Asset Acceptance
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 (NASDAQ: AACC). The company reported net income of $4.2 million in the third quarter of 2010.[1]
In January 2012 Asset Acceptance LLC was found guilty and ordered to pay a fine of $2.5 million to the FTC for making misrepresentations and deceiving consumers. [2]
[edit] References
- ^ Asset Acceptance Sees Gains in Collections, Revenue, Income in Q3; Debt Buying Up - insideARM.com | November 3, 2010
- ^ White, Martha C. (February 2, 2012). "$2.5 Million FTC Settlement Targets Collection of Expired Debt". Time Magazine. http://moneyland.time.com/2012/02/02/2-5-million-ftc-settlement-targets-collection-of-expired-debt/. Retrieved 7 February 2012.
[edit] External links
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