How does your presence in ChexSystems affect your credit report?

Question

I got reported to ChexSystems two years ago, when a purchase came to my account after I had closed it. I repaid my debt, but they told me that I'll stay in ChexSystems for 5 years after the incident date. This would cause me problems oppening checking accounts, but I was wondering how does this relate to your credit report? Does this consitute bad credit, since it wasn't related to credit at all, but to NSF activity. Would I be able to obtain a secured credit card?

Answer 1

There are cases where it shows up on your credit report. I have had more and more people tell me lately that they have reports such as this showing on their credit. It really depends on the bank. Since you do not owe this debt any longer, if it does show on your credit report, it should show that there is no debt owed. Definitely get a copy of your credit reports and make sure... you can get a free copy of all 3. Also, you may want to consider filing adispute with both chexsystems and the reporting bank and take a chance for removal