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Valued Member
Posts: 34
Registered: ‎08-17-2009
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Asset Acceptance LLC

Does this collection company have the right to report as a factoring company? Thanks for your help!

Established Member
Posts: 32
Registered: ‎01-05-2013
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Re: Asset Acceptance LLC

No they do not.

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: Asset Acceptance LLC

Epic Contributor
Posts: 21,667
Registered: ‎03-19-2007
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Re: Asset Acceptance LLC

[ Edited ]

+1

Factoring is a perfectly legal business practice, and simply reporting as a factoring company is accurate.  It informs that they own the debt.

 

However, the secondary issue that arises is when a factor asserts, based on their purchase of the debt, that the consumer now has an account, such as an installment loan, with them.  That seems to be a growing practice with some debt collectors.

They are a debt collector subject to the FDCPA.  You dont have an account agreement with them, and they cannot report delinquencies

 

If reporting as a factor is accompanied by reporting of an account with the consumer or delinquencies on that "account," that is where they cross the line.

 

 

Regular Contributor
Posts: 224
Registered: ‎12-11-2012
0

Re: Asset Acceptance LLC

So what do we do ? Dispute, DV, what's our recourse ?
12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
Each One - Teach One
Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: Asset Acceptance LLC

Technically, they can.  Should they?  No.  A factoring company by definition buys good debts or portfolios from the OC to generate cash flow for the OC.  They are really CAs.  Now, they can report as a factoring company, it's what they do with that that may bring things into question.  Seeing as they can report as an OC using this ability, they sometimes do things that are beyond the scopes of the CA.  When this happens, you can fight them on it.

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Regular Contributor
Posts: 224
Registered: ‎12-11-2012
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Re: Asset Acceptance LLC

I knew it. So how do we fight them ? Through the CRA, BBB or another route ?
12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
Each One - Teach One
Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: Asset Acceptance LLC

Fighting them for listing as a factoring company is pointless.  Like said before, it's if they use that listing to report incorrectly that you can use to fight them.  Such as changing the settings set forth by the OC.  Changing the DOFD, changing the type of account, etc.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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Established Contributor
Posts: 905
Registered: ‎07-25-2008
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Re: Asset Acceptance LLC

I had asset acceptance listing as a factoring company, and listing as open account and 120+ days late to my CR

 

I had to file a complaint with the BBB but that did the trick they deleted


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: Asset Acceptance LLC

They were listing lates as a CA.  That's a No No.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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