aggressively market its services to more and more banks, it will become much more difficult to locate a non-ChexSystems bank. When you are listed in the ChexSystems database, your name will stay there for a minimum of 5 years. Even if you pay off any/all debts you owe to the bank(s), this will not remove the risk that the bank has placed against you. The risk needs to be removed and/or cleared with the bank reporting you, in order to not be denied.

Millions of people nationwide have been denied a bank account. Most of these people have never heard of ChexSystems, let alone know what it is. To make matters worse, the banks have limited, if any, resources available to help people resolve their ChexSystems Profile. Everyone needs to educate themselves about ChexSystems and how to correctly handle all of their bank accounts. It is your responsibility to monitor your bank account activity and understand that any type of suspicious acitivty and/or abuse (even if completely unintentional) can cause your bank to terminate their relationship with you and report you to ChexSystems.

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AMG Consulting Group Inc. is a Full Service Credit Counseling Company.

Everyone’s financial matters and situations are unique.

AMG offers proven, comprehensive and personalized programs that will get you the results you need and desire.
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Tags:Chexsystems, Credit Bureaus, Bank Accounts, Fcra, Suspected Fraud
Industry:Education, Business, Financial
Location:Sherman Oaks - California - United States
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