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Tag Archives: asset acceptance

Does Moran Drexen’s Preferred Creditor Program Create a Problem for Consumers?

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Last week new information in the lawsuit between Morgan Drexen and the CFPB brought to light a commission compensated department called the Preferred Creditor Program. You can read that article, here. At least one commenter mentioned Morgan Drexen is not the only company to have such a program. If not, then an industry wide problem may exist here. One commenter ... Read More »

Morgan Drexen Rumble With CFPB – Update

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Previously covered the suit filed by the debt settlement company Morgan Drexen against the CFPB, here. Today I went to see what, if any, updates there were on the case. Here is the latest: “The Court held two on the record telephone conference calls with the parties on July 24, 2013 and July 25, 2013, during which Plaintiffs consented to ... Read More »

FTC and DOJ Announce Asset Acceptance Settlement Which They Want to Be Framework for Debt Collection Industry

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David Vladeck director of the FTC’s Bureau of Consumer Protection and DOJ Assistant Attorney Tony West today conducted a conference call I attended to provide additional information regarding an announced settlement with collection company Asset Acceptance. In the settlement Asset Acceptance agreed to pay the second largest fine ever against a collection company for alleged violations. Asset Acceptance is one ... Read More »

American Express Credit Report Issue by Asset Acceptance. – Bibi

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“Dear Steve, Hi Steve! So, I ran my report and saw Asset Acceptance is reporting 3 account balances. I believe they are old Amex accounts that went unpaid. I also believe these accounts are about 7-8 years old. Is there a way I can find out when was the last time these accounts had any transactions? I read somewhere that ... Read More »

Former Asset Acceptance Employee Alleges FDCPA Abuses

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I worked for asset acceptance a debt collection company that purchases debt they have 5 US locations and a huge call center in India. Since the company has good old Rion Needs from Amex all of the US jobs have threatened, basically forcing reps into breaking FDCPA rules to collect more money. What happens is that most people don’t report ... Read More »

Asset Acceptance Called Me on an Old Bank of America Debt. – Terri

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“Dear Steve, Asset Acceptance LLC called me recently and said they were collecting on an old Bank of America debt. They told me it was from a period of time when I lived in California (1993-1994). I told them I did not believe I owed this debt and to please send me a statement or signature verifying it belongs to ... Read More »

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