ChexSystems Inquiries

[CreditCuriosity]

tons of people have no negatives on chexs as i have none either and alot of other people that have trouble with chexs.. Really comes down to a fairly strict few cu's you have applied to recently w/regards to inquiries take 6 months off and i bet your results would change

[Gmood1]

It's the Consumers Credit Union of Illinois. https://www.myconsumers.org

[AverageJoesCredit]

I love Rice

[CreditInspired]

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@SouthJamaica wrote:

I was recently turned down for 2 different credit union savings accounts because of inquiries listed in my ChexSystems report.

I pulled the report, to see if there were any negatives of which I was not aware, and there were none.

I see that the inquiries, which are for deposit accounts, not credit applications, are carried for 3 years.

Do I need to wait 3 years for them to fall off, of is there some shorter cooling off period, after which I can safely apply for a new deposit account?

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I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?

[Anonymous]

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@CreditInspired wrote:

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I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?

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No.  ChexSystem and its sister CRA Early Warning Services (EWS) have collected both inquiries and new accounts for many years.  CRAs like Telecheck and Certegy focus more exclusively on derogs (though CS and EWS collect derogs too).

https://files.consumerfinance.gov/f/documents/cfpb_consumer-reporting-companies-list.pdf

[CreditInspired]

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@Anonymous wrote:

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@CreditInspired wrote:

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I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?

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No.  ChexSystem and its sister CRA Early Warning Services (EWS) have collected both inquiries and new accounts for many years.  CRAs like Telecheck and Certegy focus more exclusively on derogs (though CS and EWS collect derogs too).

https://files.consumerfinance.gov/f/documents/cfpb_consumer-reporting-companies-list.pdf

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Thanks for sharing this link @CreditGuyInDixie

Wow! so many. The Retail and Gaming reports surprised me. I guess there really is a report for everything. 

[SouthJamaica]

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@CreditInspired wrote:

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@SouthJamaica wrote:

I was recently turned down for 2 different credit union savings accounts because of inquiries listed in my ChexSystems report.

I pulled the report, to see if there were any negatives of which I was not aware, and there were none.

I see that the inquiries, which are for deposit accounts, not credit applications, are carried for 3 years.

Do I need to wait 3 years for them to fall off, of is there some shorter cooling off period, after which I can safely apply for a new deposit account?

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I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?

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1. I don't know whether it changed.

2. It does report all those bad things you mentioned.

3. It also reports inquiries for new deposit accounts.