Re: time limit on collecting for bad check (personal)

Posted by sisflomi (66.73.2.200) on March 12, 2003 at 00:54:06:

In Reply to: Re: time limit on collecting for bad check (personal) posted by scott on March 11, 2003 at 21:05:57:

Seems that bad checks have the same type of rules as bad credit. It don't say actual sol, but it does seem to drop off of cr after five years.
Consumer Protection
Consumer reporting agencies are regulated by the Federal Trade Commission, and ChexSystems is no exception. The Fair Credit Reporting Act (FCRA) was designed to promote accuracy, fairness and privacy of information in the files of every consumer reporting agency.
ChexSystems is a consumer reporting agency that abides by the FCRA and is committed to the fair and accurate reporting of consumer information.

ChexSystems records are available to consumers and are maintained and provided in full compliance with federal and state laws. Consumers can view, dispute and, if necessary, correct the information in their file.

Consumers have the right under the FCRA to insert a statement into their file explaining the cause of a debt or providing additional information regarding a closure. But an accurate closure record is not removed from the ChexSystems database unless the financial institution that submitted the information requests that the record be deleted. If not, a closure record will remain in ChexSystems reporting file for five years. This is two years less then the seven-year retention period permitted by the FCRA.

ChexSystems consumer relations representatives investigate every dispute that is filed, and they notify the consumer of the results within 30 days. If errors are discovered, the file is corrected immediately. Information that is found to be inaccurate or which cannot be verified is removed.

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