AACC

Asset Acceptance Capital Corp

A debt buyer and collection agency, headquartered in Warren, Michigan, that purchased portfolios of defaulted consumer debt—from credit cards, telecom bills, and consumer loans—from original creditors for a fraction of their face value, then tried to collect the full balance from borrowers. It traces its roots to a predecessor company founded in 1962, operated for decades under names like Lee Acceptance Corporation, and became one of the country's largest publicly traded debt buyers before Encore Capital Group completed its acquisition of the firm in 2013. The name "Asset Acceptance" describes its business: accepting defaulted debts (the assets) from creditors.