Will being reported to Chexsystems affect my credit report?

Question

Over a year ago, my checking account with Chase was closed due to a negative balance because on purchases that I did not make while I was out of the country. I received a call today (after so long) from a collection agency (They bought me out from Chase) and told me if I don't pay them the -$460 (supposed to be -$75) I owe them then they will report me to Chexsystems. What will Chexsystems then do? Will this affect my credit report? My score is 735 and I am in great standing with my current bank and have no delinquent accounts on my report as I speak...Thanks.

Answer 1

There's a chance that it may already be reported on your credit without you even knowing it. A lot of times, derogatory accounts sometimes can only report with only one agency, so be sure to check your reports with all 3 agencies, because it they're calling you, not only it will report on ChexSystems which is a banking database which can prevent you from getting a bank account, and possibly get the open accounts you have restricted or closed in some cases.  

Answer 2

You are a victim of 'zombie debt'

http://www.scambusters.org/zombiedebt.ht...

Answer 3

It will only affect your credit if it's on your credit report. If they actually report you to Chexsystems then that will only affect accounts that use Chexsystems, namely banks; but since you already have a bank account you shouldn't be affected at all. If I were you I'd contact Chase directly, tell them your situation, and offer to pay the balance if they make you a deal. They will offer you a settlement a lot closer to $75, if not $75 exactly, then you can handle the situation and not have any issues. For more info on credit and reporting see the link below. For Chexsystems info go to their site, chexsystems.net.