When it comes to debt collection techniques and practices, how far is too far? What constitutes debt collection harassment, and what is considered okay? Here is what you need to know about Asset Recovery Associates, and how to defend yourself against their illegal and predatory techniques.
What is Asset Recovery Associates?
Asset Recovery Associates is listed as a debt collection agency that works primarily with businesses and corporations to collect on debts overdue. They service the Chicago and Northern Illinois area, with a hand in financial services, debt collection, and credit services. Their business is headed by a number of people, including:
- Bryan Cohen - Compliance Manager/Principal
- Bruce Cohen - President
- Mario Bianchi - Associate
Is Asset Recovery Associates a legit Debt Collection Agency?
Although Asset Recovery Associates is considered to be a legitimate debt collection agency, they have many issues pertaining to their company. They were said to be founded in 2003, with their Better Business Bureau file opening in 2004. They currently hold an F rating with the BBB, and a 1 star out of 5 star average review out of 28 customer reviews.
They are not accredited through the BBB.
Their known alias and other company name is Financial Credit Service Inc.
Asset Recovery Associates Contact Information
Address: 1919 S Highland Ave STE 225A Lombard, IL 60148-6180
Other Address: 1627 W Colonial Pkwy Inverness, IL 60067-4732
Other Address: PO Box 1211 Palatine, IL 60078-1211
Other Address: PO Box 4009 Schaumburg, IL 60168-4009
Other Address: PO Box 5002 Villa Park, IL 60181-5002
Other Website: http://fcsinc.biz/index.htm
Phone Number: 1-800-706-3401
Other Phone: 1-800-706-4301
Other Phone: 1-888-310-1550
Other Phone: 1-630-599-5060
Other Phone: 1-314-584-6755
Other Phone: 1-888-409-5060
Fax Number: 1-847-991-3462
Other Fax: 1-847-925-2050
Does Asset Recovery Associates have Complaints against them?
Asset Recovery Associates have numerous complaints against them. Through the BBB database alone, there are 76 complaints that have been closed within the last 3 years, with 21 complaints closed just within the last 12 months. They also have 28 customer reviews that rate them at 1 star total, granting them an average of 1 star out of 5 stars. This is the basis for their F rating with the BBB.
Within the Consumer Financial Protection Bureau's Consumer Complaint Database, the name Asset Recovery Associates is tied with around 648 complaints. These complaints range in issue and scale, with some even detailing meticulous illegal activities and practices taken by Asset Recovery Associates.
The BBB has also put out an alert on Asset Recovery Associates. From the BBB database profile for Asset Recovery Associates, ARA had allegations made against them that they had used threatening actions such as suing or arresting consumers in an attempt to collect on a debt. It was later revealed that ARA had no such intentions, which falls under false claims and misinformation. This goes directly against the BBB's terms of assurance. Because of this, Asset Recovery Associates ended up having to pay a total of $236,000 in restitution to consumers and the Better Business Bureau alike.
What kind of Complaints have been made?
The complaints range in scale, with many stating that the debt collection practices are not legal. In the BBB database, many complaints detail fraudulent calls and claims from their representatives, as well as excessive calls and robocalls being made under their names as well. The reviews also state that their experience was less than pleasant, and almost predatory in nature.
The CFPB's CCD states that many of the complaints show signs that Asset Recovery Associates engaged in the following illegal practices and techniques:
- Calling workplaces and family members of consumers
- Excessive calls and harassment towards consumers
- Attempting to use misinformation and fraudulent debt records
- Threatening legal actions, such as arrest and suing
- Threatening with physical violence
All of these actions and practices are highly illegal if true, going against everything the Federal Debt Collections Practice Act stands for. The Fair Debt Collection Practices Act's (FDCPA) laws and guidelines specifically prohibit such actions, meaning that Asset Recovery Associates are practicing illegal techniques, and should be jailed for it.
How can I protect myself and fight back against Asset Recovery Associates?
Although we would normally state that it is best to take less drastic measures when dealing with debt collection agencies at the start, such as asking to authenticate the debt, with the information against Asset Recovery Associates, we advise a highly different method.
If you or someone you have has been contacted by Asset Recovery Associates or any of their known affiliated names or companies, it is best to immediately seek legal counsel. With their reputation of illegal and underhanded techniques, seeking counsel will grant you the best option of reprieve in the shortest span of time. We here at the Law Office of Paul Mankin, APC have dealt with Asset Recovery Associates in the past, and are well versed in their debt collection harassment practices. We can help you identify the harassment, document the harassment for future reference, and begin reporting the harassment to the proper authorities.
Not only can we help you to defend against harassment, we can also help to build a case, and assist you in understanding where the illegal collection patterns are for debt collectors. We are also able to help facilitate any communications or discussions between the parties, ensuring that nothing you say can be used against you.
The most important bit of information in your fight is to always remain vigilant. No matter who you have at your side, it can seem like a daunting battle against such a large company and agency. If you have ever been the subject of:
- Multiple calls per week from a third party collection agency
- Multiple calls in the early morning or late night from debt collectors.
- Violent and belligerent language and harassment from debt collectors.
- Threats of arrests or poor credit due to outstanding debts.
- Having your friends, family, and coworkers harassed from debt collectors.
- Automated robocalls from third party collection agencies.
Then you may have a case available. So do not wait, make sure to give us a call, and get started fighting back against the debt collection harassment.