ChexSystems & Bad Credit Resources
CreditServicer.com is a leading resource site designed to help consumers overcome their problems with ChexSystems and bad credit. We offer a variety of financial services including bad credit loans, credit cards, second chance banking, and debt relief. In addition, we provide free advice and resources which can help you improve your current financial situation.
What is Chexsystems?
Chexsystems is a network of financial Institutes that share information about mishandled checking accounts holders to one database, those financial institutes then use this information the evaluate risks dealing with a specific person. Many banks use Chexsystems in order to determine whether to allow or decline opening a checking/saving account to an individual. People who have bad credit often unable to open a checking account duo to their Chexsystems report.
Which ChexSystems solution is right for me?
There are several ways to overcome ChexSystems. The option you choose should be based on your personal situation and banking history. Many people have found their solution by opening a checking account through a bank that doesn't use ChexSystems, also known as Non-ChexSystems Banks. While many others have found relief by applying for a second chance checking account or a prepaid debit card. Browse through each option and see which one works best for you.
If I have bad credit, can I qualify for a new credit card?
Absolutely. There are credit cards designed especially for individuals with past credit problems. Check out our credit card page to find the most current list of "bad credit" credit cards. We provide applications to various types of credit cards, including unsecured, secured and prepaid debit cards.
Can I qualify for a personal loan even if I have bad credit?
The current credit crunch is making it more difficult for people to qualify for a loan. Lenders are more stringent with their lending guidelines nowadays, but there is hope. We've teamed up with HFC and Citifinancial to bring you their personal loan services. They are currently accepting applications for all credit types.
I have bad credit and my debts are piling up, can you help me?
Yes, our debt relief partner can help you payoff your debts faster, lower your interest rates, and eliminate fees and late charges. Through debt consolidation, you can simplify your financial situation by making a single payment to the debt counselor. Don't ruin your credit any further, and stop those harassing phone calls from your creditors. Get started by filling out this short debt relief form.
Should I repair my own credit, or hire a credit repair company to do it for me?
We always recommend that you repair your own credit whenever possible. There have been thousands of reported cases where fly-by-night credit repair companies have scammed people out of money, and even ruined their credit. Visit our credit repair section for information on credit, and learn about ways to improve it on your own.
Curious about what's on your credit report?
There are ways to obtain your credit report without paying a dime. Here's three easy ways to get your credit report with no strings attached: Free Credit Reports
New helpful ChexSystems Help and financial advices
Getting a free credit report
- As the first step to the way of repairing your credit report after being in the chexsystem list, is to know about the content of your report, you will have to get it.
- The consumer reporting companies- Equifax, Experian and Trans Union are required, at your request, to provide a free copy of your credit report once every 12 months. The only way to ask for it is by the websites. There are websites which have close names offering free reports but you may be tied to other services you do not need. To order your report by phone – fill the Annual Credit Report Request services, P.O. Box 105281, Atlanta, GA 30348-5281.
- No need to call the consumer reporting companies, all the work is done through the address given before
More helpful financial advices
New helpful ChexSystems help forum posts
- Do I need a lawyer to dispute with the bank about being in the chexsystems?
if you have a simple account and you have minor problems of debts , maybe the bank might offer solutions to enable him get his money.
if you have allready troubles with the law,if you are running a busines and your debts are involved with taxes and financial procedures ,it will be better to have a lawyer involved. admin
- Is there a short way to overcome chexsystems – bad credit?
I have heard of the corporation way, will it help me?
- Using the corporation system means that you are involving other peoples and using their names instead of your name and security number to avoid the chexsystem barrier. It is not good enough because the creditors will need more than names and they will need the security number of someone at least. I would not like to be a part of someone that has already proved lack of responsibility .If you really need a solution now try to have one of the many credit cards possible. It will also be a good start to improve your credit score. You may have an account as a corporation but if there will be any problems [because of any member of the group] you have done more damage to your credit report and even in theirs.
- How do I switch credit cards and not affect my credit score?
- opening and closing credit cards is your choice and has nothing to do with your score as long as you close your accounts properly and leave no debts in them.why not aske your creditors about the possibilities they will be glad to answer and not be left with debts.
- I would like to know what contains my credit report?
- A credit report is a record of individual's loan payments or debts. The credit report specifies whether the individual had late payments or bankruptcies or any other irregularities in his financial situation. When opening an account, asking for a loan or even when submitting a request for a credit card, the financial institutes check the credit report as a risk assessment and then decide whether to approve or disapprove the lender request.
A well-known institute that holds information about bank account handling is Chexsystems
- Once you are reported to Chexsystems you must act quickly, it is the moment you have to gather your strength and start fighting for your reputation.
You will have to know what is written in the Chexsystems report and who was responsible for what it includes. For that you must get a copy of this file.
- Ask for a file from the consumer-reporting agency which is governed by the Federal
Fair Credit Reporting Act (FCRA).This copy will be free and every year you can get one free copy. Read your copy and search for incorrect information that can appear for many reasons check every small detail as they are crucial, remember it could be a mistake you can handle with the banks help.
If you were reported because of a fraud or identity theft you will have to prove your innocence with the bank. One possibility is to search for an agency that will do the work for you and try to take you out of the Chexsystems report, using those company's service is expensive, money that you do not have and, furthermore you will have to supply information and papers about your condition, work that you would do anyhow if you did it by yourself.
- Pay if you can your debts and try to close your file with the banks help.
Insist to have the report with a note that the debt was paid and by the way you can add a note to you report making your side clear.
- This report will stay for five years unless there is a request from a federal institute to close it. This procedure may take time, meanwhile what you can do is to try opening an account that will enable you to handle your money and no less to show your sincerity and responsibility with money handling which in return will rise your score and improve your reputation.
- If you have reached the point in which you cannot help yourself eliminate your debt and all you have to do is filing for Chapter 7 bankruptcy, you must know what you are going to face. The bankruptcy is an act leaded by the law involved with lawyers and judges which in turn use rules given by the local states or by federal laws. The value of your property will be taken in consideration when the list of what will be taken from you will be made. The list will have exemptions depending on the state or the federal law which will allow you to keep some of your property. You will have the possibility to choose between the state or the federal law in many places, chose what gives you more or what is possible.
- The law will appoint a bankruptcy trustee having the authorization to sell your property in order to pay your creditors taking care not to sell what was agreed as exemptions.
- Any valuable property may be taken like cash furniture insurance bonds and so on.
If you know ahead what you are facing you may be able to sell and pay your debts at better price or to keep as less as possible property on your name but anyhow you will have to use an attorney for the next steps for better solutions.
- Following your account activity is a difficult task. The need to check your bank account every time and update your budget is a time consuming task. On the other hand, balancing the account is a crucial task, we must insure that we are not spending more than you we afford.
- Another reason you cannot check your account and have the exact balance is that many actions in are hold for some days before they affects your balance.
- The optimize situation is to plan our expenses and keep our account balanced, we can check the balance in our account and plan ahead the big expenses (as far as we know), but the sum total of the small every day expenses are left as a mystery. In addition to that we never know which added expenses the bank ads to the balance as fees for every activity done in our account.
You cannot plan exactly how much you will spend for food, electricity, water, fuel, schools and so on. When planning our budget all we can do is to take into account the average expenses of each one of them. The differences between the average amounts and the real expenses are left as an uncalculated variable.
Unexpected expenses like presents, house damage and many other things you didn't think about are absent from the budget plan.
All this extra money in addition to the banks fees may change your balance to negative.
Depends on your incomes, leaving a substantial amount for unexpected expenses is necessary to avoid negative balances, otherwise you may be starting a nightmare.
Keeping our account balanced is a difficult but necessary task, planning ahead and foreseeing upcoming expenses and changes to the existing budget are crucial. Don’t forget, we should always leave a substantial amount for unexpected expenses.