Stop Getting Killed By The “Black List !!
This article could save your financial life. Whether you know it or not, the financial systems of the world have taken control of your financial life. Have you ever tried to open a new bank account? Have you ever applied for a new checking account? Have you ever tried to rent a place to live…..not even trying to buy a place to live, only just to rent the place?
No matter where you are in the world….the financial “watchdawgs will follow you. Ever tried to take a trip somewhere? You had better stay home. Unless you have a current and valid credit card or else even an ATM card, you are destined to your inevitable fate of becoming a stay at home.
Is your car serviceable? Do you even have a car? Can you afford the escalated rates for auto insurance because you put a dent in Madame Fifi’s rear fender and she squawked bloody murder. I remember the time I was driving here in Bethesda. We were all slowing down or stopping at a light. I was crawling by at 2 miles per hour. I didn’t stop my forward roll completely enough and ended up giving the Mercedes-Benz ahead of me a gentle nudge on its rear bumper.
I jumped out of my car to see if all was OK. It was…no damage. Immediately, this lady driving the Mercedes jumps out of her car and in one complete motion, whips out her cell phone and yells out, “Stanley !!! I’ve been hit!!!. Go call Jeffery (her lawyer) and tell him I’ve been in a terrible accident. Do you hear me, Stanley !!! Go call Michael (her gynocologist) and Bernie (her other doctor). She then called 911 and ended up in the hospital. The cop that investigated the scene checked for damages. There weren’t any. The tow truck gently lifted her Mercedes and took it back to the Mercedes-Benz hospital. The cop shook his head at me and confided, “Good thing I ain’t married to someone like that.” It might have sounded funny, especially to the cop that was called away from his morning donuts and coffee to investigate this “horrible crime.” He was a good guy, one of the “good old boys.”
Now all this happened in the Year of Our Lord 2000, when I had a car, a lawyer, and shaky but survivable credit. I was spared the Finger of Doom.
You never know when the Finger Of Doom will be pointing at YOU.
Nowadays, you must have a valid credit or debit card before an automobile service company will even lift you from the road. You must have a good credit score before your automobile insurer will renew your policy or write you a new policy that said you had one claim filed against you. You can see where the odds are stacking up against you financially, even if you nudge the driver ahead of you.
Okay…your Unfriendly Bank has money. Let’s get back to your Unfriendly Bank to see what is going to happen to you. You need to open a new checking account. It doesn’t matter if it is for personal use or to start your own business. The bank executive sits you down by her desk, flashes you her toothy smile, and goes through all of the paperwork needed to open your new account. You even get the chance to pick out the design of your checks and the checkbook cover. You think to yourself, “Such nice people to deal with. I’m glad I chose them as MY bank.”
The bank exec excuses herself for a minute. The one minute becomes ten minutes. She returns, sits herself at her desk, and asks if you would like some coffee. Well, of course, you say. Then she lowers the boom on you.
“I’m sorry, Mr.Whatmeever…..the bank has declined your application.”. Your appetite for the coffee just melted away. “But why, you ask?” She answers that your application just did not meet the bank’s requirements to open a new checking account. The answer is easy, but the bank will not tell you the real gory details
Unless you have an acceptable credit score or prior performance history on file, the bank will not open a checking account in your name or identifier. In many instances, the bank will not open a savings account in your name as well. The answer is in one word…..Chexsystems.
Most banks will not open accounts when you are on chexsystems if it is fraud related, account abuse related, and has not been resolved. However, you can get blacklisted on ChexSystems if you have been a good little boy and have done nothing to get your bank or your creditors upset. All it takes is an erroneous data entry over a financial misunderstanding. Worse, somebody that has stolen your identity may have caused your accounts to bounce.
Banks also WILL NOT open an account for you if you have more than one chexsystems record or a fraud record (floating checks, depositing bad checks knowing they are bad, etc)
Most banks will at least CONSIDER your application if you only had Insufficient Funds (NSF) and an overdraft reported on Chexsystems.
Chexsystems records that are reported are retained for five years. Usually, after two or three years, most banks will offer you only a restricted account. This is for checking accounts, not savings accounts Banks don’t want savings accounts to have numerous debits for regulation reasons The amount of loans secured by savings accounts depends on the money saved in the customers savings accounts opened at that branch. The bank will not issue you an ATM card under any circumstance. If you overdraw your account, or have a check come back NSF, usually they give you one warning before they close out the account without notice.
Banks are taking a huge risk, but are willing to give you a second chance, but you honestly have to learn how to manage your money better. That is the purpose of engaging a multi-function multi-purpose credit repair and financial management consultants.
It is also part of my responsibilities for managing social networking systems on the internet and leading my membership and affiliates to participate in systems that work in the customer’s best interests.
Now, how about identity theft. Here’s where you get into trouble when you’ve not done anything except being the unlucky victim.
If getting turned down by your favorite bank when you wanted to open a new account wasn’t bad enough, and not getting approval to rent the apartment of your dreams was even worse, then think about the nightmare you may face if somebody steals your identity.
Identity theft occurs when someone uses your name, address, Social Security number (SSN), bank or credit card account number, or other identifying information without your knowledge to open accounts, commit fraud or other crimes. Identity thieves may use any number of low and or high-tech methods to gain access to your personally identifying information. For example:
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They get information from businesses or institutions by:
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stealing records from their employer,
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bribing an employee who has access to the records,
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conning information out of employees, or
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hacking into the organization’s computers.
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They rummage through your trash, the trash of businesses, or dumps in a practice known as “dumpster diving.”
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They obtain credit reports by abusing their employer’s authorized access to credit reports or by posing as a landlord, employer or someone elsewho may have a legitimate need for and a legal right to the information.
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They steal credit and debit card account numbers as your card is processed by using a special information storage device in a practice known as “skimming.”
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They steal wallets and purses containing identification and credit and bank cards.
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They steal mail, including bank and credit card statements, pre-approved credit offers, new checks, or tax information.
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They complete a “change of address form ” to divert mail to another location.
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They steal personal information from your home.
- They scam information from you by posing as a legitimate business person or government official.
Once identity thieves have your personal information, they may:
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Go on spending sprees using your credit and debit card account numbers to buy “big-ticket” items, like computers, that they can easily sell.
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Open a new credit card account, using your name, date of birth and SSN. When they don’t pay the bills, the delinquent account is reported on your credit report
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Change the mailing address on your credit card account. The imposter then runs up charges on the account. Because the bills are being sent to the new address, it may take some time before you realize there’s a problem.
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Take out auto loans in your name.
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Establish phone or wireless service in your name.
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Counterfeit checks or debit cards, and drain your bank account.
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Open a bank account in your name and write bad checks on that account.
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File for bankruptcy under your name to avoid paying debts they’ve incurred, or to avoid eviction.
- Give your name to the police during an arrest. If they are released and don’t show up for their court date, an arrest warrant could be issued in your name.
There are many items related to the prevention of identity theft and the recovery of your financial position should you are victimized by identity theft. Over 100,000 cases of identity theft are reported each year, and at least that many number go unreported altogether. As we grow more and more to on line systems and as the number of perpetrators multiply each year, we are a good distance away from stopping the spread of these crimes. The only sure way of minimizing the threat to you and your family is to find a good financial management program to reduce this threat and enroll in it.
Identity theft, coupled with the dangers of wrongful entry of data into reporting systems such as ChekSystems can wreck even the most financially stable households. With the current meltdown of our nationwide financial structures, the erosion from within of our credit and banking systems poses a danger to every one of us.
At the end of this article are websites of those agencies that will work with households large and small to help safeguard their financial security, repair broken credit, and provide concierge advice. These agencies have been around for some time. They are run by people that have already made their mark in the financial world. By clicking on their URL and then doing a Google search on their names,, you will be inspired about their accomplishments. Each of them has netted over $30 million in income. All of this has come from the marketing of their financial services.
Please go to the website links and read what they have to say. The time you spend withthese ladies and gentlemen will be well worth it. I can assure you of that. Whatever you do with this information is strictly up to you. Let me leave you with this thought. If you were adrift at sea and somewhat close to a lifeboat, would you yell for help and try to reach one of those lifeboats? Or would you do nothing and ignore all those tell tale fins you see moving in to you for the kill?
I hope to see you soon on the web
Bob Carper
Chief Cook and Bottle Washer to at least seven social network systems
About The Author
n July 18, 1933 in the sleepy little town of Rochester NY, a great event happened….I came into the world. I grew up rapidly, and not without incident. To see the house where I lived, go to Google Maps, look up “30 Avenue A” in Rochester NY 14621, and do a street level. We lived upstairs.
When I was in my teens and before college, I became a train nut. otherwise known as a railroad enthusiast. Over the years, I wrote a major book on railroading and had several other articles published
I graduated Benjamin Franklin HS in 1951 7th out of 364. Declining Cornell and U of R scholarship, I opted for the Chicago area and four tough years later, got my undergrad degree in Chem Engineering from the University of Illinois. I was welcomed with open arms into Eastman Kodak, and again, got the itch to move on. Nuclear energy sounded like a better deal, so I journeyed to Pittsburgh. There, I met my wife Fern. We were married in 1958 and she hasn’t kicked me out of the house yet.
While with Westinghouse in Pittsburgh, I attended the Graduate School Of Business Administration at the University of Pittsburgh. There, in 1967, I received my MBA Degree. By then, my work was totally in the realm of management consulting, with a strong emphasis on writing. I had found my niche.
Westinghouse transferred me to the Washington DC area in 1970 and I became so adept at writing that I authored one book (FOCUS: The Railroad In Transition) and an article on the closing of Potomac Yard in Alexandria, VA. My technical career went into a full time consulting career, where in June 2001 in Montvale, NJ, I had enough. It was time to stop flying around the countryside and living out of motels. I have since devoted my efforts to developing a home biz. It is starting to gather momentum.
It is now May 2009, and where and when the clock will run out at age 75 is anybody’s guess. I think I’ll be around for a long, long while. My wife and I last year celebrated our 50th anniversary. My middle-aged son and daughter didn’t even know we had an anniversary. They are very, very busy going places, doing things, and meeting people. They have no time for us old geezers, I guess.
Tags: ChexSystem, credit-counselling, credit-repair, credit-reporting-agencies, evils-of-the-ChexSystem, repairing-bad-credit, staying-out-of-Chex
