Aug 7 in Hacks and Tips
馃敟ChexSystems馃敟
Dispute Letter for ChexSystems, please change the letter accordingly!
Unfortunately, the course does not cover ChexSystems and early Warning; however, here is something to help you along the way. Also, underneath the file section for a sample letter.
For ChexSystems and early warnings, you will need to dispute differently from the regular disputing method. Below are a few options:
- Wait Out the 5-Year Statute of Limitations.
- Go to the financial institution and pay the overdraft amount and the overdraft fee. Once at the bank, ask to speak to a manager and briefly explain your past financial hardship. Ask if you can pay for a removal. There may be a positive outcome. If so, don't leave until you have the agreement in writing and signed by the bank manager.
- Dispute Inaccurate and Negative Information Off Your Reports:
- Go to https://www.chexsystems.com/ to request your consumer disclosure report (review the Report For section) to help you understand what led to this decision. It may take up to 15 days to receive a copy of your report.
- Once you receive your consumer disclosure report, highlight anything negative (including inquiries) that's preventing you from opening a bank account with a financial institution.
- Dispute types:
- Type a letter (to ChexSystems and/or to its CEO) and list the bank account and balance all in one letter. Then, get it notarized and sign it.
- Dispute: once you've received your report, mark it up so that you don't miss anything while disputing. You can dispute via telephone at 1-800-513-7125, or with an affidavit of truth and a notarized letter uploaded online, and upload a certified mailed letter, and/or fax the notarized letter but get a confirmation receipt.
- ChexSystems has 30 days to investigate the dispute. If it fails to investigate and respond, then the item must be deleted. ChexSystems must delete or correct inaccurate or unverifiable information. Information that is verified as accurate can remain in your ChexSystems file.
Note: ChexSystems did not have your permissible purpose to obtain your financial information. Does ChexSystems have the contract between you and XYZ financial institutions? Do they have a copy of insufficient funds, bounced checks, or late payments from the financial institution? If not, why are they reporting this information? The letter should request this information and tell them that if they cannot provide you with the contract or other documentation, they must delete that or those accounts by law.
Don't let inaccurate information on your ChexSystems report hold you back from achieving your financial goals. You have to be patient and persistent because it may take several rounds of letters!
After four rounds (month 5), you can take them to litigation, so keep a copy of the notarized affidavit of truth and notarized letters for your records.
You can sue ChexSystems; they have to abide by CFPB law. You can sue for $1,000 per negative item (or violation), and deletion is an admission, so you can sue too. FYI, each county has a small claims court with a cap; however, if you want to go to larger courts, go ahead! Good luck with your credit journey; final post!
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馃敟ChexSystems馃敟
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