CFPB Sues Asset Acceptance, Encore and Midland for Collection Practices

The Consumer Financial Protection Bureau (CFPB) has Encore Capital Group, Inc. and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp. The CFPB says, “Encore and its subsidiaries are currently subject to a 2015 consent order with the Bureau based on the Bureau’s previous findings that they violated the Consumer … Read more

Debt Buyer and Collector Launches Forward Thinking Effort to Help Consumers

Interest rate negotiation can result in a lower interest rate than you are paying now.

Recently I had the opportunity to learn about a new initiative by a large debt buyer and collector, Encore Capital Group. Encore is actually working hard to help consumers. And I’m sure when you read that you will be cynical. I was at first. But the changes Encore is making will assist consumers with old … Read more

Does Moran Drexen’s Preferred Creditor Program Create a Problem for Consumers?

Last week new information in the lawsuit between Morgan Drexen and the CFPB brought to light a commission compensated department called the Preferred Creditor Program. You can read that article, here. At least one commenter mentioned Morgan Drexen is not the only company to have such a program. If not, then an industry wide problem … Read more

FTC and DOJ Announce Asset Acceptance Settlement Which They Want to Be Framework for Debt Collection Industry

David Vladeck director of the FTC’s Bureau of Consumer Protection and DOJ Assistant Attorney Tony West today conducted a conference call I attended to provide additional information regarding an announced settlement with collection company Asset Acceptance. In the settlement Asset Acceptance agreed to pay the second largest fine ever against a collection company for alleged … Read more

American Express Credit Report Issue by Asset Acceptance. – Bibi

“Dear Steve, Hi Steve! So, I ran my report and saw Asset Acceptance is reporting 3 account balances. I believe they are old Amex accounts that went unpaid. I also believe these accounts are about 7-8 years old. Is there a way I can find out when was the last time these accounts had any … Read more

Asset Acceptance Called Me on an Old Bank of America Debt. – Terri

“Dear Steve, Asset Acceptance LLC called me recently and said they were collecting on an old Bank of America debt. They told me it was from a period of time when I lived in California (1993-1994). I told them I did not believe I owed this debt and to please send me a statement or … Read more