Asset Acceptance is a company that we have sued before for false credit reporting after losing a collection lawsuit against our client who did not owe the money. Creditcollectionsworld.com recently ran an interesting story on the financial condition of this large debt buyer which is summarized in this final paragraph from the story:
Asset Acceptance had reported net income of $6.8 million in the first quarter ended March 31, down 31% from profits of more than $9.8 million in the same period last year. Revenues totaled $63.7 million, down 4.6% from first-quarter 2007 revenues of $66.8 million. In the quarter, Asset Acceptance spent $22.3 million to purchase charge-off consumer debt portfolios with a face value of $548.5 million, for a blended rate of a little over 4 cents on the dollar. This compares with a first-quarter 2007 investment of $36.3 million to purchase portfolios with a face value of $765.1 million.
So if you are dealing with Asset Acceptance trying to collect a $1,000 debt that it supposedly owns and you supposedly owe, it paid an average of $40.
Another resource for you is to join our Facebook Fan Page – Alabama Consumer Protection Attorneys where we share useful information about the same types of issues that we cover in this blog.