Asset Acceptance

Founded in 1962 and formerly headquartered in Warren, Michigan, Asset Acceptance Capital Corp. was a leading purchaser and collector of distressed consumer debt portfolios. The company's business model involved buying charged-off accounts receivable from credit originators—such as banks, credit card issuers, and retail merchants—at a significant discount. It then worked to collect on these accounts through its in-house collection teams and legal network. The company was publicly traded on the NASDAQ stock exchange under the ticker AACC. In June 2013, Asset Acceptance was acquired by Encore Capital Group, a larger competitor in the debt-buying industry. Following the acquisition, its operations and accounts were merged into Encore's subsidiary, Midland Credit Management (MCM), and the Asset Acceptance brand was discontinued.