by: Michael Creditfirm.
Asset Acceptance, LLC. (AA) is one of the biggest collection agencies in the United States. Asset Acceptance works under the umbrella of Asset Acceptance Capital Corporation (AACC) which was founded in 1962. The company specializes in the purchasing defaulted consumer debt and settling the accounts for the original creditor.
How AAC buys debt
Asset Acceptance purchases this debt for a significant discount, sometimes as little as 2% of the original amount owed. Once the debt is purchased, Asset Acceptance proceeds to report the new collection account to the 3 major Credit Reporting Agencies (Experian, Equifax, and TransUnion), and contacts the consumer in an attempt to settle the account.
Asset Acceptance has been known to use predatory business practices to collect on their debt and has had 769 complaints filed through the BBB in the last 36 months. The FTC has also recently levied a $2.5 million dollar fine against Asset Acceptance Capital Corporation for “Abusive Practices”. The company has been known to Re-Age Debt, report incorrect balances, and continue collections after the expiration of the statute of limitations.
Suzanne Martindale, staff attorney for Consumers Union, a non-profit organization based in New York and the publisher of “Consumer Reports” magazine says, “Some debt collectors unfairly target consumers even when the statute of limitations has passed or when they don’t have the proper documentation to prove the debt is owed.”
Credit Firm.net has helped thousands of their clients delete Asset Acceptance collection accounts from their credit reports as well as stopping the abusive calls. If you have been contacted by Asset Acceptance or have an Asset Acceptance Collection Account reporting on your credit report, contact Credit Firm.net to improve your credit.