Asset Acceptance is a large collection agency. They have the authority to report negative information about you to the credit bureaus. And they can file a lawsuit against you, for repayment of a debt. They maybe contacting you about a debt that originated as a charged off credit card, personal loan, utilities, cellular phone service, and more.
According to their website they are: “A leading purchaser and collector of charged off consumer debt.” This means, they are buying debt accounts from other collection agencies! It is important to follow the steps below, before you negotiate a settlement payment with Asset Acceptance. You may not be responsible to pay this debt. It is also important to clear credit report information about this debt account.
Asset Acceptance Capital Corp.
P.O. Box 2036
Warren, MI 48090-2036
Phone number: 1-800-545-9931
4 Steps To Resolve A Debt With Asset Acceptance LLC
1. Statute of Limitations
If your debt is a charged off credit card, for example. You are only legally responsible to pay this debt back for seven years. This time window starts to tick away after your first month of missed payments, with the original credit card issuer. However, debt collectors commonly violate this federal regulation.
They will illegally attempt to collect payment from you. And report bad credit about this account often past the seven year statute of limitations. For more about how to deal with collection agencies spend a moment to review the Fair Debt Collection Practices Act. These are federal rules and laws about how Asset Acceptance and any collection agency can attempt to collect a debt from you.
2. Debt Validation Request
If your debt is within the statute of limitations. You should request debt validation, before you pay. This will force Asset Acceptance to provide you the legal documents that show they have current ownership of your debt account.
Two big reasons why you need to do this. First, it is very common for collection agencies to not have the paperwork. Or just not be organized enough to access it, and possibly just not want to spend the time sending you the required information. If this happens, your debt is null and void. This means, you don’t have to pay and are not legally responsible!
Second, from insiders that work at collection agencies, we’ve been told that it is not out of the ordinary for a collection agency to continue to try and collect on a debt account. Even, if they do not have the legal rights to collect on that account.
If a collection agency sells your debt account to another collection agency. Then they are giving up their legal rights to collect payment on your debt account. Only the new agency can collect payment. But some debt collectors will continue to try and collect on a sold debt account, despite this being blatantly illegal.
3. Your Being Sued
If you are being sued, you don’t have to hire a credit attorney but it may be a good idea. You should be able to negotiate a settlement with Asset Acceptance and avoid a court date. However, if Asset Acceptance moves forward with their lawsuit against you, please do everything in your power to show up on your court date.
If you just don’t show up. Asset Acceptance will be awarded a default judgment against you. This could result in your wages being garnished for repayment!
4. Dispute Your Credit Report
A debt collection from Asset Acceptance or worse a credit report judgment is going to hurt your credit score. You can remove negative credit by disputing credit report information with the credit bureaus. It is going to be much easier to remove collections from credit report files than removing a judgment.
Don’t just live with the sky high expense of bad credit or harassment from collection agencies. Take action today and get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more about how to fix your credit with Dan Willis, sign up for our free newsletter, and join our congregation.
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