ChexSystems Removal
Unfortunately due to our economy it appears that a new consumer service(?) is on the rise. There seems to be new ChexSystems Removal services going around where companies are offering (for a fee of course) to remove your negative information from ChexSystems. Now, I am not going to come right out and call these ChexSystems removal services a scam, but consumers should beware.
ChexSystems is one of the most unrelenting and unfriendly businesses when it comes to consumers. The only ways to have information removed from ChexSystems is either time (currently 5 years per reported occurance) and if the reporting bank requests to have the information removed. Also, keep in mind that the reporting bank request must come from Loss Prevention and the request will not be accepted if made by a local branch manager.
When the request is made, there are several factors that play in to the removal request. ChexSystems will look at the following to determine if removal if an option
- Severe abuse or fraud or suspicion there of
- Amount of closed accounts on your ChexSystems report
- Do you still have a relationship with the reporting bank
- Has the request come from the Loss Prevention team of the requesting bank
Once all of the steps above have been taken in to consideration, the information may then be removed.
So as you can see, having something removed from your ChexSystems report is very difficult and must come from the appropriate channels. Unless the company is going to work as intermediary between you and the bank, and unless they have access to and can convince the banks loss prevention department to remove the information; they are not going to be any more effective at removing negative information from your ChexSystems report than you will be.
If you do desire to have someone work on your behalf, make sure that you get all promised results in writing before your pay any money and that there is a written 100% money back guarantee. If you would rather not deal with the headache, find a good bank offering a second chance checking account and stop worrying about ChexSystems. Good luck.
