What to Do If You’re Denied a Bank Account (Step-by-Step Guide)

Hey credit heroes. Ever had a new bank account denied and wondered why overdrawing or bouncing a check can secretly hurt your credit? Thanks to Check Systems? So in this video I'm going to show you how to find and dispute your check systems report with a removal letter that I'm going to give you for free. So you better stick around.

So the big question is how can we take our passion for helping people with their credit and turn it into a successful business without taking loans? Without spending a fortune by bootstrapping it from nothing so we can help the most people and still become highly profitable? That is the question and this podcast will give you the answer. My name is Daniel Rosen and welcome to Credit Repair Business Secrets.

If this is your first time listening to my podcast, then you'll be happy to know that every week I give credit repair tips and advice on on bootstrapping your business from nothing. So be sure to click subscribe now and get ready to start changing lives. Okay, let's get into this. In the 20 years since releasing my first credit repair software, I've helped thousands of businesses scale from the ground up, and I've experienced many of the same challenges that credit heroes face, and I've learned proven ways to overcome them and succeed. Bad credit doesn't just show up as a number on your credit report. No, it can have an impact in all kinds of ways in your life. Sometimes it's directly related to your credit score, but sometimes it's related to financial habits that may have messed up your credit to begin with, like check systems. You probably hadn't heard of them unless you or someone you know has had a personal experience with them. ChexSystems is a consumer reporting agency regulated by the Fair Credit Reporting act that reports information on on the use of checking accounts by consumers. But they only report negative information that can make it very difficult to open an account with a bank or a credit union. And if you're trying to get your finances back on track, opening a bank account can be a huge part of that. Ignoring this part of credit repair means missing a huge part of the overall puzzle and path to financial freedom. Here's how this relates to us. There are a number of reasons that can land you in check if you have repeated overdrafts or unpaid fees if you have bounced a few checks and didn't make good on them if you leave an account with a negative balance if you apply for multiple bank accounts in a short period of time, or if there's suspected fraudulent activity or identity theft associated with your account, a few years ago I gave a check to a friend of mine and we went to the bank together for him to open a checking account and I went along so that I could show them my ID to prove that I was the one who had given him the check. But they denied him the account and that was really weird. But then they got even weirder and they asked me to leave so that they could tell him alone why he was being denied an account. And when I asked him later what happened, he was really embarrassed about it. But in the end it turned out that he had bounced a check and he was listed on check systems. But once he took care of it, which was really easy, then he was finally able to open the account. Here's why this is important. Being listed in check systems is like being on a no fly list, but instead of not being able to get on a plane, you may get denied when you try to open a new bank account, or you may have to pay a fee to do so. But just like your credit report can and probably does have errors, your check system report can also have errors which can lead to being denied or a bank account. And that's why it's critical to review your report and correct any errors. Here's what you need to know. If you've been denied an account and chexsystems was used in the decision process, you can request a consumer disclosure report to help understand the decision and find out if you're listed in check systems. Here's what to do. Go to checksystems.com click on request your report and fill out all the necessary information and then choose whether you want the report by mail or online. When you review your check system's consumer disclosure report, you may see information that's either incorrect or over five years old. And if that's the case, you're going to want to dispute those immediately to remove the negative marks. And that's when you should download a free sample dispute letter template for check systems. You can get it free at creditrepaircloud.com dispute letters checks with an X system in that dispute letter, you're going to want to be specific about the items in the report that you're disputing, along with dates and institution names. Quote the relevant section of the Fair Credit Reporting act pertaining to credit agencies and request an investigation. And what if the information in your check systems report is true? For example, if it's about a check that bounced, contact the bank or financial institution that reported the debt and arrange payment. And then once the debt is paid Ask them for a letter confirming that the debt has been settled. And once you have that letter, send a copy of it to chexsystems along with our same dispute letter at creditrepaircloud.com dispute letters checks System and if you're not able to pay off the debt and you really need to open a checking account, you can also apply for a Second Chance checking account that doesn't use check systems. Examples are Capital One, Wells Fargo and many more. You can Google Second Chance checking to get a whole list. Here's my final point. Really, the best way to avoid getting caught up in check systems is to be a great banking customer. Stay persistent in paying down your debt and pay any bank charges as soon as they arise. And try to avoid overdraft or bounce checks. A pattern of mishandling accounts can make it really hard to open new ones in the future, but sometimes legitimate errors and outdated records do end up on your check systems file. So knowing how to request review and dispute any check systems errors is really important to your whole financial health. So don't let this database become a roadblock as you work to towards your money goals. And I'll end by saying if you still need a credit repair cloud account, check it out. It's a software that most credit repair businesses in America run on. Just sign up for a 30 day free trial at creditrepaircloud.com freetrial and if you'd like to improve your credit score and discover how to earn extra income repairing Credit for others check out our brand new Start Repairing Credit Challenge. Doors are closing soon and it is completely free, so sign up right now@startrepairingcredit.com and if you find value in what I share on this podcast, be sure to click like so. More people will see this video. Also give me a five star review or share the show and help me to change more lives. If you have a question or a comment, drop it down below because I read each and every one of them. I would love to hear from you and I'll respond as soon as I can. So take care Credit Hero and keep changing lives.

Hey everybody, it's Daniel again and really quick. I'd like to invite you to join what I believe is the best thing we have ever created inside the credit repair cloud community and it is a challenge that we call the Credit Hero Challenge. If you're just planning out your business or you're just getting it started and you dream of having a successful business of your own so you can quit your 9 to 5 and fire your boss and have financial freedom or so you can add another revenue stream and to your existing business. If that's your dream, you need to get into this challenge. We created this challenge to help you to create and launch your very own credit repair business to build a proper foundation for a really successful business. This challenge is going to help you to understand the strategy, the tactics, and all the things you need to be successful at credit repair. It really is the greatest thing we have ever built, and it will change your life. So I recommend you do it right now. Stop everything. Pause this audio, go online, and go to creditherochallenge.com that's creditherochallenge.com and join the next challenge. And there's a challenge that's starting in just a few days. So go get started right now@creditherochallenge.com.