Banks

[OMW2_HighAcheiver]

Not sure where to drop this....again, but I have a question about having accounts with banks that need to be paid.

I want to open an account with one of my local credit unions, however, I have a SunTrust - 2012 ($42), PNC- 2012 ($250) and First Merit-2013 ($950) that I need to pay. These are not on my credit report, but of course ChexSystems.

Can I settle these? Is there a SOL with banks? Should I just leave them be until the 5 year fall off CS mark?

I want to utilize the credit union for auto/personal loans.

[OMW2_HighAcheiver]

Please. ....anybody

[damnedanddetermined]

This is my experience.......went to CU to open up acct. Cu pulled chex systems and said "no go til paid", didnt even know I was on the chex system (come to find out-bank error, but I was told prior to that,, if I owed I would have had to call chex system to pay through them, get an "all clear from Chex and then I could open a CU acct. So my advice: go to CU to open, and let them guide you in getting these things paid so you can go on with your life! Hope this helps, and good luck!!

[RobertEG]

Credit report exclusion applies to ANY adverse item of information that has been reported to a CRA, and includes all types of debt.

The credit report exclusion provision of the FCRA is structured by listing certain types of adverse items that have their own, defined exclusion begn dates and/of exclusion periods, and than provides a subsection 605(a)(5) that is a catch-all for any other adverse item of information that is not speciifically listed.

The catch-all period begins with the date of occurence of the adverse item, and has a period of 7 years.

Credit report exclusion does not excuse the dect, it merely prohibits the CRA from continuing to include that adverse item in subsequent credit reports they issue.

Thus, determination of whether to satisfy a debt does not expire as of its exclusion date.  While excludion removes it from scoring, it can still, if known to a prospective creditor, be basis for denial of new credit.

Credit report exclusion and/or expiration of SOL will often result n the creditor having additional incentive to settle for less than the full debt.

[Anonymous]

If you owe a bank they will place you in chex systems and you will have to settle with the bank and contact Chex systems with a paid reciept. The best thing to do is have the banker assist you in having your name deleted from there system. If not then go to bank and pay your debts, then write Chex Systems a letter indicating you have done so. They will contact the bank and then take you out of Chex Systems . There address is 

Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125

Best of luck to you.. Keep moving ahead 

[OMW2_HighAcheiver]

Thank AMX. I'm familiar with how it works but what was trying to be clear on was if balances at banks have SOL(s) like other debt that shows on credit reports. I don't want to wake any sleeping dragons by calling to settle these accounts.

[Anonymous]

I see, I can tell you from expeirence that you need to settle your accounts with the banks. My x wife ran our bank accounts we had joint into the negative by $1,000.00 each on the checking overdraft protection. When I moved I used my bank for 6 years and moved tried to open a BB$T account and when I gave them my SS# they said I was entered in Chex Systems and an internal banking system( whatever that is) So I paid the balance and they removed me from there system and I had to write Chex Systems to be deleted from there files. It will prevent you from opening up or applying for any loans. None of the accounts were on my credit reports until I paid the BB$T off and they put it on my credit reports as Charged off paid in Full and they will not delete it. It is 1 of 2 accounts I have left and it does not age off 7 years until June 2016. They verify it everytime with the 3 bureaus when I dispute it. 

[OMW2_HighAcheiver]

Thank you AMX

[Anonymous]

If past SOL and you settle will it restart the clock? Will this drop score? Is it best to settler after 7.5 yr, if i plan to apply for mortgage?

[OMW2_HighAcheiver]

I'm pretty sure ANY activity past SOL is safe from reage. Am I right AMX?