Chexsystems verification vs. reinvestigation?

[needabank]

So I have reviewed various sources of info about the process of disputing an item in Chexsystems and am confused about 1) how many letters to write and 2) if more than one letter, what should I be requesting at each step.

 

If I feel I have legit dispute should the first letter I send just ask for verification of the negative information? Meaning I would not provide any evidence to dispute at this stage.

 

Assuming the Chexsystem can verify the item I then ask fo reivestigation? Use the Chexsystem pdf or write my own letter?

 

Thanks

[tmcgill]

The first step is identify the error in the listing on your report.

Send Chexsystems a certified letter disputing the information.

 

Federal law does not require them to verify the information, but to contact the bank or credit union to confirm accuracy. They have 30 days to respond. (It inceases to 45 days if you are disputing information received from a free annual report)

Edited July 29, 2014 by tmcgill

[tmcgill]

(It increases to 45 days if you are disputing information received from a free annual report)

[needabank]

Thanks for responding. So my understanding is:

 

So I write the certified letter identifying the incorrect information, and include whatever documentation I have.

 

Chexsystems contacts the bank to verify the information.

 

So you really just get one chance to correct bad information?

[tmcgill]

The process is controlled by the Fair Credit Reporting Act.

 

1. You can dispute with Chexsystems.

2. If that fails, you can dispute with the bank.

 

Some banks won't budge, but have you negotiated removal or paid status with the bank who put it on your report?