Asset Acceptance LLC - Consumer complaints and ways to deal with them

Were you sued and not notified? Perhaps you could explain your situation further and we may be able to assist you with this issue.

i also recieved a summons from asset acceptance for a debt i owed in 1999.i have written them and ask for payment book and if i could pay small monthly payments on the acct. the said owed amt has tripled since 1999.i am currently unemployed and just feel its un fair.

Um...1999??? Wouldn't that make the account past SOL? Make sure to answer the summons and make your defense be that the account is past SOL...you can also ask for all documentation in the discovery and if they can't produce you can dismiss that way.

I have posted this story on a few sites in hopes that it will help others are being overcharged and/or taken advantage of.

My fiancé was sued by Asset as well. We/he never received a copy of the summons and complaint either. So a default judgment was entered against him. It seems like this company loves these kinds of cases. If you live in Michigan and you go to your local court’s website and check the online records you will see hundreds of cases filed by Asset. The majority of these cases seem to have no active defendant. I went through hundreds of cases before I found one where the defendant responded to the summons and complaint. That was the only case I was able to locate that Asset did not win. There was probably some settlement or the case was dismissed. So I decided we should file a motion to have the judgment overturned. I found an example of a completed motion, used that as a guide and filed the paperwork. He did actually have defense because we disputed the collection amount in numerous conversations and also sent certified letters asking for validation. They were asking for over $5000 than what was owed. We made sure we called Asset at least twice a month to follow up on the status of the validation we requested. We wanted to be proactive and resolve the issue. This went on for at least 6 months and we never received the validation. Finally in March we called like we did every month and their story changed. They used to tell us all the time that the paperwork was on the way. This time they told us they didn’t have to send it because they had a judgment against him. That was news to us. So I checked the court website and sure enough there it was.

When I filed the motion, I included the phone records showing over a dozen calls to Asset. I provided a copy of the letter with the signed proof of receipt. Then I was able to dispute their claim that he was served on 1/2/08 because he was actually out of town and we had the plane and hotel records to support that. But you have to be careful with this one because I learned that all they have to do is show that they attempted to serve you, file an affidavit and the court accepts that you were served. That was heartbreaking to learn. However, we still had the opportunity to ask the judge to overturn the judgment and I wanted to go for it. It wasn’t my debt but I was so nervous because I completed the paperwork and I was not confident that I had done it right. Our case started at 9:30am but we got there early. With about 5 minutes to go an Asset lawyer called us in the hall and offered a fair settlement. The judgment will come off his record and his credit report will be corrected as well.

To sum it up, if you feel you are being taken advantage of, fight it. Make sure you document all conversations. Maintain communication so they can’t say you are trying to avoid paying. Find a way to document your calls to them. ALWAYS ALWAYS ALWAYS ask for validation. It seems they rarely ever have this document. They may tell you they have it and they may even tell you they are working to get it out to you. But be careful because they could be working behind the scenes on a lawsuit you may know nothing about and if you receive court papers, always respond.

If these people are trying to contact you, this is an old debt; there is a good chance they bought this debt for pennies on the dollar, and trying to collect it from you for the full amount. The reason why who ever was the company who you owed, knows they cannot collect the debt from you anymore,(mostly b/c the statute of limitations has run out) so they sell it. Never give these people you account info, if you want to pay them send a money order. But if you know this debt is old and the limitations has ran out, you do not have to pay, But never say you owe the debt, will pay on the debt, b/c it start the clock all over. Just tell them if they contact you is "The Statute of limitations has run on this debt;and do not contact me again"
Just wanted to pass along what I learned.

Welcome to the community taymom.

So my wife had this show up on her credit from Asset Acceptance. This makes no sense, this is cut and paste from her credit report:

ASSET ACCEPTANCE COR
Account Number: FIRST USA-XXXXXXXX
Acct Type: Open Account
Acct Status: Open
Monthly Payment:
Date Open: 1/1/0001
Balance: $13,792.00
Terms:
High Balance: $10,012.00
Limit:
Past Due: $13,792.00
Payment Status: At least 120 days or more than four payments past due
Comments: COLLECTION ACCOUNT


Now does this look strange to anyone else?
Look at the date account opened?

This is a fictitious account for almost $14,000. This is absurd.

Outside of writing the letters to the credit bureaus, are there any other techniques to get this stuff off her credit report?

Thanks in advance for your opinions and advice.

Let's pick apart the errors, and by errors I mean Fair Credit Reporting Act violations.
1. Account states it is open, should be collection or closed (I'm sure it's been charged off)
2. Account type: Open account, this is not an open account, it is a collection account.
3. Date open is incorrect, this must match the original creditors date open so that when the original creditor's entry expires after 7 years, 180 days this will go with it.
4. Payment status, this s a collection account and you had never established any agreement to pay them, you cannot be past due, especially if it is a charged off account.

It looks to me like they are trying to post like they are the original creditor to further damage your FICO score. If they reported this way with all 3 major credit reporting bureaus then your looking at 12 FCRA violations which would be worth $12,000 in statutory damages.

Have you sent a validation yet?

so today i recieved a letter in the mail from asset acceptance that states

Dear ____

We have recently learned that you may have inquired with a mortgage company about purchasing a new home or refinancing the one you own. This may be the opportunity you have been waiting for to resolve your past due obligations. Now is a great time to take advantage of the Mortgage referral team here at asset acceptance llc.

The orginal creditor is AIMCO which i never even heard of to begin with. The only AIMCO i know is the transmission shop where we got our transmission fixed and my grandfather paid the balance in full using his credit card. There's no way I could be getting charged still from them.

Is this even right for them to do? I called them today without giving them my info and they told me that when I apply for something i authorize everyone to go into my report to see what i'm doing. i don't understand this. is this even legal for them to go into my credit report to check inquiries i have made? My husband and i are in the process of rebuilding our credit so we can buy our rent to own home. I was pretty upset today when I got this letter and i'm not sure if anyone else has recieved similary letters!

Nicole

I have been informed that a credit card has been used in my name with charges of $2700 (not sure if that is principal or interest included? They wouldn't tell me).

I am dealing with Asset Acceptance, Inc and they will not inform me of the charges, location of the charges, and such stating it is against their policy.

They have pressured me into paying them and now I am scheduled for court in 2-days.

What are my rights? I have spoken to the police department and I cannot get a police report without knowing where the charges were made. Help!

Concerned

I have an really old, outstanding bill from my wild, crazy, irresposible college days that Asset Acc. is attempting to collect. I totally forgot about it until now. I'm certain that the bill is mine, although it doesn't appear on my credit report and they have my middle initial incorrect. They are offering me a significantly discounted settlement offer (70%) that I would like to pay before it does appear on my credit report, but after having read this website I'm affraid of being ripped off. They say in their letter that I can go to paymybill.com to settle up. Should I pay this way, or should I pay by certified check or money order? I feel like I don't dare call them after having read the complaints registered here. Any suggestions?

how do they get our information?

is this a real company or a scam

I am a former employee of Asset Acceptance. I don't know if this will help you out, but on April 1, AA is set to lay off around a dozen employees in the Compliance/Legal department. Many of them are expected to be workers in the Quality Assurance Department. In other words, these are the very SAME people who are supposed to be monitoring the collectors so that they will not continue to violate your rights!
Also, you should all know that people in the QA department have REPEATEDLY complained that their reports against offending collectors have gone unanswered! In other words, the QA folks say, "Here are the violations we found!" and the supervisors and various powers that be basically say, "We can't hear you!"

This is the Asset Acceptance managerial hierarchy as of March 26, 2009. This information was sent to all associates of the company on this date by CEO Rion Needs via email. These names are being mentioned for informational purposes only.

Rion Needs President/CEO

Mark Redman Senior Vico Pres./CFO
Sharon Koenig Vice Pres and Controller
Jeff Bankowski Director Business Planning and Financial Analysis
Karen Dumas Director and Assistant Controller
Kathy Rodes Director Tax
Jeff Reese Director Internal Audit

Ambrish Sundaram Vice Pres Information Services
Jennifer Allen Director Applications Support
Shravan Kotha Director Data and Information Services
Jay Shell Director Infranstructure Services
Subra Sundaramurthy Director Strategy, Planning, Governance and Support

Darin Herring Vice Pres Legal
Bryan Jeffrey Director Legal Collections
Mike Beach Director Legal
Lynmarie Glowski Director Legal Support
Shawn Thomas Director Business Transformation

Phil Allen Vice Pres Collections
Dan Chapman Director Collections Strategy
Pat Dangel Director Collections
Chuck Hilson Director Collections
Greg Schlaff Director Medical Collections
Thom Whitten Director Collections

Deanna Hatmaker Vice Pres Human Resources
Tammy Hanton Director Human Resources
Moira Morgan Director Training and Development

Edwin Herbert Vice Pres General Counsel
Ken Proctor Director Compliance
Rob Horowitz Director Litigation Counsel

Deborah Everly Senior Vice Pres CAO
Jim Reitzel Direct Marketing
Scott Johnston Director Marketing and Acquisitions
Ken Frazier Director Marketing and Acquisitions