Asset Acceptance Reporting Collections as Revolving Accounts

[Anonymous]

Hi,

I just bought all three FICO scores from MyFICO, with the Suze kit... On EX and EQ Asset Acceptance is reporting my old gas bill (which I paid in full last year) as a revolving account that is 120 days past due. Every month it says 120 120 120 and those two scores are now crap because of this. On my TU it is reported as a Collection (Paid). My TU is nearly 60 points higher than the other two.

Is this legal? Can they report a collection as an account? I mean the gas company never reported it on my reports as a positive the seven years I paid them. WTF?

Help is appreciated. Please!

[Anonymous]

They did the same thing to me. Revolving account marking it late every month. That's one of the first things I h ad to deal with. They are ruthless. As it turns out they were reporting an account that PIF without even making it to collections. Bastages.  I fought with them for a long time. They they updated it to paid but still showed it as a collection but it never should have been a collection in the first place. Got copies of everything from utility company but they didn't care.  I finally got ahold of a woman there that said "This account shows it was paid with no collection activity". I asked her what the h*ll that means and she told me that it should not even be in their database because it was paid without even being past due. I told her I had been saying that for 6 months! LOL.  She had it removed and it really was taken off for good. I must have spoken to about 10 rude, relentless and I say this well deserved B*TCHES who treated me like gum stuck on the bottom of their shoes before I got this woman. Thank god for her!

Good luck. Asset Acceptence sucks the big one! Don't give up. I told one girl I was going to fly back to Chicago and sit on her desk until it got fixed. LOL

[Anonymous]

Are they in some sort of FCRA or FDCPA violation for this?

[Anonymous]

a collection account by a CA should be reported as closed account and in the collections sections.

i would send them a letter stating they are in violation of FCRA for reporting incorrectly the alleged tradeline. any further incorrect reporting would be treated as willful violation of FCRA and prosecuted accordingly. I would give them one week to fix before moving on to protect my rights with all legal means available.

[Anonymous]

Thanks demed. I sent a complaint to the BBB and FTC. I also drafted a GW/Slap on the hand type letter to Asset. I have heard from people (including the poster above) that Asset will try their best not to do anything (out of sheer laziness or ignorance, I am not sure). I am being nice and giving them 14 days to either remove it, or send it to the collection accounts area of my reports. .I will of course send CMRRR.

Knowing that they probably are not going to budge, what would be the next course of action? Small claims? NACA attorney?  

[Mommyto2boys]

Hi Pappy,

I have this same issue with Medclear on my Equifax report. Can you share the letter you sent to the CA, BBB and FTC? I am unsure what to send them. Any help would be appreciated. Thanks.

[Anonymous]

Remember Medical Colections are different. But here is what I wrote to the FTC and BBB...

On June 16, 2008 I paid a collection in full with Asset Acceptance of Warren, Michigan. When I checked my credit report today (Jan. 22, 2009) my scores were a lot lower than expected. My equifax and experian reports both list this collection as a revolving account. Something called a "factoring company account". They are also reporting me 120 days late, even though it is paid in full. It is a collection and should be in the collection area of my report, not in the account area. It is for an old gas bill from 2003, and to my knowledge Xcel energy never reported this as a Tradeline on my reports. In fact I had Xcel for seven years and they never reported this as a positive TL, so why can Asset Acceptance report it as a negative TL?  This is the type of stuff that gives collection agencies a bad name. Also, since it is being reported under accounts as opposed to collections, it won't fall off next February like it should, it is "scheduled" to stay on until 2014... thats 100 percent unacceptable. I am seriously thinking about suing this organization and the original creditor for violations of the FDCPA and FCRA.  

My Transunion report lists this under collections as it should also be listed on the other two. Therefore I am filing this complaint with your agency to get this matter resolved.

I made it short and simple.