Help with Asset

[Anonymous]

I have been trying to rebuild my credit starting last year and have made progress slowly but surely.  I've gotten my free credit reports over time and checked into them and knew I had a couple credit cards charged off.  Well both were sold to other CAs and one I worked out and paid off while getting another unsecured credit card in the end to help me finally get started on rebuilding. 

The second one though was sold off to Asset Acceptance LLC.  Originally my report has shown the OC as charged off with the remark that it was sold to Asset Acceptance.  A year later I checked and found that they then used an internal company of theirs Asset Recovery to further try to collect on the debt and added a new line thus showing two lines on my report for the same debt and this time too both were shown as "open".

I tried to dispute that to the CRAs and that was a waste of time as they did nothing.  I read how it was in violation of the FDCPA and took it up with Asset through the BBB.  It took some time but in the end Asset Acceptance finally removed the Asset Recovery line on my reports.  Now my reports Don't even show the OC as charged off at all but changed completely to Asset Acceptance only referencing the OC and debt as an OPEN account.  Also they made the remark that I disputed them and they are in compliance with the FCRA even though they were in violation with FDCPA as they corrected it once I brought that to the BBB's attention.  Oh and they are adding interest.  Original charge off was $515.  Now they are saying I owe over $600 so far.  Seems to be adding 2 dollars or so each month.

Well a few months back I tried to obtain a new apartment and was denied because of Asset Acceptance showing as an open account on my report.  I tried to explain the situation but the Realitor could care less at that point.  So seeing how this is having a pretty huge impact on my life, I need it gone.

I need help/advice on where to go next.  I do know the debt is mine, I'm not disputing that but just don't like how shady this company has been and not sure how to go about settling with them to get them to at least close the account for good and considered it paid.

Also are they allowed to charge interest?  Not sure what OC contract was as I no longer have it and I reside in KY so perhaps is a state law they are using?

Anyways any advice trying to work with this CA would be great!

[gdale6]

The item can remain of file for up to 7.5 yrs from the original DoFD of the account if the OC account is gone its a good possiblity that CRTP has expired and if so you would dispute it as too old to remain on file, if the CRAs dont remove it then a CFPB complaint is in order. If this can still be reported on your CRs then you need to figure out if your states SOL has passed on the debt (written contract statute would apply here), if so you can settle it for less than the full amount as they cant obtain a successful judgment if you assert the SOL.

I see you live in KY, there has been some recent activity from the 6th circuit court of appeals (federal) concerning the amount of interest the JDB can charge you once the OC COed the account, here is the ruling  http://www.ca6.uscou...14a0266p-06.pdf

If these are still within the SOL then you might consider a PFD...

[RobertEG]

I dont know what section of the FDCPA you are referencing as prohibition against two debt collectors reporting on the same debt.

Perhaps a general interpretation that they are taking an action they are not permitted to take?

Regardless, there is no express provision of either the FCRA or FDCPA that prevents two collections from simultaneously reporting on the same debt.

However, the CRAs have an internal credit reporting guideline instructing debt collectors to delete their reporting if the debt remains unpaid and they are no longer the active debt collector.

Reporting by a debt collector that their collextion is Open is not inaccurate.  Any collection is open until either their collection authority is terminated or the debt is paid.

As for continued interest, yes, that is proper if expressly authorized in the account agreement that created the debt.  See FDCPA 808(1).

It appears that prior asserted errors have been corrected and you have a collection reporting as open on a debt you admit is yours.

I would advise offering a PFD to attempt deletion.  Acceptance of a PFD is a form of GW, and continued confrontation is not likely to promote their good-will.

If they wont agree to a PFD, then perhaps a settlement for less with their agreement not to report that the debt was settled for less, thus making it appear in your CR the same as if you had paid in full.

[Anonymous]

I just finished dealing with an Asset Accept. account.  It was an old Juniper card that was sold to Asset.  I settled the account with them years ago - which you should try because they were actually easy to settle with.  Unfortunately, Asset reported a 2011 date vs. the original 2008 date.  I too tried disputing and my account was updated with Asset but the original Juniper account was removed.  NOT what I was trying to do!

An account can be sold to a CA but per Experian:  

Federal law requires that lenders and collection agencies report the original delinquency date of the debt, which is when the seven-year time starts. That date cannot be changed, even if the lender sells or transfers it to a new owner. 

I used this verbiage when I called Experian and told them the way they "resolved" my dispute is NOT what I was trying to accomplish.  Because the original date for me was Feb 2008, I was able to get the Asset acct.  removed from my report. Juniper was removed last month after the dispute.  Once I explained the issue, the EX rep was very helpful.  While yours may not be old enough to get removed, you can at least dispute the original date to help get it removed sooner than later.

[Anonymous]

The SOL is over in my state but the account itself has a couple more years on my reports.   I am wanting to just settle with them so they can show the account as paid off so when I continue to look for another apartment again it's not held against me.  I am pretty new to all of this so don't know exactly how to go about it.  I've read saying it's okay to talk with the CA and work out a deal and then I've read that it's not a good idea because it can reset the SOL. 

I just want to get AA paid and show as paid if not taken off the report.

Also while I was on here I haven't got my annual credit reports yet this year... got them and so far found another CA trying to report on an account I am not familiar with so sent them a DVL and will see where that goes.

But more less do I call them and tell them such as here is x amount I am willing to pay (I'll make it lower than what I am originally willing to pay incase they want to negotiate higher) to have it marked as paid and account closed.  Also do I mention to have this in writing before any payment is made?  I genuinely want to do the right thing here but I don't want to get burned at the same time.

Thanks!

[Anonymous]

I would call them and tell them you pulled your credit report and found them on there.  You aren't familiar with them and what the account is for.  If it is a legit collection, ask them for a goodwill settlement and if it sounds too high counter.  Be sure to get all the information in writing as well.  They will do that.  I still have my letter.  I settled for $100 and they reported it paid in full on my report.  It has been on my report since 2012 with the remarks "Paid Collection".  I recently had it removed all together from using the original debt date they reported on this letter.

[Anonymous]

Okay so I can call Asset and tell them I would like to work out a settlement and after we come to an agreement I ask for everything to be sent in writing.  So I would wait on payment until the letter with the correct details on the settlement is recieved then right?  I know this should be pretty straight foreward but for some reason this stuff makes me nervous

[lavencedora]

Asset Acceptance is a baddie, owned by Midland. They are very cut-throat with their tactics and use many of the same devices, including making it look like a recent, open line of credit rather than an extremely old collection, as well as charging what can be very excessive interest (in your case, sounds more reasonable -- in mine, they more than doubled a $3k debt with interest & fees).  

I was able to argue the DofFD was improperly reported, and also specified in my letter ALL reporting that made the account appear something it wasn't to creditors.  Even items that are not specifically against the law, are extremely misleading and leave a false impression of your credit-worthiness. That is a point I was willing to press with AA and to any regulatory agency in complaints. In my case, it was beyond SOL and I had NO INTENTION of paying them anything, as I'd already paid well more than I initially owed to OC and because I don't believe in the Midland/AA ball-busting tactics. I made complaint directly to AA & they, of course, don't admit to doing anything wrong. After trying to deal with them directly, I made a CFPB complaint. They also responded to the complaint, saying they didn't do anything wrong (they won't admit wrongdoing to a regulator) ... BUT, they removed the reporting!  If you want to pay this, then try to work out a PFD or a settlement in terms of price, then if no PFD, work on trying to Good Will it off. But, if you believe they have done anything illegal at all (any incorrect reporting) and/or unethical -- I encourage you to make a CFPB complaint.  I found people's comments here discouraging in terms of whether I really did have a case against AA, but I gave it my best & I DID get them OFF MY REPORT!!! Good luck. Whichever way you go, you *will* get through this...

[Anonymous]

Now that you mention it they are reporting my collection as if it is a new open account.  This is why I lost the apartment.  I tried to explain to the person that it was a very old collection (will drop in 2 years actually) but she wouldn't have anything to do with it or reason.  So looks like I will following suit then and file a complaint.  I have worked with another CA named Jefferson Capital who made the whole experience actually pleasant and they made me feel like a human unlike Asset Acceptance has and yes they have played other illegal tactics which I was able to call them out on.

Such as the double posting of the same debt on my account.

I'll be filing a complaint very soon.

[RobertEG]

All collections are open until their collection authority is terminated or the debt is paid.

Open date for a collection is reported as the date they received collection authority, and does not reference when the debt was incurrred.

As for double reporting, do you mean both the OC and collectin are in your CR?

If so, that is not double reporting of the debt.

The OC, if still reporting a balance, is reporting debt owed to them, and the debt collector is them reporting the amount they are authorized to attempt to collect on behalf of the owner.