Re: Asset Acceptance
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Posted by Paul
(216.127.68.137) on May 11, 2004 at 00:16:44:
In Reply to: Asset Acceptance posted by casey on May 10, 2004 at 23:32:50:
Asset Acceptance pulls this stunt everywhere. For the purposes of FDCPA, Asset is considered a third party debt collector since they only purchase non-performing charged off accounts. However, they claim that they are collecting on their “OWN” accounts which they’ve purchased for on average 2 cents on the dollar. Therefore, since they only try to collect on their “own” 2 cents on the dollar accounts, they claim they are not subject to state’s licensing requirements as a collection agency. This Michigan Court ruling seems to affirm this two faced position at least for Michigan. http://www.courtofappeals.mijud.net/documents/OPINIONS/FINAL/COA/20010302_C215158(47)_39O.215158.COA.PDF
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