CFC Financial is Asset Acceptance

Posted by Paul (216.127.82.99) on July 06, 2004 at 14:18:52:

In Reply to: CFC Financial -- Can they do this? posted by ronaldh on July 06, 2004 at 08:44:15:

CFC Financial is part of the Asset Acceptance junk debt-buying sewage empire. Asset Acceptance is known to file suits on time-barred accounts, never to validate accounts, re-age accounts, and will never remove a tradeline unless you sue them in court.

This information is taken from their latest 10-Q filing with the SEC.

“The consolidated financial statements of the Company include Asset Acceptance Capital Corp., AAC Investors, Inc., RBR Holding Corp., and Asset Acceptance Holdings LLC and its wholly-owned subsidiaries, Asset Acceptance, LLC, Financial Credit, LLC, CFC Financial, LLC, Med-Fi Acceptance, LLC, and Consumer Credit, LLC”

“The Company is a leading purchaser and collector of charged-off consumer receivables in the United States. These receivables are acquired from consumer credit originators, primarily credit card issuers, consumer finance companies, retail merchants and telecommunications and other utility providers as well as from resellers and other holders of consumer debt.”

“Purchased receivables are receivables which have been charged-off as uncollectible by the originating organization and typically have been subject to previous collection efforts. The Company acquires the rights to the unrecovered balances owed by individual debtors through such purchases. The receivables portfolios are purchased at a substantial discount from their face amounts.”

They report 14 million accounts with a face value of $15 Billion that they’ve acquired for $180 million. Their “substantial discount” is approximately 1.2 cents on the dollar. Their business is extortion. They poison your credit report for a penny on the dollar account, and won’t remove the listing until you pay the ransom.

http://sec.gov/Archives/edgar/data/1264707/000095012404002135/k85237e10vq.htm

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