What happens to old accounts reported to chex systems?
Chex Systems is a service that keeps track of delinquent checking accounts. A large amount of financial institutions in the United States use Chex System to check the credit of checking account holders, according to Consumer Website.Length of RecordChex System stores delinquent checking accounts for five years, according to ConsumerDebit.com.Negative ReportsConsumerdebit.com states that a negative report to Chex System is stored in a system that every bank using Chex System can view. When you try to get a new account you will be denied.Bankruptcy and Chex SystemsIf bankruptcy is filed Chex System does not have to remove an accurate report of a delinquent a checking account, according to the Bankruptcy Network.Updated ReportAfter a bankruptcy Chex System must report checking account debts are discharged in bankruptcy and show that nothing is owed, according to the Bankruptcy Network.Dispute MechanismChex Systems is governed by the Fair Credit Reporting Act.
