12-18-2013 06:35 AM
I have a HSBC/CapOne Best Buy CC debt with Asset Acceptance. I received the dunning notice back in May 2013, but I never sent any DV due to fear of being sued and that I could not pay. As usual, they have listed themselves onto my CR. I have read that a company called Encore Capital Group has closed the AA acquisition. Since my debt is supposely with them and that I never heard or received anything from them, what happens now? Is it possible to have the old AA tradeline removed?
12-18-2013 07:13 AM
At the time of their reporting, debt collector 1 had legitimate collection authority, and thus their reporting was accurate.
Upon acquisition by debt collector 2, then if they later report, they, as heirs to the business of debt collector 1, would be required under the FCRA to update the reporting of debt collector 1 to Closed, $0 under collection. They would have both knowledge of and authority to update that reporting, and would be required to do so under FCRA 623(a)(2).
There is no requirement under the FCRA that a debt collector's reporting must be deleted based on termination of their collection authority.
However, the CRA reporting manual includes instructions that a debt collector should do so.
Thus, you would have basis for asserting that the prior reporting of debt collector 1 be deleted, but it would not be based on any statutory requirement, and any failure to do so would not be a violation of the FCRA.
If they report, I would contact them and ask for deletion based on the instructions in the CRA reporting manual.
12-22-2013 02:21 PM
Purchased 6/12/13. So If Encore bought Assect Acceptance ( the company) that also means they bought the current Debts they owned to collect correct?
So If this was Done back in 6/13 and the legally no longer own the debt, can they legally place a collections on your credit report after that date and continue to update the amount ( not the name) with the the CRA AND call and collect payments on the debt they sold?
I have never gotten anything from Encore about this Nor Asset Acceptance.
12-22-2013 02:28 PM
12-22-2013 02:45 PM