If Asta Funding or Palisades Collection has contacted you, the debt may be years old. Asta built its business by buying charged-off accounts for pennies on the dollar. The company exited the U.S. market in 2010. A 2015 New York Attorney General settlement found Asta and its affiliates sued consumers on time-barred debts. Courts later vacated more than 300 of those default judgments as improperly obtained. If Asta or Palisades appears on your credit report, call +1-844-638-1122 for a free case review.
Key Takeaways
- Asta Funding, Inc. is a diversified financial services company founded in 1994 and headquartered in Englewood Cliffs, New Jersey. Its primary debt-collection subsidiary was Palisades Collection, LLC. Asta exited the U.S. consumer debt market in 2010 and was taken private in 2020.
- In 2015, the New York Attorney General settled with Asta and Palisades over allegations they sued consumers on time-barred debts, forcing Asta to vacate more than 300 improperly obtained judgments and pay $100,000 in civil penalties.
- A federal class action alleged Asta and Palisades illegally attempted to collect a 15-year-old debt on behalf of a dissolved company, in violation of state and federal law.
- A separate Palisades class action accused Palisades Collection and Asta of filing lawsuits without evidence and winning improper default judgments.
- FDCPA violations can entitle consumers to up to $1,000 in statutory damages per lawsuit. A judgment vacated by the NY AG settlement may remain on your credit report unless you dispute it.
- The Wood Firm PLLC handles these cases on contingency: no upfront fees, and if Asta or Palisades violated federal law, they pay our fees.
Free Case Review: +1-844-638-1122
Who Is Asta Funding?
Asta Funding, Inc. is a New Jersey-based financial services company founded in 1994. Asta traded publicly on NASDAQ under the ticker ASFI. It built its business as a debt buyer, purchasing charged-off portfolios at deep discounts. Palisades Collection, LLC handled the collection work. An executive consortium took the company private in 2020.
Asta exited the U.S. consumer debt collection market in 2010, shifting its debt-buying operations to Latin America. Today, its U.S. subsidiaries include GAR Disability Advocates, a Social Security and disability benefits advocacy service. CBC Settlement Funding, a structured settlement company, is also under the Asta umbrella. Asta Funding Acquisition LLC is a separate entity registered in Atlanta, Georgia. It holds a Not Rated BBB listing and is not BBB accredited.
In our practice, the most important document in any Asta or Palisades file is the chain-of-title record. That record shows who originally owned the account and how many times it changed hands. It also shows what documentation survived each transfer. Palisades operated at the high-volume end of the debt-buying market, where documentation routinely disappeared between sellers. A broken chain of title means the collector may lack standing to collect or sue.
- Also Known As: Palisades Collection LLC, Palisades Acquisition XVI LLC, Asta Funding Acquisition LLC, ASFI
- Headquarters: Englewood Cliffs, New Jersey (Asta Funding, Inc.); Atlanta, Georgia (Asta Funding Acquisition LLC)
- Founded: 1994
- U.S. Debt Collection Subsidiary: Palisades Collection, LLC
- Other Subsidiaries: GAR Disability Advocates, CBC Settlement Funding
- BBB Profile: Asta Funding Acquisition LLC BBB listing (Not Rated, not accredited)
- Website: astafunding.com
Phone Numbers Asta Funding and Palisades Collection Use
Consumers searching an unfamiliar number need a direct answer. Asta operated primarily through its subsidiary Palisades Collection. Calls and letters may identify the caller as Palisades rather than Asta Funding. Numbers attributed to Palisades Collection and its affiliated entities in consumer and legal records include:
- 201-541-7600 | (201) 541-7600 | +1-201-541-7600 | 2015417600
- 201-816-2900 | (201) 816-2900 | +1-201-816-2900 | 2018162900
If an unlisted number appears and the caller identifies as Asta or Palisades, document the date and time. Note the exact number displayed on your caller ID. That record matters if the contact violated federal law. That record matters if the contact violated federal law.
Why Is Asta Funding Calling You?
Asta Funding or Palisades Collection is calling you because they purchased a charged-off consumer debt. The account came from an original creditor or a subsequent buyer. The account was most likely a credit card. Asta specialized in distressed debt portfolios, purchasing accounts at deep discounts after original creditors wrote them off.
The age of the debt matters more here than with most collectors. Asta exited U.S. collections in 2010. Active contact today likely comes from a residual portfolio or a pre-2010 judgment. Asta Funding Acquisition LLC may also operate under the parent brand. If the debt traces to a Palisades account, your state’s statute of limitations may have expired.
A time-barred debt is still a debt, but a collector cannot lawfully sue to collect it. The 2015 NY AG settlement confirmed Palisades pursued exactly these accounts in court. Courts allegedly vacated hundreds of those default judgments as improperly obtained. If Palisades obtained a judgment before 2015, it may be among those the settlement required to be vacated.
The New York Attorney General Enforcement Action Against Asta
In 2015, Asta Funding and its subsidiaries settled with the New York Attorney General. An investigation found Asta sued consumers on debts past the legal statute of limitations. The settlement required Asta to:
- Vacate more than 300 improperly obtained default judgments, representing approximately $1.7 million in debt consumers were no longer required to pay
- Pay $100,000 in civil penalties
- Reform its court-filing practices going forward
When we open an Asta or Palisades file, we pull the original account origination date. We compare it to the relevant statute of limitations in the consumer’s state. If the account was past the limitations period when Palisades filed, we check whether a default judgment exists. We then research whether that judgment fell within those the settlement required to be vacated. A vacated judgment that still appears on a credit report is a standalone FCRA dispute.
Has Asta Funding Been Sued
Yes. Asta Funding and Palisades Collection have faced multiple federal lawsuits and a state enforcement action. All relate to their debt collection practices.
- Daubert Law Firm, LLC et al. v. Asta Funding, Inc. et al.: plaintiff alleged Asta, Palisades Acquisition XVI LLC, and affiliated collectors illegally attempted to collect a 15-year-old debt on behalf of a dissolved company, in violation of state and federal law.
- Palisades Debt Collection Class Action Settlement: class action accused Palisades Collection, Asta Funding, and their legal counsel of filing lawsuits without adequate evidence, failing to notify defendants, and winning improper default judgments.
- Mayfield v. Asta Funding, Inc. (S.D.N.Y.): FDCPA action testing corporate liability for the collection tactics Asta’s subsidiaries deployed against consumers.
- Neal v. Asta Funding, Inc.: appellate-level civil matter before the New York State Supreme Court Appellate Division, arising from Asta Funding litigation against a pro se consumer.
The pattern across these cases is consistent. Palisades filed suit on accounts it could not adequately document. It obtained default judgments when consumers did not appear. In some instances, it pursued legally uncollectable debts. In our practice, we request the full litigation history on every Asta or Palisades account. A prior default judgment that Palisades improperly obtained may still affect a consumer’s credit report today.
Can Asta Funding or Palisades Sue You?
Asta and Palisades can file a civil lawsuit for a valid debt within your state’s statute of limitations. The documented history of this entity shows a pattern of suing on time-barred accounts. Asta also sued on accounts without adequate chain-of-title documentation.
If Palisades threatens suit on a debt more than four to six years old, demand written validation immediately. The applicable limitations period depends on your state. The 2015 NY AG settlement established that this collector pursued exactly those kinds of accounts in court. Any threat to sue on a time-barred debt may itself violate the FDCPA.
Can Asta Funding Report to Your Credit
Yes, Asta and Palisades can report unpaid accounts and judgments to the major credit bureaus. That reporting must comply with the Fair Credit Reporting Act. A collector cannot report a vacated judgment. It also cannot report information it knows to be inaccurate.
The 2015 NY AG settlement vacated more than 300 Palisades judgments. A vacated judgment that still appears on your credit report is disputable under the FCRA. The credit bureau must correct it. A credit bureau that fails to remove a vacated judgment after a proper dispute may be independently liable.
Is Asta Funding a Scam
Asta Funding is a real company, not an impersonation scam. Asta traded publicly on NASDAQ for over two decades. It held regulatory licenses in multiple states.
Real and licensed do not mean every tactic was lawful. The 2015 NY AG settlement and federal class actions document specific improper conduct. Palisades filed on time-barred debts and lacked adequate documentation. It won default judgments against consumers who had no notice of the lawsuit. In our practice, the most common Asta and Palisades issue is a judgment the consumer never knew existed. Palisades obtained those judgments through a court process the consumer had no chance to contest.
Is Asta Funding Banned by the FTC
No. The FTC has not banned or sanctioned Asta Funding. No FTC consent order appears in the public record for this entity.
The primary enforcement action against Asta came from the New York Attorney General, not the FTC. Private FDCPA litigation and the NY AG settlement are the documented enforcement history here. The absence of an FTC action does not protect consumers who encountered Palisades collection conduct before 2010. If Palisades obtained a judgment against you, FDCPA and FCRA remedies remain available. Those remedies exist independent of any federal agency action.
How The Wood Firm PLLC Helps Stop Asta Funding Debt Harassment
When we open an Asta or Palisades file, we start with the account origination date. We also pull the full collection timeline. The documented enforcement history of this entity centers on two failure patterns. First: pursuing debts past the statute of limitations. Second: obtaining default judgments on accounts without adequate chain-of-title documentation. We pull the original creditor record and request every assignment document in the chain. We compare the account date against the limitations period in the consumer’s state. If a judgment appears, we research whether it falls within those vacated under the 2015 NY AG settlement. If it does, the credit entry may be an FCRA violation the bureaus are independently obligated to correct.
The Wood Firm PLLC represents consumers exclusively. Our firm has never represented a creditor or collector. We work on contingency. No upfront fees. If Asta or Palisades violated federal law, they pay our fees. After we file a notice of representation, all contact routes through our office. To start a review of your Asta or Palisades file, reach our team at +1-844-638-1122.
If Asta or Palisades obtained a judgment against you, those facts may already support a federal claim. Reporting a time-barred debt or threatening suit without documentation adds additional violations. Visit our contact page or call +1-844-638-1122 for a free case review. The Wood Firm PLLC handles these cases on contingency: if they violated federal law, they pay our fees.
Frequently Asked Questions
Who is Palisades Collection and how does it relate to Asta Funding
Palisades Collection, LLC was Asta Funding’s primary U.S. debt-collection subsidiary. Asta purchased charged-off consumer accounts and Palisades collected on them. Asta exited U.S. collections in 2010. Judgments and credit entries Palisades obtained before that exit may still affect consumers today.
Can Asta Funding or Palisades sue you for an old debt
Only if the debt falls within your state’s statute of limitations. For credit card debt, that window is typically three to six years. Threatening to sue on a time-barred debt may violate the FDCPA. The 2015 NY AG settlement found Palisades did exactly that, resulting in more than 300 vacated judgments.
What does it mean if a Palisades judgment was vacated
A vacated judgment has no legal force. Asta agreed to vacate more than 300 judgments under the 2015 NY AG settlement. A vacated Palisades judgment that still appears on your credit report is an FCRA violation. The FCRA gives you the right to dispute it. The credit bureau must remove it after a proper investigation.
How do you verify a debt Asta Funding claims you owe
Send a written validation request by certified mail within 30 days of first contact. Demand the original creditor’s name, the account origination date, and every assignment document in the chain of title. Collectors with multiple-transfer debt often cannot produce complete documentation.
Is Asta Funding still collecting debts in the United States
Asta Funding exited the U.S. consumer debt market in 2010 and shifted its debt-buying operations to Latin America. Its current U.S. business focuses on disability advocacy and structured settlements. Asta Funding Acquisition LLC, a separate entity, may still operate in collection contexts.
What can you recover if Asta or Palisades violated the FDCPA
Successful FDCPA claimants can recover up to $1,000 in statutory damages per lawsuit. They may also recover actual damages and attorney fees from the collector. FCRA violations for inaccurate credit reporting can add additional damages. The Wood Firm PLLC handles these cases on contingency.
Does the NY AG settlement help you if Palisades obtained a judgment in another state
The NY AG settlement covered judgments obtained in New York courts. A time-barred judgment Palisades obtained in another state may be challengeable through separate legal channels. An attorney can assess whether the original filing violated the FDCPA in your jurisdiction.
What to Do If Asta Funding or Palisades Has Contacted You
Pull your credit reports first. If a Palisades or Asta entry appears, note the account origination date. Compare it to your state’s statute of limitations. If a judgment appears, research whether it falls within the vacated judgments from the 2015 NY AG settlement. Save every letter and document every call. Do not acknowledge or pay an old debt before speaking with an attorney. The Wood Firm PLLC reviews Asta and Palisades files at no charge. The firm has never represented a creditor or collector. Call +1-844-638-1122 to start that review.
Jeff Wood represents consumers exclusively, never creditors or collectors. He holds federal court admissions across 9 districts, including all courts of AR, CO, NM, and TX. He practices from Little Rock, AR.
