If you’ve been contacted by Commonwealth Financial Systems about an unpaid bill, whether by phone calls or collection letters, you may be wondering how to get them removed from your credit report.
Owing money to a debt collection agency can put a damper on your financial plans and add stress to your daily life.
With the advice below, you can stop Commonwealth Financial Services’ collection calls, resolve your account, and improve your credit score.
What is Commonwealth Financial Systems?
Commonwealth Financial Systems is a third-party debt collection agency. They’ve been in business for the last 19 years collect on almost any type of debt including credit cards, medical debt, student loans, and other personal debt.
They buy defaulted debts from creditors for a fraction of their worth and try to get consumers to pay the balance in full.
Commonwealth Financial Systems may appear on your credit report as:
- CFSI Collections
- Commonwealth Financial Systems, Inc
- Commonwealth Collections
- Commonwealth Finance
- Commonwealth Financial
How Does Commonwealth Financial Systems Work?
Debt collection agencies buy debts at low costs from service providers across several industries on accounts that have gone unpaid.
So if you see CFS pop up on your credit report as a collections account, it’s likely for a bill that slipped through the cracks.
Moreover, Commonwealth Financial Services is a late-stage, or junk, debt collector, which means they purchase debts from other collection agencies.
Once the agency has bought a debt from a company, its representatives have the right to pursue payback by calling and writing to you frequently.
Also, placing CFS on your credit report can do damage to your score for up to seven years.
4 Simple Ways to Remove Commonwealth Financial Systems from Your Credit Report
If Commonwealth Financial Systems shows up on your credit report, it’s essential to get it removed. Here’s the problem.
It’s not easy.
Could you do it yourself? Sure, but it’s going to take time and patience (and a lot of headaches). I recommend hiring a credit repair company. If you can’t, I’ve outlined a few other simple steps you can take.
1. Hire a Credit Repair Company
Like I said above, a credit repair company is the way to go. They do the work for you and find things to dispute that you may not see. If you want Commonwealth Financial Systems off your credit report, this is the way to do it.
The best credit repair company will dispute every little detail they can down to the spelling of your name to get it off your credit report.
Check out Credit Saint. They are a clear leader in the credit repair industry and have helped thousands of Americans take back their credit.
2. Submit a Debt Validation letter
If you don’t want to pay a credit repair company, I get it. The monthly fee can be a lot to swallow when you’re trying to fix your credit, not get into more debt. I suggest writing a debt validation letter.
Here’s the trick, though. You have to do it FAST. You have 30 days from the date they first contact you to ask for debt validation.
Write a letter asking for specific details about the debt. Get as specific as you can, and request proof of each answer. If they can’t provide the proof, which they usually can’t, they have to delete the collection.
3. Try Goodwill Deletion
If the debt validation doesn’t work or you miss your 30-day window, try a goodwill deletion. This only works if you have a good credit history, though.
A goodwill deletion is basically a plea to request the original creditor to remove the debt in exchange for payment. If you have a positive payment history with them, they may be willing.
Don’t forget, though, you need Commonwealth removed too. It’s a bit of a complicated situation, which is why a credit repair service may be the best option.
4. Negotiate a Pay for Delete Agreement
If all else fails, negotiate a pay for delete agreement. You ‘hold the payment over their head.’ If they agree to delete the tradeline in exchange for payment, get it in writing.
Do not pay them until you have proof of their agreement. This way if they don’t do what they said, you have written proof and can dispute it again.
Who Does Commonwealth Financial Systems Collect Debt for?
Commonwealth Financial Systems collects for a lot of companies. Basically, any debt you default on you may run into them.
Credit card debt, personal loan debt, medical debt, and student loan debt are just a few examples of the types of credit they buy.
What Consumer Rights Protect Me from Commonwealth Financial Systems?
The Fair Debt Collections Practices Act (FDCPA) protects you from companies like Commonwealth Financial Systems. While they can contact you, they must act within reason.
For example, they can’t call before 8 AM or after 9 PM. They can’t harass you by constantly calling or emailing you. They also can’t threaten you or use means outside of their power like seizing your assets.
If you feel you’ve been unfairly treated by Commonwealth Financial Systems, file a complaint with the Consumer Financial Protection Bureau.
Can Commonwealth Financial Systems Sue Me?
Any collection agency can sue you. They’d have to hire lawyers to bring the judgment against you. Chances are they won’t, but the risk is always there.
That’s why it’s crucial to work with a reputable credit repair agency that will make sure your rights are protected and/or dispute any unfair or inaccurate information reported.
Commonwealth Financial Systems Complaints: What Are Consumers Saying?
Currently, Commonwealth Financial Systems has almost 500 complaints, but only 133 were within the last year. Most complaints have to do with Commonwealth showing up on their credit report for accounts they never had.
Many also say they put a collection on their credit report for accounts that are outside of their statute of limitations (which is against the law).
Can You Remove Commonwealth Financial Systems from Your Credit Report?
You can remove Commonwealth Financial Systems from your credit report, but it’s a lot of work. It won’t happen overnight, and it may not happen with your first, second, or even third attempt. You have to be diligent in your efforts – do not give up.
At the very least, if you pay the debt, make sure you negotiate a lower settlement than you are okay paying. Within the settlement agreement, make sure they agree to delete the collection.
Again, get it in writing. You have nothing to hold them to their word if you have a verbal agreement.
Commonwealth Financial Systems Contact Information:
- Mailing Address: 245 Main St, Dickson City, PA 18519
- Phone Number: 1-800-848-2170
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