ChexSystems removal services are all the rage these days and it has to do a lot with our past economic issues and families are now struggling to pay their bills. Floating checks to make payments on time and out of despair hoping the check will not clear until the deposit comes in or worse, passing checks without money in the bank just to keep the lights on or feed the kids. The end result always ends up with consumers being listed in ChexSystems and/or EWS and not able to get a checking account due to NSF fees or passing to many bad checks or even fraud. So they end up looking for a ChexSystems removal service as a way to get another checking account.
Before you hire a ChexSystems removal service, make sure that you remember a few important things –
- Five Years – This is the number of years you will be listed per occurrence.
- FCRA – ChexSystems, just like other credit reporting agencies is governed by the FCRA and it is important that you know your rights (and theirs) under the law. Get FCRA pdf here (link opens in a new window)
- Credit Repair Is Legal But – While repairing your credit is legal, credit repair companies often operate under the law and should often be avoided. Make sure that you get a copy of the bond and check the company out under the BBB
- Get it in Writing – If it all goes south, it will be your word versus theirs. Make their words stick by getting all promises and what they say they will do and basically anything else they say in writing. Get it all in writing and make sure you do not pay anything , until you get everything they say in writing and signed by the sales rep. If they are not willing to put it in writing and sign their name to it, then take your business to someone who will. If they are legit, they will stand behind what they say with proof.
At the end of the day, ChexSystems removal services as well as other credit reporting agencies are all out to make money. While I have no problem with that, make sure that you are careful and you do everything to protect yourself first. It is not selfish to put you and your interest first when dealing with these types of companies. They will act like your friend, like they are genuinely concerned, and they may even get a little angry when you push back. No matter what they say, you must stand strong. If they want your money (and they do), make them put everything in writing and have the associate sign it. Remember, they are not your friends, they are a business that makes money off the desperation of others. If they can truly do what they promise they will do, then they should have no problems putting it in writing and signing it as proof.