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#1629970 - 11/17/11 09:35 PM Pulling New ChexSystems for recovery?
Anonymous
Unregistered

I have come across conflicting information on this subject.

Our issue:
We have a customer with a Savings acct. A new teller had cashed a large check for this customer, that was charged back, therefor, leaving a negative balance in their acct. We have used other recovery techniques, but have been unsuccessful. We pulled a ChexSystem/Efunds report at time of acct opening. Can we legally pull a new report to see if there may be updated information that has been entered by another institution?

Thanks! smile

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#1630011 - 11/17/11 10:20 PM Re: Pulling New ChexSystems for recovery? Anonymous
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,605
Galveston, TX
Under the FCRA, yes you are allowed to pull credit a assist in the collection of a debt, but you would have to check your contract with Chexsystems.

Section 604(a)(3)(A) allows a CRA to furnish consumer reports to a person which it has reason to believe "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer".
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1630015 - 11/17/11 10:23 PM Re: Pulling New ChexSystems for recovery? rlcarey
Anonymous
Unregistered

Great. Will do, and thank you for the information!

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