Collections Agencies
Commonwealth Financial Systems, IncorporatedInformation and Alerts
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This business has 1 alert.
Government Actions
CFPB v. Commonwealth Financial Systems
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On December 15, 2023, the Consumer financial Protection Bureau (CFPB) took action against this company for violations of the Fair Debt Collections Practice Act (FDCPA). Specifically, the CFPB found that the company violated the Act by attempting and continuing to collect debts when the consumers being collected against requested disputed the validity of the debts. Further, the CFPB found the company did not conduct reasonable investigations of the disputed debts nor did it disclose that the debt was disputed to credit reporting agencies. As a result of the CFPB Order, the company was banned from debt collection activities, debt buying, debt selling and consumer reporting activities. The company must also notify any credit reporting agencies it had previously provided information to delete the collections information. Finally, it was required to pay a $95,000 fine.
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