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Need Feedback on Dealing With Asset Acceptance


daisymay
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Hello! I recently found this website and am reading up on the strategies to deal with creditor issues.

Reviewing the credit reports, I noticed that the Asset Acceptance (AA) TL references Bank One as OC, but the Bank One TL is not listed. Is this a clue that the DOFD was more than 7 years old for the OC TL to be gone? Under the AA TL, Equifax reflects a DOLA of 5/02. And TU reflects estimated date for item to be removed as 2/09… Experian doesn't show a DOLA, but reflects “date opened 5/04” and “reported since 5/02”.

We got letters on 6/1/06 from AA offering to settle “dollar for dollar” (50%) on 2 TL (Bank One and Home Depot). It appears to me that the 4 year SOL has run on these.

I thought about sending AA notice that the SOL has run and they are to C&D. But I’m thinking it might be better to use this as leverage to settle for a small amount contingent on them agreeing to delete TL from the credit reports, especially when I believe there may be some FDCPA violations. Or, perhaps I first need to DV than maybe they would have to drop their TL off the reports if more than 7 years has passed…but if it hasn’t been 7 years do I run the risk of the Bank One TL popping on? And if there are FDCPA violations perhaps they’ll voluntarily delete the AA TL?

What is the wisest way to approach dealing with AA? Wisdom from you experienced folks is appreciated! :?

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Is this a clue that the DOFD was more than 7 years old for the OC TL to be gone?

It is quite possible, yes. However, Bank One/FUSA is now Chase, so you need to see if THAT is on your reports instead.

Under the AA TL, Equifax reflects a DOLA of 5/02. And TU reflects estimated date for item to be removed as 2/09… Experian doesn't show a DOLA, but reflects “date opened 5/04” and “reported since 5/02”.

Date opened and date reported are NOT relative to the SOL for legal action or the reporting period. The removal date is a pretty good clue, but not in any way carved in stone. You need to call the CRA's and ask them to provide you with the DATE OF FIRST DELINQUENCY as that is the date to determine the reporting period - and in most states the start of the SOL.

And if there are FDCPA violations perhaps they’ll voluntarily delete the AA TL?

Doubtful, not with AA !!! Your BEST course of action with these scumbags is to send them a cease and desist stating that the SOL has expired, the debt is time-barred and they are never to contact you again.

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LadynRed... I thought I was making some progress

w/ my "education", but you mentioned contacting CRAs

to obtain the "Date of First Delinquency".

Am I to understand the CRAs would have this info?

And IF they did not, would this be grounds for Deletion?

If this is the case, I'm feeling dumb as a mud fence...

Would this be "Date of Status"?

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Date of status and Date of First Deliquency are not the same. When you have a collection acount on your credit file, by law those CA's are supposed to tell the CRA's what your DOFD is, but a lot of them don't, or they put on the wrong date (often on purpose).

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Guest mikey

i am sure this has been mentioned before but........ASSET ACCEPTANCE is a "BAD" DEBT BUYER that often goes after people who do not legally owe the debt. they are one of the BIGGEST scums in the business. talking from experience. They will go after you even when you have the entire law on your side and hope for a default. The $155 they spent on filing in small claims court here against me was a waste but yet they win on others because people dont know or have access to the info to let them know they have rights.

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Expanding on what Mikey said...

ASSet does pull some scummy tricks but the key with them is to FIGHT THEM. They want the easy win, the easy default judgment and unfortunately they get it all too often. They buy a LOT of out-of-statute debt and then scare people, with lawsuits and other tactics, to pay when they usually don't have to. If you fight them, they will go away, especially if they do sue. They EXPECT to win, they expect that most people don't know thier rights and are too scared to step into a court room to stand up to them.

The numbers are telling -- for all those lawsuits they filed, the ones they did NOT win are the ones where the defendent shows up in court ! If you cost them too much money, they will eventually drop the case. They have ZERO proof but they win because people fail to defend themselves.

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Guest mikey

first of all, i want to thank everyone who has given so much info since i have been here. i have learned so much and am ready for my date in court. i have enough ammo to blow the other side away. i was nervous before, something these ca's want and hope ppl dont show up and fight.

ASSet will just have to tuck its tail between its legs and run back into the hole they came from.

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Hinky... could you share what Date of Status is?

I have tried to decipher it from my CR... to no avail.

Thanks

Date of status can be as simple as the last time it was checked or reported. For example,

Status: Collection

Date of Status: May 2006

Items that haven't been updated in a while will show an older date. It doesn't affect Date of Last Activity or Date of First Deliquency. It doesn't really mean much.

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Expanding on what Mikey said...

ASSet does pull some scummy tricks but the key with them is to FIGHT THEM. They want the easy win, the easy default judgment and unfortunately they get it all too often. They buy a LOT of out-of-statute debt and then scare people, with lawsuits and other tactics, to pay when they usually don't have to. If you fight them, they will go away, especially if they do sue. They EXPECT to win, they expect that most people don't know thier rights and are too scared to step into a court room to stand up to them.

The numbers are telling -- for all those lawsuits they filed, the ones they did NOT win are the ones where the defendent shows up in court ! If you cost them too much money, they will eventually drop the case. They have ZERO proof but they win because people fail to defend themselves.

Thanks for your feedback. Your suggestion earlier in this thread is to C&D them, which I do. I will also check with the CRA re the DOFD.

Based on later comments it seems likely that AA would still try to file a lawsuit based on their track record. We just dealt with Cavalry Portfolio re a default judgment they got because mom didn't understand the process and didn't tell family members until months later. After experiencing this, there is no way I would let another CA get a default judgment, unless they got a quiet judgment.

Does anyone have suggestions on how to prevent them from getting a quiet judgment? I've been checking public records regularly in case a default judgment is recorded and we weren't properly served to know about it ahead of time.

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THAT I am not sure on, but I would say "probably". Any kind of recent activity on a negative account sort of tricks the system into thinking you're a higher risk. That's why having a 'collection' from 2001 turn into a 'paid collection' in July 2006 can drop your score. Does that make sense?

Edit: okay that's weird. Did you delete your post? 8-)

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Items that haven't been updated in a while will show an older date. It doesn't affect Date of Last Activity or Date of First Deliquency. It doesn't really mean much.

You said that "it doesn't really mean much". Do you know if having a recent status/status date impacts the credit score?

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:oops: I promise, I'm *really* not part of the 'everyone else' you speak of. I only just got here myself. I'm still a newb who deeply appreciates the help and knowledge of the experts who have been here for years.

That being said, I really appreciate the newbs here, too. They try to help those who are newer to the credit repair world. They try to help the not-as-new people here, too! Just today a 'new person' PM'd me a link that they thought might help me. That meant a lot to me, and it says a lot about the kind of society we can be when we all get together and defend our rights.

I love CIC and I appreciate all of you so much, expert or newb. :)

It doesn't have to stop at our credit scores, either. If we keep banding together and helping eachother, we can be a country where the concept of "people before corporations" becomes familiar again.

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I recall reading where AA was sued by an 80 year old women, albeit I cannot find the site to link too, when they threatened to sue her if she did not pay the bad debt of her grand daughter. She was a former lawyer and took them to task. They eventually settled with her for an undisclosed amount, but like the old lady said in the article, although I cannot tell you how much they did pay to shut me up, I can tell you that my great grandchildrens children won't have to go to public school.

They are indeed an evil JDB.

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