ChexSystems Problems? No Problem!

In order to dispute information on your ChexSystems record, you'll need a copy of your record. You can order a copy by calling them at (800)428-9623 and following their automated instructions. Remember that it takes a few days to get it.

The report that you will receive will include a summary of the information that ChexSystems is telling the banks about you. Review it carefully. Your report will include basic information (such as your name and consumer identifier), as well as details about what they is telling the banks about you. Pay close attention to the sections labeled "Reported Information". This is the bad stuff they are telling banks about you. If there is any error or inaccuracy in this information, you have a right to dispute it and ask that it be corrected or removed.

This right to dispute is powerful stuff -- often, they are unable to verify the information, and simply remove it from your report. Each item that is removed from your report puts you one step closer to being off the ChexSystems bank list. You will also see one or more "Inquiries Initiated By Consumer Action". These are the things you reportedly did to cause someone to pull your report. There may also be one or more "Retail Information" listings, which are reports from other check writing databases, "Inquiries Not Initiated By Consumer Action", which are reports that other people have pulled about you without your permission, and a history of checks you've ordered and your social security number and drivers license information. Look for any errors or inaccuracies in this information! If there are errors or inaccuracies, you are entitled to request that the information be removed.

After you have carefully reviewed your report, its time to get busy and write a dispute letter. To minimize the damage to your financial situation, you will want to get the incorrect information taken off your report as quickly as possible. A law called the Fair Credit Reporting Act (FCRA) requires Consumer Reporting Agencies to let you dispute any information that's inaccurate or incomplete. Start your dispute by sending a letter to ChexSystems detailing the errors on your report. By sending this letter, ChexSystems is required under the FCRA to reinvestigate those errors within thirty days. If you send additional information during that thirty day period, they may take forty-five days. If they can't verify the information you have disputed, ChexSystems must remove it from your record.

If you are on the ChexSystems bank list, it is important and worthwhile for you to spend a few minutes looking for errors, and writing a letter to dispute them. The only cost to you is time and a stamp. If you succeed, your record could be entirely clean. Be sure to clearly point out all errors. To make sure they treat your request with respect and urgency, make sure you write clearly and politely, and also make sure to be accurate. Send the letter either via fax, or by Express Mail, and be sure you keep a copy.

Once you have mailed your letter, ChexSystems may contact you for more information. Make sure you remember when you sent your letter, and be sure to put a note on your calendar. If you do not hear back from them within thirty days, you'll need to follow up. Disputing errors or inaccuracies on your report will take a few minutes of time, but imagine how great it will be to have your name off their list! You will be back to banking in no time!

Learn more about personal finance related topics including ChexSystems, payday loans in and faxless payday loans.

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