Cash, Loans, Debts, and Promises

ChexSystems: Lesson 2

More on ChexSystems

  • You can get your report from ChexSystems free once a year.
  • You can buy additional ChexSystems reports for $10.50 apiece.
  • No good banking behavior is reported, only bad checks, unpaid fees, how many credit inquiries come in, and fraud. No report is the best report!
  • ChexSystems is just a reporting agency; they don’t decide if you get to open a bank account. The banks decide, based on the report.
  • Your information stays in ChexSystems reports for FIVE years, unless the bank that reported bad behavior asks for it to be removed.
  • If you get a report from ChexSystems and you find a mistake on it, you can dispute it with ChexSystems.
  • Is it legal for banks to deny giving you an account, based on these reports? YES.
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