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guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: Asset Acceptance LLC

[ Edited ]

A factoring company and a debt buyer are one and the same for credit reporting, they both are coded identically.  A CA has a different code.  It does not make them the OC.  It specifically states that now matter how many times the debt was sold or transferred, the OC, the one that extended the credit, has to be shown on the CR.

 

A CA or factoring compnay can show the worst delinquency on an account but they cannot add lates to it. 

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Asset Acceptance LLC


guiness56 wrote:

A factoring company and a debt buyer are one and the same for credit reporting, they both are coded identically.  A CA has a different code.  It does not make them the OC.  It specifically states that now matter how many times the debt was sold or transferred, the OC, the one that extended the credit, has to be shown on the CR.

 

A CA or factoring compnay can show the worst delinquency on an account but they cannot add lates to it. 


Where they to be listing themselves properly as a CA, they would not have the option to post lates.  I had a CA, listing as factoring company, adding monthly lates, listing as an open revolving account and even changed the DOFD.  It is not the process of the CAs listing as a factoring company that causes false information, it's what they do with it.  It's a loophole in the system that should be addressed.


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hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
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Re: Asset Acceptance LLC


Shogun wrote:

guiness56 wrote:

A factoring company and a debt buyer are one and the same for credit reporting, they both are coded identically.  A CA has a different code.  It does not make them the OC.  It specifically states that now matter how many times the debt was sold or transferred, the OC, the one that extended the credit, has to be shown on the CR.

 

A CA or factoring compnay can show the worst delinquency on an account but they cannot add lates to it. 


Where they to be listing themselves properly as a CA, they would not have the option to post lates.  I had a CA, listing as factoring company, adding monthly lates, listing as an open revolving account and even changed the DOFD.  It is not the process of the CAs listing as a factoring company that causes false information, it's what they do with it.  It's a loophole in the system that should be addressed.


+1 


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Supermommy
Posts: 34
Registered: ‎08-17-2009
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Re: Asset Acceptance LLC

How would I know if it's an open revolving account? I'm looking at my transunion CR.  Learning...

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roqiin_tkdk
Posts: 5
Registered: ‎12-15-2012
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Re: Asset Acceptance LLC

Oh, this company tried to sue me on an old debt past the SOL in my state of California.  I hired a consumer law attorney which helped rid of the whole account from all of my credit reports, and also got my case dismissed!  Hire a debt attorney to deal with these folks, it only costed me $1500 and the lawyer accepts payment plans.

 

 


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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Asset Acceptance LLC

In California, I thought there was a law about filing for a judgement outside of SOL.  I'll have to look into that.


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roqiin_tkdk
Posts: 5
Registered: ‎12-15-2012
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Re: Asset Acceptance LLC

For sure!  I dealt with Zwicker and Associates on a previous case however I was stupid and ended up just settling it, instead of fighting it.  I only had a parelegal help me with court documents.   This time I hired help of a debt attorney.  For sure, the SOL in California is 4 years from the last date of the last payment, I believe- or something of the sort.

 

Asset Acceptance tried to sue me based on the notion that I have an OPEN BOOK account, but the account was closed since 2007 and last paid that year.
 They tried to change their attorney and back off  - after they finally noticed this is an old account.


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