ATTENTION – If you are considering ChexSystems Removal services, please read this before paying for any service.
There are a lot of services and web sites popping up offering ChexSystems removal service for consumers who have found themselves listed in the unrelenting ChexSystems database. I know it may be hard to live with out a bank account and banks are tightening up the requirements and approvals due to the current economic situations, but do not make matters worse by paying for a service that can not do more than you can do for yourself. Here are some of the things you need to know before you think about doing business with any one offering ChexSystems removal services.
1. If The Information Is Correct It Will Remain For 5 Years
I know this is not what you need to hear, but it is the truth. ChexSystems is very strict on removal of reported information and it takes a lot to get this done. If you want to try to get a listing removed, good luck and do not pay a couple of hundred bucks to do it. If it can be done, you can do it yourself.
2. If The Information Is Incorrect, It May Still Remain For 5 Years
Once again, harsh, but the honest truth. Remember what I said above, it is very hard to get information removed, even if it is correct. That being said, if your listed and it is not correct, fight the fight and get it removed. Just remember that it may be a long tedious process, but it will be worth it if you complete the task. I know this sounds harsh and unfair, but ChexSystems has been labeled as “hard to deal with” for a reason.
3. They Do Not Have An Insider Person or Deal
ChexSystems removal services are like the credit repair companies and they basically just want your cash. They do not know anyone or have an inside hook up (if they do it is fraud to do business with them) and they can not do any more than what you can do.
4. They Are Bound By The Credit Reporting Laws
Since they are a consumer reporting agency, ChexSystems is bound by the same laws as Experian, Trans Union, Equifax and any other credit reporting services. Make sure you understand your rights under the FCRA (Fair Credit Reporting Act) and your state credit repair laws.
5. Get Everything In Writing
If you still want to do business with a ChexSystems removal service, good luck and be careful. When doing business with any ChexSystems removal service, get everything in writing including promises, refund policies and anything else that is said. Do not do business without a written guarantee and do not pay for any service without knowing exactly what will be done and when it will be completed. Most importantly, DO NOT BE BULLIED. They will act like they are doing you a favor, but do not be pushed or made to feel guilty to sign up for anything.
Remember, if it is to good to be true, then it probably is and walk away. You probably better off taking your hard earned money and getting a solid prepaid card like the Upside prepaid card and making due until you can find a local bank or credit union not using ChexSystems.