How to Remove Get Commonwealth Finance Off Your Credit Report Quickly

It's incredibly frustrating to pay your bills on time and then find out you've got collections that are lowering your credit score. What's even more annoying is when a third-party debt collector, like Commonwealth Finance, is reporting false collections. DoNotPay understands how difficult it is to deal with collection agencies, and has these tips for cleaning up your credit report.

Never Ignore a Collection Agency

If Commonwealth, or any other agency, tries to contact you to collect a debt, speak with them right away. In that first conversation, tell the agent that you will only communicate in writing—this way, they can't argue with you later. The sooner you start figuring out why the collection is reporting, and if you do owe the debt, the sooner this ordeal ends.

If you've had a call or letter from Commonwealth and misplaced their contact information, here it is.

Commonwealth Finance Contact Information

Commonwealth Finance is a legitimate collection agency, and as these businesses go, not a bad one. The Better Business Bureau gives them a B accreditation, with 488 complaints since 2001. The Consumer Finance Protection Bureau (CFPB) has registered over 2,550 complaints. Most of those are for violating the Fair Debt Collection Practices Act.

Commonwealth Finance Aliases

Commonwealth also reports to the credit bureaus under these names.

1. Commonwealth collections
2. Commonwealth finance
3. Comnwlth fin
4. Commonwealth financial
5. CFSI
6. CFSI collections

If You Don't Think You Owe the Debt You Ca

Commonwealth Finance is a third-party agency that often buys collections and bad debts from other companies. This is why you might see the same collection three or four times on your credit report. But here's the thing—if they don't have the documentation proving that you owe them money, they can't try to collect it. According to the Fair Debt Collection Protection Act, they have to provide you and the credit reporting agencies that you are responsible for the debt. If they can't, then they have to wipe the account from your report.

This strategy only works if you have a collection that's been hanging out there for a while and has been sold and resold several times, and the paper trail from the original creditor has disappeared.

How You Can Dispute the Claim

You have the right to tell Commonwealth Finance that you want a debt validation letter. They are required to send their proof, in writing, with the following information:

• Name of the creditor
• Balance due
• Notice that you have 30 days to dispute the debt
• Your next steps in disputing or setting up payments

If Commonwealth doesn't validate the debt but continues to harass you for payment, you can send demand letters to them in a state or federal court. You're eligible for up to $1000, actual damages, lawyers' fees, and court costs.

You have 30 days to dispute the claim, so you must start communication with the Commonwealth rep immediately. If you miss that 30-day window, please go ahead and contact them to figure out how to pay the debt, if it's legitimate and they have the documentation. Some credit advisors recommend negotiating a settlement, and if they agree to one, that's fine. They've bought the debt for a lot less than you owe anyway, and if you don't pay it, they write it off—they're making money either way.

Here's the issue with a negotiated settlement, or a pay-to-delete scheme. No matter what Commonwealth or another debt collector promises, they don't have the authority to erase the debt collection from your credit report. That information can stay there for 7 years, even if it's paid in full.

If you want to try to negotiate a settlement, get in writing that Commonwealth Finance will report the debt as paid in full to the credit bureaus. Otherwise, the amount still owed will be reported until the 7 years is up. If you do negotiate a settlement and it's still reported, the further you get from the original date of the bad debt, the less impact it has on your credit score.

How to Clean Up Your Credit Report Using DoNotPay

DoNotPay can help you decide what to do with collection calls from Commonwealth, and other third-party debt collectors. Here's all you have to do.

1. Search Clean Credit Report on DoNotPay.
2. Prepare a recent copy of your credit report that you can use as reference.
3. Let us guide you through the 4 potential options:

• If you've already paid off your debt, we'll help you file a Goodwill Removal Request to get it removed.
• If you notice any errors in your report (we have a list of common errors you can use!), we'll help you file a credit dispute to the creditor or major credit bureaus.
• If there are no errors, we'll check if you're still eligible to file a debt validation request. If they can't validate your debt, they're required to remove it from your report and they can't collect it!
• Lastly, if none of the above options work, we'll help you file a pay-to-delete negotiation letter. You can customize the amount you are willing to pay in exchange for getting the item removed.

DoNotPay Is Your Personal Digital Assistant

If you're wondering what else DoNotPay can do to help you out of a pickle, the answer is lots. With the click of a button, we are here, anytime, to take your information and send letters to creditors, credit card companies, and more on your behalf.

Our AI technology is absolutely up to the minute with laws and regulations in every state, so if you've moved, we can handle the details of your former state. Whether you have problems with government or private entities, we are your digital go-to assistant.

What Else Can DoNotPay Do?

Aside from credit reports, DoNotPay can also help you with various things such as:

• How to Cancel Subscriptions
• Financial Aid Appeal Letter
• Help with Bills