Asset Acceptance

[Anonymous]

Hi all,

So I have been pretty successful at cleaning up my report and getting some new cards to built new payment history. I got a Chase account and old medical collection removed and got a Victoria secret card reopened as well as an Orchard card and Cap 1 card opened. However, I have one last big baddie that I want to deal with. I have an unpaid account with WFNNB-Express that is now sold off to Asset Acceptance. I have heard nightmares about this CA. Has anybody had success. Do you think it might be possible to get WFNNB to pull the account back if I PIF. The account it like $400 which I can pay but I want to figure out how to proceed. 

The account is last reported by express at a 0 balance and sold to another lender in November of 2009 but shows 13 90s, 1 60, 1 30. The thing is my dad thinks he paid the account off in 2008 and the weird thing is in the payment history it shows OK for 5 months in 08' and I DIDN'T make a payment.  Besides the point that we are trying to find proof of that, I would honestly be willing to pay the money again to get it off. AA is reporting as an installment account-late 120 days on EQ and a collection account on TU and EX. Any advice would be much appreciated! I want to get this off or at least improve the item in some way! 

Thanks in advance!

[britishbooklady]

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@Anonymous wrote:

Hi all,

So I have been pretty successful at cleaning up my report and getting some new cards to built new payment history. I got a Chase account and old medical collection removed and got a Victoria secret card reopened as well as an Orchard card and Cap 1 card opened. However, I have one last big baddie that I want to deal with. I have an unpaid account with WFNNB-Express that is now sold off to Asset Acceptance. I have heard nightmares about this CA. Has anybody had success. Do you think it might be possible to get WFNNB to pull the account back if I PIF. The account it like $400 which I can pay but I want to figure out how to proceed. 

The account is last reported by express at a 0 balance and sold to another lender in November of 2009 but shows 13 90s, 1 60, 1 30. The thing is my dad thinks he paid the account off in 2008 and the weird thing is in the payment history it shows OK for 5 months in 08' and I DIDN'T make a payment.  Besides the point that we are trying to find proof of that, I would honestly be willing to pay the money again to get it off. AA is reporting as an installment account-late 120 days on EQ and a collection account on TU and EX. Any advice would be much appreciated! I want to get this off or at least improve the item in some way! 

Thanks in advance!

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If WFNNB-Express is reporting a 0 balance, it means they no longer own the account and most  likely cannot pull it back from the CA. Is Asset Acceptance also reporting to your CRs?

If they are, I suggest you send them a DV letter (keep it short & sweet) via CMRRR. And, also call WFNNB to find out exactly what the status of the account is (i.e. whether it was paid off in 2008, etc.). There's no sense in paying some CA because they're reporting inaccurate data. Btw, isn't WFNNB the same as Victoria Secret? Is this the same Victoria Secret card that you got reopened?

On a side note, I just sent a DV letter to Asset Acceptance on Monday and this morning, when I pulled my reports, they were gone from EQ. They're still reporting to TU, though...but that may be due to TUs slow response system. So, there is hope in dealing with them.

[Anonymous]

Yeah...like I said Express stopped reporting in Nov 2009 and Asset showed up at that time...so currently only asset updates monthly.

Yes...VS is also through WFNNB so I was shocked they were willing to reopen the card. I was actually trying for a GW delete but that worked better since it's my oldest account and eventually the 2 late payments will fall off. 

Do you think I should proceed with a DV to Asset?

Can you PM me the address you used for asset and if it was a specific person you sent it to? 

Thanks for your help!!!

[britishbooklady]

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@Anonymous wrote:

Yeah...like I said Express stopped reporting in Nov 2009 and Asset showed up at that time...so currently only asset updates monthly.

Yes...VS is also through WFNNB so I was shocked they were willing to reopen the card. I was actually trying for a GW delete but that worked better since it's my oldest account and eventually the 2 late payments will fall off. 

Do you think I should proceed with a DV to Asset?

Can you PM me the address you used for asset and if it was a specific person you sent it to? 

Thanks for your help!!!

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Ok, I understand now...I was a bit confused at first. So, the TL on your CRs from WFNNB should update to a current status since they reopened your card...yes? You know, it seems to me that their willingness to reopen your account leads me to believe that the account was actually paid off at some point and that Asset either didn't get the memo or didn't bother to verify it was a valid debt when they purchased it.

So, yes, I think you should definitely DV Asset. I just sent my letter to the address reported on my CRs...but I will PM the info to you, just in case it's different from what you have.

Btw, congrats on all of your success thus far.

[Anonymous]

I just sent a GW email to Asset's CEO on 9/1. No response yet and so I sent another correspondence via US mail. I GW'd WFNNB and they were very easy to deal with   and sent a me a deletion letter. The original account.. I opened, charged on the card and completely boofed them. 30, 60, 90, 120, 150 ,150, 150, 150. SERIOUSLY delinquent account and thought they would laugh at me for requesting they delete it. They did though. Should the AA GW come back negative, I will send another letter saying the OC deleted the account and hopefully that will push them to delete as well. 

I should have asked wfnnb to reopen but w my history w them i felt silly asking. 

[RobertEG]

Very confusing as to the status of the debt.  Yes, you need to send a DV to the CA to clear this up.

When the OC first placed the account for collection, they obviously told the debt collector that there was unpaid debt. Additionally, as has been said, if the OC has also updated the balance of the debt owed to them to %0, that indicates that they did not just place the debt into collection, but rather sold it to the CA.  The OC has subsequently deleted their prior derogatory reportings

If all of  that reflects the facts, then you apparently have an unpaid debt that is now owned by the CA.

Several obserbations:

1.  The CA can never, even if they purchased the debt, report themselves as an original creditor, and cannot report any of their

       actions as an "installment loan."  YOu have never signed a contract with the CA, so they remain a debt collector,

      and not a direct creditor of yours.

2. The fact that the OC has deleted information from their OC acount reporting in no way compels any deletion by the CA

      of their reporting.  Apples and oranges.  If the debt was sold to the CA, then the OC has no control over

      any reporting done by the CA.

3. If you have proof that the debt was fulfilled with the OC prior to their referral to the CA, or their sale of the debt to the CA,

     that would negate the legality of any CA posting of a collection on a non-existent debt

4. You wont get any GW deletion by the CA if the debt is still unpaid.  Goodwill offers are  made to request deletions

     of information that no longer has a pending debt due on the account

    DV the CA to assure the debt is valid,  If it is, then maybe offer a PFD as a condition for payment.
    IF you choose to just PIF, then the debt becomes discharged, and then you can go the GW letter route.

If you want to pull out the bigger guns, you could, in addition to sending the DV letter, additionally send a "direct dispute" to the CA under the provisions of FCRA 623(a).

Allege, with what ever evidence you have, that the debt was paid prior to their collection activity, and thus assert that their posting to your CR was inaccurate.

Thiis, unlike a DV letter, compels their response back to you within 30-days.  . 

If you really want to use your full arsenal, then you could also send a direct dispute to the OC under FCRA 623(a), disputing their update of status on the OC account as referring debt owned to them for collection, when if fact, you assert that the debt was paid prior to the collection referral/sale of the debt.  That is information inaccurately reported to a CRA, and thus disputable.

[Anonymous]

Just to update everyone. I DV'd Asset and they haven't sent anything but I decided to call EXPRESS directly. The woman was SOOO helpful and pulled up my account and saw that I was correct about my account being PIF in June of 2008. For whatever reason, the account cycled back into collections for the same amount in November of 2008 but it was closed so no new balance could exist. She sent me a letter proving I paid the account in full so I could notify asset to remove their listing because there was actually no debt to purchase. Moreover, Express will remove all negatives after June 2008! I expect a score jump soon!!!

[Anonymous]

Wow that's awesome! Congrats!

[Anonymous]

Thank you! I got the letter in the mail today that verifies the account paid in full in June 2008 with a 0 balance. Also, it states they will update their reporting to the credit bureaus! All I have to do now is get Asset to remove it. I hope that won't be too difficult. I think the letter from Express would be enough!!

[Anonymous]

So Asset finally deleted which gave me a GREAT jump! My TU was at 585 and jumped to 645! And my EQ went from 624 to 646. WFNNB-Express was slow to change so I disputed it because it's been longer than they had promised (it's been 60 days past when they said it would be removed). They removed all the lates BUT they updated the status from current to collection/charge off and the remark to Payment after charge off/collection/Purchased by another lender. This account was not on my EQ so I didn't get a SW on it. However, I'm not sure how it affected my TU. If necessary, I will pull my report at the end of the month after the last of my card balances report @ 0. 

I'm not sure what to do from here. Should I just call Express and try to get them to reupdate the account? They removed all the wrongful lates but the account was PIF before they sent it to collection. 

This is frustrating! At least on a good note, I got a SW yesterday and my EQ jumped from 646 to 652. I'm guessing that's because I paid off 2 cards down to 0 and they reported.