Few days ago we shared a post about what to do if you find a Charge Off on your Credit Report.Same as that,another important score which affect your financial matters is the reports at ChexSystems.So,here are some tips for you to prevent being blacklisted by ChexSystems or what to do if you are blacklisted by ChexSystems.
What is ChexSystems?
ChexSystems provides the service of account verification and related account details to the financial institutes when necessary. For example, if you have any history of mishandling your bank accounts, then at the time you try to open a new account or when you apply for a loan, then the financial institute is able to get the information of your previous history from the ChexSystems.
This history of previous finance score helps the new institute to assess your application for a new account and that may affect you in a negative way. Usually member financial institutes share the information of closed accounts with ChexSystems to keep the details of the backlisted accounts.
In ChecxSystem reports, consumer financial data is included. Most of the items included your unpaid fees, bounced checks and any fraud related to financial institutes.
How to avoid the problems with ChexSystems reports
As mentioned above, your ChexSystems report has power to approve or reject your new applications for the financial institutions. Keeping good financial habits is the best thing you can do to maintain a healthy financial report with ChexSystems. However, mistakes can happen and now you should know how to deal with your ChexSystems report which indicates negative history.If you are blacklisted by ChexSystems ,then here are some actions you can take.
Contact ChexSystems immediately
One thing you can do is call ChexSystems immediately and check the reason for any flagged or negative transaction, report. However even if you pay the remaining debt to your bank and update the reports of the bank; your ChexSystems report will remain same for five years. To remove the negative report from the ChexSystems, your financial institute should contact ChexSystems with removal request.
Second chance checking accounts
When you cannot open a bank account due to ChexSystems negative report and due to your negative financial history, second chance checking account is a solution. This is something like a prepaid debit card.
A second chance checking account is an opportunity to rebuild your finance reports and scores. If maintain properly, Account holder will be able to upgrade his second chance checking account to a regular checking account after one or two years.
ChecxSystems removal is another way of getting rid of blacklisted financial history. If you are blacklisted by ChexSystems, You can simply get the documents provided in https://perfectfinances.com/ and follow all the instructions stated in the kit. Once follow the instructions, send the document pack to ChexSystems. It is done and ChexSystems will remove your records within 4-14 days. This system comes with 365 day guarantee!
Hope above tips are helpful for you if you are blacklisted by ChexSystems.However,we want to suggest again,maintaining good financial habits is the best to avoid such situations.