Chex Systems Removal Templates (3)

ChexSystems is a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA) that tracks checking and savings account activity. Unlike credit bureaus that monitor your credit history, ChexSystems provides banks and credit unions with data about your checking account history. This includes information about overdrafts, bounced checks, unpaid negative balances, fraud, and account inquiries or closures.

Financial institutions use reports from ChexSystems to assess the risk of opening an account for a new customer. If you have negative marks in your ChexSystems report, you may find it challenging to open a new checking or savings account. Reports in ChexSystems typically stay on file for five years, affecting your ability to open bank accounts during that time.

Individuals have the right under the FCRA to request a free copy of their ChexSystems report once every 12 months, to dispute any inaccuracies, and to have outdated information removed. If you've been denied a bank account and the decision was based on information in your ChexSystems report, you are also entitled to a free copy of your report to verify its accuracy.