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I have read on here that pdl lenders can find new account information after you have closed your account to begin negotiations....is this true? I have opened a new account at a different bank as well as the bank that i closed my checking account...(i have 2 new accounts...one at the same bank and one at a new bank) long story....what is chexsystems?




Chexsystems is a database that places like a grocery store, or a place where you wrote a check and it bounced is reported here. They report it here so when you try to open a checking account somewhere they check checxsystems to see if you have a file with them and if you do, you will not get that new checking account.

Sub: #1 posted on Mon, 07/21/2008 - 06:45

Lukeskywalker Lukeskywalker

(Posts: 1909 | Credits: 185.22)

I thought chexsystems was only used for checking accounts, I didn't realize that it was affected by merchants? That is scary. :roll:

Sub: #2 posted on Mon, 07/21/2008 - 06:55

ladybug ladybug

(Posts: 2757 | Credits: 282.45)

I already have the new accounts....im concerned about these internet payday loan companies finding my new accounts....

Sub: #3 posted on Mon, 07/21/2008 - 06:55

jpug728-d1 jpug728-d1

(Posts: 2 | Credits: 1.02)

It is possible. On your chexsystem report, if you have one ( and their is a link here where you can have a report sent to your home free), it shows your bank accounts that you, if any, have had problems with like "charge offs", "closed account because of abuse", etc. If your present bank reports to chexsystems for what ever reason, then it is possible that a payday loan can find that account. You might want to ask your bank officer if they report your persoanl account and why. If they do, then maybe you can ask them to stop or freeze the proccess.

Sub: #4 posted on Mon, 07/21/2008 - 06:59

Lukeskywalker Lukeskywalker

(Posts: 1909 | Credits: 185.22)

Pay Day Loan (PDL) companies generally use TeleTrack instead of ChexSystems which is used primarily by banks and other financial institutions to report misuse/abuse of checking accounts, account closures due to variety of reasons (some valid, some not) and other problems associated with bank accounts. telecheck, on the other hand, is used primarily by merchants to report bounced checks. Any negative items on Telecheck is cleared once the returned check is paid with whatever fees are attached. If you have a negative entry on Telecheck, you may find it difficult to write a check to a merchant who uses Telecheck to verify your standing regarding any bounced checks. Chexsystems entries, however, can remain up to five years, even if the problem is resolved. Banks are not obligated to remove Chexsystems entries. In some caes, the bank may remove a Chexsystem entry as one of my wife's bank did (only because the reason for initial entry was really the bank's fault). Speak with a manager at the bank,

Sub: #5 posted on Wed, 07/23/2008 - 22:40

Unregistered


how do you order a chexsystems report?

Sub: #6 posted on Wed, 07/23/2008 - 23:06

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

Check out mca's thread she will give you the info to order a chexsystem report or you can do a search in the search box. I ordered mine last year I had written a letter requesting it but I don't have the address right off hand.

Sub: #7 posted on Wed, 07/23/2008 - 23:51

ladybug ladybug

(Posts: 2757 | Credits: 282.45)

I searched and the links MCA posted don't work, and there is no link on her website either? Or maybe there is but I sure couldn't see one?

Sub: #8 posted on Thu, 07/24/2008 - 00:01

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

Go to consumerdebit.com and it will guide you through to order a ChexSystem report. Remember that ChexSystem does not tell the bank not to open an account. The bank or credit union makes that decision based on any information that ChexSystems has on you using its own risk assessment. In addition to bank account problems, this report may also contain information regarding checks that may have been returned due to insufficient funds.

Sub: #9 posted on Thu, 07/24/2008 - 01:45

Unregistered


great thanks for the link, I'd like to check and make sure I am good and not on anyones black list!

Sub: #10 posted on Thu, 07/24/2008 - 02:23

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

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