The company is a mysterious entity that wields a lot power - and for the most part - has the capacity to ruin the personal lives of thousands of U.S. citizens struggling day-in and day-out to make ends meet.
Of course, I'm referring to ChexSystems, which is a debt reporting agency (a giant in the industry) that willfully and wrongfully engages in highly illegal despicable conduct in direct Violation of the rights of the individual pursuant to the Fair Credit Reporting Act.
But, it is doubtful that ChexSystems (or the owners) will ever be prosecutied for their illegal acts, for obvious reasons.
Either the Government (The Federal Trade Commssiion) or Law Enfforcement Agencies don't care - or in the alternaive - Officials may be on the take looking the other way.
How else would it be possible for ChexSystems to become one of the most influential data reporting agencies in America (with an obvious monopoly on the territory) if that were not the case?
Notwithstanding, ChexSystems Violates the Fair Credit Reporting Act on a daily basis.
For example, although the mammoth corporation is required to verify if a "returned" (bad) check is the responsiblity of a specific individual on file, ChexSystems willfully refuses to contact the alleged debtor to allow the individual his-or-her right to dispute the records on file.
Instead, they rubber-stamp the check NSF, and proceed to summarily post a negative notation on the U.S. resident's credit bureau file.
The Fair Credit Report Act stipulates with particularity that pursuant to due process of Law, the consumer must be contacted first, and be allowed to dispute the item orbe given the chance to provide a defense on their behalf.
Consequently, many Americans remain in the dark about negative item seriously affecting their credit rating, until they are denied an account by a creditor such as US Bank, Citibank, or Wells Fargo.
Failure to abide by the law - which is recognized on both State and Federal levels, would entitle the consumer to stututory penalties (money award) for the damages sustained.
In addition, ChexSystems also engages in highly unethical conduct which ends up adversely affecting the complaining consumer.
For instance, although ChexSystems is a data reporting agency, they also double as a collection agent.
Subsequently, their involvement in the recovery of debt, amounts to a conflict of interest.
ChexSystem should report the consumer information without bias, prejudice, or motivating self-interest.
Because ChexSystems receives a percentage on debts collected, it is in their best interest to actively deny debtor claims.
In sum, ChexSystems is an unethical, dishonest company, that willfully and wrongfully violates the rights of consumers - and ultimately - is guilty of criminal conduct which warrants review and appropriate disciplinary (and criminal) action.
Consumers wiho have encountered the aforementioned dishonest conduct - and suffered violations of their rights - should file a complaint against ChexSystems with the Federal Trade Commssion, Law Enforcement Agencies such as the FBI and the State Attorney General's Office, and the Better Business Bureau.
If necessary, consumers are urged to file a lawsuit to recover statutory penalties ($1,000.00 ) they are entitled to with the aim of compensating losses suffered due to a denial of credit, housing, or job opportunities and to deter such heinous conduct in the future.
News at 11!
http://www.thetattler.biz
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