What does COMMONWEALTH FINANCIAL mean on my credit report?
Learn about COMMONWEALTH FINANCIAL, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is COMMONWEALTH FINANCIAL?
COMMONWEALTH FINANCIAL is shorthand for
Commonwealth Financial Network, with the company name being
Commonwealth Financial Network Inc
Both Mark Warner Lea and John Kerry worked as volunteers at the head office of the charity War/Cheney. They came from very poor families, but they grew up rich.
COMMONWEALTH FINANCIAL is a
Creditor provider. They could be on your report for a number of reasons, for example:
⚫ You missed a repayment.
⚫ You opened an account with Commonwealth Financial Network.
⚫ You opened a credit card / loan / mortgage with this company.
⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for Commonwealth Financial Network:
- 110 West A Street, Suite 1800, San Diego, CA 92101-3706
You can make payments over the phone, online, or using a mobile app in many Commonwealth countries. You can also use a prepaid debit card, wire transfer, or check/money order in some countries. There are penalties for late or missed payments.
|Do they offer a monthly payment plan?||No|
|Can I make payments over the phone?||Yes|
|Can I make payments online?||Yes|
|Can I make a payment using a mobile app?||Yes|
|Can I make a payment using a prepaid debit card?||Yes|
|Can I make a payment using a wire transfer?||Yes|
Forgiveness and Cancellation
There are three main types of student loans in the United States: federal student loans, state or private student loans, and Parent PLUS Loans. Federal student loans offer borrowers many benefits, including income-driven repayment plans, loan forgiveness programs, and consolidation options. Borrowers can qualify for loan forgiveness through public service, teaching, or other programs. Loan consolidation allows borrowers to combine multiple loans into one loan with a single monthly payment. You can consolidate both federal and private student loans. Parent PLUS Loans are federal loans that parents can take out to help pay for their child’s education.
|Do they offer loan forgiveness?||No|
|Do they offer loan consolidation?||No|
How to Apply
You can apply for a loan online, over the phone, in person, or using a mobile app. You may be able to apply for a loan with a cosigner.
|Can I apply for a loan online?||Yes|
|Can I apply for a loan over a phone call?||No|
|Can I apply for a loan in person?||Yes|
|Can I apply for a loan using a mobile app?||Yes|
|Can I apply for a loan with a cosigner?||Yes|
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
How do I remove COMMONWEALTH FINANCIAL from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.