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You may not have heard of ChexSystems, but if you’ve opened a bank account, they’ve heard of you. ChexSystems is similar to the three credit bureaus, except it focuses on your checking and savings accounts instead of your credit history.
Here are the eight things you should know about the ChexSystems to ensure you’ll never be rejected for a checking or a savings account:
1) If you ever open a checking or savings account, you have a ChexSystems report.
2) Bouncing checks or not paying back your overdrafts can get you on the negative list.
3) Once on the negative list, it takes 5 years to get off.
4) Being on the negative list makes it difficult to open new checking or savings accounts
5) You can get your free report every year. Visit this website so you can spot ID Theft or bank errors early.
6) You can dispute incorrect information here.
7) If you have a complaint, use the CFPB and complain here.
8) If you can’t open a checking account because of Chex, consider a “Fresh Start” checking account. Wells Fargo offers this. And, from the end of the year, Capital One will no longer use ChexSystems to weed out applicants.