Vision Credit Education, Inc.

Opening a new bank account can be a daunting task when you have a negative ChexSystems report. A single instance of negative reporting by your bank can severely restrict your ability to open a new checking or savings account with other banks. There is a way around it though.

You actually have two options. If you believe that there is an error in your ChexSystems report, you may dispute it directly with ChexSystems. Alternatively, you may bypass the system by finding a financial institution that does not subscribe to ChexSystems reports.

Disputing the Record

First, you should order your ChexSystems report in order to see if you have a negative record. Unlike a credit report which shows positive and negative information, a ChexSystems report relies on any single negative item that can block you from opening new deposit accounts. You may order your ChexSystems report directly from ChexSystems or call 1-800-428-9623 and follow the prompts.

Once you have reviewed your report, identify any errors that you would like to dispute. To dispute the error, you will need to explain the inaccuracy in a letter. If you need help, you may call ChexSystems Customer Service at 1-800-513-7125 (dial 1 for English and then 5 for Customer Service). Send your dispute to ChexSystems where they have 30 days to verify the information:

You will need to be specific about which record you are disputing. A sample letter could look something like this:

Dear ChexSystems:

After reviewing my ChexSystems report, I discovered an error regarding a record of a checking account with XYZ Bank. I never had a checking account with XYZ Bank and hereby dispute the validity of the record.

Please validate the record with XYZ Bank and send me proof of any information that you were able to verify. If the record cannot be validated, I hereby request that you remove any such negative information regarding the record from my ChexSystems files.

Sincerely,

John Q Customer

Remember that your situation is unique, and you will need to provide enough information to help them research your dispute. Any accompanying proof, such as copies of letters from the bank to substantiate your claim should also be included. Of course, you will need to provide identifying information, such as your social security number, your full name and your address.

If you believe that the negative record is valid, then you will need to either wait 5 years for the record to drop off, or you may find a financial institution that does not subscribe to ChexSystems reports.