Non Chexsystems Credit Unions

Why can Chexsystems cause you problems?

If you have ever wanted to switch banks because you felt you were getting poor service, or you are trying to make a fresh start after debt issues, you may find that the Chexsystems report on you means no other bank will accept you. Some banks report their customers to Chexsystems at the slightest infringement, a bounced check, a delay in paying off sums due, and this can flag you up as a person not to be trusted financially. This can make it very difficult for you to open a new checking account and you may have to request your report and do some work to repair your financial reputation. The difference between Chexsystems and, say, Equifax is that the former shows your track record with your bank, whereas the latter shows your overall credit rating. You may wonder do credit unions use chexsystems to check new account applications and the answer is that some do and some do not There are non chexsystems credit unions and banks that will give you an account; they usually use Equifax to check on you, so your credit rating needs to be at least reasonable.

Non Chexsystems Credit Unions and Banks for new accounts

It is not something widely advertised by financial institutions, but decent comparison sites will give you the low down on finding non chexsystems credit unions and banks that will offer accounts to those with a less than perfect credit rating. Credit unions are always your best bet if you can find one for which you qualify. They generally base their membership on geographic location, or if you work in a different area to where you live, there may well be a credit union in your work zone that you can join. This should give you at least two choices of credit union to join, and you will also benefit from low interest rates and a variety of checking account options. This is an ideal choice if you are trying to repair bad credit, or get to grips with your financial situation. Generally speaking, credit unions are much more sympathetic to those in financial difficulty than the large banks.

Ways to find Non Chexsystems Credit Unions

Many credit unions do not use Chexsystems if you are opening a savings only account and this may be all you need as you can use services such as PayPal with these accounts. Some credit unions and banks are now ignoring anything on a Chexsystems report that is older than two years, so you may find that you no longer have an issue. Challenge anything on your report that you feel is wrong and report any possible identity theft concerns to the FTC Identity Theft Hotline. It may be better not to close down the account you had issues with, but make an arrangement for anything owed over a period of time, and get that in writing from them.This could allow you to open another account elsewhere with a direct transfer to your old bank of any monies under the agreement.


Source: Credit Cards For People With Bad Credit Rating

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