What is ChexSystems?
ChexSystems is a consumer reporting agency (CRA) that holds negative information about your banking history. Banks and financial institutions subscribe to ChexSystems to inquire about the banking histories of their new customers. Much like the credit bureaus, ChexSystems is also governed by the Federal Trade Commission (FTC) under the Fair Credit Reporting Act (FCRA).
Only individuals who are reported by their banks to ChexSystems will have a ChexSystems record. Once reported to ChexSystems, it takes 5 years for your name to be removed from the database. People with clean banking histories do not appear in ChexSystems.
You may be reported to ChexSystems if:
- You were overdrawn on your bank account in excessive of 1 month.
- You have an excessive number of bounced checks or NSFs (Non-Sufficient Funds).
- You violate any of the terms of your bank account.
- You were involved in account abuse or fraudulent activities.
ChexSystems contact info:
Mail: Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125
Fax: 602.659.2197
ChexSystems phone number: 800.428.9623
ChexSystems official website: www.consumerdebit.com
