Asset Acceptance agreed to a $2.5 million settlement with the Federal Trade Commission. The firm had been trying to con people into making partial payments against expired debts. In some states, paying even as little as $1 will automatically revalidate a debt that was otherwise past the statute of limitations.
Meanwhile, Maryland has new rules that will require debt collectors to provide proof of a debt, a document signed by you, a statement showing what you owe, plus itemized accounting. In other words, collectors in the Middle Atlantic state will be required go to court with real true proof of the debt they’re trying to collect! [read]