Quick Answer: The CFPB is suing Encore Capital Group and its subsidiaries (Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.) for violating a 2015 consent order and federal debt collection laws. The companies allegedly sued consumers without proper documentation and pursued time-barred debts beyond statute of limitations periods.The Consumer Financial Protection Bureau (CFPB) …
Quick Answer: Debt collectors helping consumers is becoming reality rather than myth, as Encore Capital Group is implementing changes to make credit reporting fairer for those with old debt. The initiative aims to help consumers rebuild credit faster after settling debts, though current laws allow negative marks to remain on credit reports for up to …
Quick Answer: Morgan Drexen’s Preferred Creditor Program faces legitimacy questions due to a CFPB lawsuit revealing commission-based compensation structures. The program claims to offer guaranteed settlement percentages and reduced collection costs, but legal challenges suggest potential industry-wide problems with creditor compensation arrangements.Last week new information in the lawsuit between Morgan Drexen and the CFPB brought …
Quick Answer: The FTC found that Asset Acceptance, a major debt buyer, violated consumer protection laws by attempting to collect debts with little or no supporting evidence and failing to properly validate debts. The company agreed to pay the second-largest fine ever imposed on a debt collection company for these alleged violations.David Vladeck director of …
Quick Answer: Asset Acceptance, a debt collection company with US and India call centers, allegedly pressures employees to violate FDCPA rules through illegal calling practices and misleading customer communications. The company faces a class action lawsuit and reportedly fires compliance staff while using deceptive hiring practices to exploit workers.I worked for asset acceptance a debt …
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