Thursday, February 2, 2012

Asset Acceptance, A Debt Collection Company, Will Pay $2.5 Million Fine

Asset Acceptance, a debt collection company, had been contacting consumers trying to collect debts that were not owed. In some cases, the debt was too old to collect because it was past the statute of limitations. If the consumer was to make a payment on the old debt, the clock on the debt would be restarted allowing debt collectors to take legal action.

The Federal Trade Commission states that Asset Acceptance has agreed to pay a $2.5 million fine. In addition, the debt collectors will have to tell consumers that their debt is too old to legally enforce, and the company will not be allowed to enter the debt on the consumer’s credit report without informing the consumer first.

For more information on your rights, contact us.

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