Variations on name: Asset Acceptance LLC, AAC, Asset & Lee
Acceptance, Asset Acceptance,
Asset Acceptance Capital Corp., Asset Acceptance Corp., FCC, Financial Credit, LLC, Lee Acceptance Corporation, RX Acquisitions
Website: http://www.assetacceptance.com /
Address: P.O. Box 2040 Warren, MI 48090
Other Basic Info
Number of Years in Business: Over 40
CEO: Rion B. Needs
CFO: Reid F. Simpson
Phone: (248) 465-8150 / (586) 446-1806 / (586) 838-3200 / (800) 336-2727 / (800) 455-2554 /
(800) 545-9931 / (800) 781-4401 / (877) 768-9844
Better Business Bureau Report Summary
We researched the Better Business Bureau reports on this company as of February 15, 2012 and found the following data:
Number of complaints processed by the BBB
- in the last 36 months: 977 complaints
- in the last 12 months: 272 complaints
The agency maintains “A+” due its handling of the complaints filed.
(January 30, 2012): Asset Acceptance LLC has agreed to pay a $2.5 million civil penalty to settle Federal Trade Commission charges that it made a range of misrepresentations when trying to collect old debts, and has agreed to tell consumers whose debt may be too old to be legally enforceable that it will not sue to collect on that debt.
The U.S. Department of Justice filed the proposed settlement order this week at the FTC's request.
Michigan-based Asset Acceptance buys unpaid debts from credit originators such as credit card companies, health clubs, and telecommunications and utilities providers, as well as other debt buyers, and attempts to collect them.
Asset Acceptance has purchased tens of millions of consumer accounts for pennies on the dollar. It targets accounts that other collectors have pursued and are more than a year past due, and in some cases attempts to collect debt that is more than 10 years old. Some of this debt is too old to be legally enforceable – state statutes of limitations cut off the right to sue to collect the debt after some period of time has passed, depending on the state and the type of debt. And many consumers do not know that making a partial payment of a debt may reset the state law's clock on the collector's ability to take legal action.
The FTC's nine-count complaint charged Asset Acceptance with:
-misrepresenting that consumers owed a debt when it could not substantiate its representations;
- failing to disclose that debts are too old to be legally enforceable or that a partial payment would extend the time a debt could be legally enforceable;
-providing information to credit reporting agencies, while knowing or having reasonable cause to believe that the information was inaccurate;
-failing to notify consumers in writing that it provided negative information to a credit reporting agency;
-failing to conduct a reasonable investigation when it received a notice of dispute from a credit reporting agency;
-repeatedly calling third parties who do not owe a debt;
-informing third parties about a debt;
-using illegal debt-collection practices, including misrepresenting the character, amount, or legal status of a debt; providing inaccurate information to credit reporting agencies; and making false representations to collect a debt; and
-failing to provide verification of the debt and continuing to attempt to collect a debt when it is disputed by the consumer.
The proposed settlement requires that when Asset Acceptance knows or should know debt may not be legally enforceable under state law – often referred to as "time-barred" debt – it must disclose to the consumer that it will not sue on the debt and, if true, that it may report nonpayment to the credit reporting agencies. Once it has made that disclosure, it may not sue the consumer, even if the consumer makes a partial payment that otherwise would make the debt no longer time-barred.
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