Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#1628526 - 11/15/11 04:31 PM Negative Reporting to ChexSystems
Anonymous
Unregistered

Our bank uses ChexSystems when opening deposit accounts, but does NOT pull a Qualifile score. We do provide AAN on deposits, but are exempt from the new credit score disclosures since we don't pull that score. We also report negative information to ChexSystems, but til now we have relied on the fact that they did not meet the definition of a CRA, and therefore we did not need to furnish negative information notices to our customers.

In completing an annual review of policy, we started looking more closely at ChexSystems--now that they COULD be considered a CRA, should we be providing negative information notices?

Return to Top Reply Quote Quick Reply Quick Quote
#1628674 - 11/15/11 07:23 PM Re: Negative Reporting to ChexSystems Anonymous
renniks Offline
Diamond Poster
renniks
Joined: Sep 2003
Posts: 2,162
New England
Chexsystems is now known as Qualifile. At a webinar given by them last week, the person conducting it said that Qualifile (Chexsystems) is considered a CRA.
Last edited by renniks; 11/15/11 07:24 PM. Reason: can't spell!
Return to Top Reply Quote Quick Reply Quick Quote
#1628686 - 11/15/11 07:37 PM Re: Negative Reporting to ChexSystems Anonymous
Ted Dreyer Offline
Diamond Poster
Ted Dreyer
Joined: Apr 2001
Posts: 2,245
Chexsystems is and has always been a CRA, but the notice regarding negative information is only required to be given if you report negative information to a CRA that is "described in section 603(p)" of the FCRA. According to the regulators, the only CRAs that meet the definition of section 603(p) are Experian, TransUnion and Equifax.

Return to Top Reply Quote Quick Reply Quick Quote
#1628888 - 11/16/11 02:56 AM Re: Negative Reporting to ChexSystems Ted Dreyer
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Ted is correct.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#1628917 - 11/16/11 12:51 PM Re: Negative Reporting to ChexSystems rlcarey
Retired DQ Offline
10K Club
Retired DQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

Return to Top Reply Quote Quick Reply Quick Quote
#1628963 - 11/16/11 02:14 PM Re: Negative Reporting to ChexSystems Retired DQ
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
The adverse action credit score disclosure and the disclosure regarding reporting negative information to a credit bureau are two separate issues as they are governed under separate parts of the FCRA and have their own definitions.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#1629117 - 11/16/11 04:36 PM Re: Negative Reporting to ChexSystems rlcarey
Anonymous
Unregistered

Ooh, all the right answers. Thanks all for your help!

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale