Asset Acceptance Collection

[LF052603]

What is the name of your state? CA

I had a debt that was discharged and then sold to asset acceptance. When it was discharged, it was half the amount that asset acceptance claims I owe. If the account is sold after being discharged, are they allowed to put it back on my credit report again?

If so, is there anyway I can fight the amount that is being reflected?

If not, how do I go about disputing this claim?

[steveinaz]

What is the DOLA (date of last activity) or the last time you made a payment?

You also will need to know what the SOL for Calif is.

[Ladynred]

SOL in CA is 4 years across the board. So, if you last paid the ORIGINAL creditor more than 4 years ago, you can tell ASSet to go pound sand, the debt is time-barred.

A charge-off is an accounting function, nothing more. It doesn't mean it can't be collcted upon or reported to the credit reporting agnecies (CRA). It cannot, however, be reported beyond the statutory 7 years + 180 days set out in the Fair Credit Reporting Act.

[LF052603]

OK what I'm saying is that they never actually charged the account off, they left it open. When they did that I fought it saying that I requested that the account be closed, but never was. They never replied, so it was taken off of my credit report. Next thing I know, It was back on under asset acceptance for twice the amount. Are they allowed to do this? I though once it was taken off your credit report, legally they can not report it again even if they sell it to someone else. I'm pretty sure my last payment was more than four years ago. Should I just try to settle to get them off of my back or try to fight it? If I can fight it, would the best thing be to do it myself or hire someone?

[Debt Guy]

It makes no difference provided that you defaulted on the account more than 4 years ago.

What is the DOLA (date of last activity) or the last time you made a payment?

Answer this first.

[Ladynred]

what I'm saying is that they never actually charged the account off, they left it open.

While not impossible, its highly unlikely that ANY creditor would leave a non-performing debt on their books for any length of time past the usual 180 days of non-payment.

t. Next thing I know, It was back on under asset acceptance for twice the amount. Are they allowed to do this?

There are usually 2 entries for a bad debt - 1 from the original creditor (OC) and another for the collection, so what ASSet did was not illegal.

I though once it was taken off your credit report, legally they can not report it again even if they sell it to someone else.

Not necessarily true. IF you disputed the ORIGINAL tradeline and it was removed, it cannot be legally reinserted w/o notifying you, in writing, within 5 days of the reinsertion. If the debt dropped off because it was past the 7 year reporting period, then NO, it cannot be put back on - not legally, and NO collection can survive the obsolesence of the ORIGINAL debt. ASSet is known to illegally re-age debts to run the statute and ding your credit.

I'm pretty sure my last payment was more than four years ago. Should I just try to settle to get them off of my back or try to fight it?

If you're absolutely sure, FIGHT THEM ! Do NOT send them a single cent. ASSet makes MILLIONS by scaring people into paying them for out-of-statute debts !!

You may find this article interesting:
[url]http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P74812.asp[/url]

If I can fight it, would the best thing be to do it myself or hire someone?

If you can afford to pay a lawyer and IF you can find a GOOD consumer lawyer, then hire one. If not, then you can do it yourself.

Check out [url]www.naca.net[/url] for consumer protection lawyers in your area.