What is Chexsystems and How Does It Work?

What is Chexsystems dispute? A very little is known about it. Chexsystems is a commonly used verification system. It is very similar to credit reporting service but offers details on how you handled your previous checking account. Another difference between other bureaus and this service is that it only tells about negative details, whereas the others tell about both negative and positive. It doesn’t provide any kind of rating or score like FICO.

Though it is not a bureau, still it is managed by the FRCA. They do not decline or approve but they only provide some information. It is necessary to know what is there in your report because most of the credit unions and commercial banks keep checking on this.

You can have one free statement every year. For most of the institutions which check this, they will not provide any other service once they discover that you come under the negative list in the system. So it is important that you know what is mentioned in your report and takes quick action to fix the errors.

The kind of information provided in the report is only about your checking accounts. It contains file closures, any remaining debts which have been paid or not pain and the associated lenders, debit card, ATM abuse, current outstanding checks, history of your check order and recent overdrafts. Members of this system will mention whether if they were not able to collect an overdraft from you, and also a transaction made in ATM or automatic payment which has been honored on lack of funds. The amount of time in which they collect from you doesn’t matter. Every business has its own rules and policy on this and it differs from one another. They will also mention about fraud and misleading information.