Asset Acceptance

From Wikipedia, the free encyclopedia
Jump to: navigation, search

Asset Acceptance is a trade name used by several companies owned by the parent corporation Asset Acceptance Capital Corporation, which has existed since the formation of the predecessor company in 1962. Asset Acceptance Capital Corp's main revenue-generating subsidiary is Asset Acceptance, LLC. Asset Acceptance is a debt purchaser, which means that its primary business is the purchasing of defaulted debts from lenders and subsequent collection of those debts through normal debt collection activities. The corporation is headquartered in Warren, Michigan.

Asset Acceptance Capital Corp. is publicly traded (NASDAQAACC). The company reported net income of $4.2 million in the third quarter of 2010.[1]

Per a press release of January 30, 2012, the Federal Trade Commission accepted a settlement against Asset Acceptance that included a $2.5 million penalty over several charges including Asset Acceptance's practices regarding time-barred debt.[2]

In March 2013, debt collector Encore Capital Group agreed a deal to buy Asset Acceptance for $200 million.[3]

References[edit]

External links[edit]