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.