midland credit management encore capital group

#Midland credit management encore capital group full#

He reminded listeners with words to the effect of: “ remember, what we’re trying to solve here is not a financial problem, it’s a behavioral one.” In 2007, then-CEO Brandon Black was conducting an investor conference call in which he was introducing the group of Psychologists and Ph.D’s that made up part of the business strategy team. Like any big publicly traded company, the Encore machine focuses on measurement, metrics, testing, and competition between suppliers in order to reach its goal of profit maximization. Their reach is magnified, however, by an extensive network of collection agencies, debt collection law firms, and data providers. Worldwide, Encore, Midland and the rest of the subsidiaries employ about 5000 people. Encore also acquired Asset Acceptance Capital Corporation (also a debt-buying collection company) in 2013.

#Midland credit management encore capital group full#

Encore Capital Group is the publicly held parent company of Midland Funding (which buys distressed consumer debts for pennies on the dollar) and Midland Credit Management (which “services” those accounts by attempting to collect the full face value balance plus interest) and about nine other subsidiaries, most of which you will never hear of. Vecchione Business Model:ĭebt-buying collector. MIDLAND FUNDING, LLC (June 8, 2015.) United States District Court, E.D. Alabama, Southern Division. Civil Action No. MIDLAND FUNDING, LLC (August 26, 2015.) United States District Court, N.D. MIDLAND FUNDING, LLC (Signed December 31, 2014.) United States District Court, N.D. In its order, CFPB Richard Cordray said “Encore … threatened and deceived consumers to collect on debts they should have known were inaccurate or had other problems.” In 2015, the Consumer Financial Protection Bureau (an independent government agency charged with protecting consumers) took adverse action against Encore and its subsidiaries, to the tune of about $225 Million. # 1 of 2,458 Companies Lawsuits, Penalties, or Sanctions: They are all essentially the same company. What Do Encore Capital Group, Midland Funding, and Midland Credit Management all have in common?