Our ChexSystems Recovery ServicesThis program is designed to help individuals who do not have a banking relationship to gain access to financial services. By obtaining checking account privileges, consumers enjoy the convenience of not having to purchase money orders and cashier's checks to pay their bills and they also save on numerous fees. By choosing this programs, those with negative notations on their ChexSystems report can avoid the normal five-year waiting period required by most financial institution, provided that they have not been found guilty of fraud. The program is focused on checking account management and good debt practices. Once you complete the program, and repay all outstanding debt reflected in your ChexSystems report, a participating financial institution will allow you to open a checking account upon presentation of the certificate of completion, and open up a deposit account. With our services you can expect;
To obtain a copy of your ChexSystems report (at no cost). Call (800) CREDNET to order a copy of your ChexSystems report.
How long will I be on the Chex System?Each report submitted to Chex System remains on their files for five years, unless the bank or credit union that filed the report requests its removal or Chex System becomes obligated to remove it under applicable law. Also, a reporting member is under no obligation to remove an accurate report of a account mishandling due to payment of money that was owed. However, if a collection amount is reported, the member is obligated to mark the account as paid.
Do Banks Open Accounts & Close Them Later?Unfortunately yes it seems more common among some banks than others. Some banks have online applications that will approve immediately. Then the bank will wait until the signature card is sent in to actually look at the Chexsystems report. At that point, they will send back the initial deposit and close the account. Then there are other banks that do "sweeps" on accounts. This is where a bank, generally the loss prevention department will do a random check on accounts with chexsystems. If they find that the customer has a chexsystems record, they then will determine that they person may be a risk and they will freeze account, and later close it.
Consequences of Mishandling a Checking AccountIt is important to be responsible with your checking account in order to maintain a good debit history. Your debit history contains facts about you and your deposit or checking account history, similar to a credit report. It is made available, as permitted by law, to your current and prospective financial institutions to assess your likelihood of managing your debit accounts responsibly. Debit history may also be used by credit. Your debit history can include such items as:
If you do not maintain a good debit history there are a number of unpleasant consequences.
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What Clients Say...
"If you are looking for a place to take your credit worries away CredNet is the place. They specialize in various types of credit restoration and were able to assist me in quickly bouncing back after bankruptcy. They take the hassle out of repairing your credit and walk you through the process step by step. Thank you CredNet for helping me get back on my feet."
Crystal B., Broomfield, CO