Way back in 1995, I bought some appliances from a chain store Montgomery Ward which has long since gone out of business. I was given store credit with six months of no interest. I was never sent a bill. After a few months, I received a call from a collections agency (not Asset Acceptance) telling me that I had not paid for my appliances. So I quickly paid up the entire bill plus any interest and penalties.
Some time around 2000, I received a letter in the mail welcoming me to my Wal-mart Credit Card. I almost NEVER shop at Wal-mart. I would not and did not ever open a credit card with Wal-mart in my entire life. Since I was busy I did not think anything of that strange letter.
But then around 2001, I got a call from Asset Acceptance in Michigan that I owed them unpaid debt from my Wal-mart credit card in 2000. I told the woman I never opened a credit card with Wal-mart. She did give me the amount of the debt and told me where Asset Acceptance bought the debt.
I had to track down where this debt came from. I made calls to Wal-mart, GE Capital, and others, until I found out that this debt was the same amount from the Montgomery Ward purchase way back in 1995!
After I had paid off the debt in 1995, it was still showing on my credit report. In 1998, I contacted the original bank which owned the store credit line. I got that bank, the Alpharetta National Bank in Georgia, to send me a letter stating that my debt and all penalties and interest had been paid in full.
I sent a copy of that letter along with the original sales receipt, and all other information I had back to Asset Acceptance in Michigan.
Then I got a nasty call from a guy from Asset Acceptance in San Antonio. They seemed to be playing the "good cop, bad cop" routine. The woman from Asset Acceptance in Michigan was very nice, the "good cop". The man from San Antonio was very nasty, the "bad cop". This guy from Asset Acceptance yelled at me over the phone while I was at work, "YOU OPENED A WAL-MART CREDIT CARD. YOU DIDN'T PAY THE BALANCE. YOU KNOW YOU DID THIS. PAY IT OR WE WILL SUE YOU!!!!" As I tried to explain in a reasonable manner that I don't even shop there, he hung up!
The debt was not that much. Asset Acceptance never took me to court. But Asset Acceptance did screw up my credit report for seven years, not starting from 1995 when I originally made the purchase, but instead from 2000 when the already paid debt had been sold to Wal-mart.
Asset Acceptance has since been sued by the Federal Trade Commission amongst others. Don't put up with this ***. If you have proof you have paid your debt, then file a complaint with the FTC against Asset Acceptance. They were the worst.
Product or Service Mentioned: Asset Acceptance Montgomery Ward Debt Collection.
Reason of review: FRAUD.
I liked: Ftc suing them.
I didn't like: Calls at work, Harassment, Lying on my credit reports, Fraud.