Aug 10, 2007
Asset Acceptance Capital Corp. is engaged in the purchase and collection of defaulted and charged-off accounts receivable portfolios. 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 utility providers. The Company periodically sells receivables from these portfolios to unaffiliated companies. In addition, the Company finances the sales of consumer product retailers located primarily in Michigan and Ohio, as well as services receivables on a contingent fee basis. Since January1, 1997, Asset Acceptance Capital Corp. had purchased 740 consumer debt portfolios through December 31, 2006. On April 28, 2006, the Company completed a purchase transaction of Premium Asset Recovery Corporation (PARC) and its wholly-owned subsidiary, Outcoll Services, Inc