Who is Commonwealth Financial Systems?
Commonwealth Financial Systems, Inc. (CFSI) is a third-party debt collection agency that operates out of Dickson City, Pennsylvania. They work on behalf of creditors to recover unpaid debts. If Commonwealth Financial Systems appears on your credit report, it usually indicates that you have an outstanding debt that has been transferred to them for collection.
CFSI may show up on your credit report under various names, including “cfsi,” “cfsi collections,” “commonwealth collections,” “commonwealth finance,” “commonwealth financial,” or “comnwlth fin.”
Who does Commonwealth Financial Systems collect for?
Commonwealth Financial Systems collects for a broad range of industries. They handle debt collection for commercial businesses, debt buyers, financial services firms, government agencies, medical institutions, and retail companies.
Is Commonwealth Financial Systems legit or a scam?
Commonwealth Financial Systems, Inc. is a legitimate company. They are authorized to collect debts on behalf of their clients. However, it’s important to verify any debts they claim you owe before making any payments.
How can I remove Commonwealth Financial Systems from my credit report?
Collection accounts can impact your credit score for up to seven years, so it’s essential to address them promptly. To remove collections from your report, start by disputing any errors related to the account with the credit bureaus.
If the information is accurate, consider negotiating a “pay-for-delete” agreement, where you offer payment in exchange for the account’s removal. Another option is to work with a credit repair service that specializes in challenging collections.
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Commonwealth Financial Systems, Inc. (CFSI) Contact Information
Address:
Commonwealth Financial Systems
245 Main St.
Dickson City, PA 18519-1641
Phone number: (800) 848-2170
Should I contact or pay Commonwealth Financial Systems?
Before contacting a debt collector, verify that the debt is legitimate and accurately reported. Credit reports can contain errors or list debts that are no longer valid. Also, be aware that making payments on a debt can reset the clock and potentially harm your credit.
The most effective way to deal with Commonwealth Financial Systems is to work with a credit repair professional. They help remove millions of negative items every year from companies like Commonwealth Financial Systems on behalf of their clients.
Will Commonwealth Financial Systems sue me or garnish my wages?
Commonwealth Financial Systems does have the legal right to sue you for an unpaid debt. If they file a lawsuit and secure a judgment against you in court, they may then have the ability to garnish your wages or levy your bank account, depending on your state’s laws.
However, it’s important to note that these actions are generally a last resort. Filing a lawsuit is costly and time-consuming, so many debt collectors prefer to establish a repayment plan with the debtor before resorting to such measures.
Commonwealth Financial Systems Complaints
Most debt collection agencies have numerous complaints filed against them with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB). Most complaints are about inaccurate reporting, harassment, or failure to verify a debt. If you are being harassed, consider filing a complaint.
You have many consumer rights under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). These rights include disputing credit reporting errors and being treated fairly and respectfully by debt collectors.
Your Rights When Dealing with Commonwealth Financial Systems
Debt collection agencies must abide by state and federal laws in the United States. The Fair Debt Collection Practices Act (FDCPA) prohibits abusive, unfair, or deceptive practices and ensures your rights are protected:
- It is a violation of federal law for Commonwealth Financial Systems to report inaccurate or incomplete information about you.
- You have a legal right to request debt validation on an alleged debt. Send the collection agency a debt validation letter. They have 30 days to prove the debt is yours and the amount is accurate.
- Commonwealth Financial Systems cannot threaten or harass you, call repeatedly, swear at you, or publicly publish a list of debtors.
- Commonwealth Financial Systems must be honest about who they are and their purpose. They must notify you in writing and verbally that they are a debt collection agency.
- Commonwealth Financial Systems cannot threaten to have you arrested or imprisoned for unpaid debts.
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Credit Saint offers assistance with disputing Commonwealth Financial Systems accounts. With over 15 years of experience, they have worked with clients to address incorrect entries on credit reports.
If managing collection accounts feels overwhelming, working with a trusted credit repair company could be a helpful step toward improving your credit.
Visit their website or call (855) 281-1510 for more details.
