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Member
Posts: 16
Registered: ‎07-21-2013
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Asset Acceptance Purchased By Encore Capital

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? 

Mega Contributor
Posts: 19,449
Registered: ‎03-19-2007
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Re: Asset Acceptance Purchased By Encore Capital

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.

Established Contributor
Posts: 841
Registered: ‎12-09-2012
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Re: Asset Acceptance Purchased By Encore Capital

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.

 

 

 

 

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Moderator
Posts: 22,406
Registered: ‎01-17-2008
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Re: Asset Acceptance Purchased By Encore Capital

Encore bought Asset and all of their subsidaries and debts.  If either one is reporting it would still be legal.

 

An aside, Encore owns Midland Funding also.

Established Contributor
Posts: 841
Registered: ‎12-09-2012
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Re: Asset Acceptance Purchased By Encore Capital

Thanks!

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
1/29/15 TU08 666 | EQ08 676 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1300~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 8K ~Care Credit 3,500
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Foreclosure (fall off 1/16)

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