Commonwealth Financial Systems
Best Ways to Remove Commonwealth Financial Systems from Credit Report
Have you received a call from Commonwealth Financial Systems about an outstanding bill? Whether it’s via a collection letter or phone call, you’ll eventually need to remove the listing from your credit report.
Having a payable balance to a debt collection company is going to negatively impact your credit score. Aside from it stressing you up, you are also going to have a hard time applying for new loans. This is because your capability to repay back previous debts has been compromised.
Good thing you have found this article, because here, we are going to show you how to deal with this. We are also going to help you stop Commonwealth Financial Systems from sending you further notices or calling you. This article will help resolve these issues and improve your credit score rating.
What is Commonwealth Financial Systems?
Commonwealth Financial Systems is a debt collection company founded in 2001. It is often termed as a medium-sized firm when analyzing its current assets and workforce. This is because it generates massive profits from the collections business. It gained more than $25 million in profits in 2019 alone.
It did this by joining the accounts receivable industry which includes debt purchasing. It’s offerings also include credit bureau reporting, debt purchasing, first-party outsourcing, and third party debt collections. Currently, Commonwealth Financial Systems is collecting different kinds of client debts. With the most common ones being medical bills, student loans, credit cards, and more.
How Does CFS Operate?
What debt collection agencies do is buy debts from original creditors at very low prices. They purchase these from other service providers in different industries and start chasing the debtors for payment.
These debts are often from long-standing payments such as utilities, credit cards, hospital bills, etc. It’s possible you forgot to settle a debt if a CFS listing is in your credit report.
The company buys the debt and its agents will then have the right to pursue the debtor. They will then aggressively seek you out in hopes of having you pay the amount. They do this most commonly via mail and phone calls.
If you are unable to settle these debts immediately, there is a high possibility that Commonwealth Financial Systems is going to place a collection account on your credit report. Consequently, this lowers down your credit report score.
Here are some other common debt collection agencies to look out for:
- Covington Credit
- National Credit Systems
- Jefferson Capital Systems
- Sequium Asset Solutions
- ERC Collections
How to remove Commonwealth Financial Systems from your credit report?
Send a debt validation letter
The first thing to do to remove Commonwealth Financial Systems from your report is to request debt validation.
What makes this possible is that the Fair Debt Collection Practice Act protects the consumer from unscrupulous collections. This gives you the right to ask for debt validation for alleged debts.
If the debt collection company is unable to provide any strong evidence that the debt is indeed yours, then they will remove the account from your report. This will then restore your score.
What’s surprising is that this strategy still works even if you really owe the debt you are disputing.
Debt collection agencies buy second-hand debts from other companies. Therefore, they most likely don’t have the required documentation needed to prove that the debt is yours.
Also, note that you have a month to dispute debt claims using a debt validation letter. This is why it is important that you immediately respond to them the moment Commonwealth Financial Systems first contacts you.
Negotiate partial payment
If you missed the one-month debt validation window, you can still save money without settling the entire debt. You can do this by negotiating for partial payment. This will then remove the collections account from your credit report once repayment is done.
Most of the time, collection firms are going to accept settlements. We recommend that you start at 50% of the entire amount before offering anything more.
Make sure to put all of your negotiations in writing. Document all communication as much as possible when dealing with agents from the company.
Do not negotiate on the phone because there won’t be any proof of any agreements made with the collection company.
And once you agree on the terms, make sure that they agree to remove the account from your credit report.
Find a credit repair company
Although you can solve your issue with the methods described above, success is not always guaranteed. If that happens, the best thing to do is to work with a credit repair company. These companies are professionals and experts in removing harmful collection accounts from your credit report.
Our company is the best credit repair company with long-term experience in disputing debts. We have helped many credit consumers have collection accounts removed from their credit reports in the shortest time frame. And the many positive remarks and references from our past and current clients can attest to this.
It might take a bit of money to do this. However, it is totally worth it if you are dealing with a high-stakes account.
Removing Commonwealth Financial Systems from your credit report is not that difficult when you know the right steps. Kickstart the CFS removal process today by following the simple guidelines above.
Better yet, seek our professional credit repair services to get the collection account removed in the shortest time possible. Our experience, expertise, and personalized approach is unmatched. Contact us and start your CFS collection account removal today.