ChexSystems neither approves nor denies new account openings for financial institutions. Those decisions are entirely up to each financial institution and its individual policies. Consumer Protection Consumer reporting agencies are regulated by the Federal Trade Commission, and ChexSystems is no exception. ChexSystems is a consumer reporting agency that abides by the FCRA and is committed to the fair and accurate reporting of consumer information. ChexSystems records are available to consumers and are maintained and provided in full compliance with federal and state laws.
Consumers can view, dispute and, if necessary, correct the information in their file.
Consumers have the right under the FCRA to insert a statement into their file explaining the cause of a debt or providing additional information regarding a closure. But an accurate closure record is not removed from the ChexSystems database unless the financial institution that submitted the information requests that the record be deleted. If not, a closure record will remain in ChexSystems reporting file for five years. ChexSystems consumer relations representatives investigate every dispute that is filed, and they notify the consumer of the results within 30 days. If errors are discovered, the file is corrected immediately.