Asset Acceptance Deletion?

Hi NewGuyAACCChater

Don't let Asset Acceptance report in your credit file with wrong information. If they have your account information with legitimate details, they must validate it. Under the federal laws, Asset should give you the following information in your validation request. Have a look at the page below:

http://www.debtconsolidationcare.com/validation.html

The company must remove the item from your file if they have wrongly reported it. Under the FCRA laws, it is illegal for a company to report inaccurate information in the consumer's file. Violation of the law can result legal actions and you can sue them up to the extent of damages.

Don't make any payment agreement till you have reviewed the account properly. Talk to them and know the status of the account. It won't begin the SOL period. SOL is renewed only after you make some kind of payment activity in your account.

I thought I replied to this but it is gone.

They (AACC) use lots of tricks to really try to screw you because it is not just the history(35 % of score) but also the total balances (30%of score)that they affect by writing it as an open account a lot over the balance.

I feel like they keep trying to get me to speak more about the case so they can use it, the conversation as validation. I read one site that said in MD, where I will be moving, reaffirming the debt by acknowleging it may reset the SOL. I wouldn't acknowledge it unless it was just before settlement.

NewGuyAACChater

SOL becomes active only if you make a payment or make any commitment to pay the debt. Without it, the SOL can't be activated.

You can always talk to the company about the account or request something in writing. If you don't make any commitment, the debt is out of the SOL period.

Can it affect the validation with the CRAs. I am forsing them to validate it with the CRAs now. Can they just tell the CRAs ...he admitted to it so its valid? I don't want to give them any ammo.

The CRAs are not legally allowed to report inaccurate information in the credit report. You can sue them if the FCRA laws are violated by keeping wrong information without proof.

First of all if you owe a company money you should pay it. It is never wise to develope a pattern of collecting debt and then moving and never paying it back. Eventualy all that bad karma will catch up with you when you need it the most. I have first hand experience with this.

I have heard of some comapnies removing the file entirely off of your credit score with SIFing of BIFing. I recently paid 2 Asset Acceptance SIF's and was reported paid in full.

what is SIFing and BIFing?

Do not pay them a single penny.

Send them a cease and desist letter and at the same time disoute the entry on your credit report. Chances are better than 90 pct that the item will disappear. Once off your credit report, then who cares?

SIF settled in full or BIF balance in full.

A cease and desist letter will just cause the debt to be moved to another agency.

Down to 2 negative accounts. If I make a settlement in full with car company, will it go back on credit report? I thought you had to Pay in full to avoid having something another seven years on report?

Hi globetrotter

Any payment to your past account will come up in your credit report. This is to prove that the accounts have been paid in full and help you in improving your credit scores. Your file will take a better shape after paying them.