ASSET ACCEPTANCE CAPITAL CORP.

ASSET ACCEPTANCE CAPITAL CORP.

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Company Overview
Asset Acceptance Capital Corp. is a publicly quoted company that purchases charged-off consumer debt from credit issuers, and then uses proprietary methods to collect on these receivables. The US-based company has its corporate headquarters located in Warren, Michigan.
Since 1962, the professionals of Asset Acceptance Capital Corp. have helped consumers, financial institutions and credit issuers solve their debt problems. The company has earned a reputation as one of the premier debt management firms in the industry.
Asset Acceptance is a leading purchaser of charged-off consumer receivables in the United States. The company buys charged-off consumer receivables such as credit cards, consumer loans, medical, utilities, telecom, health club, and auto deficiencies. It purchases charged-off debt from credit issuers, consumer finance companies, retail merchants, telecommunications and other utility providers, as well as resellers and others. The company has provided credit issuers an efficient alternative to recovering defaulted debt. The company provides service through its offices in Arizona, Florida, Illinois, Maryland, Michigan, New Jersey, Ohio, Texas and Virginia.
Asset Acceptance has purchased more than 900 portfolios in the following types of industries since entering the debt management industry: Visa / MasterCard, Utilities, Consumer Loans, Second Mortgages, Home Improvement Loans, Medical, Retail Credit Cards, Health Clubs, Student Loans, Home Equity Loans, and Auto Deficiencies.
Asset Acceptance’s mission: Returning value to its credit driven economy. The company’s vision: To be the leading partner and employer of choice in the financial services industry by demonstrating a high-performance culture, sophisticated systems, operational excellence and a spirit of responsibility to ultimately benefit its associates, shareholders, clients, consumers, vendors and the community.
Asset Acceptance has ten offices, providing nationwide coverage, with service offices in: Brooklyn Heights, Ohio; Chicago, Illinois; Woodbury, New Jersey; Phoenix, Arizona; Riverview, Florida; Plantation, Florida; San Antonio, Texas; Warren, Michigan; White Marsh, Maryland; and Wixom, Michigan.
Business Summary
Asset Acceptance Capital Corp. is engaged in the purchase and collection of defaulted and charged-off accounts receivable portfolios from consumer credit originators. Charged-off receivables are the unpaid obligations of individuals to credit originators, such as credit card issuers, consumer finance companies, healthcare providers, retail merchants, telecommunications and other utility providers. From January 1, 2000, through December 31, 2009, it had purchased 1,090 consumer debt portfolios. In addition, the Company finances the sales of consumer product retailers through its Consumer Credit, LLC subsidiary.
Description and history
Asset Acceptance Capital Corp. is engaged in the purchase and collection of defaulted and charged-off accounts receivable portfolios from consumer credit originators. Charged-off receivables are the unpaid obligations of individuals to credit originators, such as credit card issuers, consumer finance companies, healthcare providers, retail merchants, telecommunications and other utility providers. From January 1, 2000, through December 31, 2009, it had purchased 1,090 consumer debt portfolios. In addition, the Company finances the sales of consumer product retailers through its Consumer Credit, LLC subsidiary.

Purchasing

The Company purchases its portfolios in response to a request to bid received through e-mail or telephonically from a prospective seller. In addition to these requests, the Company has developed marketing and acquisitions team that contacts and cultivates relationships with known sellers of portfolios in its core markets and in markets for new asset type. Asset Acceptance Capital Corp. purchases its portfolios through a variety of sources, including consumer credit originators, private brokers and debt resellers. The Company has purchased portfolios from over 160 different debt sellers since 2000, including many of the consumer lenders in the United States.

Collection Operations

The Company’s collection operation focuses to maximize the recovery of its purchased charged-off receivables. It has organized its collection process into a number of specialized departments, which include collection, legal collection and other collection departments. Once a portfolio is purchased, the Company performs a review to formulate and applies an effective collection strategy. This review includes a series of data preparation and information acquisition steps to provide the necessary account data to begin collection efforts. In the event collection has not been obtained through its collection department and the opportunity for legal action is verified, the Company pursue a legal judgment against the debtor. Once a judgment is obtained, its legal department pursues various collection strategies to secure payment. Its in-house legal collection department is comprised of collection attorneys, non-attorney legal account representatives, support staff and skip tracers, while our legal forwarding department is comprised of account representatives, support staff and associates managing activities with the outside attorneys.

The Company’s bankruptcy and probate recovery departments handle bankruptcy and estate probate processing and collections. The bankruptcy department files proofs of claims for recoveries on receivables, which are included in consumer bankruptcies filed under Chapter 7 (resulting in liquidation and discharge of a debtor’s debts) and Chapter 13 (resulting in repayment plans based on the financial wherewithal of the debtor) of the United States Bankruptcy Code.

Business Line
Purchases charged-off consumer debt from credit issuers, and then uses proprietary methods to collect on these receivables
Subsidiary
ASSET ACCEPTANCE HOLDINGS LLC
Advisor
ERNST & YOUNG LLP
IPO date
2/5/2004
US SIC Code
7322
Company Address
28405, Van Dyke Avenue

City province or state postal code
48093, WARREN, MI
Phone: +1 586 939 9600
Fax: +1 586 446 7825
Country address: UNITED STATES OF AMERICA
Website url: www.assetacceptance.com