ChexSystems Removal - How to Dispute a ChexSystems Record
Fortunately for the protection of consumers ChexSystems has been ruled as a consumer-reporting agency that is under the regulatory control and jusridiction of the Federal Trade Commission (FTC) with is charged with enformence of the federal Fair Credit Reporting Act (FCRA). This is fortunate because it subjects ChexSystems to clearly defined rules, regulations, and guidelines as to how they must keep and verify records as well as how they must interact with the consumers whos information they keep.
If a person believes they have been reported to ChexSystems in error or if the information reported on that person is incorrect the consumer has certain rights as dilineated under the FCRA. The first is that the consumer has a ight to dispute the information and require that the record be verified by the reporting instituion. The second is that the consumer has the right to clarify and/or correct any information that is on the record and third the consumer has the right to add a written statement to their file. This statement will be provided to all parties that complete a ChexSystems verification on the consumer.
In order to dispute the information on a record the official directions are for the consumer to first obtain a copy of their current ChexSystems report. This can be done by using the official ChexSystems website and completeing the online process. Once complete the report will be mailed to the consumer within five business days.
It is important to understand that the website is ambiguous in the way in which it is written. One page states clearly that all consumers are elgible for a consumer report at no charge every 12 months at the consumers request. This is the federal law under the Fair and Accurate Credit Transaction Act (FACTA) which is an amendment to the FCRA regualted by the FTC. The official page on ChexSystems website that offers the free report every 12 months is located here and yet it links to a page that only stipulates that you can get a report if you have been denied a bank account with ChexSystems being cited as part of the decision. It would stand to reason that it is acceptable to obtain a report once every 12 months per FACTA, yet if you want further clarification on how these rules would specifically apply to you, contact ChexSystems at 800-428-9623.
Once you have your copy of your report then the official channel to make a dispoute is to complete the ChexSystems Request for Reinvestigation form and mailing that form to:
Chex Systems Inc.7805 Hudson Road, Ste 100
Woodbury, MN 55125
or faxing it to (602) 659-2197.
On receipt of the Request for Reinvestigation form ChexSystems will notify you of the results of their finding. This procvess takes up to 30 days, 21 in Maine. The results of the investigation will be corrected to your record.
To add a consumer statement to an existing verified record you should complete the Request for Consumer Statement form and mail it to:
Chex Systems Inc.7805 Hudson Road, Ste 100
Woodbury, MN 55125
or faxing it to (602) 659-2197.
This statement must be completed in a very precise manner for it to be allowed to be included on your record. The following rules must be followed:
- The entire statement must be under 100 words, 200 in Maine.
- The statement is not to include any inappropriate or profane words.
- The statement must be about your record, not any other issue.
- All personal information in the statement will be given to anyone that pulls your record. Therefore be careful not to include personal information, names, or details that you would not want avaialble to the public.
- The statement cannot incude any business or individual names other than your own.
