What is ChexSystems?

ChexSystems is a consumer-reporting company that operates in a similar manner to credit reporting agencies. ChexSystems collects information from member institutions and provides a report to those with a "permissible purpose", most often to financial institutions opening a checking or savings account.

These reports can include a history of account inquiries; money owed, and forced account closures. Financial institutions can use this information to assess risk when considering new account applications.

Information reported to ChexSystems will stay on file for five years.

The financial institution, not ChexSystems, makes the decision to open an account or not. If you're declined, you should receive an "adverse action" notice telling you how to contact ChexSystems for your consumer report. This is the report that you will need to bring to your Get Checking class.

For information on obtaining your consumer report, go to www.consumerdebit.com. Once you have requested your report, it can take up to seven business days to receive it.

Your consumer report will help you to understand why you were reported to ChexSystems and to get the name of the institution, as well as the dates and account numbers of the accounts reported. This information will help you contact the institution to make arrangements to payoff any balance still owed.

When you successfully complete the Get Checking program, a notation will be added to your ChexSystems record indicating your successful completion. Your prior record is not completely removed from ChexSystems but is updated to reflect your course completion date.

You can learn more about ChexSystems and Get Checking at www.consumerdebit.com and www.getchecking.org.