A month or so ago, the Consumer Financial Protection Bureau (CFPB) filed suit against Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital. Details on that suit are here. It appears the parties have come to a settlement on the matter. Under the proposed agreement, the companies will extend provisions they agreed …
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 …
A multi-state action against Encore Capital Group has ended in a settlement with many states to reduce or eliminate debt owed by residents. If you live in one of the states mentioned in the information below, you should contact your Attorney General office to determine your inclusion in this settlement. The North Carolina announcement of …
Today the Consumer Financial Protection Bureau (CFPB) took action against the nation’s two largest debt buyers and collectors for using deceptive tactics to collect bad debts. The Bureau found that Encore Capital Group and Portfolio Recovery Associates bought debts that were potentially inaccurate, lacking documentation, or unenforceable. Without verifying the debt, the companies collected payments …
Last week the CFPB and the FTC held a workshop to address what happens to unpaid debts at different stages of the debt collection cycle. The workshop brought together state and federal regulators, economists, major banks, debt collection agencies, debt buyers, consumer advocate attorneys, technology companies, members of the judiciary, credit reporting agencies, and more. …
I just had an opportunity to look at the website for Midland Credit Management and I must say, for a collections agency they certainly appear more like a credit counseling group. Don’t get me wrong, it appear they provide full and apparent disclosure they are a debt collector, “Please understand that this is a communication …
Minnesota Attorney General Lori Swanson today in a legal filing accused one of the nation’s largest “debt buyers” of defrauding Minnesota courts and citizens by filing false and deceptive “robo-signed” affidavits—generated at its offices in St. Cloud, Minnesota—to collect on old consumer debts that it purchased from credit card companies and others for about three …