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Asset Acceptance and their "account statement" for validation


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"Enclosed please find and account statement prepared with the use of information provided to us by the prior creditor."

It was on Asset Acceptance LLC letterhead and basically had:

  • Original Creditor (no address, etc)
  • Original Account Number
  • Principal
  • Interest & Fees
  • Balance
  • Last Transaction Date

Nothing else, other than call this number to pay, etc.

Is this legal validation? If I dispute in court would it hold up, I wonder?

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I don't think a response like that removes the doubt in the debtor's mind that the amount requested is bogus or inflated. That information needs to come from the OC directly. I think that's is the intent of the statute.

Debt Collectors are trying everything they can think of to skirt the law and get away with it; especially ones like Asset. You can pretty much figure that nothing they send you is totally legitimate.

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Where is thier lawful authority to collect ANY MONEY from you ??? Unless they can provide this information, thier paper is a deceptive form and in violation of Section 812 , also Section 808 in trying to make a claim to money without showing any agreement that created the debt, ect ect ect and without this information and they continue to post to the CRAS they are in violation for FCRA for posting inaccurate information, it adds up.

• Provide me with copies of any papers that show I agreed to pay what you say I owe;

• Proof that the collection company owns the debt/or has been assigned the debt. (You are legally entitled to collect this particular debt from me.)

• Complete payment history, starting with the original creditor. (I need to have proof of my payment history with original Creditor, what the amount of the debt was when the creditor assigned the debt to your company, and what fees/interest has been tacked on to this debt and how you/they determined these fees

• Copy of the original signed loan agreement or credit card application. ( My contract with the original creditor establishing the debt between us.)

• Copy of any and all credit card charge slips with my signature, this is required as a basis to determine the amount to support your claim.

"Enclosed please find and account statement prepared with the use of information provided to us by the prior creditor."

It was on Asset Acceptance LLC letterhead and basically had:

  • Original Creditor (no address, etc)
  • Original Account Number
  • Principal
  • Interest & Fees
  • Balance
  • Last Transaction Date

Nothing else, other than call this number to pay, etc.

Is this legal validation? If I dispute in court would it hold up, I wonder?

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Some misconceptions here. Maybe I can clear this up. What validation consists of is going to vary depending on what the debt is and how it was created.

For example, power bills are only going to require copies of the last couple of statements, or perhaps a printout from the power company from their records.

Some debts ARE based and created entirely from a written contract, and in those cases, the contract WILL have to be produced. For example, you had cell phone service. If you didn't pay for the service, then copies of the bill will suffice for validation. However, if the money owed the company was created solely by the contract, such as an early termination fee, then the contract will have to be produced.

One thing though, the CA cannot produce proof like affidavits, statements and the like, unless that proof comes from the OC. That is why the letter in this case is not validation.

• Provide me with copies of any papers that show I agreed to pay what you say I owe;

A signed contract or agreement is not always required. Some debts are created in the absence of a written agreement. The proof that you agreed to pay can take multiple forms, anything from electric bills to old CC statements.

• Proof that the collection company owns the debt/or has been assigned the debt. (You are legally entitled to collect this particular debt from me.)

Not required. I have yet to see ONE court case that requires this as a part of validation.

• Complete payment history, starting with the original creditor. (I need to have proof of my payment history with original Creditor, what the amount of the debt was when the creditor assigned the debt to your company, and what fees/interest has been tacked on to this debt and how you/they determined these fees

The CA does not need to provide an accounting of what the OC's charges were. This is where the CA gets to rely on the good faith claims of the OC. As long as the CA shows how they arrived at the balance they are collecting, and if the balance was different from what the OC claimed, how they calculated the new balance. There would be some exceptions to this, for example legal fees that were added to the account per an agreement. Just understand that what constitutes validation can change depending on the circumstances.

• Copy of the original signed loan agreement or credit card application. ( My contract with the original creditor establishing the debt between us.)

Again, signed contracts are not always required.

• Copy of any and all credit card charge slips with my signature, this is required as a basis to determine the amount to support your claim.

This will NEVER be required as a part of validation. The credit card company doesn't even collect these. The merchant is required to hold the slips for 60 days, in the event a consumer disputes a charge under the FBCA. After that 60 day period the merchant discards them, but at no time does the CC company have them.

I know it is confusing, but that is the law for you. Confusing.

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from my own experience and what i've gathered on this forum, this is asset's friendly form letter. by dving a 2nd time, you should receive another friendly form letter stating they are "in receipt of your correspondence" re: your account and "in order that we may better assist you please contact our consumer resolution unit." in my 2nd dv, i used their wording, i asked that i be sent copies of the information provided from the oc that were used to prepare the account statement. i will be sending a 3rd letter shortly.

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