Asset Acceptance and factoring company

[mommabear]

Hello All!

As I was reading the boards tonight, I came across a post that states something to the effect of a CA calling themselves a factoring company is a violation.

So here's my deal. Asset Acceptance (Corp or LLC) is reporting to all three bureaus. Claims the OC is ATT LOAN. On EQ and TU, Under loan type, it says "Factoring Company Account (debt purchaser)"

TU says date placed for collection [11/2006] Date updated [01/2007]

EQ says date opened>na< date reported [01/2007] Date Major DQ First Reported [01/2007]

EX says date opened [11/2006] Reported since, Date of Status and Last reported all say [01/2007]

Now, I haven't had a landline for well over 3 years. This is the only thing I could possibly think I could owe AT&T for.

I have disputed with all three CRAs. We'll see what happens, but in the meantime, do you see any violations? It's over a silly $75, and I really don't want to go to court because, well, court scares me..lol, but I was just wondering.

Thanks so much.

[CMcanFIX]

First, quit worrying about this.

A debt collection agency can call itself just about anything, some of them like to call themselves "Factoring Companies", they are not, debt collectors love to pretend they are something they are not. They are debt collectors by Federal law no matter what they call themselves.

(In a simplified nutshell: Factoring companies act as an independent "accounts recievables" they buy open accounts recievables from a Company at a discount.Then collect the accounts. Companies that need to convert recievables to cash quickly, use them. Factoring companies are vital to legitimate commerce, and real factoring companies do not buy "bad debts", the laws that apply to factoring do not apply to "debt collecting".)

These guys call themselves Factoring Companies because the FTC and the CRAs dont call them on it.

I think you should ignore any and all demands by phone or mail from these guys. Don't worry about going to court over $75.00. If you get a summons then reply to it (extremely unlikely for $75.00). They are just hoping you will fall for thier BS. Find out what the SOL (statute of limitations ) is in your state, and wait them out.

However, If you think you just "overlooked" or "lost track" of this bill, and really owe $75.00 to AT&T, and believe its legit, and think you should pay it, contact AT&T. Ask them to forgive it and remove it from your credit files, or work out a deal with AT&T in writing, which includes removing the listing completely from your credit record at all CRAs, or changing the listing to paid in full, pays as agrees. No verbal agreements. No paying collectors.

Thats my 2 cents anyway.

My fine print, I am not a lawyer or debt specialist, this post is just my opinion.

[mommabear]

lol...I'm not worrying about it. I have all the monkeys off my back. (As in owing money) I'm just trying to understand all I can about this whole repair process. And then do it.

My post was more of a question to see if I am at least partly grasping the credit education I am reading on here.

As for going to court...I wasn't clear on that...sorry. I'm not worried about them taking me to court over it, I was talking about me taking them to court for violations.

Not that I want to...not worth my time. I was asking more of a "what-if" scenario. And if anyone sees violations.

Thanks!

[willingtocope]

As far as the factoring company thing is concerned, I don't think there have been any court cases that have resolved this. Yes, its true, that in normal business, a factoring company buys accounts receivable from another company...in effect, helping the second company deal with cash flow. In business, the factor actually asks for gurantees that the accounts are good and collectable. When a JDB buys a debt, they get no such gurantee.

If a JDB reports to a credit bureau and calls themselves a factoring company, the implication is that they bought a good debt. And, yes, that could be an attempt to disguise the "true nature of the debt" which would be an FDCPA or FCRA violation. But...like I said...no court I'm aware of has said that.

One of the companies that sells credit reporting software (METRO 2) really has no provision for distinquishing between good and bad resold debts. So, if a JDB uses Metro 2 to report debts, they get listed as a factor.

The real difference is determined by how long something can stay on your credit reports...if the debt is delinquent when another company buys it, they must report the DOFD for the OC..if the debt is in good standing, they can use their purchase date as their starting date.

[mommabear]

willingtocope....

Like I said, I haven't had a landline in almost 4 years. And I'm pretty sure it wasn't AT&T...I think it was SBC.

So, even if this alleged debt was mine, it would be delinquent by that much time. (4 years). They are reporting it like it just went delinquent last month. (Wait...its March now..2 months ago). How do I make them report it accurately?

Can I DV them even though its already hit my CR's? It's already in dispute. That's an area I'm a little fuzzy on.

Thanks so much.

[willingtocope]

Hey, you know what, I just reread your original post...you said ATT LOAN. I did a google and there are a bunch of companies called exactly that ATT LOAN. They're not the phone company...most seem to be finance companies. Sure this is for one of them?

And you say the TLs are already "in dispute"...did you dispute with the CRAs, or directly with Asset? If not with Asset, then I'd suggest you send them a "hey, found you on my CRs...never had an account with you people...prove to me this is mine, or be gone..." type DV.

[mommabear]

Nope...never had a $75 loan to anyone. But that is what the CR reads. ATT LOAN. I disputed with the CRA's.

As soon as my monkey-children quit climbing all over me, I will get on those DV letters.

Thanks a million!

[newbie7069]

Just to put it out there..............but ATT bought out SBC.