How to Remove Commonwealth Financial Systems from Your Credit Report (For Real)

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Updated: 21st Nov 2020
Written by Kim Pinnelli
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If Commonwealth Financial Systems is on your credit report, it’s not good. It means you have a collection reporting, and it will bring your credit score down. Find out right now, how to remove Commonwealth Financial Systems from your credit report.

Is Consumer Financial Systems legit? Is the debt even yours? Do they have the right to do what they are doing? These are all questions you need to ask yourself.

You have rights, and if they aren’t met, there are ways to make it right.

I’ve outlined what you should (and must) do below.

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
  • CFSI Collections
  • Commonwealth Financial Systems, Inc
  • Commonwealth Collections
  • Commonwealth Finance
  • Commonwealth Financial

Why is Commonwealth Financial Systems Contacting Me?

Commonwealth Financial Systems contacts you when they have possession of one of your accounts, or they think they do.

If they bought your defaulted debt from your credit card company, bank, or lender, they want you to pay them back. To get your attention (besides the annoying phone calls), CFSI may have listed a collections account on your credit report.

A collections account can remain on it for up to 7 years, putting your credit score at risk. You need to remove collection accounts from your credit report immediately!

Is Commonwealth Financial Systems a Real Company? Or a Scam?

Commonwealth Financial Systems is a real company. They were founded in 2001 and have a ‘B’ rating with the Better Business Bureau. They are licensed nationwide even though they operate out of Pennsylvania.

How to Remove Commonwealth Financial Systems from Your Credit Report (4 Simple Ways)

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.

Learn More: Credit Saint Review

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.

How Does Commonwealth Financial Systems Work?

Commonwealth Financial Systems buys your debt from your original creditor. They buy it for pennies on the dollar.

They contact you via phone, email, or snail mail and ask for payment. They’ll use various tactics, but don’t let them scare you. If you can’t pay for a credit repair service, at least request debt validation immediately.

If they validate the debt, look at your other options. Don’t jump straight to paying the debt. Figure out if you can dispute it, or at the very least, negotiate a settlement.

Along with the settlement, make sure you negotiate a pay for delete, so you get Commonwealth off your credit report.

Remember, they bought the debt for pennies on the dollar, so never pay them the full amount.

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.

Read: Best Credit Monitoring Services

Commonwealth Financial Systems Contact Information:

  • Mailing Address: 245 Main St, Dickson City, PA 18519
  • Phone Number: 1-800-848-2170

Wrapping Up: How to Remove Commonwealth Financial Systems from Your Credit Report

CFSI will only drag your credit score down and scare future creditors away. Whether the debt is legit or not, you have options. You don’t need to be harassed or feel threatened by the collection.

Validate it, dispute any incorrect or unfair information, and finally negotiate. You have rights, don’t let them make you feel like you don’t.

If you are uncomfortable handling this yourself, hire a credit repair service, just can help you remove negative items from your credit report.

Other Debt Collectors to Take Note of:

Kim Pinnelli
Kim Pinnelli
Kim is a personal finance expert with a Bachelor’s degree in Finance from the University of Illinois at Chicago. She has been freelance writing for 13 years for a number of large publications. Kim thoroughly enjoys helping people take charge of their personal finances.