Apex Asset Management LLC or AAM is a debt collection agency which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.
What is Apex Asset Management?
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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Is Apex Asset Management a scam?
They’re legit. 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 Apex Asset Management’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.”
Who does Apex Asset Management collect for?
Apex Asset Management 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.”
Apex’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.
Who are we? We are Lemberg Law, a Consumer Law Firm
Lemberg Law is a consumer law firm helping victims of collection harassment and abuse. We are ranked A+ by the BBB. We’ve helped more than 15,000 consumers stop harassment and recover money from debt collectors. Harassed? Abused? Misled by a collector? Call our Helpline today! There is no charge unless we win.
How many complaints are there against Apex Asset Management?
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.
Can Apex Asset Management Sue Me or Garnish My Wages?
It is illegal for a debt collector to make empty threats 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!
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 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 with AAM. 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.
Apex Asset Management Calling You?
Federal laws protect you. The Fair Debt Collections Practices Act (FDCPA) regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA).
Can I sue AAM for harassment?
Yes. If you want to enforce your rights, or recover money for violations — you need to sue. Federal laws provide individuals like you with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
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“After a few months of frustration with a debt collector, I eventually called Lemberg Law. It was among the best financial decisions I have ever made. Jody and her staff were comprehensive, useful, and above all else powerful. I highly recommend their services and thank them for their continual efforts.”
“I just wanted to let you know we received the check from your office on now and I wanted to take some time to inform you that we really appreciate all of your efforts in this matter.”
Can You Help Me Delete Apex Asset Management from My Credit Report?
Chances are good that we can help. Call us today and we’ll explain.
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About the Author:
Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. He has been repeatedly recognized as the “most active consumer attorney” in the country. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. He is the author of Defanging Debt Collectors, a book that teaches consumers how to battle debt collectors and win.