The Culture of Class

Michigan Radio reporters will present a series of stories this month about social class and how it impacts our daily lives; from the way we plan our cities and neighborhoods; to the type of education our children receive.We'll look at class interactions on the dance floor and in the court room, and we’ll ask whether upward mobility is a myth or reality. That and more in our series The Culture of Class.How does socioeconomic class affect you? How do you think it affects life in Michigan? Share your thoughts with us

FTC settles consumer deception case with Michigan-based debt buyer Asset Acceptance

Michigan Public | By The Associated Press

Published January 30, 2012 at 11:18 AM EST

WASHINGTON (AP) - One of the nation's largest consumer debt buyers will pay a $2.5 million civil fine to settle deception allegations.

The Federal Trade Commission says Michigan-based Asset Acceptance agreed to the penalty and to changes in the way it collects debt.

The company buys unpaid debts from credit card companies, health clubs and others. The FTC alleged that Asset tried to collect debt in some cases that wasn't even owed. In other cases, the FTC says the company told consumers they owed a debt that may have been too old to collect because it was past the statute of limitations.

As part of the proposed settlement, Asset Acceptance will have to tell consumers that their debt may be too old to be legally enforceable and that it won't sue to collect.