A Guide To Remove Commonwealth Financial Systems From Your Credit Report
February 15, 2022
Commonwealth Financial Systems (CFS) is a third-party debt collection agency.
Who does Commonwealth Financial collect for?
The company performs debt collection for various sectors including financial, retail, commercial, government, and medical services.
What Is Commonwealth Financial?
Commonwealth Financial Systems is a legitimate debt collection agency. When CFS purchases a debt, you owe them money instead of the initial creditor. You will receive notification regarding the sale of your debt, and CFS should also contact you to explain the situation and demand payment.
Commonwealth Financial debt collector has over one hundred fifty employees. The main office is in Dickson City, PA.
The Better Business Bureau (BBB) ratesCommonwealth Financial Systems as a B Business. Customer reviews give it 1.19 out of 5 stars. CFS is not BBB accredited.
Four hundred twenty-seven complaints have been closed in the last three years, and one hundred thirty-eight have closed in the past 12 months.
What Should You Do if Commonwealth Financial Systems Contacts You?
Knowing what steps are appropriate can be challenging if you’re struggling with debt. One option for determining if a collection agency has a legitimate claim is to request validation of the owed balance.
You may request this validation in writing, and Commonwealth fin is required under the Fair Debt Collection Practices Act (FDCPA) to respond within thirty days of receiving the request.
If you request validation, CFS must send you:
The amount that is owed.
Documents showing the original creditor and how much that creditor says you owe them for this particular debt.
Proof that CFS is authorized to collect the debt on behalf of another entity.
Dispute the Debt
If you do not receive this documentation, you can dispute the balance owed. One option for this is to send a written request via mail to Commonwealth Financial Systems’ headquarters in PA requesting validation and asking them (in writing) to stop contacting you until validation is received.
Sometimes mistakes are made when reporting information about you, and these mistakes show up on your credit report. Maybe there was a mix-up with an old account, or perhaps a debt got listed twice. An incorrect collector could appear on one of your accounts.
It is essential to verify the information listed on your credit report. The goal is to make sure that you’re aware of any negative items as soon as possible. A CFS collections account must be removed from your credit history when the debt resolves or seven years after being notified of the debt.
Verify the Debt
First, verify the debt with Commonwealth Financial collections. Send a letter demanding information on the debt, including amount, account number, and delinquency date.
Commonwealth Financial System may attempt to entice you into paying a settlement fee by telling you they will send your account information to the credit reporting agencies if you do not settle immediately. This is not true. They cannot report anything to the credit reporting agencies without first providing proof of debt.
If Common Wealth Finance does not prove the debt, they must remove the collections account from your credit history. If the delinquency date was over seven years ago, the statute of limitations has run, and they must remove the account.
What Should You Do if Commonwealth Financial Systems Appears on Your Credit Report?
Suppose you have recently paid off a debt and find that your creditor is now reporting it as delinquent to all three major credit bureaus (Equifax, Experian, and TransUnion). In that case, this may cause some problems for future loans. Responsible creditors will not continue making these reports if they know the debt has already been satisfied.
Appeal the Reporting
The Fair Credit Reporting Act (FCRA) lets you appeal anything listed on credit reports. A letter should be sent to the collections agency informing them of any inaccuracies and requesting that this information be changed or removed from your file accordingly.
Per the Fair Credit Reporting Act (FCRA), credit bureaus are not allowed to list false information, so you must notify them if you find an error on your report. You should include the initial creditor and all relevant personal information. The bureau must verify the debt within forty-five days.
Challenge Inaccurate Information
If incorrect information remains on your credit history, the Consumer Financial Protection Bureau (CFPB) can assist you in pursuing additional action against the credit bureaus.
If you think that your credit report contains any inaccurate information, it is in your best interest to file an appeal with the credit bureau in question.
Demand Proof of Debt
You can initiate this process by sending a letter demanding proof of the reported debt from Commonwealth Financial Systems and contact information for the credit bureau within thirty days of the initial notification.
It is crucial to retain copies of all correspondence sent and received during this process. Commonwealth Financial Systems may respond with proof of debt, though they often do not respond at all.
File a Complaint
If incorrect information remains on your credit history, you can submit an official complaint to the Consumer Financial Protection Bureau (CFPB). The Federal Trade Commission (FTC) also allows you to file a complaint with them online.
Commonwealth Financial pay for delete is a process in which a consumer pays off the collection agency and the account is immediately removed from credit reports. This practice is still an option and may be worth pursuing if you have the funds.
What if Commonwealth Financial Systems Has Already Reported Delinquencies to Credit Bureaus?
It is challenging to remove negative information from credit history once reported. If the delinquency is over seven years old, you may request that the reporting creditor remove this information from your credit history.
Request Goodwill Deletion
Upon removing these adverse reports for up-to-date accounts, the CFPB recommends considering a goodwill deletion with the original creditors to ensure future lenders don’t receive inaccurate information.
You can request a goodwill deletion with the original creditor by sending them a letter requesting that they send you written confirmation of their decision. If CFS does not comply, you are entitled to dispute the account according to the FCRA.
Ask for Payment Confirmation
If this is an unpaid collection account, you have the right to request that they send a letter verifying payment in full and offering confirmation of the deletion.
This confirmation is a free service provided by the credit bureaus and does not require a lawsuit or attorney. This ruling depends on your record, and someone else cannot request on your behalf
Only in Writing…
The CFPB recommends making a goodwill deletion in writing and demanding a response within thirty days of receipt. If there is no reply, you can dispute the account according to the FCRA by filing an official complaint with them online or via mail.
Credit Report Still Inaccurate?
If your credit reports are still inaccurate after following these steps, it is possible to file a lawsuit through the FCRA.
You can also request that Commonwealth Financial Systems remove negative information from your credit report by sending them a letter demanding proof of debt along with contact information for the credit bureau within thirty days of the initial notification.
Keep those Papers
It is essential to keep copies of all correspondence sent and received during this process. Commonwealth Financial Systems may respond with proof of debt, though they often do not respond at all.
Removal Is Possible
Removing Commonwealth Financial Systems collection accounts from your credit report is not an impossible task. But know your rights and the importance of your credit report. You can legally remove almost all negative information from your credit file by contacting the three major bureaus.
With patience and a willingness to proveide yourself as a reference for future creditors, you should be able to remove Commonwealth Financial Systems collection accounts from your report forever.
Repair Your Credit, Build New Credit. It’s Your Money.