A Couple Easy Questions

[Gudziel]

I am new to the Chexsystems database/file topic. I have already ordered my report and I see that I have the following:

 

PNC Bank Kentucky

Reported for: Overdraft

Date Reported: 01/24/2005

 

I closed my PNC back acct a long, long time ago and have since been with Citizensbank here in Pittsburgh. I don't plan on taking any action to delete this as (from what I hear) should be automatically removed in January. So I'd rather put my time and money into other affairs. If I'm wrong please let me know about when drop off dates are, but I think it's a five year span??

 

Also, I have overdrafted with my Current checking accts a couple of times in the past, but my current checking/savings acct is not even appearing anywhere on my report. I also have a CU checking/savings acct, and that is not anywhere on this report. Why are things accts not on here?

 

Finally, how do inquiries impact your report? Does the inquiries placed on the Chexsystems report have an impact on scores and such as they do with the 3 main credit reports???

[mca]

Chexsystems does nto have a scoring system like the other credit bureaus. Too many inquiries can prevent you from getting an account. Chexsystems can flag an account as " suspicious" when too many accounts are trying to be opened. This can actually cause you to be denied an account that may have helped you otherwise. Some people not knowing this will ruin their only chances of opening a new account this way. Even some banks that offer second chance checking accounts will sometimes deny a person for this very reason. It is always best to find out which banks and credit unions will approve you or the ones that you have the best chances at before applying.

 

Inquiries Not Initiated By Consumer Action refers to inquiries resulting from transactions you may not have initiated, so you may not recognize the source. Members with permissible purposes include current creditors, pre-approval creditors, and potential investors trying to assess risks. They report these requests only to you as a record of activities, and they do not include any of these requests on credit reports to others.

 

Inquiries Initiated By Consumer Action refers to inquiries resulting from a transaction initiated by you. These include applying for a credit card or completing an application at a financial institution. Please note that the inquiries are part of your credit history and may be included in our reports to others. These inquiries can be viewed for ninety days up to three years.

 

I am not sure why the other banks are not showing on the report. Perhaps they are not bank that use chexsystems? And yes your report will be removed in jan.