AssetCare on Your Credit Report: Your Options Explained

AssetCare LLC is a Sherman, Texas medical debt collection agency founded in 2016 that also operates under the name CF Medical VI, LLC. A 2020 class action settlement covering 28,569 Texas consumers established that AssetCare and its affiliated entity CF Medical LLC sent settlement offer letters on time-barred medical debts without disclosing the debts could no longer be legally enforced.

Under the settlement, class members had their debts waived and all AssetCare and CF Medical credit tradelines deleted from their credit reports.

Who Is AssetCare LLC?

AssetCare LLC is a medical debt collection agency founded in 2016 and headquartered at 2222 Texoma Parkway, Suite 180 in Sherman, Texas. The agency also does business as CF Medical VI, LLC — both names may appear on your credit report for the same account. AssetCare is not BBB-accredited and holds a B- BBB rating with more than 250 complaints in its current three-year window.

AssetCare serves as the collection arm of a debt buying operation. CF Medical LLC and its related entities purchase charged-off medical debt. AssetCare then collects on those purchased accounts. If you see either AssetCare or CF Medical on your credit report, they represent the same operation.

Two Documented Federal Cases

Monroe v. AssetCare LLC and CF Medical LLC (S.D. Texas, settled 2021) covered 28,569 Texas consumers who received AssetCare settlement offer letters on medical debts more than four years old without disclosure that those debts were past the Texas statute of limitations and could no longer be judicially enforced.

Class members had their debts waived and all AssetCare and CF Medical credit tradelines deleted. A subclass of 19,024 consumers received pro-rata FDCPA cash payments of up to $30. AssetCare and CF Medical paid $100,000 in plaintiff attorney fees.

Yanaway v. AssetCare LLC et al. (S.D. Texas, Case 4:18-cv-04557, 2018) alleged AssetCare and CF Medical used unfair, deceptive, and misleading practices in debt collection in violation of the FDCPA and Texas Debt Collection Act.

The Texas Statute of Limitations and AssetCare Accounts

Texas allows four years on most written contracts including medical service agreements. Because AssetCare and CF Medical purchase old charged-off medical debt, many accounts they collect on may already be past the statute of limitations when AssetCare contacts the consumer.

The Monroe class action was built on this issue. A consumer who receives an urgent settlement offer naturally assumes the collector has legal leverage it may not actually have. Confirm when the underlying service occurred and whether four years have passed since last payment before responding to any AssetCare contact.

Common AssetCare Complaint Patterns

• Sending settlement offers on time-barred debt without statute of limitations disclosure: The Monroe class action established this as AssetCare’s primary systemic practice, affecting 28,569 documented Texas consumers.
• Reporting to credit bureaus without prior consumer contact: Multiple BBB complaints describe AssetCare or CF Medical appearing on a credit report as the first notice of the debt, with no prior letter or call.
• Falsifying or inflating debt amounts: Consumer complaints describe AssetCare collecting amounts that do not match what the original provider billed.
• Continuing collection on disputed debts: Consumer complaints describe AssetCare continuing collection after written disputes, in violation of FDCPA Section 1692g.

What AssetCare Cannot Do Under Federal Law

• Send settlement offers on time-barred debt without disclosure: The Monroe class action established this as a systemic violation. FDCPA Section 1692e prohibits misleading representations. Implying legal urgency on a debt that cannot be sued upon is a misleading representation.
• Report without prior notice: Consumers who find an AssetCare entry without any prior contact have the immediate right to demand full validation before acknowledging any balance.
• Collect amounts that differ from the original creditor’s documentation: FDCPA Section 1692f(1) prohibits collecting amounts not expressly authorized by the original agreement.
• Continue collection after a written dispute: Section 1692g requires all collection to pause until AssetCare produces documentation.

Texas Debt Collection Act

Texas residents have additional protections under the Texas Debt Collection Act (TDCA), which the Monroe class action specifically relied upon alongside federal FDCPA claims. The TDCA provides enforcement channels through the Texas Attorney General’s Consumer Protection Division and allows for equitable relief including debt waiver and tradeline deletion.

File complaints with the Texas AG Consumer Protection Division alongside any CFPB complaint.

Medical Debt Reporting Protections

Credit bureau voluntary policy changes effective 2023 removed paid medical balances and balances under $500 from credit reports. If AssetCare or CF Medical is reporting a paid balance or a balance under $500, dispute those entries directly with all three bureaus.

Verify Before Paying AssetCare

Send a certified validation letter demanding the original provider’s name, the itemized bill with CPT codes and service dates, and the date of last payment or activity. Also demand written confirmation of whether AssetCare or CF Medical owns the debt and whether it is within the applicable statute of limitations. If more than four years have passed since last payment, the debt may be time-barred and AssetCare may not be able to legally sue.

How to Check Your Credit Report

Pull all three reports at AnnualCreditReport.com and look for both AssetCare and CF Medical VI LLC as the furnisher. Both names represent the same operation. Confirm the original creditor, service date, and date of first delinquency, and cross-reference the service date against the four-year Texas statute of limitations.

How Long Can AssetCare Legally Pursue the Debt?

Texas allows four years on most written contracts including medical service agreements. The Monroe class action was certified specifically based on this four-year window.

Your Options for Resolving the Account

• Verify whether the debt is time-barred before responding: If AssetCare’s contact involves a service date more than four years in the past, confirm the statute of limitations status before paying, settling, or acknowledging the debt.
• Demand written statute of limitations confirmation: Send a certified letter demanding written confirmation of whether the debt is within the applicable statute of limitations before any payment or settlement discussion.
• Dispute any entry that appeared without prior contact: If AssetCare or CF Medical appeared on your credit report as the first notice of the debt, send a certified validation letter and simultaneous bureau disputes.
• File a Texas AG complaint: The Texas Debt Collection Act provides state enforcement authority and was the basis for debt waiver and tradeline deletion in the Monroe settlement.

How to Contact AssetCare

Handle all communication in writing. Send disputes by certified mail with return receipt requested:

• Address: AssetCare LLC, 2222 Texoma Parkway, Suite 180, Sherman, TX 75090
• Mailing address: AssetCare LLC, PO Box 1127, Sherman, TX 75091
• Phone: (888) 993-3604

Bottom Line

AssetCare LLC and CF Medical LLC are the same operation. The 2020 Monroe class action settlement waived the debts and deleted the credit tradelines of 28,569 Texas consumers after establishing AssetCare sent settlement offer letters on time-barred medical debts without disclosing the debts could no longer be legally enforced.

If AssetCare or CF Medical contacts you or appears on your credit report, the first question is when the underlying medical service occurred. If it is more than four years ago, the debt may be time-barred and any settlement offer that implies legal urgency may be a misleading representation.

If an AssetCare account is on your credit file, the right move depends on the age of the underlying debt, whether AssetCare disclosed the statute of limitations status, and whether the balance matches the original provider’s documentation.