|Chexsystems is a reporting agency that provides banks, federal credit unions, and other financial institutions with account verification services. They help their clients identify account applicants who have had problems in the past with overdrawing on their accounts, have had their accounts closed, or have mishandled accounts in any other way. Chexsystems also functions as a debt collection agency for their clients.
There are myriad problems that Chexsystems can cause for people. If you have a poor report, it can last for up to five years. During that time, you can have difficulty opening checking and savings accounts, receiving loans, and buying or renting real estate.
Overcoming Problems with Chexsystems
You can employ the assistance of a credit repair service to help you deal with Chexsystems. They can remove inaccurate or damaging items from your report, which is necessary, because even if you pay off the debts that have led to a bad Chexsystems report, they can remain for the five-year period. A credit repair agency can also help you manage your current finances in order to help you reduce monthly payments, generate cash flow, and avoid bankruptcy. This service will enable you to avoid further problems with Chexsystems in the future.
If you are having problems opening up a bank account then we recommend a credit card that offers free direct deposits.