Commonwealth Financial Systems On Your Credit Report?

March 12, 2023

Commonwealth Financial Systems is a debt collection company

You may not have to pay your debt (paying it may hurt your score)

Call now to find out if you can remove Commonwealth Financial Systems from your report - without paying your debt (potentially)

Call (844) 656-0790

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Who is Commonwealth Financial Systems?

Are you receiving calls or letters from a debt collector named Commonwealth Financial Systems? It can be an overwhelming experience, but it is essential to understand who they are and the rights that you possess as a consumer. They specialize in collecting delinquent debts for a variety of industries, including:

  • Healthcare
  • Finance
  • Telecommunications

If you owe money to one of their clients, they may pursue recovery by contacting you with the intent to collect the debt. It is essential that you understand that there are consumer rights protected under the Fair Debt Collection Practices Act (FDCPA) which prohibit debt collectors from using unfair, deceptive or abusive practices. You may have the option to dispute any debts or questionable information and can seek assistance from a credit repair specialist in order to resolve the issue.

It is essential that as a consumer, you take steps to protect yourself from potential harassment or lawsuits and be aware of your legal rights when dealing with Commonwealth Financial Systems.

What Types of Debt Does Commonwealth Financial Systems Collect?

Commonwealth Financial Systems may specialize in collecting various types of debt, such as:

  • Medical bills
  • Credit card debts
  • Personal loans
  • Utility bills
  • Student loans
  • Mortgages
  • Auto loans

Commonwealth Financial Systems often obtains debts from its clients through debt purchasing, or the process of the original creditor - such as credit card companies or medical providers - selling the debt to them at a discounted rate in order to recover some of the losses. After acquiring the debt, Commonwealth Financial Systems becomes the new owner and is obligated to try and collect it from the debtor. To do this, they may employ various measures, like sending out letters, placing phone calls, and notifying credit bureaus.

Need Help With Commonwealth Financial Systems?

Speak with one of our friendly Credit Specialists to find out how we can help you.

Call (844) 656-0790

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Is Commonwealth Financial Systems a Legitimate Company

If you've been contacted by Commonwealth Financial Systems regarding a debt, rest assured that this is indeed a legitimate company. They are licensed and bonded to collect debts in the U.S. on a nationwide scale and have been operating for more than 35 years, so they can be deemed reliable and trustworthy. They are not a sham or scam of any kind.

It's important to note, however, that while Commonwealth Financial Systems is a reputable organization, they have had their fair share of legal troubles in the past. In 2015, the Consumer Financial Protection Bureau (CFPB) ordered them to pay a $1.4 million settlement for allegedly infringing on the Fair Debt Collection Practices Act (FDCPA) and other protective laws for consumers.

Even after this settlement, Commonwealth Financial Systems continues to do business as a debt collection agency for their customers. It is essential to be aware of your rights as a consumer under the Fair Debt Collection Practices Act (FDCPA) when engaging with debt collectors, and to reach out to a reliable credit repair company if there is any suspicion that those rights are being violated.

Steps to Removed Commonwealth Financial Systems From Your Credit Report

If you have a debt with Commonwealth Financial Systems that is negatively impacting your credit score, there are steps you can take to potentially have it removed from your report.

  • Verify the debt

Verify the debt with Commonwealth Financial Systems by requesting documentation as proof of its legality and validity. 

  • Negotiate a payment plan or settlement

Consider negotiating a settlement for part of the debt in exchange for them removing it from your credit report. 

  • Dispute the debt

You have the right to dispute any errors associated with the debt on your credit report with the bureaus and provide proof that the information is accurate; if Commonwealth Financial Systems cannot do this, then the negative information may be removed from your report.

  • Seek professional assistance

To ensure you get your situation resolved, turn to Credit Glory - we can work alongside you to identify any discrepancies, dispute errors on your behalf, and ultimately improve your credit score.

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We've helped thousands of people remove errors from their report to get mortgages, auto loans, and so much more.

Speak with a live credit specialist to see how we can help

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What are the Most Common Credit Report Errors?

Credit reports are an essential part of ensuring financial wellness, and errors can lead to a lower credit score. Some common errors that may appear on your credit report include:

  • incorrect personal information
  • accounts that don't belong to you
  • duplicate accounts
  • inaccurate balances or payment histories

It is essential to regularly review your credit report for errors and dispute any discrepancies with the bureaus, providing proof of their inaccuracy or incompleteness. Additionally, errors on your credit report can include outdated information such as late payments older than seven years or unauthorized inquiries. To resolve these issues, you may consider seeking assistance from a reputable credit repair company like Credit Glory who can help identify and address errors on your report.

What are Some Common Complaints About Commonwealth Financial Systems?

Commonwealth Financial Systems, a third-party debt collection agency, has faced numerous consumer complaints throughout the years. Some of these complaints include aggressive and harassing phone calls in attempt to collect debt, inaccurate documentation about the debts, failure to notify consumers of their rights under the Fair Debt Collection Practices Act (FDCPA), improper reporting of debts to credit bureaus, trying to collect on debts beyond the statute of limitations, and lack of proper paperwork regarding the debt. Resolving such disputes requires swift action by both the creditor and debtor in order to prevent future issues.

Consumers should be aware of their rights and protections when dealing with debt collection agencies such as Commonwealth Financial Systems. If you are facing any difficulties or disputes with them or any other debt collector, seeking assistance from a reputable credit repair company can help guide you through the process and possibly find resolution. Additionally, taking proactive steps to keep track of your debts and financial health may prevent similar issues in the future.

Need Help With Commonwealth Financial Systems?

Speak with one of our friendly Credit Specialists to find out how we can help you.

Call (844) 656-0790

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Get Commonwealth Financial Systems Removed From Your Credit Report, Today!

Facing debt collection from Commonwealth Financial Systems? It could be taking a toll on your credit score. Don’t let that happen – reach out to Credit Glory and get help removing them from your report. Our experienced credit repair team can work with you to identify any errors on your credit, then dispute these inaccuracies with the Credit Bureaus to get them removed. Take control of your financial health today and contact Credit Glory for assistance.