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Chexsystems Validation - Help needed


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15 replies to this topic

#1 xcredit

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Posted 18 October 2016 - 08:52 AM

I have an item on Chexsystems that is pretty recent (2016),

It is for my previous bank account that accessed me numerous fees.

 

I sent a validation letter to Chexsytems and they sent a response back that the entry was validated and the bank even provided copies of my bank statement as proof,

 

Is there any other way to get this item removed?

What should my next step be?

 

Please help.

 

Thank you.

 


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#2 tmcgill

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Posted 19 October 2016 - 07:31 AM

Chexsystems must verify information you dispute, and it looks like they have done that. Without mistakes in the report, it is difficult to get accurate information removed.

 

1. Is there anything incorrect in the report information?

2. Has the bank merged, or is it still in business?

3. Did you negotiate payment/removal with the reporting bank?

4. Do you need a non-Chexsystems bank or credit union in your area?


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#3 xcredit

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Posted 19 October 2016 - 08:27 AM

Chexsystems must verify information you dispute, and it looks like they have done that. Without mistakes in the report, it is difficult to get accurate information removed.

 

1. Is there anything incorrect in the report information?  There are a few variations of my name listed

2. Has the bank merged, or is it still in business?  No

3. Did you negotiate payment/removal with the reporting bank?  No.  Should I do this with a phone call or is there a letter template I should use?

4. Do you need a non-Chexsystems bank or credit union in your area?  No.  Luckily I opened a new account with a different bank before this item began to report.

 

I just want it gone.  The bank says I owe them $1000 in fees, which is BS.  How should I negotiate a removal? 

 

Thank you for your help.

 

1. Is there anything incorrect in the report information?  There are a few variations of my name listed

2. Has the bank merged, or is it still in business?  No

3. Did you negotiate payment/removal with the reporting bank?  No.  Should I do this with a phone call or is there a letter template I should use?

4. Do you need a non-Chexsystems bank or credit union in your area?  No.  Luckily I opened a new account with a different bank before this item began to report.

 

I just want it gone.  The bank says I owe them $1000 in fees, which is BS.  How should I negotiate a removal? 

 

Thank you for your help.


Edited by xcredit, 19 October 2016 - 08:27 AM.

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#4 tmcgill

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Posted 19 October 2016 - 09:27 AM

How did the bank add the $1000 in fees?

What caused the overdraft?

Did they send regular statements and notices?

 

Sometimes, you have to review the bank, its practices, and whether there is a problem with their actions.

You could finish the dispute process which includes steps to take after they verify. Keep in mind that it is hard to remove from Chexsystems without a reporting error - or legal leverage.

 

Note: Whenever you have been reported to Chexsystems, your current bank or credit union might get that alert. (It depends on which services they purchased from Chexsystems). That negative reporting alert might trigger an account freeze or closure. Always have a non-Chexsystems bank or credit union as a backup.


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#5 xcredit

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Posted 19 October 2016 - 09:34 AM

How did the bank add the $1000 in fees?

What caused the overdraft?

Did they send regular statements and notices?

 

Sometimes, you have to review the bank, its practices, and whether there is a problem with their actions.

You could finish the dispute process which includes steps to take after they verify. Keep in mind that it is hard to remove from Chexsystems without a reporting error - or legal leverage.

 

Note: Whenever you have been reported to Chexsystems, your current bank or credit union might get that alert. (It depends on which services they purchased from Chexsystems). That negative reporting alert might trigger an account freeze or closure. Always have a non-Chexsystems bank or credit union as a backup.

"You could finish the dispute process which includes steps to take after they verify."  Can you kindly detail which steps to take?

 

Thank you.


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#6 SierraStar

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Posted 19 October 2016 - 01:19 PM

How did the bank add the $1000 in fees?

What caused the overdraft?

Did they send regular statements and notices?

 

Sometimes, you have to review the bank, its practices, and whether there is a problem with their actions.

You could finish the dispute process which includes steps to take after they verify. Keep in mind that it is hard to remove from Chexsystems without a reporting error - or legal leverage.

 

Note: Whenever you have been reported to Chexsystems, your current bank or credit union might get that alert. (It depends on which services they purchased from Chexsystems). That negative reporting alert might trigger an account freeze or closure. Always have a non-Chexsystems bank or credit union as a backup.

 

This is very important, as I have had accounts closed after the banks were alerted to my Chex report updating. 


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#7 tmcgill

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Posted 19 October 2016 - 06:25 PM

Parts of the process after an unsuccessful Chexsystems dispute:
 

1.  Request an MOV (Method of Verification) - Chexsystems has to send the contact information they used to verify the information in your report.

**NOTE: They may have already sent this when they responded to your dispute.

Purpose and Goal:  Chexsystems must respond in 15 days. If not, that is a FCRA violation you can use to challenge the dispute and possibly get the entry removed. If they send information, you try to verify if all the contact information is correct. If not, how could they have verified?

 

2.  Original Creditor Challenge - Federal law allows you to send a dispute directly to the bank after an unsuccessful Chexsystems challenge. Purpose and Goal: You are sending an official legal challenge to the bank asking them to investigate and confirm in writing what they sent to Chexsystems is correct. The bank must respond in 30 days.

 

3.  Bank Regulator Complaint - You can file consumer complaints with the US Office of the Comptroller (national banks) - or the individual state agency (state-chartered banks). Which bank has reported your information to Chexsystems?

 

Important Note: The key to a successful post Chexsystems dispute is an identifiable bank error or some type of legal violation you can use for leverage. You have to decide if it is worth the time and expense ($$ for certified letters) to continue fighting the bank, if you don't have a solid legal challenge. Would it be better to negotiate for removal with the bank - or at the minimum a paid Chexsystems listing?

 

Two other considerations:

1. The risk of a closure or freeze for any new, current accounts.

2.  The bank sending the $1,000 to an outside collector. If that happens, the debt may show up on one or more credit reports.


Edited by tmcgill, 19 October 2016 - 06:49 PM.

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#8 xcredit

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Posted 20 October 2016 - 08:28 AM

Parts of the process after an unsuccessful Chexsystems dispute:
 

1.  Request an MOV (Method of Verification) - Chexsystems has to send the contact information they used to verify the information in your report.

**NOTE: They may have already sent this when they responded to your dispute.

Purpose and Goal:  Chexsystems must respond in 15 days. If not, that is a FCRA violation you can use to challenge the dispute and possibly get the entry removed. If they send information, you try to verify if all the contact information is correct. If not, how could they have verified?

 

2.  Original Creditor Challenge - Federal law allows you to send a dispute directly to the bank after an unsuccessful Chexsystems challenge. Purpose and Goal: You are sending an official legal challenge to the bank asking them to investigate and confirm in writing what they sent to Chexsystems is correct. The bank must respond in 30 days.

 

3.  Bank Regulator Complaint - You can file consumer complaints with the US Office of the Comptroller (national banks) - or the individual state agency (state-chartered banks). Which bank has reported your information to Chexsystems?

 

Important Note: The key to a successful post Chexsystems dispute is an identifiable bank error or some type of legal violation you can use for leverage. You have to decide if it is worth the time and expense ($$ for certified letters) to continue fighting the bank, if you don't have a solid legal challenge. Would it be better to negotiate for removal with the bank - or at the minimum a paid Chexsystems listing?

 

Two other considerations:

1. The risk of a closure or freeze for any new, current accounts.

2.  The bank sending the $1,000 to an outside collector. If that happens, the debt may show up on one or more credit reports.

 

 

 

 

 

 

 

 

Thank you for the detailed information.

Do you think I can still request a MOV with Chexsystems even though the bank sent copies of my bank statements to Chexsystems as verification of amount owed?


Edited by xcredit, 20 October 2016 - 08:29 AM.

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#9 tmcgill

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Posted 20 October 2016 - 02:27 PM

The FCRA requires them to respond with the information they used to verify what you disputed.

What did they send when they responded to your dispute? If they sent the name and address they used, they'll respond the MOV has already been provided.


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#10 xcredit

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Posted 21 October 2016 - 12:58 PM

Mailing a MOV - Procedural Request today.

Will keep you posted.


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#11 tmcgill

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Posted 22 October 2016 - 06:08 AM

Good luck, but remember the points I emphasized in my previous posts:
 

1.  Chexsystems' entries are hard to remove without legal leverage (reporting error, FCRA violation, etc.)

2.  They may respond to the MOV saying they already sent the contact information.

3.  You may have to settle for a paid Chexsystems entry, or non-Chexsystems banking until the information expires.

4.  Anytime you are on Chex or EWS, you are vulnerable to an account closure or freeze. (Keep one or more non-Chex backup accounts).

5.  Don't keep your funds in a single financial institution. Split your direct deposit - and keep operating funds in a non-Chex account.


Edited by tmcgill, 22 October 2016 - 06:09 AM.

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#12 Fred030

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Posted 29 October 2016 - 09:03 PM

Another Data point to consider for OP.

 

While supporting your assertion,  tmcgill! I would like to add that existence of a Chexsystem entry could trigger account closure even by ordering checks from non-traditional sources. Because some check

 

producing source access Chexsytem and report information to Chexsystem about checks order. That information is then transmitted to the bank by Chexsystem and as a result could trigger a Chexsystem look

 

up for that particular consumer. 


Edited by Fred030, 29 October 2016 - 09:03 PM.

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#13 tmcgill

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Posted 30 October 2016 - 11:55 AM

https://creditboards...1510&hl=+deluxe


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#14 Fred030

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Posted 30 October 2016 - 01:55 PM

 

Sorry, my bad. 


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#15 tmcgill

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Posted 30 October 2016 - 02:27 PM

Fred030, thanks for posting. :wave:

The more we all share information, the more someone may resolve their banking issues.


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#16 Fred030

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Posted 30 October 2016 - 05:56 PM

Fred030, thanks for posting. :wave:

The more we all share information, the more someone may resolve their banking issues.

I respectfully concur, tmcgill!


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