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Getting screwed by Asset Acceptance & Experian


zufallszahlen
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Several months ago my credit reports were completely clear of negatives. Then I started getting hit with mystery bills from collection agencies like Asset Acceptance. Some I had no clue what they were, some were from places like Columbia House DVD which I haven't had an account with for almost 10 years. I found this site and tried the debt validation process. I've managed to get all but one removed.

Asset Acceptance claimed I owe them less than $100. I requested validation and they replied with just a summary of what they claimed I owe printed on their company letterhead. The original creditor was listed as ATT Loantrade. No clue who they are or if they're affiliated with the phone company. I think it is an old phone bill but I didn't have an account with AT&T. Really none of the information they provided could have been accurate. Didn't recognize the amount and it was supposedly deliquent as of March 2007 and I haven't so much as been late on a payment with anyone in at least 3 years.

At the same time I also disputed this with the credit bureaus. Transunion and Equifax removed it, Experian said it was verified. I sent another letter to Asset informing them they had not complied with my request for validation. Haven't heard back yet. I also tried to dispute it again with Experian and requested MOV on my first dispute. Experian just sent me two letters. One saying they have already verified this item and won't investigate it again. The other explains that when I submit a dispute they ask the source to verify the information and report back within 30 days and that it's not their responsibility to act as a negotiator or mediator.

So, it seems Asset Acceptance isn't going to, and I'm sure can't, validate this debt and Experian isn't going to investigate it or provide a method of verification. Is there anything more I can try short of suing? I really don't want to go to court but I have to do something. This has completely screwed my credit. My monthly interest is now more than my minimum payment used to be because my APR was raised and one card slashed my credit limit from $5000 to $1000.

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Several months ago my credit reports were completely clear of negatives. Then I started getting hit with mystery bills from collection agencies like Asset Acceptance. Some I had no clue what they were, some were from places like Columbia House DVD which I haven't had an account with for almost 10 years. I found this site and tried the debt validation process. I've managed to get all but one removed.

Asset Acceptance claimed I owe them less than $100. I requested validation and they replied with just a summary of what they claimed I owe printed on their company letterhead. The original creditor was listed as ATT Loantrade. No clue who they are or if they're affiliated with the phone company. I think it is an old phone bill but I didn't have an account with AT&T. Really none of the information they provided could have been accurate. Didn't recognize the amount and it was supposedly deliquent as of March 2007 and I haven't so much as been late on a payment with anyone in at least 3 years.

At the same time I also disputed this with the credit bureaus. Transunion and Equifax removed it, Experian said it was verified. I sent another letter to Asset informing them they had not complied with my request for validation. Haven't heard back yet. I also tried to dispute it again with Experian and requested MOV on my first dispute. Experian just sent me two letters. One saying they have already verified this item and won't investigate it again. The other explains that when I submit a dispute they ask the source to verify the information and report back within 30 days and that it's not their responsibility to act as a negotiator or mediator.

So, it seems Asset Acceptance isn't going to, and I'm sure can't, validate this debt and Experian isn't going to investigate it or provide a method of verification. Is there anything more I can try short of suing? I really don't want to go to court but I have to do something. This has completely screwed my credit. My monthly interest is now more than my minimum payment used to be because my APR was raised and one card slashed my credit limit from $5000 to $1000.

IMO, I would try filing a complian with the FTC online then sending them a copy of the complaint explaining that if they don't give you something that undoubtely links you to the "alleged" bill, you will fill out a complaint to the state AG, then followed up with an ITS.

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Since you're in WI, you may want to call Ed Combs. He's a consumer protection atty in Chicago but their law firm is licensed in WI too I believe. Here's the link:

http://www.edcombs.com/CM/Actions/Are-You-Being.asp

Good luck.

The consumer protection and class action lawyers of Edelman, Combs, Latturner & Goodwin, LLC, represent clients throughout Illinois, and in Federal Courts in Illinois, Wisconsin, Indiana, and Michigan, and will consider substantial cases in other jurisdictions.
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  • 3 months later...

I tried filing a complaint with the FTC, BBB and Michigan AG. So far I've only heard back from the BBB. Asset Acceptance sent them a copy of the original bill, something they chose not to do when I requested validation. It clearly shows a date that would have put it beyond the SOL when Asset "acquired" it and reported to the credit bureaus. They still refuse to admit they have no right to collect it or to remove it from my credit report.

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because my APR was raised and one card slashed my credit limit from $5000 to $1000.

That sucks! That happened to my hubby and with no notification so we ended up overlimit and they wouldn't refund the over fee. I wish there was someway to protect against that, but its usually in the terms that can change what they want and when they want. Especially crappy cause in your case, the alleged debt has been there for more than 5 years, but cause its reporting now, they treat you like some kind of leper... but last week you were great.... as you can see I am bitter about this, lol

if they sent the BBB a copy of the bill, did the BBB forward it to you? can you see DOFD? maybe it's close to disappearing forever (past 7 years?)

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I tried filing a complaint with the FTC, BBB and Michigan AG. So far I've only heard back from the BBB. Asset Acceptance sent them a copy of the original bill, something they chose not to do when I requested validation. It clearly shows a date that would have put it beyond the SOL when Asset "acquired" it and reported to the credit bureaus. They still refuse to admit they have no right to collect it or to remove it from my credit report.

The AG will take about 30 days. If you filed online, you will get your response via the email you supplied. Asset deleted mine with the AG complaint.

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A little more than a month ago all 3 sent me letters or a post card confirming reciept of my complaint. So far the BBB is the only one to follow up. They did include a copy of the statement sent to them by Asset, so hopefully I can use that to get Experian to investigate again and remove the item from my report. Though I doubt they did any investigating the first time. It would be a while before it disappeared on it's own and right now Experian is still using the date supplied by Asset which makes it less than a year old.

Some of the credit card companies suck almost as much. They couldn't change my terms fast enough when it was in their favor. Chase almost doubled my APR from about 8% to over 14%. They don't seem to use Experian, just Transunion based on the inquiries in my reports, and my Transunion score is back up to over 740. When I pointed that out to them and asked for my old APR back they graciously dropped my current APR by a whole 1%.

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I have had a listing on my Experian report that popped up last year. I hadn't worried about it because it was not listing in a negative way, just showing as transferred. When I looked at the EX report, its been showing as a positive account. What I had concerns about was the DOLA of 7/2006. There was no activity on the account in 7/2006. The last time I had heard anything out of the OC was in 1989. I called the OC and asked them about it, and they have no listing of me whatsoever, since the account was so old, but it might have been transferred to a CA. This is when I had my first encounter with our friends at A$$hat. I called our friends there, and asked them about the account. After hearing the speil about call may be recorded for "quality assurance purposes", she asked for my name and the account number, I gave it to her, after saying I record all calls to and from collection agencies. she said she needed to confirm my current address, phone number and employer, so I responded "OK" (she did not comment at all about my recording the call as well). Silence. She said again I need to confirm this information, so I told her to tell me what she had listed and I would let her know if it was correct. That is what confirmation means. P*ssed her off a little. She then stated "I need that information so I can go to the next screen." I said that was not my problem, maybe you should think about updating your software. I was calling about this alleged DOLA of 7/2006, the account number was all she needed. She then goes into the speech of how this is a valid debt, blah blah blah and when can we expect payment. I told her this account was listed on my credit report as being opened in 1987 in North Carolina, how could it be a valid debt, I was questioning the DOLA of Juy of '06, of which there was no activity by me concerning this account, she stated she didn't know what kind of credit reports I was looking at, I owed them $1100 and when was I going to pay it? I told her it was my Experian report, perhaps she had heard of it? She then tells me she doesn't know about any kind of payment in July of 2006, that the last payment she was showing was in Jan of '89, so I still owed $1100 and I needed to pay in full now to prevent legal action. So, with that comment, I stated that if the last activity you are showing is in 1989, how can the debt be valid? Don't you think that is just a wee bit out of SOL? I asked her if she was new at this, and the only reason I had called A$$hat was to see who had possibly attempted to reage the account. I reminded her that I had told her at the beginning of the call that I recorded all calls to and from collection agencies. She quickly said she would have to turn this over to compliance and then hung up. When I diputed the account online with EX, it comes back verified. The listing does not show A$$Hat, shows just the OC. Its listed only on EX, and not as a negative; showing as transferred and has a 0 balance. I don't think its hurting my score, I just want it off. The OC says they have no record of me, the question is what is EX verifying?

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  • 2 weeks later...

I replied to the letter I got from the BBB pointing out that the statement proved this item was beyond the SOL and that Asset lied. I got another letter back from the BBB along with Assets response. This time they said that although it was beyond the SOL they still had a right to try and collect but will now close the file and cease all collection activity.

I sent a copy of that letter to Experian and they sent back the same crap as before. We have already investigated... verified by the creditor... blah blah blah.

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I replied to the letter I got from the BBB pointing out that the statement proved this item was beyond the SOL and that Asset lied. I got another letter back from the BBB along with Assets response. This time they said that although it was beyond the SOL they still had a right to try and collect but will now close the file and cease all collection activity.

I sent a copy of that letter to Experian and they sent back the same crap as before. We have already investigated... verified by the creditor... blah blah blah.

You are using the SOL as a defense to reporting b/c of the WI law that says they can't attempt to collect beyond that time right? You next move is to write an ITS with the statute that says they can't collect, yada yada yada, and that if they don't remove, you will sue, but be prepared to follow through.

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  • 3 weeks later...

After sending another letter to Experian, again with copies of everything Asset sent through the BBB and demanding they reinvestigate, I finally got back a new copy of my report with Asset deleted. Following several months of trying to get them removed and still having higher interest rates on my cards it's tempting to try and sue Asset anyway but should probably just leave well enough alone now that I have no negatives on any of my reports.

Still haven't received any updates from the FTC or Michigan AG since their confirmation notices.

*EDIT*

As usual my timing is impressive. Within hours of posting this last message I got an email update from the Attorney General with a copy of Assets response dated Oct 4 stating they have already closed this account and ceased all collection activity.

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