Your name showing up on the Chexsystems’ database is really bad news. You may have made some financial or credit mistakes in the past. You may have messed up your record with some banks and they have taken action against you. Or, you have ended up on their list by mistake. Whatever the case, you will quickly find out how problematic it is to have your name listen on Chexsystems.
If you try to open a checking account with a bank that monitors Chexsystems before they approve new accounts, you are in trouble. They will check to find out whether you were involved in fraud, and you have abused your debit card. You may have done something to make a bank report you to services like Chexsystems, although it may not be something as grave as fraud.
If banks think you are a potential risk because of the Chexsystems listing, it is high time you found out how to clear your Chexsystems record. Read on to find out how you can start living your life again…
Pay off the debt you owe the banks. Getting listed on Chexsystems can be undone, if you are devoted to getting rid of your bad banking records. If you have overdrawn your account in the past, you can write your banks explaining that you will not do the same thing again. Of course, they will be more convinced of your sincerity if you settle all your debt. When you have done this, write a letter to Chexsystems to formally ask to be taken off the list. Give the system time to check or verify your claims. More often than not, you will get a reply saying your request is being dealt with. This could take a while, but it is a very good way to take care of a Chexsystems listing.
If you were listed by mistake, you do not have to pay off anything. Instead, you just need to get your copy of the Chexsystems listing to find out what activities landed you on the list. Once you know what got you on the list, you can begin clearing the issue with Chexsystems. Make sure you are well on your way to getting your name removed before you try applying for a bank account with a bank that has a history of checking the whenever a new account request is made.
Also, remember that your banks have to work with you for you to take your name off the Chexsystems list. This applies to you if you have just found out that you are a victim of identity theft. It will take a while for you to undo the damage made by the thief, but this process has the potential of speeding up if your bank cooperates, and if you can show proof that you are indeed who you say you are.
If this is the case, you will need to get a copy of your credit report along with your Chexsystems report so you can start planning how you can sort out the mistakes.
In summary, getting listed on Chexsystems is a negative. It is a blemish on your financial record that you can do without. Be careful with unauthorized charges on your card. Always make sure that you know about debit card transactions made in your name.