Is ChexSystem covered by the FCRA?

Is ChexSystem covered by the FCRA?

3 Answers

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Who is ChexSystems?

ChexSystems is a consumer reporting agency as defined by the Fair Credit Reporting Act (FCRA). They collect and store information about how consumers handle their checking accounts. Generally that means ChexSystems keep track of most bank customers who overdraw their checking accounts or write bad checks.

ChexSystems uses the data they keep on consumers by supplying it to most banks, who use the information as part of approving a consumer to open a bank account.

Like the credit bureaus Experian, Equifax and TransUnion, ChexSystems is subject to the provisions of the FCRA. That means, among other things, that ChexSystems has a responsibility to make sure the information in their system is reasonably accurate and complete. The Fair Credit reporting Act also protects consumers, who have rights to dispute inaccurate information in the ChexSystems database, as well as a right to a free annual consumer report from ChexSystems each year.

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no it doesn't as chexsystem only applies to banks,and negative accounts.how can you answer that like that as the only time chexsystem applies is if the OP tries to get a bank account and there is a negative account from another bank.that's it. it does not effect a credit report at all.

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Yes, this consumer reporting agency comes under the FCRA.


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