ChexSystems is a banking reporting agency that collects information about consumers use of checking and savings accounts.

The bureau maintains a report of your banking activity. Banks and credit unions can use the report when you apply for a new account. If your report contains negative information your application may be denied because the bank might consider you high risk.

Under the Fair Credit Reporting Act (FCRA), you are entitled to a free copy of your consumer disclosure report once every 12 months, the report is free of charge.

If your application for a new account has been denied and ChexSystems was used in the decision process, you can request your consumer disclosure report to help you understand what may have contributed to that decision.

To request a copy of your report, go to ChexSystems you can fill out their online form or you can contact them by phone at 800-428-9623 or by mail by downloading the request form and mailing it to ChexSystems Inc., Attn: Consumer Relations, 7805 Hudson Road, Suite 100, Woodbury, MN 55125

Once you obtain a copy of your report you should check it for accuracy. If you find any mistakes you can file a dispute with ChexSystems. When filing a dispute provide any supporting documentation you have. ChexSystems can take up to 30 days to investigate your dispute. If confirmed they will remove the inaccurate information from your report.

If there is legitimate negative information in your report, you can take steps to resolve those issues. For example, if you have an account with a negative balance you can work with the bank or credit union to pay off the balance. Once your account is in good standing you can file a request with the bank, credit union or collection agency to update or remove the negative information from your ChexSystems report.

You also have the right to place a security freeze on your report. According to ChexSystems “A security freeze prohibits a consumer reporting agency from releasing any information in your consumer file without your expressed authorization. All consumers who reside in the United States have the right to place a security freeze on their file.

A security freeze is designed to prevent approval of checking, savings, credit accounts, loans, or other services from being approved in your name without your consent”.

Once a freeze is in place you can temporarily lift the freeze if you are applying for a new account with a bank, credit union or other lender.

To place a freeze, manage a freeze or request a replacement PIN go to https://www.chexsystems.com/security-freeze/information

Placing and lifting a security freeze is free.