Asset Acceptance is buying debt at 2.46 cents on the dollar

Okay---so what does this mean to the average consumer in charged off debt situation?

That means, get ready. There is going to be even more abusive debt collection going on. Also probably more fdcpa violations as well. Is that what you meant Lorri?

Shouldn't they let the debtor know who has bought their debt?

Guest, Thank you for that very useful post. You are exactly right. We thought they were already bad its going to be on. KYSIDE38

Asset Acceptance is trying to collect a debt we had over 10 years ago for something that is no longer on our credit report! I told them it was taken care of-which it was-and that they are not to call us anymore--that was in December. I also told them they cannot put it on our credit report either.

Skip, telling a collector these things over the phone does little-to-no good. Put it in writing and mail it return receipt. If they try collecting after you've sent a cease and desist letter, you can go after them for FDCPA violations.

thank you so much morningstar--I guess we have been lucky--haven't heard anymore from them and when we checked our credit report, nothing there. But I will also send a letter to be sure.