Have a collections entry from Asset Acceptance LLC on your credit report?
If Asset Acceptance is on your credit report, it’s probably because you forgot about a bill.
It’s important to deal with a collections agency like Asset Acceptance quickly. The longer you ignore their calls and letters, the more damage your credit could face.
Fortunately, getting a collection entry off your report and putting a stop to the debt collector’s calls is simple and straightforward.
With the tips below, you could be on your way to improving your credit score and getting your payment history back on track.
What Is Asset Acceptance LLC?
Asset Acceptance LLC is a new name to most consumers when they come across it on a voicemail or their credit report.
Despite its lack of familiarity, the agency is legitimate and not a scam. In fact, it’s part of the Asset Acceptance Capital Corporation, which has been around since 1962. It is also connected to Encore Capital Group.
Asset Acceptance LLC has their home office in Warren, Michigan.
The agency collects on various types of debts, such as:
- Consumer finance debt
- Credit card debt
- Retail debt
- Utility bills
3 Ways to Remove Asset Acceptance LLC from Your Credit Report
If Asset Acceptance LLC has been stressing you out, take a deep breath, and relax.
With the pointers below, getting a collections entry off your credit report should be no trouble at all.
1. Ask for Validation
A nifty feature of the FDCPA: debt collectors can’t actively pursue payment for a debt without proof of its existence, assuming you ask them to furnish this proof within 30 days of their first contact.
In fact, the Fair Debt Collection Practices Act is upheld by the Federal Trade Commission or the FTC.
If you send Asset Acceptance a short debt validation letter (using our free template) within 30 days, the agency has to provide you with details about the debt.
This should include information like who the original lender or creditor was, how much you owe, and your account number.
If Asset Acceptance is contacting you by mistake, whether it’s a case of mistaken identity or you’ve already settled your account, sending in a debt validation letter is a no-brainer.
But this approach is actually a smart move regardless of whether or not the agency’s claim is legitimate.
Asset Acceptance LLC is not a provider collecting on its own accounts. As a third-party, the agency might not have retained all the documents it needs to support its collection efforts.
If it doesn’t, you’re off the hook. Without validation, Asset Acceptance is required to report it to the credit bureaus, resulting in the deletion of the collections entry from your report.
2. Shoot for a Pay-for-delete Agreement
Debt validation is one way to go about getting a collections entry removed from your report, but it isn’t the only one.
Your second-best option is to negotiate with the agency. In a pay-for-delete agreement, you should negotiate for two things:
- First and foremost, you want to get Asset Acceptance to agree (in writing) to have their collections entry deleted.
- Second, you should try to negotiate a lower payment amount to settle your debt, starting negotiations somewhere around 30-50% of your total balance.
As a reminder, you’ll want to negotiate this arrangement in writing, that way, if the agency does not accept your payment or report to the bureaus as agreed upon, you have the evidence you need to make it happen.
You should monitor your credit to ensure that the changes have taken effect within a month of your payment being submitted.
3. Get Some Help from a Credit Repair Company
The steps above are simple enough, but not every credit situation is.
If your credit report is riddled with negative entries or you’re having a hard time getting your score to the next level, a credit repair company could provide you with tremendous and worthwhile service.
These companies are well-equipped to take on messy credit situations such as collection lawsuits, helping you through the legal and financial consequences of events like bankruptcy or identity fraud.
For example, if there is a judgment waged against you, debt collection agencies will be authorized to garnish your wages.
They’re also pros at going head-to-head with debt collectors. So even if your credit problems are minimal, a credit repair company can take on the stress of communicating with collections agencies for you.
They’ll ask for debt validation, negotiate to have the entries deleted, and make sure that the agency adheres to the FDCPA in all of its dealings with you.
If you’re contemplating professional assistance, take a look at our list of the best credit repair companies to see what each one could have to offer you. And always, be sure to check testimonials to verify a company’s claim.
How Asset Acceptance LLC Works
So how exactly does Asset Acceptance get a hold of your credit card debt or the balance on your utility bill?
When companies have reached their limit in their debt collection attempts, they’ll often sell the debts to collection agencies like Asset Acceptance at extremely discounted prices.
The collections agency then has the right to seek payment from you through using phone calls, recorded messages, and letters to reach you.
They also report your debt to the major credit bureaus (Experian, Equifax, and Transunion), which is why you have a collections entry placed on your report.
This kind of entry has particularly damaging results which remain on your report for a total of seven years.
In fact, even if you pay your debt in full, the entry itself will still stay on your report for the full seven years, while its impact weakens over time.
With the advice featured in this article, you can ensure that the entry is wiped from your record (and you may not have to pay a dollar in the process).
Dealing with Asset Acceptance LLC
Complaints are common when debt collectors are involved. Asset Acceptance is no exception, which you can see if you explore complaints from consumers filed with the Consumer Financial Protection Bureau and the Better Business Bureau.
Some common complaints against debt collection agencies deal with their:
- Inaccurate reporting or providing inaccurate information with the three main credit reporting agencies
- Predatory collection attempts
- Failing to validate the debt
- Collecting after the statute of limitations
A lot of consumers are completely unaware they are protected from all of the issues above by the Fair Debt Collection Practices Act.
The FDCPA provides you with a long list of rights and prohibits debt collectors from crossing the line in their attempts to collect payments from individuals like yourself.
Among many other advantages, the law:
- Limits debt collectors to only calling between 8 a.m. and 9 p.m.
- Allows you to stop debt collectors from bothering you at work
- Restricts agencies from sharing your business with others, like your loved ones, neighbors, or colleagues
- Stops debt collectors from using profanity or threatening violence
- Lets you choose how you communicate with collection agencies, i.e., in writing
- Prevents them from threatening wage garnishment without actual intentions of doing so
The final protection of the FDCPA listed above is critical to getting a collections entry off your report.
Before taking any other action, you should inform Asset Acceptance that you know your rights under the FDCPA and wish to communicate by certified mail.
You’ll want every bit of your dealings with the agency to be clearly documented.
Asset Acceptance LLC Contact Information
Here’s contact information on the United States-based company Asset Acceptance Capital Corp:
- Mailing Address: 320 E Big Beaver Rd Ste 300, Troy, MI 48083
- Headquarters Address: 28405 Van Dyke Ave, Warren, MI 48093-7132
- Phone Number: (312) 294-0100
- Website: http://www.assetacceptance.com
As a general disclaimer, the information in this article is not meant to substitute as legal advice. Please seek a law firm for legal counsel should your situation warrant it.