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Commonwealth Financial Systems: Removing Them From Your Credit Report

The minute Commonwealth Financial Systems starts contacting you through mail or phone call is never a good sign. This only means that there is a collections account listed on your credit report. A negative item such as this poses a significant threat to your credit score’s standing. You might be thinking now of how you can ultimately get rid of them.

There’s one way to deal with this unfortunate encounter with a collection company such as Commonwealth Financial Systems: act as soon as you get a notice from them. Ignoring them will only worsen your financial situation. You can now resolve the issues in your account and clear off negative items on your credit report through the steps provided below.

What Is Commonwealth Financial Systems?

Founded in 2001, Commonwealth Financial Systems is a third-party collection agency based in Dickson City, Pennsylvania. They are a medium-sized company legitimately operating in the account receivable management industry, including credit bureau reporting, collection services, debt purchasing, and first-party outsourcing.

Commonwealth Financial Systems makes a profit by purchasing defaulted debts from original creditors. Once they already own the debt, they gain the right to pursue consumers for outstanding bills that may have slipped through the cracks. They offer services for the following clients:

  • Commercial operations
  • Retail concerns
  • Government agencies
  • Healthcare providers
  • Financial companies

Dealing with collection companies such as Commonwealth Financial Systems is never easy to do alone. They have representatives that will bother you, day and night, just to collect debts from you. Seek professional help here and face Commonwealth Financial Systems with no worries in mind.

Things to Remember Before Dealing With Commonwealth Financial Systems

When talking about finances, it is crucial to be prepared at all times. Remember that you are dealing with tricky representatives from a company such as Commonwealth Financial Systems. Here are some tips to consider before dealing with them:

  • One Call Is Enough

Collection companies, in general, like to communicate with consumers through phone calls. This is advantageous for them, and that is why your first phone call with them should be the last. By explicitly establishing boundaries with Commonwealth Financial Systems, you’ll be saving yourself from possible harassment. Insist on communicating only through writing.

  • Communicate Through Writing

Following the advice mentioned above, strictly communicate with Commonwealth Financial Systems through writing. Written correspondence not only protects you from intimidation, but you can also control the amount of information the company receives. This method allows you to have a paper trail of all your exchange and agreement with the company.

  • Never Promise Anything

The main reason why you should avoid taking phone calls from collection companies is so you can avoid being pressured into making impulsive payments. Since phone calls made with Commonwealth Financial Systems are recorded, you might suddenly make any promises that you can’t keep. If worse comes to worst, the company might use this to file a case against you.

Removing Commonwealth Financial Systems off Your Credit Report

Following the advice mentioned above, it is essential to immediately dive into the process of clearing Commonwealth Financial Systems off your credit report. Listed here is a step-by-step guide on how to deal with Commonwealth Financial Systems efficiently:

  • Demand for a Debt Validation Letter

The federal law requires collection agencies like Commonwealth Financial Systems to provide consumers a proof that a debt legitimately exists. In your first contact with their representative, you must explicitly demand they send you a debt validation letter. The letter must contain the following information relevant to the claim:

  • Date the debt went into collection
  • Specific amount owed
  • Name of the original creditor
  • Other information that proves that the debt is valid
  • Offer a Pay-for-Delete Agreement

If Commonwealth Financial Systems provides you with proof that the debt is yours, what you can do next is to send the agency a pay-for-delete letter. This step allows you to pay the obligation in total to remove their collections account from your credit report.

Since collection companies are in the business of collecting debts, they may be interested in your proposal. But it will help if you’ll still be wary of them; Commonwealth Financial Systems may not keep their end of the deal.

  • Ask for a Settlement

Another step you can consider is asking Commonwealth Financial Systems to let you pay the debt in half. If they ask for a higher number as a counteroffer, this only means that they are willing to settle with you. From this, you might have to negotiate back and forth until you both meet halfway. By visiting this site you get credit reports.

But, don’t be excited yet. Never send Commonwealth Financial Systems any amount unless they provide you a written correspondence of your agreement. The letter must include the following details:

  • The agency’s willingness to reduce the amount you owe
  • Guarantees to terminate all collection efforts to be made against you
  • Report the collections account as paid to the credit bureaus

Takeaway

It is always important to act as soon as the Commonwealth Financial System first contacts you. Delaying it might only put more damage to your credit score, giving your credit report a bad history. By following the tips and strategies provided above, fixing your account is now attainable.

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