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Better to dispute w/ the bank, or Chex Systems?


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I have an item on my Chex Systems report from Key Bank-  It was a $3K fraudulent charge on my credit card that they were notified of immediately, denied the charge, but then suddenly that branch closed completely.   The person who notified me of the charge (and would be familiar with it and could confirm this) is no longer there or anywhere I could find.


I didn't realize that they charged it off and closed my account because of it until a week later, and by that time the branch was completely closed up.  I didn't follow up on it because I didn't notice it being reported anywhere until many months later... I think it was the result of a quick closure of the branch and someone was just getting stuff into the "done" pile as fast as possible. 

 

There's no debt or anything ever reported to any CRA, but this being on my Chex report is keeping me from opening any kind of online checking account, and other issues.  I have an 800+ credit score, yet got denied for some credit application recently because "bank reported they closed your account". 

 

 I'm sure because of the unique way this was closed out and that the people/branch are no longer there someone somewhere is going to run into a dead end, so I'm hoping to approach this in a way that the dead end benefits me if anything. 


  Should I file a dispute with Key Bank to remove the info first, or would I be better off starting out with a dispute on Chex, since that's the only place it comes up?

Thanks in advance.

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1) Dispute with Chexsystems as inaccurate information.

2) If no removal, send a goodwill letter to a Key Bank executive. Explain the circumstances and ask for removal. If you send a letter to Key Bank, include dates and proof where you reported the fraud.

 

Edited by tmcgill
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A branch closure doesn't impact reporting.  If the bank completely folded as an ongoing entity, then the FDIC BankFind features would let you know who assumed the assets (and, in this case, the CHEX reporting). 

 

Personally, I would start with the bank and then the FDIC Ombudsman...CHEX will be about as useless as most regular credit disputes IMO. 

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Disputing with Chex may help you legally. If the bank "verifies" with Chexsystems, you can do a procedural request. The bank has 15 days to respond and show how they verified. This entails checking and verifying records and account documentation.

 

For consumer complaints, file with a regulator. Legally the bank has to respond in 30 days with documentation to support their actions. NOTE: You have to supply accurate details and documentation to support the complaint.

 

National Banks:

https://appsec.helpwithmybank.gov/olcc_form/

 

 

 

 

 

Edited by tmcgill
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  • 5 months later...
On 10/30/2020 at 1:52 PM, tmcgill said:

Disputing with Chex may help you legally. If the bank "verifies" with Chexsystems, you can do a procedural request. The bank has 15 days to respond and show how they verified. This entails checking and verifying records and account documentation.

 

For consumer complaints, file with a regulator. Legally the bank has to respond in 30 days with documentation to support their actions. NOTE: You have to supply accurate details and documentation to support the complaint.

 

National Banks:

https://appsec.helpwithmybank.gov/olcc_form/

 

 

 

 

 

WOW! Love that wording.

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