What does COMNWLTH FIN mean on my credit report?

Is COMNWLTH FIN making an impact on your credit score?

Updated January 1, 2023
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What is COMNWLTH FIN?

COMNWLTH FIN is shorthand for Commonwealth Financial Systems Inc, with the company name being Commonwealth Financial Systems Inc Inc

However, our services are available across the country, and our diverse client base includes debt buyers, financial institutions, retailers, commercial companies, government organizations and medical clients. We provide a complete range of accounting services to our valuable customers. Call us today for more information on the service offerings we have to make available to our clients.

COMNWLTH FIN 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 Systems Inc.

  • ⚫ 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 Systems Inc:

Address:

  • 245 Main St, Dickson City, PA 18519, USA

Website:

Phone:

Payments

Commonwealth Financial Systems offers a free online payment service to resolve debt without speaking to a collector. They have been providing professional accounts receivable management services in Northeastern Pennsylvania for over 25 years. You can make a payment using a mobile app, check, money order, or wire transfer. There are penalties for late or missed payments.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? Yes
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
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

Loan consolidation and loan forgiveness are two options that are available to help manage student loans. Loan consolidation entails combining all existing loans into a single loan with one monthly payment, while loan forgiveness cancels all or part of a loan balance under certain conditions. There are a variety of qualifications that must be met in order to be eligible for loan forgiveness.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

You can apply for a loan in person, over the phone, or online. Some loans may require a cosigner.

Question Answer
Can I apply for a loan online? No
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? No
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.

COMNWLTH FIN 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 COMNWLTH FIN 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.