How to Improve Your ChexSystems Score

(April 2024)

How to Improve Your ChexSystems Score

In This Article

Is your ChexSystems score quite low—so low that you desperately need to improve it?

Do you want to improve your ChexSystems score and don’t know how to do it?

If you have a problem opening a new bank account because your account is on the ChexSystems report, you should improve your ChexSystems Consumer score to reduce the level of risk that ChexSystems associates with you. Know that your ChexSystems score is not the same as your credit score; improving both are not the same, and the effects are never the same.

To improve your ChexSystems score:

  1. Know What ChexSystems Is, and How It Works
  2. Request a Copy of Your ChexSystems Report
  3. Review Your ChexSystems Report Thoroughly
  4. Identify Erroneous Data (if any) in Your ChexSystems Report
  5. Dispute Potential Errors in Your ChexSystems Report
  6. Contact the Financial Institution(s) That Caused Your Entry Into ChexSystems
  7. Negotiate a Payment Plan to Close the Open Liability
  8. Have a Plan in Place to Avoid Future Problems Leading to Another Entry Into ChexSystems

1. Know What ChexSystems Is, and How It Works

To improve your ChexSystems score, know what ChexSystems is and how exactly it works. Understand the role of ChexSystems as a credit reporting agency that gathers information about your history in banking, especially the negative ones.

Know that if you ever have issues with any overdrafts, involuntary closure of your account or fraudulent banking reports, you will find your name on the ChexSystems.

ChexSystems is one of the major records banks and other financial institutions review whenever you want to open a new bank account. ChexSystems records provide banks with a background check about your negative banking history so they can have the necessary information upon which they can base their decision.

2. Request a Copy of Your ChexSystems Report

To improve your ChexSystems score, request your ChexSystems reports for review. You can only improve your scores when you know the level you are at.

You have the right to a free request of your ChexSystems once every year—and you can also check it further any time within the year for a fee of $10.50 payable through money order or personal check.

Submit the request to ChexSystems online through phone calls, email, or fax and expect a response within fifteen working days. Proceed to the ChexSystems website to download the request form, fill it and send it through email or fax. Supply your name, address, Social Security number, and date of birth.

3. Review Your ChexSystems Report Thoroughly

To improve your ChexSystems score, review thoroughly the reports for any inaccurate data in them.

Search every part of the report to see the transactions and actions that are the cause for your low score in the ChexSystems.

Go through the scores; check the name, address, driver’s license, and Social Security number to be sure everything correlates.

Review the information in the report; look for information on unpaid checks, returned checks, and any fraud or security alerts.

4. Identify Erroneous Data (If Any) in Your ChexSystems Report

To improve your ChexSystems scores, identify any mistake or erroneous data in your ChexSystems report. Understand that ChexSystems compiles the scores from several pieces of information which include your ChexSystems consumer report, credit reports, your work history, and public record data; request these reports and don’t leave any wrong or fraudulent information on the reports; the errors have a direct effect on your ChexSystems scores.

Spot any incorrect information on transactions; point out wrong data in the report especially those that have attachments with negative transactions history.

5. Dispute Potential Errors in Your ChexSystems Report

To properly improve your ChexSystems score, dispute all irregularities or errors you notice in the various reports that culminate in your ChexSystems scores. Gather all your evidence and choose the mode of submission. Raise your dispute either directly to ChexSystems, to the credit bureau for the credit reports, or to organizations that report to the bureau or ChexSystems.

Submit your dispute to ChexSystems online through mail or fax, go through the ChexSystems website, and link to the Dispute information section. Follow the column that says “read more about other methods of submitting a dispute” and then print out the “Request for Investigation”. Fill out the form and add documents to prove your claim, and then send it through the mail. Wait for ChexSystems response within 30 days.

Wait for ChexSystems to send you a letter with details of their investigation.

6. Contact the Financial Institutions That Caused Your Entry Into ChexSystems

To improve your ChexSystems score, reach out to the financial institution(s) from which the entry into the ChexSystems report comes to remove the report about them in your ChexSystems reports.

If the negative remark on your report is about debt, pay it off; send a request to the bank to update the report to reflect your new status with ChexSystems. Request in writing and attach payment receipts to prove in case there is any dispute in that regard. Know that the updated reports will not erase the negative remarks but will improve your ChexSystems score.

7. Negotiate a Payment Plan to Close the Open Liability

To improve your ChexSystems score, negotiate the payment plan for your outstanding debts with the financial institution. Calculate all the debts in the report; determine your capacity to pay them all at once and explore the option if you can.

Try to negotiate payment of a lesser amount to settle the whole debt with the companies; the practicability of this approach depends on the company. Arrange with the companies on how often you want to pay and be diligent with it.

8. Have a Plan in Place to Avoid Future Problems Leading to Another Entry Into ChexSystems

To keep your ChexSystems score improving, set a plan in place to avoid future problems leading to another entry into ChexSystems.

Pay attention to factors leading to the earlier ChexSystems entry and set systems in motion to prevent future entry into ChexSystems; if you improve your ChexSystems score and then get yourself in the report again, the score drops.

Conclusion

To improve your ChexSystems score, know what ChexSystems is and how it works; request a copy of your ChexSystems report. Review your ChexSystems report thoroughly and identify erroneous data in your ChexSystems report. Dispute potential errors in your ChexSystems report and contact the financial institution (s) that result in your entry into ChexSystems. Negotiate a payment plan to close the open liability and have the plan to avoid future problems that can lead to another entry into ChexSystems.

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