Asset Acceptance keeps raising the amount I "owe"

[fixit502]

Forgive me if this has been covered - I've searched and can't seem to find it.

 

I have ASSet Acceptance on all three CRs. At first they showed an amount of 339. Over time it has gone up and now reporting an amount of $403. They have not written or called.

 

I guess my question is, can they contiue to add to the amount to keep raising the balance? They show it as an installment account that was opened 11/2009, which is bs. They bought it from the OC.

 

How should I proceed with these ASShats? send a validation letter? list all the crap they have incorrect? the OC charged off this account april 2008 and Asset shows in collection dec 2009 - feb 2010 then again april 2010 may 2010 and now aug 2011 - present.

 

I know these folks are shady so before I do anything I want to make sure I have my ducks in a row. Thank you.

[FXguy]

they are doing the same to me- really its a installment account? I wish I knew what the installments were?

[breeze]

search for "factoring account" - it's a new trick they've pulled out of their hats. They buy charged off debt, usually out of statute, and then report it as if it's an active installment loan. I've even seen them divide an account into two or three, and report them all. You can see how they earned their nickname.

[BeachDweller]

The contract signed with the original creditor stipulates what "interest" and "fees" can be charged. Past that point, each state has a legal limit on interest associated with judgments. You really need the terms for the original account to determine what's allowed.

[fixit502]

Wow there is no way I can get the original docs for that acct. it was world fin bank/ ann t acct. so should I do a complaint with the BBB to get it removed? Does the BBB approach work well with them?

 

I will also do a search on factoring accts tomorrow.

 

 

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[Guest fsugirl]

Is the original creditor still on your report?

[fixit502]

Yes they are but show 0 balance and the bought by another blah blah blah . . .

 

 

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[BeachDweller]

Wow there is no way I can get the original docs for that account. It was world fin bank/ ann t acct. So should I do a complaint with the BBB to get it removed? Does the BBB approach work well with them?

The be direct, I believe most of the people here claiming the BBB philosophy works with collection agencies fabricate stories or embellish them at best; it's illogical for the procedure to work. Here's why:

 

1. The BBB process is voluntary, not a government process.

2. Consumers are not "customers" of collection agencies.

3. The "rating" awarded by the BBB to a business will not impact how much money a collection agency can earn.

 

One of the members here claims that every letter he wrote as a BBB complaint inspired a removal. Impossible. Others make the same wild assertions concerning pay-for-delete (PFD) results. Until recently members hadn't been writing threads indicating these procedures fail in droves. Now we see daily posts asking why "slam dunk" procedures that work for everyone fail. The truth is that they rarely worked.

 

You have limited time to devote to anything in life, including working on your credit report. Pick your avenues of attack that have proven the most effective. You indicate you don't have the original documents. Your first step is to request debt validation. The proven method; the tortoise approach. It took a long time to get into credit problems and it will take longer to get out.

Edited February 27, 2012 by BeachDweller

[fixit502]

I dont mind the tortoise approach, I just want it off. I know they are one of the shadier CAs so I wanted to cover everything. When I get a moment, (I'm at work) I'll post exactly how they are reporting the debt.

 

 

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[stinkiest]

Wow there is no way I can get the original docs for that account. It was world fin bank/ ann t acct. So should I do a complaint with the BBB to get it removed? Does the BBB approach work well with them?

The be direct, I believe most of the people here claiming the BBB philosophy works with collection agencies fabricate stories or embellish them at best; it's illogical for the procedure to work. Here's why:

 

1. The BBB process is voluntary, not a government process.

2. Consumers are not "customers" of collection agencies.

3. The "rating" awarded by the BBB to a business will not impact how much money a collection agency can earn.

 

One of the members here claims that every letter he wrote as a BBB complaint inspired a removal. Impossible. Others make the same wild assertions concerning pay-for-delete (PFD) results. Until recently members hadn't been writing threads indicating these procedures fail in droves. Now we see daily posts asking why "slam dunk" procedures that work for everyone fail. The truth is that they rarely worked.

 

You have limited time to devote to anything in life, including working on your credit report. Pick your avenues of attack that have proven the most effective. You indicate you don't have the original documents. Your first step is to request debt validation. The proven method; the tortoise approach. It took a long time to get into credit problems and it will take longer to get out.

 

I'm going to disagree here. I've had 3 accounts with two agencies removed through the BBB. My thought is they knew I knew the law and didn't want it going to court to have any possible precedent set.

 

If you don't believe me, I'd be happy to PM you the letters I received through the BBB.

 

It does work, but it doesn't have to.

[ashlia]

Wow there is no way I can get the original docs for that account. It was world fin bank/ ann t acct. So should I do a complaint with the BBB to get it removed? Does the BBB approach work well with them?

The be direct, I believe most of the people here claiming the BBB philosophy works with collection agencies fabricate stories or embellish them at best; it's illogical for the procedure to work. Here's why:

 

1. The BBB process is voluntary, not a government process.

2. Consumers are not "customers" of collection agencies.

3. The "rating" awarded by the BBB to a business will not impact how much money a collection agency can earn.

 

One of the members here claims that every letter he wrote as a BBB complaint inspired a removal. Impossible. Others make the same wild assertions concerning pay-for-delete (PFD) results. Until recently members hadn't been writing threads indicating these procedures fail in droves. Now we see daily posts asking why "slam dunk" procedures that work for everyone fail. The truth is that they rarely worked.

 

You have limited time to devote to anything in life, including working on your credit report. Pick your avenues of attack that have proven the most effective. You indicate you don't have the original documents. Your first step is to request debt validation. The proven method; the tortoise approach. It took a long time to get into credit problems and it will take longer to get out.

 

I'm going to disagree here. I've had 3 accounts with two agencies removed through the BBB. My thought is they knew I knew the law and didn't want it going to court to have any possible precedent set.

 

If you don't believe me, I'd be happy to PM you the letters I received through the BBB.

 

It does work, but it doesn't have to.

 

Totally disagree with Beach Dweller. I think Beach Dweller is a negative nelly.

Edited February 27, 2012 by ashlia

[fixit502]

Ok... here how the Asshats have the info listed:

 

Account Owner: Individual Acct

 

Terms Duration: nothing listed

 

Terms Frequency: nothing listed

 

Type of Account: Open

 

Date Opened: 11/2009

 

Date Reported: 02/2012

 

Date of first major delinquency reported: 01/2010

 

Date of first delinquency: 09/2007

 

High Credit: $339

 

Balance: $406

 

Amt Past Due: $406

 

Actual Payment Amount: $0

 

Date of Last Activity: N/A

 

Type of Loan: Factoring Company Account (debt buyer)

 

What are my options? Any advice would be awesome.

 

 

 

 

[stinkiest]

Other than "factoring company" I don't really see anything out of the ordinary. You can try to argue with them about that, but if it's inside SOL you'll be poking a bear.