Why is Commonwealth Financial on my credit report?

Why is Commonwealth Financial on my credit report?

Commonwealth Financial Systems is a debt collection on your credit report. They purchased your debt from a creditor (i.e. a credit card or loan company). They may attempt to communicate with you via mail or phone calls (demanding payment). Even worse, a collections account now appears on your credit report.

What companies does Commonwealth Financial collect for?

Who Does Commonwealth Financial Systems Collect For?

  • debt purchasers.
  • financial companies.
  • retail concerns.
  • commercial operations.
  • government agencies.
  • medical clients.

Is Commonwealth Financial Systems legit?

Is Commonwealth Financial Systems a Scam? Commonwealth Financial Systems is a real debt collection agency. They may have contacted you in order to collect a debt that you may or may not actually owe, or you may have found that they reported a false debt on your credit report.

How can I pay off 40000 debt?

Ways to Pay Off $40000 in Credit Card Debt

  1. 0% APR Credit Card. If you have a 0% interest rate on your credit card, this is the best option if you can qualify for one.
  2. Debt Settlement.
  3. Personal Loan.
  4. Debt Management Plan.
  5. Bankruptcy.
  6. Cash Back Credit Cards.
  7. Side Hustles.
  8. Debt Consolidation.

How can I reduce my debt quickly?

How to Pay Off Debt Faster

  1. Pay more than the minimum.
  2. Pay more than once a month.
  3. Pay off your most expensive loan first.
  4. Consider the snowball method of paying off debt.
  5. Keep track of bills and pay them in less time.
  6. Shorten the length of your loan.
  7. Consolidate multiple debts.

Who owns Commonwealth financial?

As of 2017, Deitch remains Chairman of the firm. The firm is owned and controlled by its 13 managing principals….Commonwealth Financial Network.

Type Private
Headquarters 29 Sawyer Road, Waltham, Massachusetts , United States
Key people Joseph Deitch (Chairman) Wayne Bloom (CEO)
Revenue US$1.233 billion (2017)

Is Commonwealth financial Systems legit?

Who is Commonwealth Financial Systems?

Commonwealth Financial Systems, Incorporated, is based in Dickson City, Pennsylvania, and has been in business since 2001. The company’s service area is very limited, concentrated primarily in northeastern Pennsylvania. Who Does Commonwealth Financial Systems Collect For? They collect for a wide range of clients, including:

What does Commonwealth Financial Services Inc (CFSI) do on your credit report?

You might also see Commonwealth on your credit report under the following names: Medium-sized by industry standards, CFSI amassed more than $25 million in profit in 2019 by participating in the account receivable management business, including debt purchasing, credit bureau reporting, third party debt collection, and first-party outsourcing.

What is the mailing address for Commonwealth Financial Systems?

Their mailing address is 245 Main St, Dickson City, PA 18519. Commonwealth Financial Systems is commonly referred to as Commonwealth Financial and may appear on your credit report as “comnwlth fin”, “commonwealth financial”, “commonwealth finance”, “cfsi”, “cfsi collections”, or “commonwealth collections”.

Is Commonwealth Financial Systems legit or a scam?

The Consumer Financial Protection Bureau (CFPB) states three are over 2,550 complaints filed with them against Commonwealth Financial Systems, most in direct violation of the FDCPA or the Fair Debt Collection Practices Act. While you might question CFS’s legitimacy based on their persistent collection methods, the company is actually legit.