Credit

Steps To Remove Asset Acceptance LLC from Your Credit Report

If you have Asset Acceptance LLC on your credit report, you likely defaulted on a debt and Asset Acceptance bought it. Creditors only keep your debts for a limited time when they are unpaid. After they’ve exhausted their efforts, they send them to a collection agency to collect on them.

If Asset Acceptance is on your credit report it hurts your credit score and your chances of getting future credit. The good news is there are ways to remove Asset Acceptance from your credit report. Here are the steps you must take.

Validate the Debt

First, validate the debt. This is simply asking Asset Acceptance to prove it’s your debt and that they have the right to collect on it. The key is you must do this within the first 30 days that Asset Acceptance contacts you. If you don’t, you will have to use one of the steps below.

To validate the debt, write a letter to Asset Acceptance asking for proof that you owe the debt. You could ask for a variety of information, including:

  • Where the debt originated
  • The date of the last payment
  • The amount owed
  • The name on the account
  • The account number
  • Proof they can collect in your state

Asset Acceptance has 30 days to respond to your request. If they can’t validate the information you request, they must remove it from your credit report.

Dispute the Debt

Your next option is to dispute the debt. This is done directly with the credit bureau reporting the information – Trans Union, Experian, or Equifax. If you aren’t sure which credit report Asset Acceptance reported to, pull your credit reports here – it’s free. 

Once you know who reported the debt, write a dispute letter to that credit bureau. In your letter, dispute any information you don’t agree with that’s on your credit report. Look at all the details including how they spelled your name, your account number, account balance, payment history, or any other details.

The credit bureau has 30 days to look into your request and respond. If they can’t prove any different than what you stated, they must remove Asset Acceptance from your credit report. If they can prove you’re incorrect, they will leave it on your credit report, and you’ll have to arrange a pay for delete.

Ask for a Pay for Delete

As tricky as Asset Acceptance LLC can be to deal with, there is a path to get them removed from your credit report.

Your final option – and one that most people have to use is a pay for delete arrangement. Even if you were successful in getting Asset Acceptance off your credit report, you still owe the debt. Since Asset Acceptance bought the debt for pennies on the dollar, you may have some room to negotiate a deal. 

If you talk to Asset Acceptance on the phone, you can work out a payment arrangement that you can afford, but make sure you get the details in writing. Once you get them to agree to an amount you can pay and settle the debt, ask that they remove the debt from your credit report rather than reporting it ‘paid as agreed.

There is a big difference between removing Asset Acceptance from your credit report and them reporting it ‘paid as satisfied.’ Since collections sit on your credit report for 7 years, that’s 7 years that lenders will see that you defaulted on a debt that went to collections.

While the collection doesn’t hurt your credit score for 7 years, it can make it hard to get financing or get good rates on financing for several years.

Don’t Leave Asset Acceptance on your Credit Report

Don’t leave it to chance. Asset Acceptance should not sit on your credit report longer than necessary. If you defaulted on a debt, find a way to make it up. But don’t let Asset Acceptance ruin your credit. If they buy your debt, work with the quickly to get it removed. 

If you catch it within the first 30 days, you can validate the debt. Oftentimes Asset Acceptance can’t validate the debt, which means they must remove it. If they do validate it, you have the option to dispute it with the credit bureau. While you’ll need proof of why you’re disputing the debt to get the credit bureau to remove it, you have a good chance.

If you can’t do any of the above, pay the debt but only after you work out a pay for delete. Get the agreement in writing so you know for sure that they will delete it and if they don’t, you can dispute it with the credit bureau.