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Asset Acceptance / I don't know how anyone in America couldn't trust their validity

1 United States Review updated:

Asset Acceptance LLC has contacted me regarding a debt from 1999 with B of A, whom I have not used in at least 10 years and at the time I'd terminated my account in good standing for the reason of relocation.
Asset has my SSN (???), apparently will not validate the debt, has put the full burden of proof on me, and has even explained that I have yet another account with a company I have not used in at least 10 years and have had no knowledge of a debt to them either...guess they are waiting till later to bill me for that one.

When requesting validation, I was told that it was my responsibility to pull my credit report annually and I should have known the debt was on there, however I had pulled my credit report and never saw the debt.
When I questioned their credibility, I receive the haughty response that they "are a publicly traded company"...hmmm...well, considering that little factiod, I don't know how anyone in America couldn't trust their validity....(yup that was pure sarcasm there).

Va
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Comments

  • Va
      5th of Jan, 2007
    0 Votes

    Ruth,

    Legally it's not when you last used the card with a purchase or cash advance, it's whether you failed to pay of any existing balance in accordance with the card holder agreement and thus breached the agreement. Relocation is not an excuse for failure to payoff the balance of the debt accrued by use of the credit card. If the agreement was breached (the delinquency commenced)in 1999, then under Florida law, the limitations period expired in 2003, 4 years after the commencement of the delinquency, or in the case of an account stated claim, 4 years from the date of the original creditor statement in evidence. Therefore, you have the right to issue a full FDCPA cease all communication to Asset acceptance regarding any out-of-statute debt allegation. That won't necessarily get it deleted from a credit report as the FCRA reporting period is 7 years, 3 years longer than the commencement of actions SoL in Florida. Asset does not validate, even though FDCPA requires them to from original creditor records, since Asset could not care less about the rights of people like you. Asset just wants your money. FDCPA validation is their responsibility not yours. If you want to spend some time in federal court, you could seek recovery of statutory and actual damages as Asset violates the substantive provisions of the FDCPA. Whether they are a publically or privately owned company is irrelevant regarding violations of the FDCPA, which they are a rampant violator.

  • Va
      5th of Jan, 2007
    0 Votes

    Ruby,

    There is no requirement to bring a FDCPA lawsuit in federal Court. It can even be done in small claims court of any jurisdiction you live in as a victim. And, Cease communication has absolutely nothing to do with Debt validation. nothing. And, what is a "full" cease communication? Cease communication is just that. Cease communication. The FDCPA does not specify different levels. And, debt validation is essential with parasites like Asset Acceptance, as it stops further collection action until provided. Asset acceptance files lawsuits on out of stat debts every single day!

  • To
      3rd of Feb, 2007
    0 Votes

    The Florida attorneys for this company have to be the most dishonest people I have ever dealt with. One of the attorney's actually told me I would go to jail if I didn't pay my debt under Florida law.

  • An
      7th of Nov, 2007
    0 Votes

    I think that's a long time for these companies to have waited. And besides that did they forget that 9/11 happened and some people
    who live near there. May not have thought of that at the time.

    I do think there's more to this then just some late payment's. My father told me to stay away from loan's, Banks, He kept his money in a sock. Maybe he had the right idea.

  • An
      30th of Jan, 2008
    0 Votes

    I just filled a complaint with our Attorney General's consumer affairs department. AAC redated an account from prior to 2002. They claimed it was from '04. I disputed it and AAC came back reporting that is was 120 days late as of November 2007. I spoke with the reporting agencies and they said I needed to contact AAC. I refuse to contact these people plus my lawer told me not to communicate with these people at all.

    Hopefully the AG can help. I don't personally recall this account and have contacted the original company and they have no record of it. If it is legit, it is from prior to '02. I just don't understand how they can continue to get away with these illegal and dishonest practices.

  • Rz
      6th of Feb, 2008
    0 Votes

    Asset Acceptance is an absolute joke. They have destroyed my fiancee's credit because they claim they were mailing paperwork to him; if they mailed anything, it got sent to his ex-wife who never told him about it.

    He asked them for proof of this debt; they mailed a settlement letter. It took SIX phone calls and an entire MONTH before they sent him any paperwork, and then they tried to back out of the settlement that they offered!!

    Asset Acceptance is nothing but TRASH!

  • Je
      23rd of Feb, 2008
    +1 Votes

    First things first, Asset Acceptance gets all of their information from the original creditor. You can cry "foul" all you want - but the bottom line it is the ORIGINAL CREDITOR who sold your account to Asset. They are the ones who gave them the information that's in their computer system, and they are the ones who stated you owed a debt. Asset is a third party collector. I worked for them for years in their legal department. People like to blame the company, when in reality it's the original company who stated you never paid off your account and who also sent all the information.

    Asset is a publicly traded company now. They cannot risk losing everything they've gained in these past years. They have an amazingly efficient Compliance department that monitors all calls. If an account rep violates the FDCPA, they are written up, and if they continue to violate, then they are fired. Do you think Asset can afford getting sued left and right? And if they really were such habitual offenders of the FDCPA, do you think they would still be standing today? If that were true, every single person with an account would be winning lawsuits.

    For every person who really doesn't owe a debt they are charged with, there are three more who do. You cannot purchase a product and then not be expected to pay for it, it does not help the economy and you are only hurting yourself in the end, nobody else. Just BE SMART. Read all of the fine print on contracts (you'll find the original creditor is the one really trying to scam you most of the time) and ALWAYS request a paid in full letter or a cancelation letter when you pay something off so you have proof. Everything you send to Asset is scanned into the computer, and if you honestly have valid proof the debt was paid, they will review it and cancel the collection process. If you don't have any proof, that is NOT Asset's fault.

    A good example of this is Bally's. If you called Bally's and asked them to cancel your membership, they would simply say "Okay, no problem." Many people thought they were done and over with it. Bally's would purposely fail to remind the customer that on the back of their contract it states you MUST pay a fee to cancel. They would then continue to rack up the bill, then sell it to a company like Asset to be collected on. Is this Asset's fault? Absolutely not. Is it Bally's? No. They may have incredibly sneaky and unfair practices, yes, but who should've read the contract LINE FOR LINE? The consumer. If you sign something without reading and then fail to make a copy for yourself, you only have yourself to blame.

    As for the settlement letter Bekki? They are only good for the timeframe they state. A account rep is usually more then HAPPY to settle out an account, because it's a heck of a lot more money then the monthly payment arrangements they usually set up, trust me. Also, collectors are CONSTANTLY trying to get documents in from original creditors, and that can take forever. Again, trust me, a rep loves nothing more then having proof to show, and if they could they would have it ready for you the next day. It's just not always that easy unfortunately, and I understand the frustration there.

    Debt collectors are going to treat you the way you treat them (though I am not saying there are not exceptions). If you answer your phone or call them with a bad attitude, you're going to get it right back. They are doing their job. They get verbally abused every day by people trying to get out of paying for something or another, and they hear every excuse in the book, is it any wonder they might have a hard time believing people? If you are patient with them, they will usually follow suit. If you get a bad collector? Call back. There's a hundred more who can take your call.

    I'm not too familiar with accounts that are past-stat. I worked in legal and so the majority of accounts I worked with were a bit more recent then in regular collections but I DO know this - just because an account is past-stat does not mean you do not owe it. It simply means it will not be reported to the CB. If you choose to cease communication, that's your right, go ahead and use it. Just remember that if it's an account we can sue on, you MIGHT want to call back and keep your information updated so that you can actually be aware by mail, of any future legal action the company may take. People cry all day long about "not knowing" they had a debt while they're getting sued - but most of the time it's the people who either never answered their phone, hung up on collectors all of the time, or asked for a cease comm.

    Just be smart.

  • Mk
      31st of Mar, 2008
    -1 Votes

    Asset Acceptance called my mother and told her that I had died. Then they told her that they were going to kill me.

  • Ma
      4th of Apr, 2008
    -1 Votes

    This if for the those peolple out there who THINK that we are in violation with the FDCPA because of something being past stat. You got free money or sevices because you didn't think you needed to pay your debt. Being past stat don't not mean that you are not responsable for you debt. We can collect till the cows come home. The FDCPA dose not protect DEAD BEATS!!! You made you beds. Your not a victim. If ASSET can find you they will!!! PAY YOUR BILL.

  • Je
      2nd of May, 2008
    +1 Votes

    After reading the last post, I have to respond. My fiancé and I just dealt with this same exact company and I believe that they are unfair and certainly unethical! He never denied owing a debt. He just didn’t agree with the additional $5000 that had been added on. The big mystery was that no one could explain where the extra $5000 came from. Our question was, if you can’t validate where the extra $5000 came from, then why not make it an extra $15, 000. If you don’t have to validate then why not go for as much as you can. They gave a bunch of hypothetical scenarios and what ifs that meant nothing! We had no problem satisfying what was owed but we refused to pay a dime until the amount owed was fixed. I refused to indirectly obligate myself to their $ amount by making a payment. We sent letters (certified w/ signed receipt) asking for validation. We committed to calling 2 times each month asking for updates and for 6 months they told us it was on order and would be sent as soon as they received it. Then in March, we made our normal call to follow up and they told us they had a judgment against him and didn’t have to send us anything. We had no idea what they were talking about. So we went to the court and sure enough, there was a default judgment for failure to respond to the summons and complaint. We tried to contact lawyers for help and it was going to cost $2000 for an attorney. I decided I would do this myself. I went online to the local cour house websites and found documents from old cases that were successful at getting judgments overturned and I used them as a guide to write my own motion.

    I learned that a process server swore that they tried to serve him 5 times and finally considered him served on 1/2/08. That was perfect because he was on vacation and we had the documents to show it. I filed a motion to overturn the judgment, included the travel records, the certified letter and my phone records showing we called them twice a month for 6 months. Our day in court was 2 days ago. The Asset lawyers called us in the hall before seeing the judge and asked us what we thought was an accurate amount. We told him what we thought, he agreed and now everything is being removed from his credit report and the judgment was overturned. He was actually very nice, professional and straight forward. The judge ordered him to write up the settlement within 7 days and we have 7 days to review it, agree or disagree.

    It is important not to ignore these things because they won’t go away and that actually works in their favor. Companies like this one like to pursue cases where there is no defendant. If they can move forward with a case and get a judgment without any opposition then they did their job and you made it easy for them. But they are eager to deal when the slightest bit of opposition comes along. I was able to provide quite a bit of evidence that proved our efforts. But you have to keep records of your communication. Document the date and time you called, who you talked to and what you requested. Follow up in writing and send it certified mail with signed proof of delivery. The $5-$8 it cost me to send that letter saved us well over $5000.

    Good Luck to you all who are seeking justice. Be proactive.

  • Sh
      7th of May, 2008
    +1 Votes

    Just checked my credit report and found Asset Acceptance on there. They apparently bought a debt from a creditor. They listed all kinds of false information about the debt!

    They said the debt was opened on 1/2008, which is actually when the purchased the debt! They increased the credit limit by several thousand dollars and then added on several thousand dollars as the balance owed!

    Not only that but this is added on to the credit report as an additional debt owed on top of the original creditor. They also sent a letter saying that they are representing the original creditor as a collection when on the credit report it lists them as the debt purchaser.

    I will be sending a letter of Production which is the same as validation. It pretty much asks them to prove everything about the debt, and yes they do have to answer this, it is the law! And they have 28 days to respond. After that there are other things that can be done. Believe me I am not going to let these predators get away with all their lies!

    I can't afford an attorney, but have a very sweet lady attorney who is helping for free. She is also tired of seeing these predators preying on the ignorance or should I say the lack of knowledge of the consumer.

    Also, NO they do not legally have the right to bring up an old debt beyond the time allowed in your state... you can fight this and win. Everyone should get together and do a class action suit against them. Actually it would probably look better if everyone did an individual suit against them, not sure on that one.

    If anyone would like the layout of a letter of Production, I would be happy to do it for you.

  • Lo
      9th of May, 2008
    0 Votes

    What if AA got an arbitration award confirmed and turned into a judgment. They have now sent a request for production of documents and interrogatorries. Can it be ignored?

  • Aa
      17th of Jun, 2008
    +1 Votes

    It just goes to show you how far this country has fallen when an outfit like Asset Acceptance is allowed to stay in business.

    There are countless pages on countless sites of their willful and reckless violations of federal law, and the shameless shill posters above defending them deserve a special place in hell alongside the directors of Asset Acceptance.

    How much does this flim-flam sham of a company donate to the politicians so that they can continue to operate in such flagrant violation of the law?

  • Wh
      20th of Jun, 2008
    0 Votes

    I don't know how a company like this isn't ILLEGAL - People shouldn't be harassed for the rest of their lives about a debt, it's ridiculous!

    File a report against Asset Acceptance, LLC with the Better Business Bureau - You can do this online and it's FREE

    http://detroit.bbb.org/WWWRoot/Report.aspx?site=80&bbb=0332&firm=3004304

  • Om
      20th of Jun, 2008
    +1 Votes

    It's interesting that the people here who support Asset Acceptance aren't addressing issues such phone calls at all hours, saying that if you're still on the phone then you've validated that you are the debtor. Therefore, they keep calling, even though it's only your voicemail that's picked-up. Many times, they're not even reaching the right person who no longer has that phone number, but they don't care and call for YEARS.

    Also, I'd love to hear what Asset Acceptance supporters would say about stories I've read on other sites that discuss how they paid their debt to Asset Acceptance, only to have their debt sold again and the new collection agency wants to be paid as well.

    Asset Acceptance has also fabricated debts for many people, there are plenty of stories where people have NEVER HEARD OF the company they allegedly owe!

    For these Asset Acceptance employees, I'm sure it makes them sleep well at night knowing that they're hunting down people for a charged-off debt from 15+ years ago - yeah I'm sure you totally believe that people should be harassed FOR LIFE about a debt - that sure sounds fair - NOT!!!

  • Ph
      25th of Jul, 2008
    +1 Votes

    A message stating that you are the debtor by listening is basically Asset's way of protecting themselves legally. it is called a "Foti" message, named for a debtor who sued a collection agency stating he would recieve messages and not know who from, just call me about a personal matter. A judge agreed with the debtor and so Asset requires its reps to leave the "foti" message... by continuing to listen you acknowledge that you are the dbtr, it identifies who and what we are and at the same time tells anyone who is not the debtor to stop listening if the msssage is not for them.

    As far as recieving calls at any hour, you as a consumer are protected by the FDCPA, so if you are recievings calls before or after the hours outlines the co. is in violation and you should try to seek legal action. As an employee of AACC I know we dont violate because we dont open before we can call, and are off the system before the cut-off time so anyone claiming to get calls before 8am or after 9pm from Asset Acceptance is a LIAR!

    One more thing. A debt is a debt, if you feel you dont have to pay for something you got because it is off you credit or past the statute then you are basically a theif. Yoy cant get a car loan and claim to have voluntarily turned the car in to the dealer- what about the bank that purchased the car for you and is expecting their monthly pymnts, further more you just abandoned the vehicle and the dealer will probably just sell it again. Getting consumer and retail credit cards is the same, you use the store card to make purchases that you never pay for, you use the credit card far any # of things and never pay what you owe IT IS CALLED STEALING, there are people who have been incarcerated for less. Having financial difficulty is a part of life, everyone basically goes throug it at some point, it doesnt give you the righ to steal from people, there is no reason for any company to have to call you 20 years later about an account you neglected to pay.

    This is how it goes... 1st few month or year, you get the calls and tell the collector you are unemployed no $ etc in the mean time you are applying for credit making new purchases, which the collector already knows from updates-they also know your lying about being unemployed. This goes on for years, you pick up the phone curse and yell at the collector, say you're broke, family members deceased, never had the account when you already said you cant pay only because no $, just make excuse after excuse until the statute runs out or it is off the credit report, now when you get the call its I'm never going to pay that because I dont have to. I can say this from years of collection experience, the bottom line is PAY YOUR BILLS!!!

  • Ga
      6th of Aug, 2008
    0 Votes

    Asset has been calling me at all hours of the day. Luckily I have a software on my phone that blocks thier calls and gives them a busy signal. I have already told them, I am NOT paying. it doesn't matter that i'm a dead beat or not. you can insult me all you want. The bottom line is - you are not getting a dime from me. I don't owe asset acceptance. if anything, i owe the original creditor and I more than paid them back in interest. We can both be thieves. I agreed to thier high interest, they agreed to taking a chance on not getting thier money back. I dont see asset acceptance on my credit report. maybe its still listed under the original credit. they ruined my credit, I paid by paying higher rates on other loans. I won't lose any sleep over it. I even had another credit agency call me phone to ask for someone that wasn't me. I told them so, only to get abused. you can win with these people. I don't care if you are doing your job or not. I don't care. and I don't want to be bothered.

  • Ga
      6th of Aug, 2008
    +1 Votes

    one more thing asset acceptance paid about 1 penny on the dollar on the very old debts they buy - it would be a cold day in hell before I pay them anything more than 2 cents on the dollar. that gives them a 100% ROI

  • Ma
      28th of Aug, 2008
    0 Votes

    I have read through every response in this blog here... I am currently an employee with the company Asset Acceptance LLC. The individual that stated they worked in the legal department hit a lot of issues that are true. I am also a consumer, the same as all the people who believe that Debt Collectors use brutal scare tactics. I just want to give a quick simple break down of a lot of the things I read about in this block, and give you the best retrospect of the truth from what I know being well educated on the FDCP (Fair Debt Collection Practice) act.

    1. Original Creditor - may not necessarily be who you remember because it may be the company that funded the product, or credit card that was used to acquire such debt. (ie. Chase bank finances loans for retail stores, so original creditor may be just Chase Bank, or Chase Bank/best buy)

    2. Accounts that appear on the Credit Bureaus more then once by Original Creditor as well as Asset Acceptance LLC. - this is true, but if you look carefully on the Credit Report, the Original Creditors will report that the account had been charged off (is simply an accounting term meaning they sold the debt and have no further association with the debt) and should also show "purchased by another lender" or something of the sort. This simply means that once paid, both will be reflected accordingly.

    3. Statute of Limitations - there are two types of statute of limitations, neither which state a debt is no longer owed. The first kind is the Statute of Limitations an account can be reported to the Credit Bureau, this is 7 years from the date the account was first reported to be delinquent (same in every state), the second form is Statute of Limitations for legal action (this is dictated state per state) Some cases this is shorter then the 7 years the for the credit bureau, but in some it is longer. Most companies have a certain criteria they need before they can submit for suit.

    4. Debt Validation - this is as simple as informing the consumer to who the original creditor is, the amount owed, and you may request the address of the original creditor. NO WHERE in the FDCPA does it state that a collection agency must provide detailed billing of the original account. If you wanted that, you should have asked for that when it was still with the original creditor. Some times documents like these can be ordered, this however does not have a time period and sometimes documents are not able to be ordered.

    5. Balance questions - 90% of the time, the difference in the balance you believe you owe and the amount Asset Acceptance is showing, is because of interest. According to the FDCPA, as long as interest is being accumulated according to the Original Creditors agreement, then it is allowed to be added to the account.

    6. Phone calls at all hours - Asset Acceptance has an automated dialing system in which is programmed with the area codes in all the time zones and will not dial numbers that are not with in the FDCPA time frame of a time to call a consumer in regards to a debt.

    I am sure there are many more items that can be dabbled over... But let me leave a couple rhetorical questions on the table for consumers to think about (remember, I myself am a consumer)

    National Debt? Is this related to the amount of money that has not been repaid by consumers?

    Is it really harassing that you receive a phone call from someone who is trying to help you find a way to repay a bill? (and yes most of the time, depending on the way a consumer reacts to the word Debt Collector, determines on how much a collector wants to help them pay a bill)

    If everybody said this isn't mine and Debt Collection companies simply said "ok, great we will remove this from your credit report and never collect on this account again" wouldn't everyone deny they ever had an account? (why the burden of proof is on the consumer to show ID Theft, or paid prior accounts)

    Would you enjoy being called a different derogatory name every 15 minutes for doing your job?

    Why do so many people try so hard to figure out a way not to pay their bills, when it usually takes less effort, less stress, and better results to find ways to pay them?

    What would companies do, if they couldn't sell their past due accounts to someone willing to collect on them? go out of business? Then what would consumers do to get necessities?

    Now with this being said, I want to reiterate the fact that I am also a consumer, and have bills of my own, and have had to deal with collection of past due accounts. Financial difficulty is unfortunately a normal part of most peoples lives at least once in a lifetime... My simple advice, is be patient and willing to work with a Debt Collector if they call you... Do some research on the FDCPA and find out your rights as a consumer and if you have trouble understanding it (Because it does have a bit of a legal jargon to it) then seek help from an attorney... We will be more then happy to communicate with them in regards to an account.

    Also, a quick tid-bit about getting an attorney... If your going to pay for an attorney, then provide us their name and number, if not that's a waste of your money because with out that information we can not contact the attorney for you.

    Filing Bankruptcy - Just because you are in the process and have talked to a lawyer does not mean collection efforts will stop... most of the time the attorney is just going to make you pay a retainer fee, and then make you do all the leg work, before they will even right up the bankruptcy to submit to the court... Usually quite a long process in which we could have already taken care of the account.

    Today's society is driven off credit, and in order to help the economy move forward and grow, consumers need to be more self aware of their credit and the repayment of debt. The more outstanding Debt there is in the economy, the higher interest rates will be, the more business' will eventually got out of business due to the lack of ability to give credit to consumers.

    Well, I know this is only one persons opinion on one company and its specific purpose. But, I really do hope that this helps consumers out and maybe this can be my one contribution to society and its falling economy.

  • Cr
      31st of Aug, 2008
    +1 Votes

    Asset acceptance is a piece of crap company ! PERIOD ! The people that "work" for this company are idiots ! I have read 1000 websites about this company... if you notice the ARE THE ONLY ONES that have this many complaints. They LIE all the time !! They tell you after you pay your debt they will delete it from your credit report for you!! THEY LIE !! You ask them for all original documents (WHICH IS REQUIRED BY FEDERAL LAW FOR THEM TO PROVIDE OR DELETE ACCOUNT) and they cannot find them so they send you a fake document. They are a bunch of bottom feeders and ARE going to burn in hell ! They are the NUMBER ONE reason why america is falling apart money wise. People like that ! companies like that ! The ONLY reason they are still in businesss after soooo many complaints is because you need to get alot of signatures on a piece of paper and file a class action lawsuit ... which I am compiling at this moment !! If you fell victim of this company email me whenever you can... rissamontgomery@yahoo.com LETS FIGHT THEM TOGETHER !! ### can burn in hell...

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