Latest Posts
Home > Reader Questions > Junk Debt Buyer- Asset Acceptance

Junk Debt Buyer- Asset Acceptance

I had a Citibank visa card that was written off several years ago, around 10. Last year that debt showed up on my credit report with Asset Acceptance now owning the debt. What was around 5k i now 7k. Do I have to pay this debt.?

How do I handle it?


Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Consumer

This is information that was submitted by a third party and not generated by or Steve Rhode.
  • Paul

    I’ve been hearing a lot of bad things about Asset Acceptance as well, I’d definitely be cautious when dealing with them.

    Someone told me that I should contact the original creditor (CITI) and confirm that Asset Acceptance does actually hold your debt too.  Hope this helps.

  • Todd Troutt

    Hi Sheila,

    Be wary of Asset Acceptance and don’t agree to any kind of trick of theirs that might affect this attempt to collect on a “zombie debt”.

  • Michael

    Hi Sheila,

    What state do you live in? What year are you certain you last made a payment on the account Asset Acceptance is now reporting on?

    If it has been 7.5 years since the date of last activity (payment) on the citi account, it should no longer show on your report and that goes for any 3rd party reporting related to the account, such as Asset Acceptance is reporting now.

    Asset Acceptance just paid a very hefty fine for bad collection practices. Read this article from last week to learn more about that:

    You will need to dispute the trade line with the credit reporting agencies to get it taken off.

    I encourage you to file a complaint with the FTC as well.

    If it has been ten years since you last paid anything toward this debt, it is highly likely it is past the statute of limitations for you to be sued in collection efforts. You can see the issues in the above link Asset had with this type of debt.

    Here is some recent information from the FTC about dealing with the type of debt you are asking about:

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.