What to check in your checking account report after a bank turns you down

If a bank or credit union denies your application for a checking account, the reason may be in a specialty consumer report, not only in your credit report. The Consumer Financial Protection Bureau (CFPB) says some banks and credit unions use reports from checking account reporting companies to decide whether to offer you an account. This guide walks through four things in order: the denial notice, the report it points to, what to verify in that report and how to keep a record if you dispute something. It does not say whether you will be approved, and it does not say how long any fix will take.

Key takeaways

• The CFPB says a bank that turns you down based on a checking account report must give you an "adverse action" notice with the name and contact information of the reporting company.
• The CFPB says you are entitled to a free copy of the report if you received that notice. You are also entitled to a free copy every 12 months.
• The CFPB says your checking account report is not the same as your credit report or credit score.
• If you find an error, the CFPB says to dispute it with the reporting company and also with the bank, credit union or company that supplied the information.
• If a dispute is not resolved to your satisfaction, the CFPB says you can send a brief statement to the reporting company to keep in your file.

This guide is for US readers. It is educational, not individual investment, tax or legal advice. Valora is not a registered investment adviser and is not arranging advisor matches or introductions at this time.

Step 1: Read the denial notice

The CFPB says that if a bank turns you down for a checking account based on a checking account report, it must provide an adverse action notice that includes the name and contact information of the reporting company it used. Keep that notice. It tells you which company to contact.

If you do not have the notice, the CFPB says to ask the bank or credit union for the name of the reporting company that provided the negative information.

Step 2: Ask the named company for your report

The CFPB says to request the report from the company that compiled it, and that you have to request reports individually from each company. The CFPB lists these checking account reporting companies: Certegy Payment Solutions, TeleCheck Services, CrossCheck, Chex Systems, Early Warning Services and Global Payment Check Services. The CFPB's list of consumer reporting companies has contact information for the two largest, Chex Systems and Early Warning Services.

The CFPB says the report is built from your account and transaction history across the banks and credit unions where you have held accounts. It also says that having a good credit score does not mean the checking account report will be good.

Step 3: Check what is in the report

The CFPB says banks and credit unions supply the information to these companies. Here is what the CFPB lists as reasons negative information may appear, so you can compare them to your own history:

• An unpaid negative balance, such as from an overdraft, that you have not repaid, where the bank or credit union closed the account.
• Suspected fraud or a history of writing bad checks.
• A joint account with someone else who had these kinds of problems.

When you read the report, check:

• Does each entry belong to an account you recognize?
• Does it name the bank, credit union or company that provided it? The CFPB says the report should say.
• Are the dates and amounts consistent with your own records?
• Is any negative item older than seven years? The CFPB says these companies cannot include most negative information that is more than seven years old.

The CFPB also notes that some banks and credit unions look at traditional credit reports in addition to, or instead of, a checking account report. If something looks like the result of identity theft, the CFPB suggests checking your other consumer reports as well. Valora's guide on what to do if you find a credit account you did not open covers that situation.

Step 4: Dispute errors and keep a record

If you find an error, the CFPB gives these steps:

1. Dispute it with the checking account reporting company, using the contact information on the report or the adverse action notice. Do it in writing.
2. Dispute it with the bank, credit union or company that provided the information. It should be named on the report.
3. Have your identifying information ready. If you are a victim of identity theft, the CFPB says the company may require a copy of your Social Security card with your dispute.

The CFPB says reporting companies must reasonably investigate disputes and correct inaccurate or incomplete information, and that banks and credit unions that supply information also have an obligation to investigate and correct disputed information.

If the investigation does not resolve it to your satisfaction, the CFPB says you can send a brief statement explaining why you think the record is inaccurate, and that the reporting company must include your statement in reports it issues about you.

A dispute record

This is Valora's own worksheet. Do not write account numbers or your Social Security number on it.

Item	What to write
Date of the denial notice, and the bank
Reporting company named on the notice
Date you requested the report
Entry you think is wrong, and why
Date and method of dispute to the reporting company
Date and method of dispute to the bank or company that supplied it
Responses received, with dates
Outcome, and whether you sent a brief statement

What a denial does not tell you

The CFPB says each bank or credit union has its own policy on how this information affects your ability to open an account. It says some require you to pay old, unpaid charges and fees before you can open a new account, and that many offer account types designed to reduce risk, such as ones that prevent overdraft, and that you may qualify for one of those even if you were recently denied for another product. Valora does not recommend any account or institution.

Questions to bring to a professional

• If an old balance is the reason for the entry, who do I ask about whether it is accurate?
• If I think the entry is the result of identity theft, what steps apply in my state?
• Could a lawyer or a nonprofit credit counselor review my dispute if I am not satisfied with the result?

Documents to gather

• The adverse action notice.
• Your report from each company the notice names.
• Your own records of the accounts the report lists.
• Copies of anything you send and receive during the dispute.

Bottom line

After a denial, find the notice, ask the named company for your report, check each entry against your own records, dispute errors with the company and with whoever supplied the information, and keep dates. None of this ensures an approval. It makes sure you are working from the actual record.

Want help applying this to your own numbers?

Tell us what you are trying to figure out. Valora reviews inquiries and emails next steps; we are not arranging advisor matches or introductions. Do not submit confidential financial documents.

Talk it through

Common questions

Is a checking account report the same as my credit report?

No. The CFPB says they are different, and that you can have a great credit score and a not-so-good checking account report. Some banks and credit unions use both.

Is the report free?

The CFPB says you can get one free copy every 12 months, and a free copy if you received an adverse action notice.

Who do I dispute an error with?

The CFPB says to dispute with the reporting company and also with the bank, credit union or company that provided the information.

What should I send through the inquiry form?

Describe the question you want to ask. Do not submit bank statements, account numbers or other confidential financial documents.

Sources

Consumer Financial Protection Bureau: Why was I denied a checking account? (last reviewed December 18, 2024); How do I get a copy of my checking account consumer report? (last reviewed September 5, 2025); and How do I dispute an error on my checking account consumer report? (last reviewed September 5, 2025).