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guest · Posted: Tue Feb 12, 2008 1:14 pm Subject: Asset Acceptance

I have a debt on my credit report from asset acceptance from 2001. It was unfortunately a charge off of a First USA visa. My limit was 5k, and the balance was around 4800.

Over the past year, Asset Acceptance has bought this debt, changed the date on my report, and now the amount of the debt is almost 11k!! I live in Texas.

This only shows up on my Experian report, I disputed it and the other two bureaus removed it. However, Experian continues to show it. I do not know what to do at this point.

My next question concerns a judgment. I had a default judgment (I was stupid at the time) for 4200 that shows on my report. I have paid this back to the creditor (citi) and have a payoff letter. Question is, if I submit this to the credit agengies, will it just drag my score down?

thanks

Posted: Wed Feb 13, 2008 8:22 am Subject:

Can you send the letters from the other two agencies that removed it to experian to show them that the other two did in fact remove it?

Posted: Wed Feb 13, 2008 11:11 am Subject:

Texas affords you much better laws to deal with this, but it is a bit of a process. First you have to send them a DV letter, by Texas law they have 30 days to respond with proper validation, or they have to remove the item from the credit report. When they don't validate properly you can take them to court...but if you want to triple your award you use Deceptive Trade Practice act, which has you send them a written notice..they have 60 days to do whatever is directed in the note or they can be sued. So you should include the notice in the DV letter. You need to read up on Texas Finance Code and Texas Buisness and Commerce Code (chapter 17)

Posted: Wed Feb 13, 2008 11:14 am Subject:

OK, guest, here is where to start.

Asset Acceptance is known for reaging debts--this is illegal. What you need to do is send them a certified letter requesting debt validation. If you look in the do-it-yourself section of this forum, there are sample letters you can use, and a validation letter is there. This is important--you must send it certified mail return receipt requested--so you have proof that they received it. Once they get this letter, federal law requires them to cease all collection activity until they provide you with the validation of the debt.

Keep this in mind--interest and other fees are allowed, as long as the interest and other charges were mentioned in your original credit agreement. Anything above that, anything that you did not sign an agreement about, is illegal, and the debt validation is required by law for them to prove three things:

1--that the debt is really yours
2--that they have the legal right to collect it
3--that the amount they claim you owe is accurate, with no illegal charges added in.

Let them prove their claims--the law requires them to.

OK, now, for the default judgment you paid off. Is it already listed on the credit report as a judgment? If so, then showing that it's paid will only help you because you can show potential future creditors that you handled the obligation. But, if it isnt on the report now, then I would leave well enough alone. Adding a negative mark, even one that is paid in full, will hurt your credit score. Keep in mind that the credit bureaus cannot add the account there anyways--they can only add what the creditor reports to them. So, if you wanted it to show up on the report, and there is no entry there for the debt now, then you would have to contact the creditor and ask them to put it on. A judgment is a big black eye on your credit--if it isnt there then I wouldnt worry about it.

mrscoolh2 · Posted: Thu Feb 14, 2008 10:59 am Subject: assett

i know how you feel, i owed first usa, years ago, like 18 years ago, the original debt was 2000.00, now they say i owe 26,053.00. unbelievable. i have been trying to correct my credit, through a restoration company, and they have advised me not to do anything with that assett acceptance, and that even if i paid, it, it would not change my score. they are thieves!

Posted: Thu Feb 14, 2008 11:01 am Subject:

If that account is from 18 years ago it shouldn't even be on your credit report, if it is, you need to dispute it immediately.

Posted: Thu Feb 14, 2008 11:13 am Subject:

My advice to you mrscoolh2, get a attorney (you can start with naca.net) and sue the pants off of them as well as the credit reporting bureaus. It's not the first time they played along with something like this.

Posted: Thu Feb 14, 2008 2:10 pm Subject:

mrscoolh2: The company is right. If you paid them anything it would probably only do more harm than good. Send a cease communications letter, and if the old debt has been placed on your credit report, follow JCEMT's advice.

Guest · Posted: Fri Feb 29, 2008 10:12 am Subject: Asset Acceptance

Thanks for the advice. I have the letter ready and will search this site for the Asset Acceptance address. Will keep you posted on Progress.
Questions:
1)JOS82003 - you mention sending the letters from the other two agencies - I disputed this online - not sure how to go about this.

2. The judgement - Yes, it is already on my report. I was worried that if I update the judgement as paid, the clock would start over.

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