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Asset Acceptance LLC

Asset Acceptance has been in the business since 1962. They specialize in the purchase of debt from credit card companies, consumer finance agencies, retail businesses, and utilities.

Contact information:

Web: www.assetacceptance.com
Address:P.O. Box 2036
Phone: Warren, MI 48090-2036

Asset Acceptance Capital Corporation is the parent company and the debt-purchasing arm for Asset Acceptance LLC (the collection arm). Asset Acceptance will approach a credit card grantor, or originator and offer pennies on the dollar to buy, in some cases, million dollar portfolios. These debts are then sent to Asset Acceptance LLC for collections.

Asset Acceptance is notorious for using the court system to obtain judgments on defaulted consumer debts. They have gained a reputation for filing lawsuits against consumers with incorrect addresses. The court system is to have rules in place to help curb sloppy address verification but these are rarely enforced. Many consumers don’t realize they had even been sued until they notice their paycheck has been garnished or their bank account frozen. While judgments such as these may be vacated, it can be difficult without the help of legal counsel.

They are also known for collecting on debts that are past the statute of limitations. Accounts that are past the statute of limitations for a specific state are no longer owed by the consumer. However, the consumer is typically not aware of what the statute is for their respective state and end up paying the debt back due to collection activity by Asset Acceptance. In 2006 the Federal Trade Commission investigated Asset Acceptance for collecting on time-barred accounts. In 2012 a settlement was reached and Asset Acceptance was forced to pay a civil penalty in the amount of 2.5 million dollars.

Recently, Asset Acceptance Capital Corporation was purchased by Encore Capital Group in March 2013. Encore Capital Group is the parent company of a debt-buyer, Midland Funding, and it’s collection arm, Midland Credit Management. Both of these companies are discussed on this website.

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