I have been using Deposit Accounts for years, I have a great credit score over 800, and l had never been declined before and never gave a thought about ChexSystems, but now I see they are a Major Issue!! They have become the obstacle to opening any deposit account, similar to what TransUnion and Equifax are to opening any loan or credit account. I just got a copy of my "Consumer Report" online from ChexSystems (I also requested my "Score" which is coming in the mail), and I see that I have had a problem of multiple inquiries/pulls/dings (whatever you want to call them) for the same application, at 3 different credit unions in the past 12 months. Does anyone know how to go about correcting this? Do you contact the credit union and get them to correct it with ChexSystems, or do you file a dispute directly with Chex? What information or "proof" works? It looks like I started getting declined after I had 10 "inquiries", many of which are duplicates, on my report over the last three calendar years. I was told that the FI generally has ChexSystems make the approve or decline decision. It would be nice to understand who is actually making the decisions and what standards they use. It is also obvious that multiple pulls from the same FI for the same application is a huge problem, since we only give permission when we hit the "Apply" button for one inquiry/pull. There is also confusion over terminology, for example what is a "hard" vs. a "soft" pull...is ChexSystems a "soft" pull and Transunion a 'hard pull", or does each one have hard and soft pulls? For example, this is from Ken's review of the latest BMO-Alto CD, "Credit Check – Soft pull by Transunion, ChexSystems".......what does that actually mean? Any help you could offer would be so appreciated as it terrifying to think that many of us followers of DA will now not be able to get approved for CD's, at what seems like the peak of 5 yr. rates, and after waiting all this time, just because of ChexSystems!
Answers
Better very late than never, I guess. ChexSystems is a "sword of Damocles" hanging over the head of each of Ken's readers. It is human nature, I suppose, not to concern oneself with this peril until it actually materializes for you personally. But many of Ken's readers have posted about ChexSystems in the past in VERY negative terms. The warnings are everywhere for users of this website.
It is an error to conflate ChexSystems' activity with those of the credit reporting agencies. The two are "apples and oranges". You can possess a sterling credit score and still flunk out at ChexSystems. I speak on this from bitter personal experience. But there is no such thing, in the customary sense of the term, as a "ChexSystems pull", hard or soft. This is because your ChexSystems score is not a measure of, and does not relate to, your creditworthiness.
I believe it likely I possess the lowest ChexSystems score of any of Ken's readers. My ChexSystems report is between twenty and thirty pages long and growing. Rather than endeavouring to deal with those loathsome Chexsystems twerps, my answer to their inept and uncaring "service" is to cease attempts to open new bank and credit union accounts. ChexSystems would be welcome in he!! if I controlled the gate.
But you might find some useful information here:
https://duckduckgo.com/?q=the+problem+of+ChexSystems&atb=v383-1&ia=web