topic Re: Asset Success in Rebuilding Your Credit

Asset Success

Erica1 — Wed, 06 May 2009 21:04:01 GMT

Just wanted to share in case someone else is having an issue with Asset. I DV'd them twice and the only response I received was a form they wanted me to fill out giving them information, obviously they couldn't validate. I don't believe the account was mine in the first place so that makes sense. After they kept reporting the account as "in duspute" for months with all 3 CRA's, I filed a complaint with the BBB stating they obviously could not validate and listing my other complaints about their reporting (listed as factoring company, a couple other small things), but noted that my main complaint was that they were listing negative info on my CR's when they couldn't validate it, lowering my credit score. Just wanted those of you also dealing with them to know that they are apparently receptive to BBB complaints.

Re: Asset Success

MizzB — Wed, 06 May 2009 21:06:30 GMT

@Erica1 wrote:
Just wanted to share in case someone else is having an issue with Asset. I DV'd them twice and the only response I received was a form they wanted me to fill out giving them information, obviously they couldn't validate. I don't believe the account was mine in the first place so that makes sense. After they kept reporting the account as "in duspute" for months with all 3 CRA's, I filed a complaint with the BBB stating they obviously could not validate and listing my other complaints about their reporting (listed as factoring company, a couple other small things), but noted that my main complaint was that they were listing negative info on my CR's when they couldn't validate it, lowering my credit score. Just wanted those of you also dealing with them to know that they are apparently receptive to BBB complaints.

What was the outcome of the request? Has the information been removed from your credit file?

Re: Asset Success

Erica1 — Wed, 06 May 2009 21:12:48 GMT

Sorry, I guess my post wasn't as clear as I would have liked. Asset deleted the tradeline from my file from all CRA's. The only correspondence I received regarding the complaint was from the BBB saying they were opening a complaint against them. I guess Asset realized they couldn't validate and chose to delete rather than fight it. I noticed when I filed my complaint that they have an A rating with the BBB so it seems like they do care about their rating and want to keep it clean.

Re: Asset Success

Anonymous — Wed, 06 May 2009 21:40:49 GMT

I hope you're right about BBB complaints and Asset.

I have a complaint against Asset that is now 12 days old. I contacted the BBB today for an update and they said Asset has 30 days to reply. I then asked, "what if they don't" and the BBB stated that they would be penalizaed by the BBB and that usually doesn't happen. So, I'm hopeful that I get the same result as you Erica 1.

Congrats!!!

Re: Asset Success

Anonymous — Wed, 06 May 2009 23:56:13 GMT

Congrats! That's good news. I have a collection through Asset right now. Can you tell me more about the account being listed as "Factoring Company"? Mine is listed the same way. As well as "Installment" (its a revolving account) and "1 month terms".

Re: Asset Success

nothingman02 — Thu, 07 May 2009 01:32:51 GMT

A JDB such as Asset Aceptance is a Collection Agency. They would have identified themselves to you as such as well. IMO, They ARE NOT a FACTORING COMPANY as they would claim. Factoring companies buy accounts in GOOD STANDING (NOT IN DEFAULT) albeit with an intent to collect on the account. But thats the distinction. The debt is not in default. It could go in default later on but thats the risk the Factoring companies dopt. They also verify the account with the consumer before they acquire the same.

The JDBs might claim that the CDIA Metro2 Manual states that they are a Factoring company since they are collecting on a debt. But in my books, thats not accurate and IS a violation. The only reason that I can think of that they do this is so that they do not have to adhere to the FDCPA as they would claim they are not a CA.

I will try and post the pertinent excerpt from the CDIA metro2 manual but you could google it.

Listing the a/c type as an Installment a/c (Guessing on EX?) is also IMO a violation.

But you would need more and more such violations to formulate a case. One or two could be dismissed as bona fide errors. But probably not if there are numerous violations of all sorts. Keep diggin i'd say. I am dealing with Asset as well and am into the 5th month now.

Re: Asset Success

Anonymous — Fri, 15 May 2009 16:44:12 GMT

I just filed a complaint against Asset with the BBB, too, for validation reasons also. They would only send me an internal invoice with the balance they want me to pay. Nothing from the original creditor.

I will keep everyone informed of the outcome. I hope I get good results as well.

Re: Asset Success

Anonymous — Fri, 15 May 2009 20:37:35 GMT

Which branch of the BBB do you file with? I too have an unvalidated debt w/Asset - been trying since SEPTEMBER to get them to validate - all I ever get is the one page "form letter" that says you owe this much for this debt. Period...I'm at my wits end!

***********************************************************************
800FICOwannabe

05/14/09 - FICO scores: EQ - 671, TU - 647
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
02/28/09 - updated Tri-Merge: EQ - 699, EX - 651, TU - 571
09/01/08 - starting scores Tri-Merge (Morgtage Enhanced): EQ - 607, EX - 556, TU - 534

Re: Asset Success

Anonymous — Fri, 15 May 2009 20:38:08 GMT

Anyone out there have a form letter for the BBB complaint that I could use?

Re: Asset Success

Anonymous — Fri, 15 May 2009 22:29:57 GMT

Just look them up on the BBB website and file with their local BBB.

Re: Asset Success

Anonymous — Sat, 16 May 2009 05:20:37 GMT

I went to the BBB site and searched for Asset Acceptance. I then clicked file a complaint. It was very easy. I also filed complaints with FTC, Michigan AG and my state AG.

Re: Asset Success

Anonymous — Tue, 19 May 2009 12:26:51 GMT

I just received this response from the BBB regarding my complaint with Access:

This letter is in response to the complaint filed by the consumer that we received regarding account # XXXXXXXXXX. Please be advised that Asset Acceptance LLC (AALLC) is the purchaser of the above referenced account.

I have had a chance to review the consumer's complaint as well as the account history. Please be advised that AALLC has investigated the information it is reporting to the consumer reporting agencies regarding the above referenced account, and has has concluded AALLC is providing accurate information to the consumer reporting agencies. However, in the interest in resolving this matter after the consumer's request for reinvestigation AALLC will request the removal of its tradeline with the appropriate credit agencies regarding this matter. Please note that it may take the credit reporting agencies time to update the consumer's credit report, pursuant to this request.

I hope this adequately addressed the consumer's complaint. If I can be of further assistance, please feel free to contact me.

Sincerely,
XXXXXXXXX
Staff Attorney/Debt Collector
Asset Acceptance LLC
A Debt Collection Company

So, it looks like contacting the BBB regarding Asset will get you some results.....at least it did in my case.

Re: Asset Success

Anonymous — Tue, 19 May 2009 12:28:22 GMT

Well, how nice. They are reporting accurately but going to remove the TL. Sure!

schlebrock wrote:
I just received this response from the BBB regarding my complaint with Access:

This letter is in response to the complaint filed by the consumer that we received regarding account # XXXXXXXXXX. Please be advised that Asset Acceptance LLC (AALLC) is the purchaser of the above referenced account.
I have had a chance to review the consumer's complaint as well as the account history. Please be advised that AALLC has investigated the information it is reporting to the consumer reporting agencies regarding the above referenced account, and has has concluded AALLC is providing accurate information to the consumer reporting agencies. However, in the interest in resolving this matter after the consumer's request for reinvestigation AALLC will request the removal of its tradeline with the appropriate credit agencies regarding this matter. Please note that it may take the credit reporting agencies time to update the consumer's credit report, pursuant to this request.
I hope this adequately addressed the consumer's complaint. If I can be of further assistance, please feel free to contact me.
Sincerely,
XXXXXXXXX
Staff Attorney/Debt Collector
Asset Acceptance LLC
A Debt Collection Company

So, it looks like contacting the BBB regarding Asset will get you some results.....at least it did in my case.

Re: Asset Success

Anonymous — Tue, 19 May 2009 14:31:05 GMT

sidewinder wrote:
Well, how nice. They are reporting accurately but going to remove the TL. Sure!

Hahaha, my thoughts exactly!

Now let's see if they actually do what they say and remove the TL from my CR's.

Re: Asset Success

nothingman02 — Tue, 19 May 2009 14:56:56 GMT

Nice! Just curious, what was your complaint? Violations? Not validating? Inaccurate reporting?...

Re: Asset Success

Anonymous — Tue, 19 May 2009 19:55:04 GMT

nothingman02 wrote:
Nice! Just curious, what was your complaint? Violations? Not validating? Inaccurate reporting?...

I had disputed some information several months ago but "Consumer Disputes Account" comments were still on my EQ CR.

Since I'm in the process of a buying a house and needed these comments removed to gain UW approval, I ended up disputing the dipsute online through EQ. However, the dispute came back verified and the comments still remained.

So, I finally sent the BBB a complaint saying that I no longer have any disputes regarding this account and they need to update my CR immediately. Failure to do so constitutes inaccurate reporting and is a violation of my rights under the FDCPA.

I gave them two options......either remove the comments or delete the TL completely. Guess they just decided to delete the TL completely.

Go figure!

Re: Asset Success

mystikal1 — Tue, 19 May 2009 20:33:45 GMT

Who did you file the BBB complaint against, EQ or the creditor?
@Anonymous wrote:
I had disputed some information several months ago but "Consumer Disputes Account" comments were still on my EQ CR.

Since I'm in the process of a buying a house and needed these comments removed to gain UW approval, I ended up disputing the dipsute online through EQ. However, the dispute came back verified and the comments still remained.

So, I finally sent the BBB a complaint saying that I no longer have any disputes regarding this account and they need to update my CR immediately. Failure to do so constitutes inaccurate reporting and is a violation of my rights under the FDCPA.

I gave them two options......either remove the comments or delete the TL completely. Guess they just decided to delete the TL completely.

Go figure!

Re: Asset Success

Anonymous — Tue, 19 May 2009 21:09:31 GMT

@mystikal1 wrote:
Who did you file the BBB complaint against, EQ or the creditor?

I filed it against Asset because they were continuing to report the "dispute" remarks in the comment section of my EQ report.

Re: Asset Success

mystikal1 — Tue, 19 May 2009 21:31:22 GMT

So the creditor maintains the remark section? I always thought that was the CRA. Thanks alot. You do learn something new everyday.
@Anonymous wrote:

I filed it against Asset because they were continuing to report the "dispute" remarks in the comment section of my EQ report.

Message Edited by mystikal1 on 05-19-2009 02:31 PM

Re: Asset Success

Anonymous — Tue, 19 May 2009 21:38:16 GMT

@mystikal1 wrote:
So the creditor maintains the remark section? I always thought that was the CRA. Thanks alot. You do learn something new everyday.

Actually, they both have the ability to put remarks in the comment section. This was just a case where the CA put in the "dispute" remarks and not the CRA.