It’s a disturbing experience to have a company like Asset Acceptance, LLC, a firm that you’ve never heard of, telling you to pay a debt that you may not even recognize. And you may not recognize it for a reason: In many cases, debts like these are errors.
Here’s how to make sure you owe the debt before you pay up.
Table of Contents
- What is Asset Acceptance, LLC?
- Who does Asset Acceptance, LLC collect for?
- Is Asset Acceptance, LLC a scam?
- How to stop Asset Acceptance, LLC from calling you
- How to remove Asset Acceptance, LLC from your credit report
- How to deal with Asset Acceptance, LLC harassment
- Should you pay Asset Acceptance, LLC?
What is Asset Acceptance, LLC?
Asset Acceptance, LLC (also known as Asset or Asset Acceptance) is a debt collection agency. It’s a subsidiary of Asset Acceptance Capital Corporation (AACC), which was founded in 1962 with headquarters in Troy, MI. 1 2
In 2013, Asset Acceptance Capital Corp. was acquired by the global debt collection company Encore Capital Group, Inc. 2 Encore Capital Group and its subsidiaries are based in San Diego, California and constitute the largest debt buyer and debt collector in the US. 3
How Asset Acceptance may appear on your credit report
Asset Acceptance also operates under the following names: 4
- Asset Acceptance Recovery Services, LLC
- Asset Acceptance Capital Corp.
- Financial Credit, LLC
Debts that Asset is trying to collect might appear on your credit report under any of those names.
Who does Asset Acceptance, LLC collect for?
Asset Acceptance is a debt buyer, and they collect various types of consumer debt. Roughly half of the debts they collect are credit card debts. 2 In particular, they specialize in collecting very old debts that have already been owned by another debt collector.
Here are some examples of the types of debt they collect: 2
- Credit card debt
- Retail debt
- Utility bills
Is Asset Acceptance, LLC a scam?
No, Asset Acceptance, LLC isn’t a scam—they’re a legitimate debt collection agency with accreditation by the Better Business Bureau (BBB). However, this doesn’t mean they’ll always behave ethically.
Asset Acceptance and their parent company, Encore Capital Group, have faced serious lawsuits from the US government and the Consumer Financial Protection Bureau for violating consumer rights by attempting to collect time-barred debts (i.e., very old debts that have passed their statute of limitations). 3 6
What’s more, scammers may pose as representatives from Asset Acceptance, LLC to try to collect money from you. That’s why you should always verify what debts you owe before making any payments. You can do so by getting in touch with Asset Acceptance directly using Encore Capital Group’s online form or the contact information below.
VIDEO: Asset Acceptance, LLC in 2 Minutes—Fix Your Credit Report & Know Your Rights
How to stop Asset Acceptance, LLC from calling you
Asset Acceptance, LLC will call, email, or mail you if they believe you have an unsettled debt. The reason debt collectors like these are calling you is simple—they want to pressure you into paying up.
Unfortunately, Asset Acceptance, LLC representatives will keep trying to contact you unless you pay the debt, prove that it doesn’t belong to you, or reach an agreement with them (or with your original creditor).
Don’t ignore debt collectors like Asset Acceptance, LLC—in the end, you may get sued, and you may even have your wages garnished. It’s smarter to engage with them tactically to ensure you don’t have to pay, or that you get the best deal you can.
To begin, you can get Asset Acceptance, LLC to stop calling you—at least temporarily—by sending them something called a debt verification letter.
Send a debt verification letter
A debt verification letter is a formal request that obligates a debt collector to provide further evidence of a debt. You must send it within 30 days of them first contacting you. Note that Asset Acceptance, LLC should have sent you a debt validation letter proving you owe the debt first, as it’s required by law.
Benefits of sending a debt verification letter
Sending a debt verification letter has three benefits:
- You’ll prevent Asset Acceptance, LLC from calling you during this period: When you send a debt verification letter, third-party debt collection agencies like Asset Acceptance, LLC are required by law to stop contacting you until they can provide evidence that you actually owe the debt they’re trying to collect. 7
- You’ll get more information about the debt: You should never pay a debt that you don’t recognize. Forcing Asset Acceptance, LLC to provide documentation will help you determine whether this is a legitimate debt that you actually need to pay. It’s an easy way of figuring out if the debt collector is a scam agency.
- You may successfully disown the debt: If Asset Acceptance, LLC can’t provide more information about the debt (which is frequently the case), then they have no choice but to delete it from your records.
Beware the statute of limitations
The verification materials that you receive may show that your debt has passed the statute of limitations. This is a legal limit that means the debt is too old for Asset Acceptance, LLC to sue you over, at which point it’s known as time-barred debt.
If this is the case, you can send Asset Acceptance, LLC a letter telling them to stop contacting you. Legally, they’ll have to abide by that.
The statute of limitations on most debts is between 3 and 6 years, but the exact amount of time depends on several factors, including the state you live in. The best approach is to check your state attorney general’s website and email their office if the information you’re looking for isn’t available online.
How to remove Asset Acceptance, LLC from your credit report
If your credit score is suffering as a result of Asset Acceptance, LLC debt, there are three ways to recover:
1. Dispute the debt with all three credit bureaus
If you think that the debt associated with Asset Acceptance, LLC on your credit report is illegitimate (e.g., if you paid it on time or it belongs to somebody else), dispute the item on your credit report. You can also dispute debts that are older than 7 years (measured from the date of your first missed payment)—by law, they’re supposed to fall off your credit report by then.
To dispute a debt for free, send a credit dispute letter to the credit bureaus that are showing Asset Acceptance, LLC on your credit report.
To find out which credit bureaus you need to send the letter to, request your free credit report from each of the major credit bureaus (Experian, Equifax, and TransUnion) at AnnualCreditReport.com. If they don’t respond to your dispute within 30–45 days, then they’re legally obligated to remove the item in question.
2. Negotiate with Asset Acceptance, LLC
Unfortunately, if the debt is legitimate and it’s less than 7 years old, removing Asset Acceptance, LLC from your credit report will be very difficult (although not impossible).
Your best move at this point is to simply pay the debt. Newer credit scoring models ignore paid-off collection accounts, which means paying off your collection will boost your credit score even if you can’t remove the item.
However, when you pay, there are two negotiation strategies you can try as a last-ditch attempt to remove Asset Acceptance, LLC from your credit report:
- Pay for delete: You might be able to convince Asset Acceptance, LLC to remove the negative mark in exchange for paying off the debt. You can open these negotiations by sending them a pay-for-delete letter.
- Goodwill deletion: This is an alternate strategy you can try after paying your debt. Once the account is paid off, you can send Asset Acceptance, LLC a goodwill letter asking them to empathize with your situation and remove the mark from your credit report as an act of kindness. Create your letter using our free goodwill letter template.
3. Wait 7 years for Asset Acceptance, LLC to fall off of your credit report
Unfortunately, most collection accounts will stay on your credit report for 7 years after your first missed payment. Even if you pay off your debt to Asset Acceptance, LLC, it will remain on your credit report.
Learn more about Asset Acceptance, LLC’s impact on your credit score:
- How many points will my credit score increase after I pay off collections?
- How to rebuild your credit after having a debt sent to collections
How to deal with Asset Acceptance, LLC harassment
Unless you tell them not to, Asset Acceptance, LLC will keep contacting you until you pay off or settle your debt. However, there are restrictions on how they can go about doing this.
Restrictions on Asset Acceptance, LLC
When attempting to collect payments from you, Asset Acceptance, LLC must adhere to the regulations specified in the Fair Debt Collection Practices Act. This is a federal law that prevents debt collectors from engaging in harassment or predatory behavior, such as lying to you or calling you incessantly or at unreasonable hours.
Asset Acceptance, LLC representatives also need to follow the rules set out in the Telephone Consumer Protection Act. It’s a good idea to familiarize yourself with these laws so that you can take action against Asset Acceptance, LLC if they do something illegal.
Can I sue Asset Acceptance, LLC for harassment?
Yes, you can sue Asset Acceptance, LLC for harassment. If you can show that they’ve violated your rights under the Fair Debt Collection Practices Act, then you can collect $1,000 in statutory damages for each violation as well as payment for any damages that you’ve sustained as a result of their violation. Asset Acceptance, LLC will also have to pay your attorney fees and court costs.
How to file a complaint against Asset Acceptance, LLC
If a debt collector violates your rights under the Fair Debt Collection Practices Act or does something illegal, then you can report them to the Federal Trade Commission, the Consumer Financial Protection Bureau, or your state attorney general. From there, you’ll be able to find out whether you can also sue Asset Acceptance, LLC.
Another option is filing a complaint on the Better Business Bureau (BBB) website, but this might not have the outcome you’re hoping for. Bear in mind that the BBB is actually a private organization that has no affiliation with the US government. They’ll forward your complaint to Asset Acceptance, LLC, but there’s no guarantee that the agency will address it in a satisfactory manner. What’s more, if your dispute is sent to an arbitrator, then you may give up your right to take Asset Acceptance, LLC to court.
Should you pay Asset Acceptance, LLC?
You should only pay a collection agency like Asset Acceptance, LLC if you’re certain the debt is yours and you owe it. If you’re struggling financially and can’t afford to pay this debt collector, you can get help from a non-profit credit counselor.
