Apex Asset Management, LLC (AAM) is a third-party collection agency based in Pennsylvania. AAM has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including failure to verify debts and attempting to collect debts not owed. If you have been contacted by AAM, make sure you understand your rights before responding.
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According to the Better Business Bureau (BBB), Apex Asset Management, LLC is a legitimate collection agency, founded in 1997, and the BBB established its profile page in 1999. Buzzfile estimates AAM’s annual revenue at $12.1 million and the size of its staff at 185 people.
According to its website,AAM represents their “clients within the framework of their organization, effectively resolving accounts in a way that is consistent with their procedures and sensitive to their position in the market.” AAM’s “comprehensive package of products and services enables…clients to limit their risk and maximize return, while operating in a safe and secure environment.”
AAM collects delinquent accounts for providers of healthcare, utilities, retail services, and education, as well as commercial business-to-business collections. AAM’s medical collections portfolio “ranges from sole practitioners to systems in excess of 1,500 doctors… with a hospital base that ranges from rural Critical Access Centers to Academic Medical Centers ranked among the top 20 largest and best equipped in the nation.” Medical collection services include self-pay early out billing; bad debt collections; and batch eligibility and presumptive charity screening.
AAM’s retail, utility, and education divisions employ a standard suite of third-party collection services, including skip tracing, balance and payment verification, consumer credit reporting, and legal process assistance. Accounts assigned to their commercial collections division “route directly to dedicated senior staff, who are specialized with years of experience…to handle each commercial account professionally and individually.”
AAM’s compliance page cites major security and regulatory laws such as PCI, the Affordable Care Act, Heath Information Portability and Accountability Act (HIPAA)/HITECH, the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), and Medicare Cost Reporting. However, there are no links or references to consumer protection resources, laws, or enforcement agencies.
As of October 2017, the BBB has given Apex Asset Management LLC a rating of D-. The BBB has closed 13 complaints against Apex Asset Management in the past three years, with 5 closed in the past 12 months. Most of the complaints allege problems with billing and collections. Since April 2015, the Consumer Financial Protection Bureau (CFPB) has received 17 complaints about AAM, and Justia lists at least 6 cases of civil litigation naming AAM as a defendant.
Apex Asset Management, LLC
2501 Oregon Pike, Ste. 201
Lancaster, Pennsylvania 17601
Telephone: (888) 592-2144
It is illegal for a debt collector to threaten to sue you or garnish your wages. It is also unlikely AAM would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
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Absolutely. Here are some Sample Cases
Complaints against Apex Asset Management, LLC frequently cite inaccurate reporting of information to the credit reporting agencies (CRAs), and inaccuracies in verifying and documenting account and payment details.
In August 2015, a complainant indicated that that a medical claim had been incorrectly processed, then reported as delinquent on her credit reports. She had undergone a mammogram and received a bill for the procedure, which was forwarded to her insurance company, who is required to cover such procedures. Soon thereafter, she began receiving collection notices from AAM stating the bill had not been paid and had been reported to the CRAs. The complainant called the healthcare provider and the insurance company and discovered a “clerical error” had occurred. The insurance company reprocessed and paid the claim after identifying the issue. The complainant called AAM and explained what had happened, insisting that negative items on her credit report for a problem she herself had not caused was unfair. The complainant alleged that AAM “refused to remove anything until they were informed” that the claim had been paid. She alleged further that they have now received confirmation “that the bill was satisfied…but the collection is still listed on her credit report.” She contacted AAM directly, and they told her that “it would be up to her to contact the credit agencies to have the listing removed.”
Similarly, in December 2014, a complainant indicated that he had paid two accounts that had been in collections withAAM. The complainant spoke to a manager in October 2014 to confirm that the accounts had been paid, and the manager and at least two other employees told him 4 different times that he would receive “a Release of Debt letter” and that the negative items would be deleted from his credit reports. As of December 27, 2014, the complainant reported that he still had not “received a Release of Debt Letter nor had his credit report been corrected.” He reported having contacted AAM multiple times to clarify the problem, was told the same thing, and was still waiting for a response.
The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) enforce consumer protection laws. The Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) are two federal laws that help regulate the collections industry. The FDCPA prohibits actions such as threatening to take actions that cannot legally be taken or using false or misleading language to collect a debt.
The FCRA regulates how collection agencies report information to credit reporting agencies. Additional consumer protection laws include the Consumer Financial Protection Act (CFPA) and the Telephone Consumer Protection Act (TCPA).
These laws also provide individuals with a means to seek monetary damages in court. For example, the FDCPA allows consumers to recover damages of up to $1,000, plus attorney fees and court costs, in cases proving violations of the FDCPA.
The case above illustrates how understanding your rights and responsibilities under these laws is an important part of holding collection agencies accountable for their actions. Seeking legal assistance can help you resolve a dispute with a collection agency.
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are receiving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors and even one of these has happened to you, we can help. We will fight for your rights.
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200.
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