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Hinterhaus Productions/Getty Images May 06, 2022 Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications. David Schepp is a wealth editor for Bankrate, focusing on deposits and consumer banking content. Bankrate logo The Bankrate promise
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Opening a new checking or savings account can be difficult if you have a spotty banking history. Banks and credit unions report negative account activity such as involuntary account closures, habitual overdrafts, and suspected fraud or identity theft to , a specialty consumer reporting agency that financial institutions use to screen account applicants. Like credit reports, it’s possible for ChexSystems reports to contain errors or be out of date. If you’re not sure why your bank account application was rejected or you want to clear up incorrect or outdated ChexSystems information, here are the steps to take to clear up your report. 1 Get a copy of your ChexSystems report
The first step is to order a copy of your ChexSystems report. Visit the and click on “request your report,” or you can call ChexSystems at 800-428-9623 and follow the automated prompts. “A ChexSystems report is something consumers are entitled to for free once every 12 months,” says Greg McBride, CFA, Bankrate chief financial analyst. “Check to see if you even have a report; you likely won’t if you haven’t overdrawn accounts or had them closed on you.” ChexSystems retains reported information for up to five years. If you pay off a negative balance with a bank, ChexSystems doesn’t have to remove the report, but it must update it to show that you are paid up. You can view a on its website. Your ChexSystems report might contain information from Certegy, another consumer reporting agency that offers check authorization services to merchants. You can get a free copy of your Certegy report. Call 800-237-3826 and use the automated system or follow instructions for making your request by mail or fax. 2 Dispute errors in your report
The federal Fair Credit Reporting Act (FCRA) gives consumers the right to. The FCRA also requires that mistakes be corrected in a timely manner, usually within 30 days. You can submit your dispute on ChexSystems’ website, by mail or by fax. The ChexSystems homepage has links and clear directions to guide you. Include all relevant documents to support your dispute. Send copies, not originals. If you have witnesses who can attest to your version of events — for instance, if a customer service representative at the bank believes that you are a victim of — include their names and contact information. Keep a paper trail. Make copies of everything. If you send your dispute by mail, get a mail tracking number. 3 Settle your debts
If you have a negative bank account balance or owe fees, . Ask for written proof that you have settled up and hang on to the receipts and documentation. If the amount is more than you can pay at once, try to negotiate a lower amount or a repayment plan. Stick to your promise to repay. 4 Request removal of negative information
After you’ve repaid your bank or other creditors, ask them to update your ChexSystems report. Once your report is updated, get a copy of the report and retain it for your records. With a clean record, you should be able to qualify to . 5 Other possible actions
You can also file a complaint with your state attorney general and the, which oversees credit reporting agencies. As a last resort, you can file a lawsuit under the FCRA against ChexSystems or the bank. The might be able to help you find an experienced lawyer. Look for one willing to handle your case on contingency, which means the lawyer gets paid only if you win the case. Consider a second-chance checking account
If the negatives that appear on your ChexSystems report are accurate, you might have to wait until the time comes for the information to drop off your file. In the meantime, you can try to rebuild your reputation with the banking industry by opening a . Second-chance checking accounts usually have minimum funding requirements, monthly fees and fewer conveniences than regular checking accounts. But after proving your reliability, you might be eligible for a regular checking account, a and other bank products that are available to consumers who have shown they can responsibly manage them. Ask the bank how long your probation period must last before you can . SHARE: Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications. David Schepp is a wealth editor for Bankrate, focusing on deposits and consumer banking content. Related Articles