There is a lot of misinformation concerning ChexSystems, what they do and how they affect your life. Now, we are not the foremost experts on ChexSystems, but we are going to give you a hype free and unbiased view on who they are, how to contact them, what they do and how they affect your life.
Who or What Is ChexSystems
ChexSystems is a checking verification service and consumer reporting agency (ex- Experian or Equifax) that is owned by eFunds.
The ChexSystems network is made up of member banks and credit unions that report their dealings with customers to the ChexSystems database. This information is then shared with other member banks and credit unions to help them asses the risk of doing business with you.
Why Was I Reported to ChexSystems
You were reported to ChexSystems for passing bad checks, failure to pay NSF fees, fraudulent activity or any combination of both. Once you have been reported, the information will remain on your ChexSystems report for 5 years unless you can successfully have the information removed.
ATTENTION – Please beware of the ChexSystems removal scam companies that have popped up.
How Do I Contact ChexSystems
You can contact ChexSystems through their web site (here – link opens in a new window) or with the following information
Mail: Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125
How Do They Affect My Life
Most people know anything about ChexSystems until it is too late and this is not a good thing. Once you have been listed by ChexSystems, you will find it extremely difficult to open a checking account. Even if your able to open an account, you may find it to be frozen and eventually closed by the bank. You will then be forced to use alternative methods such as prepaid credit cards to manage your money or find a second chance checking account. You will also find that dealing with ChexSystems can be very daunting and you will find it very difficult to navigate through the red tape or bureaucracy and that most of your complaints fall on deaf ears. However, due to the fact that they are a consumer reporting agency, they have to abide by the fcra (fair credit reporting act) and you are allowed a free copy of your ChexSystems credit report just like you can get a copy of your consumer credit report from Trans Union, Equifax or Experian. In the end, if your stuck dealing with ChexSystems it will be a pain, but you do have some recourse so you really should get to know the laws of the fcra so you understand your rights.