Revealing ChexSystems Report

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Question:

When I pull a ChexSystem report and the customer is on ChexSytems, can I tell him what is showing? I know I have to give that person an adverse action notice if I am asked what is on there.

Answer:

There is no prohibition, and the credit bureau cannot prohibit you from communicating what is in the report to the consumer. They may prohibit you from handing the actual report to the consumer, and you would have to review your ChekSystem contract to see if they impose that limitation on your bank.

First published on BankersOnline.com 9/20/10