Asset Acceptance Capital Corp has been doing business since 1962 with more than 1700 associates. They usually purchase charged-off consumer debts for collection. They have been helping creditors for years to recover the debts they were powerless to get back.
When banks or creditors fail to get back the unpaid debts, after trying their best, they declare debts as charged-off. They pass these debts to collection agency like Asset Acceptance LLC to collect them on creditor’s behalf. Whenever you find Asset Acceptance Corp is following you for recovering debts, this tells you the fact that your creditor has sold the debts to the collection agency and from now on the collection agency would be responsible for recovery of old unpaid debts.
First of all you need to determine the ownership of debts. If you think that you are not the owner of the debts, you should immediately dispute them. If a collection agency is unable to verify the debts then you should inform credit bureaus to remove all negative marks associated with that wrong item.
Checking the SOL expiration dates is also useful because if the SOL period for the debt is expired according to your state then you should urge the collection agency not to contact or disturb you.
If the collection agency contacts you after the period of seven years than you do have the right by law to sue them for creating annoyance & troubles for you. Credit bureaus are supposed to remove debts which are older than seven years to comply with Fair Credit Reporting Act (FCRA). If you find that the credit bureaus have not removed the negative marks associated with asset acceptance collections from your credit report - especially after seven years have passed - then you need to inform them to remove the negative marks as seven years period is over.
When banks or creditors fail to get back the unpaid debts, after trying their best, they declare debts as charged-off. They pass these debts to collection agency like Asset Acceptance LLC to collect them on creditor’s behalf. Whenever you find Asset Acceptance Corp is following you for recovering debts, this tells you the fact that your creditor has sold the debts to the collection agency and from now on the collection agency would be responsible for recovery of old unpaid debts.
First of all you need to determine the ownership of debts. If you think that you are not the owner of the debts, you should immediately dispute them. If a collection agency is unable to verify the debts then you should inform credit bureaus to remove all negative marks associated with that wrong item.
Checking the SOL expiration dates is also useful because if the SOL period for the debt is expired according to your state then you should urge the collection agency not to contact or disturb you.
If the collection agency contacts you after the period of seven years than you do have the right by law to sue them for creating annoyance & troubles for you. Credit bureaus are supposed to remove debts which are older than seven years to comply with Fair Credit Reporting Act (FCRA). If you find that the credit bureaus have not removed the negative marks associated with asset acceptance collections from your credit report - especially after seven years have passed - then you need to inform them to remove the negative marks as seven years period is over.
