Complaint to NM AG: debt buyer interest charges while account NOT owned

Like so many debt buyers, Asset Acceptance ignored the dispute and it charges outrageous interest without providing any documentation allowing it to charge interest.

My client’s complaint and my declaration submitted to the New Mexico attorney general.

I have never seen Citi or Chase charge interest after an account was charged off.  Yet, debt buyers routinely file lawsuits demanding interest from the date the account was charged off and while they did NOT own the accounts.  In this case Asset is collecting a Citi account and its compliance department advised me that my client’s ONLY right is to pay the account.

Here is a screenshot of another client’s Citi chargeoff:

I’ve been dealing with credit reporting agencies and collectors for over 20 years and it seems like after the 1997 FCRA amendment it got a bit easier to get corrections and compliance.   I remember the days of million dollar jury verdicts against credit bureaus, but those days are gone.

In the last several years I’ve noticed a distinct change in the attitude by credit bureaus, creditors and collectors. 

Asset Acceptance used to be so cooperative and now they couldn’t care less whether they are sued.

They’re no longer worried about lawsuits.

Credit bureaus ROUTINELY verify obvious incorrect information such as the “high credit” lower than the balance for student loans.  Despite the fact that many people with student loans have high income, I’m not aware of a single lawsuit over this issue.  Incredibly, the department of education SUPPORTS this false credit reporting.

And while some states are coming down hard on debt buyers, in many states they still provide affidavits falsely claiming personal knowledge of the accounts and they submit “true copies” of documentation that has never been authenticated.

Since the new Department of Consumer Financial Protection Bureau now regulates collectors and debt buyers, we’ll work on a complaint to the CFPB if Asset hasn’t deleted by the weekend.

We really need an improved and modernized FDCPA, with MINIMUM statutory damages of $1000 for EACH violation.

That debt buyers charge interest on accounts while they did not own the accounts ought to result in a CRIMINAL prosecution as that is FRAUD.

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