CreditRecondition's Education and Information Center
What is ChexSystems?
What is ChexSystems?
We've had a number of clients that have been unable to open a checking account because of ChexSystems. I've decided to check it out for myself and it seems to be valuable information that can help you becaome "bank friendly".
How it works: U.S. banks and credit unions report incidents to ChexSystems to protect themselves and other banks in the future. You get reported to ChexSystems if your account is closed for "cause." What is "for cause?" Banks differ greatly between them as to what valid reasons are for closing an account. Here are some examples:
The bank was unable to collect for an overdraft, ATM transaction, or automatic payment which they honored on insufficient funds.(Regardless of amount, and often without waiting more than a few days!)
Multiple overdrafts.
Savings account, debit card or ATM abuse.
Fraud.
Providing false information in opening account.
Each incident stays on your record with ChexSystems for FIVE full years from the date the incident was reported. You are entitled to see your Chexsystems Report once a year for FREE, just like you are entitled to a free credit report from Experian, Equifax and Transunion.
Getting an incident reported to ChexSystems is the Kiss Of Death for your financial future. Most banks now say: "Our bank policy is that we will not open a checking account for you if you have one or more incidents reported to ChexSystems." Scary.
"It seems more common amoung some banks than others. Some banks have online applications that will approve immediately. Then the bank will wait until the signature card is sent in to actually look at the Chexsystems report. At that point, they will send back the initial deposit and close the account.
"Then there are other banks that do "sweeps" on accounts. This is where a bank, generally the loss prevention department will do a random check on accounts with chexsystems. If they find that the customer has a chexsystems record, they then will determine that they person may be a risk and they will freeze account, and later close it.
For more details about this system and what to do if you get reported, check out these excellent resources:
Chex Systems, Inc. 7805 Hudson Road, Suite 100 Woodbury, MN 55125 Fax: (602) 659-2197
Instructions can be heard by calling: (800) 428-9623
Customer service: (800) 513-7125*, Option 1 for English, then Option 5 for customer service.
First Time Home Buyers Tax Credit
This is an outstanding opportunity for the First Time Home Buyers.
The Congress has signed into law the legislation providing first time home buyers with a credit of $8000!
Time is of the essence. The home purchase must happen before December 1st, 2009. This is really not a lot of time to check one's credit report, FICO Score, take care of needed repairs or corrections, find a responsible and reputable mortgage lender, shop for most suitable financing option, finding friendly and knowledgeable Realtor, start the house search quest, arrange for sale of a current house, include vacations, save for down payment, everyday life etc, etc...all of these take a lot of time and lots of planning. To find information about location, neighborhood, schools etc is not an easy and quick task. But don't worry. You are not alone, you have a friend in the business!
Let's meet together and I will help you plan for new home ownership.
FIRST TIME HOME BUYERS TAX CREDIT TOP 10 LIST
Amount of Credit - 10% of purchase price, not to exceed $8,000
Eligible Property - Single family residence (principal residence)
Not Refundable- Reduces or eliminates income tax liability, will receive refund for unused amount
Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
First Time Home Buyer - Purchaser and Purchaser's Spouse may not have owned a principal residence in three years previous to purchase
Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit
Repayment - no repayment for purchases on or after January 1st, 2009 and before December 1st, 2009
Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
Termination - Program expires on December 1st, 2009
Effective date - Effective as of January 1st, 2009
Call us if you need additional information or have a question...877-778-3612
Cash For Clunkers Facts
Fact #1 – Official NHTSA CARS Website is at www.cars.gov
Car Allowance Rebate System (CARS)
August 8, 2009 - Are some car dealers breaking the CARS rules by holding back new car deliveries?Read More
August 7, 2009 - Our Best Advice – Get Out a Buy a Car Fast Before CARS is running on Empty (again) -Read More
August 5, 2009 – Top 10 Car Models Generated by CARS Program shows Toyota in the Lead - Read More
August 3, 2009 – Fox News makes a major media blunder acccusing the NHTSA CARS website of invading consumer private data -Read More
The National Highway Traffic Safety Administration (NHTSA) will be administering the program. Car dealers, not consumers, will need to register for the program on www.cars.gov; the only official Federal website. If you have a car that qualifies, you can contact any local car dealer to help you with the program. Stay tuned to this website for breaking news and details on the CARS program as they are released. By signing up for our email alerts, you be the first to know when important details are released.
Join our lively discussion about the program by clicking on our “Speak Up” button.
At CreditRecondition, we set out to create an effective yet affordable option for consumers to verify and correct their credit profiles. Our programs are based upon extensive research of consumer credit laws, credit bureau tactics, and persistence for our clients. Our programs are 100% legal and have helped tens of thousands of Americans correct their credit profiles resulting in higher credit scores.
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