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Additional Details
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Alex M | If BOFA put me on Chex systems because a bounced check for $4k, will it show up on my credit report? |
Someone had deposited a check into my bofa acct. i used the funds, than realized the check bounced. They put me into Chex systems and closed my checking acct? If i try to apply for a loan, will it show up and affect my credit. Thanks |
 |
 
K.C.
|
As someone else said Chexsystems will not show on your file but the collection agency that your account went to will...Chexsystems is not a collections agency but a network that is comprised of member Financial Institutions that regularly contribute information on mishandled checking (your situation "forced closed") and savings accounts to a central location. ChexSystems shares this information among member institutions to help them assess the risk of opening new accounts....IF the collection shows up it will effect
FYI: I say IF because about a year ago I overdrew my account and never paid the bank and I assumed I would go to Chexsystems & that the collection agency would be on my credit report...I guess I got a lucky break because I am not in Chexsystems & the collection agency I paid my debt didn't appear on my file...with that said make sure you're in Chexsystems...call them yourself!!..in my situation I asked the bank I owed if they reported me and they said YES...but I am not and have openned checking and savings accounts with no problem!! Contact them
Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125
Phone: By phone at 800-428-9623 or fax at 602-659-2197 |
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ningwasana
 |
Chexsystems won't be on your credit report, but the collection agency that bank of america writes off the 4k (or whatever it is), will report that on your credit report |
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Dave
 |
Contrary to a previous answer, ChexSystems *IS* a credit reporting agency. The disputing rules that apply to Experian, Equifax and Transunion also apply to ChexSystems.
This is taken directly from the FCRA, the federal laws that govern credit reporting agencies:
"The term “consumer reporting agency” means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports."
Based on this definition, if ChexSystems isn't a credit reporting agency, I don't know what it. |
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src50
 |
Unless you reimbursed BofA, yes it will. |
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stan c
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Just run your free credit reports from annualcreditreport.com or call them toll free @
1-877-322-8228 for all 3 free reports. |
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mrs. MJ
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it should'nt show on it i'm on chexsystems for the same situation and i can't open any accounts at any bank but there are banks that give second chances for an account like US Bank |
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lisa s
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The obvious question is 'who is the person who deposited this check into your account?'.
Why arent you going after this person?
It is highly possible that BofA will sue you and garnish your wages to get the money back.
If someone owed you 4k wouldn't you. ?
I would try to figure out a way to pay this money back as soon as possible since they are adding interest and fees to this amount!
As everyone else stated, yes this will become a part of your credit! |
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pilotwannabe81
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It depends, if it has not been sent to collections than no. You should be fine getting a loan. However if you are trying to get a loan through a bank like b of a or wamu or citi than it may hurt your chances. They may look at check systems. So if you go through an independant company that dows not do banking you will probably be ok. Just move fast because that amount will go to collections pretty fast. |
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Jason L.
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No, it will not show up on your credit report, but Chexsystems is a nightmare (I know from personal experience and talking to a friend who is in Citibank Private Banking). For the next five (5) years it will be more difficult to open a checking or savings account with other institutions. Chexsystems will side with the bank before you and fortunately, I had two other checking accounts at the time. You may want to try Fidelity's Bank which I use and am happy with as they send you free checks, Visa Gold Checking card (with LDW and purchase protection coverage, although I would read all disclosures. Additionally, they let you use any ATM and reimburse you up to I believe 20 times per month. You may also do direct deposit and since you are dealing with their bank (although they are not going anywhere, it is insured up to US$100,000). Bank of America may go after you for check fraud or may sue you in civil court due to the amount. If they win, and based on what you presented, they may win, if you have not paid the money back, then a judgment will go on your credit report and will significantly impact your credit. Hope this helps! Also, if you pay Bank of America, they are under no obligation to have your name removed from ChexSystems. I hope this helps. Best wishes, Jason |
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Ethan
 |
The difficulties in obtaining a personal loans for people with bad credit can be best understood by those who have suffered with a history of bad credit. Personal loans such as these provides a manner in which they can recover there dignity and improve there overall credit rating. A personal loan may help you to payoff those smaller debts that seem to keep lingering<!--around that you may have incurred. With this type of program, you can use this loan to do away with those pesky little bills that seem to keep pilling up. If the consumer uses this wisely, they will use this opportunity to get ahead and restore a good credit rating with these types of loans.
http://best-loans.awardspace.com/personalloans.htm
People are said to have bad credit when they have defaulted on loans in the past. Auto loan defaults, court judgments, involuntary repossessions, all count against the persons credit history. Lenders use a persons credit history to determine if the borrower is credit worthy and to determine if they are willing to take a chance on them. A lender sees a bad credit history and may decide that the borrower has lesser-->credibility and making him a high risk for a personal loan. This however is not always the case. People with a bad credit history may also be considered for personal loans. |
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