Asset Acceptance is a subsidiary of Asset Acceptance Capital Corp. and is headquartered in Warren, MI. It is the servicing arm for debts purchased by its affiliate, Asset Acceptance LLC.
Address: 28405 Van Dyke Ave., Warren, MI 48090-2036
Phone: 800-545-9931 or 800-505-5166
Asset Acceptance has been in business since 1962 and specializes in the collection of charged-off consumer debt. Most, if not all of the debts they collect have been purchased by another company under the Asset Acceptance Capital Corp. umbrella, Asset Acceptance LLC. Asset Acceptance had an initial public offering in 2004 and was listed on the NASDAQ stock exchange. They have over 1400 employees and have offices in nine states.
Asset Acceptance has been involved in various lawsuits brought forth by consumers throughout the years ranging from: Fair Debt Collection Practices Act, and the Fair Credit Reporting Act. Recently they agreed to a $2.5 million civil penalty from an action brought forth by the Federal Trade Commission.. At the present time, the Better Business Bureau lists over 900 complaints having been filed against this company within the last 3 years.
They have also been reported as collecting on debts outside a state’s statute of limitations as well as debts no longer being reported on a consumer’s credit report. Any credit reporting inaccuracies should be disputed directly with the credit bureaus at the outset of the discovery. In addition, if the consumer finds they are collecting on a questionable debt or potentially a debt that is past the state’s statute of limitations, it is important to request validation of the debt in writing from their corporate headquarters.
Settlements are generally favorable with Asset Acceptance but may vary based upon different consumer circumstances. Asset Acceptance generally uses a law firm name Fulton, Friedman & Gullace LLP to file actions against debtors. Settlement amounts and terms are normally favorable for the debtor assuming the case is not dismissed due to lack of debt verification information.