When to use a ChexSystems dispute letter

ChexSystems is a consumer reporting agency regulated by the Fair Credit Reporting Act (FCRA) that reports your credit repair clients’ banking activity to financial institutions, and any other entities with a legal right to that information. ChexSystems only reports negative account information and, while it does not affect your client’s credit score, can keep them from opening an account with a bank or credit union.

How to get a ChexSystems report:

If your credit repair client was recently denied an account from a financial institution, they should request their ChexSystems Report, which they can get for free from ChexSystems. You can write a letter to ChexSystems (on behalf of your client) requesting the free report. Write a dispute letter after you understand what is on the report, and have verified with your client that the information is either incorrect or over five years old.

ChexSystems dispute letters:

Clear a client’s name when a client’s SSN or information has been falsely used by another person to open a checking or savings account

Help clients clear fraudulent or outdated negative account activity

Can remove bank fees and improve clients’ financial situations quickly by removing monthly fees