topic Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed! in Rebuilding Your Credit

Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Wed, 27 Feb 2013 18:47:22 GMT

Hello everyone!

As you might have already guessed from the topic title, I've gone through financial problems and they've left their marks on my records (and my life, too).

Here's what I need to fix right now:

- Chexsystems:

1. Reported for "overdrafts" by TD Bank ($770) in 2010.

2. Reported for "suspected fraud activity" by BofA in 2008.

I am mostly concerned about my inability to open a real checking account, I have been using GreenDot prepaid cards and recently Bluebird by AMEX as checking accounts since my TDBank account was closed.

- I am certain that BofA's report is completely false, and I would like to dispute that entry but I'm afraid that the entry will be updated to this year (2013). Since the entry was reported in 13/2008 it will be less than a year since that entry completely disappears off the record. What Should I do? Dispute, or wait?

- Since the TDBank overdraft entry was reported in 2010, I do not wish to wait until 2015 to have it automatically removed. I think it would be better to call the bank, and reach an agreement and demand a letter -in writing- promising to remove the entry from chexsystems AND all my credit reports AND guaranteeing to open a checking account once the amount has been paid off. Is this something I can do? If so, should I just pay the full amount or negotiate for a lesser amount?

My current credit score is around 630 and I'm ready to start raising it up so I applied for a CapitalOne secured credit card, deposited $300, was given $401 CL.

My goal is to be able to open a real checking account at a real bank and be able to transfer money from and to paypal and use a a debit card to charge for purchases without having to pay deposit fees for prepaid cards.

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

starry1 — Wed, 27 Feb 2013 18:54:14 GMT

Your best bet might be a credit union. I will pm you some info about chexsystems.

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

ktl72455 — Wed, 27 Feb 2013 19:01:24 GMT

Do you live close by the TDB bank to talk to them in person or want to use them again. I would suggest calling them, talk to a account manager and nicely explain you faced hard times financially back in 2010 and over drafted and ask if you could pay that off now that things are better for you and could you possibly open another checking account with out over draft. If they say no to opening another account with their bank, ask them if they would remove it from your credit files once paid so you could get one elsewhere.

Demanding when you are asking them for a favor is not a good thing, try talking nice and sincere and you might be suprised they might work right with you.

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Wed, 27 Feb 2013 19:13:30 GMT

Yes, there is a TDBank nearby (the same one I opened my bank account with a long time ago).

I will try calling them now and see what happens.. (will update here)

BofA's report is really what's hindering me psychologically..

What I keep thinking is, suspected fraud?? me??? They're using "street" tactics against me! How can a financial institution act that way?!

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Wed, 27 Feb 2013 19:13:47 GMT

Thank you!

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Wed, 27 Feb 2013 19:24:48 GMT

I just spoke with the local TDBank branch manager. While he sounded completely -flat/nuetral- he asked me to "come into the branch and make the payment and we'll open a bank account for you".

I'm good with that, honestly. But.. is the report on chexsystems and other credit agencies going to disappear? I doubt it.. They'll just remark it (paid in full) and it'll stay on there for another 5-7 years (I'm calling their regular customer support number in a bit)

Plus, what if -after I make the payment- they run a chexsystems on me and discover the report of BankofAmerica on there? with "Suspected fraud activity"..?

I've read here and elsewhere on the internet to "have something in writing proving they WILL completely delete the entries off the credit reports".

Mission, incomplete.. yet

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

ktl72455 — Wed, 27 Feb 2013 20:18:40 GMT

Its all baby steps :-) Your already ahead by making the call and them being willing to open another account for you! Thats one goal you wanted !!

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Anonymous — Wed, 27 Feb 2013 21:57:55 GMT

I had that same problem with TDBank... I paid it of and disputed and guess what happened it got Deleted... The collection company was NCO... You can't be scared you have to take your chances... I have one baddie on my account and that is a Cap One Charge Off.. This week a sent them 8 GWs.. Hopefully I it gets in the right hands..

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

ktl72455 — Wed, 27 Feb 2013 22:42:32 GMT

BofA's report is really what's hindering me psychologically..

What I keep thinking is, suspected fraud?? me??? They're using "street" tactics against me! How can a financial institution act that way?!

When items are purchased and later amounts are disputed and credited back to the account saying some one else did it,, or some one must have got my card and charged stuff, and they kicked it back and or I lost my card and some one did it and they issued you a new card etc. They will put a possible fraud alert on the account. I know some one who plays this game and it bit him in the butt. when his credit was pulled for a CC they seen it and wouldnt give him credit until he had that resolved.

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Thu, 28 Feb 2013 15:26:46 GMT

BofA's report is really what's hindering me psychologically..

What I keep thinking is, suspected fraud?? me??? They're using "street" tactics against me! How can a financial institution act that way?!

-------

That person is not me
The person you know personally who plays that game should be reported to his bank and maybe to the police because that's real fraud.

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Thu, 28 Feb 2013 15:42:16 GMT

‎By Koki:
02-27-2013 01:57 PM

---------

Yes, Koki.. I think my best optin is to start paying the TDBank debt after getting a written confirmation that the entry will be deleted off ChexSystems and that I will be given a checking account again. Here's why:

I have print outs of all 3 CB reports in front of me TU, EQ, and EX

Here's what's on them:

TransUnion:

- Bank of America               $978 (Deletes in 05/14)
- 1st Bank of Delaware     $612 (Deletes in 10/15)
- Main St. Aquisition           $852 (Deletes in 01/16)

Equifax:
- United Illumination Co. $572 (Deletes in 01/16)

Experian:

- 1st Bank of Delaware $612 (Deletes in 10/15) *same entry in TransUnion*

ChexSystems:

- Reported for "overdrafts" by TD Bank ($770) in 2010.

- Reported for "suspected fraud activity" by BofA in 2008.

If I pay the TDBank debt, I will have the entry removed off Chexsystems (plus get a bank account) AND by the end of this year BofA's "Fraud" report will disappear and my ChexSystems report will be 100% CLEAN.

I don't think I'll even dispute the "Fraud" report as I don't want to risk the entry being updated.. Once I get a TDBank account that entry shouldn't matter

I need suggestions for what to write to TDBank Consumer Relations/Collections.. Any links? Ideas? Need to write something and send it today..

I'm ready!

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Thu, 28 Feb 2013 17:24:54 GMT

Lunch break time at work,

I am calling TDBank and requesting the last account balance history to my address (need to know how much of the $770 is overdraft fees).

I will also explain that "I'm willing to pay the balance on the account. My main concern is the report I have in ChexSystems, would it be possible to send me a letter promising to remove all references to the deragetory from ChexSystems and any and all credit reports"?

Once I get that letter, I'm going to walk into TDBank, ask if they would open an account if I pay the debt in full.

Once that is done and I have an account.. I will use the letter they (I'm assuming they will agree to send) to have the remark taken off ChexSystems.

This will be a very good start..

Still need your suggestions for a Pay-For-Delete letter..

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

coterotie — Thu, 28 Feb 2013 18:31:18 GMT

If you can get eligible, USAA doesn't use ChexSystems. I don't think INGdirect (which is now Cap1) does either. They (Cap1) do pull equifax.

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Thu, 28 Feb 2013 19:40:24 GMT

Thanks coterotie, I'll swing by CapitalOne Bank (Only 1 branch in the city where I work, no others nearby).

I called TDBank's Collections Recovery Department and couldn't get the person to agree even verbally to delete the entry off chexsystems if I paid..

He asserted that any TD Bank manager will open a new account for you if you pay the amount owed.

I tried back and forth to ask if there's any possible way we can have it deleted off chexsystems, but he only said they would update it to "Paid in full".

I don't like this..

Should I go ahead and pay, have a real decent bank account with online banking and full capabilities (instead of a GreenDot card) then send Good-Will letters?

Is it worth it?

Why didn't TD Bank report the $770 overdraft to TU, EQ, or EX ? (Are they going to, in the future?)

I understand that they sort of wanna lock me into TD Bank and not move to another bank at least 'till 2015.. But I really was planning to open a bank account at Chase by the end of the year when Bank of America's chexsystems remark (suspected fraud) disappears..

Would Chase bank open a bank account if I had (TD Bank $770 paid in full)..??

Switching to Chase means better oppurtunity to getting their rewards credit cards in the future.. (Yes, I travel a lot)

Any advice? comments? I feel lost :/

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Lzzybeth — Fri, 01 Mar 2013 20:20:01 GMT

Two times in my life I've been in a similar spot as you with ChexSystems, the 1st was BoA and 2nd was WAMU/Chase. Both times I was reported it was because of overdraft charges and my accounts were charged off.

With regards to BoA, I went for PIF and they completely removed their report from ChexSystems. Hurray!!
As far as WAMU/Chase, I wasn't so lucky and also didn't PIF (went for settlement). Chase wasn't going to remove them from ChexSystems. Looking back and knowing what I know now, PIF might have helped when I later tried to GW Chase.

I was using a loadable debit card too, since I couldn't get a real bank account for years. I felt like a leper and was scared to even walk into a bank branch! I finally got the courage though, settled my Chase debts, got the letters for proof and then went [back] to BoA. They gave me a bank account, though I had to prove to them that I'd paid the debts before they'd let me sign the papers.

Pay the debts, get the letters and then go to the bank or CU of your choice. Since Chase won't remove their remarks and they won't fall off until August 2013 (5 years), I had to use the letters of proof again when I opened my CU checking account in September of 2011.

Getting the letters is key, push to get them from the CAs!

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Lzzybeth — Fri, 01 Mar 2013 20:30:39 GMT

I just re-read your recent post...

It sounds like you want a Chase account and wonder if you'd be approved, after going with a PIF to TD Bank. Am I correct?

I don't know how finicky Chase is about approving new accounts if they find anything derogatory on ChexSystems. Maybe someone else can chime in here...

Even so, I still stand by PIF the debts you have, getting the letters and then trying to open an account wherever you choose. You'll never know until you ask (like I did)!! You might just bend the ear of an understanding Chase Bank Manager.

Re: Fixing credit, in Chexsystems, Fraud & Overdrafts.. Advice needed!

Amerabian — Sat, 02 Mar 2013 01:12:30 GMT

Guess what!

I went to TD bank and paid $770.37 for a pack of menthols and a ball-point pen

http://s10.postimage.org/siyrkm22h/C360_2013_03_01_19_23_19.jpg

Soon to write to executives to remove the remark on ChexSystems..

Bank of America's remark will be automatically deleted in a few months and I will have A CLEAN CHEXSYSTEMS REPORT!