topic Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!! in Business Credit

ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

Anonymous — Tue, 09 Mar 2021 22:08:52 GMT

Hi All,

Sit back and really pay attention to this one! When I found this out I legit wanted to scream.

So today I went into a credit union open another business checking account for my company (C-CORP). I had all my paperwork lined up and everything was looking great! The member service rep was respectful and diligent during this whole process.

So, after getting all the info and everything just about set up, they run a credit check on ChexSystems to make sure everything is fine. My personal ChexSystems report is 100% clean with no issues. I even pulled a report 2 days before just to be safe.

So, she pulls up the report and starts asking me if I ever had an account as such and such bank. I said yes but the account was closed off over a year ago with no issues to the best of my knowledge. Well, she told me I own this one bank like $250.00. What?????? My report is clean, how could this be. I literally got on my IPAD and pulled a report of ChexSystem's website and showed them! She brough her manager over and they were puzzled.

She showed me the report she pulled and believe it or now it was a ChexSystems business report with my EIN listed. I thought ChexSystems is a consumer reporting agency governed under the laws of the FRCA????? I thought if a bank wants to check account use history on someone or owners of a business, they pull their ChexSystems consumer report? I did not know there is one for business's and if there is that's scary because legal business entities do not get those FCRA protections to the best of my knowledge. I was still able to get the account open because the institution who reported it listed it as paid in full, no balance due. I thought I was in the clear as I did not see anything show up on my personal report. I paid this account in full over a year ago right away after an unexpected financial difficulty. I am so puzzled and confused about this??????? Just to confirm this is all in my companies name. The closed bank account was closed in my companies name.

Does anyone know anything about this. I am getting the dispute letter's ready as we speak.

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

GApeachy — Wed, 10 Mar 2021 11:49:36 GMT

Thanks for posting this! I did a search and cannot find where to request a business report. Were you able to get any info. from the bank how to do that? Or is this biz report only for bank institutions and not available to biz owners?

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

Anonymous — Thu, 11 Mar 2021 02:30:19 GMT

The member service rep did not know how to pull a business report from the "consumer" aspect. Her manager told me to use my EIN when I request a report. Did not say anything else. I would suspect that if there is a report for businesses then the business (Itself) should be able to request a report to review the information for any discrepancies whether it cost money or not.(could be simular to when you request business Experian or D&B report and have to pay money)

I was not confrentational with them as they were very nice and they were able to open the account. I am going to send out a certified letter tomorow requesting a business report. Basicaly I will write them a letter telling them I am the owner of said company, here is my EIN, address, owners, etc and I would like a report with any information that is tied to such EIN. I would also include a copy of the EIN letter from the IRS. Any documents that help prove who you are and the business, so there is no confusion. If I get a report, I will provide a redacted version to give some context for readers of this post.

I will keep this updated, this is important stuff. If I do not hear back from them, I will resort to a call. If you have any questions or advise please list it in here.

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

Thermionic_E — Thu, 11 Mar 2021 19:25:12 GMT

Chexsystems... great... I'm just crossing my fingers the fed doesn't decide to help the economy more by centralizing credit in a botched sense of equity in their stimulative denotation of the word. It's already hard enough to get anything done with these incompetent and slow systems, and I'd prefer there be some separation and accountability, and while I'd be glad for some reform here and there, I don't want it to be carried about by their processes.

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

Thermionic_E — Thu, 11 Mar 2021 19:28:12 GMT

Ps. Glad you got your account still and it was listed as paid. I still have a general insurance claim for insurance I paid off and canceled very clearly due to its markup by four times after a yo yo financing scam that would've put me underwater and buried me in thirty inquiries a couple years ago. I didn't even have access to this insurance account as it was setup and all the contact info was for someone else and I'm glad I didn't involve my company as originally intended.

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

silver_idle — Sat, 13 Mar 2021 02:41:13 GMT

Never heard of chexsystems even diving into business reporting (and doubt they do) nor any bank being able to pull info about the business on a personal report (unless somehow the ein is also reported on your chexsystems, which I doubt). Are you sure it was chexsystems and not EWS (Early Warning Services) for personal, D&B, etc. for business? I would be confused honestly and would want an answer if you know for sure your reports are clean.

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

Anonymous — Sat, 13 Mar 2021 02:47:24 GMT

I was firm with the branch manager about this and she said this was completly under the business name and it was Chexsystems! I was even able to look at the report they pulled and I saw it was my companies name, company address, etc. Nothing about me personally. My personal chexsystems reports are 100% clean.

There is something big to this and I am going to research it!

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

waqaszm1 — Sat, 13 Mar 2021 04:44:25 GMT

I can confirm for you that there is a Chexsystems report for businesses reported by EIN number instead of your personal SSN. It works exactly like the personal report but instead categorizes data by EIN, business name and address.

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

Anonymous — Tue, 30 Mar 2021 15:43:31 GMT

I just got my report. It's exactly like the consumer ones but has my companies information on it. I am still really confused about it because my company has it's own "Consumer Number" and with it being in the companies name, how would the disputes work? Would my company get the same consumer protections as me? I am no lawyer but I don't think my C-Corp is classified as a consumer if that make sense. If I wanted to dispute the information, would i get those FCRA protections for my company????

Really think about this!

Re: ChexSystem Business Consumer Report!!!!! Makes absolutely not sense! Please read!!

silver_idle — Sun, 04 Apr 2021 22:15:28 GMT

@Anonymous wrote:
I just got my report. It's exactly like the consumer ones but has my companies information on it. I am still really confused about it because my company has it's own "Consumer Number" and with it being in the companies name, how would the disputes work? Would my company get the same consumer protections as me? I am no lawyer but I don't think my C-Corp is classified as a consumer if that make sense. If I wanted to dispute the information, would i get those FCRA protections for my company????

Really think about this!

It doesnt classify as a "comsumer" in that sense but it is a "person" in a sense of being its own separate legal entity apart from its owners. You should be able to dispute errors on business credit reports and I believe FCRA applies to both individuals and companies.