Chex Account

1.  Because ChexSystems is a CRA, everyone who has had a bank account gets reported to them.
False.  Only accounts with negative banking histories get reported to ChexSystems.

2.  ChexSystems records are held for 7 years or more.
False.  Unlike the credit bureaus, ChexSystems records are removed after 5 years.  If you are certain that you have been listed for more than 5 years and your record still remains, you should contact ChexSystems immediately to get it removed.

3.  A credit repair company or lawyer can more do than what I can do to dispute a ChexSystems report.
False.  Credit repair companies and lawyers have no more rights than you do.  Anything they can do – you can do. However, the advantage that the credit repair companies and lawyers have is their knowledge and expertise in the field of credit laws.  So, if you are good at research and have a keen eye for facts, then you should have no problem disputing ChexSystems on your own.

4.  ChexSystems decides whether I am approved for a bank account or not.
False.  It is ultimately up to the bank to approve or deny you for a new bank account (checking or savings).  ChexSystems simply provides the bank with the information that is used to make the decision.

5.  If I appear on ChexSystems, it is impossible to get a bank account.
False.  There are many ways to overcome a ChexSystems problem.  Non-ChexSystems Banks, second chance checking accounts, prepaid debit cards and ChexSystems disputes are the options available to you.  Doing some research on our website will help you find a solution to your ChexSystems problem.