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Consumers Warned to Brace for New Efforts by Debt Collector As Encore Capital Group Acquires Asset Acceptance

Before announcing its acquisition today of Asset Acceptance, Encore Capital Group (aka “Midland Funding”, “Midland Credit Management” and “MCM”) boasted that it has one out of every nine collection “accounts”. In the $200 million purchase of Asset Acceptance, Encore is adding millions more in receivables to its portfolio, claimed from financially distressed consumers.

Encore Capital, though MCM has been accused of numerous Fair Debt Collection Practices Act (FDCPA) violations including deceptively collecting debts past the statute of limitations, difficulty validating amounts claimed and inaccurate reporting to credit bureaus among others. While these allegations are common throughout the industry, given the size and now increased portfolio of accounts by Encore, consumers are urged to be more careful than ever and to scrutinize any collection letters they receive, to fully document disputes, to know their rights and to seek legal advice immediately if needed.

San Diego-based Encore is by measure of revenue alone, the largest publicly traded debt-buying company in the United States. The purchase of Asset Acceptance will likely bring a deluge of collection activity and pressures compelling the Wall Street-backed firm to collect on accounts to the fullest extent possible, favoring its investors, at the cost of even more consumers.

If you are contacted by Midland Credit Management, Asset Acceptance, Encore Capital or any other debt collector, be cautious, know your FDCPA rights and don’t delay in protecting yourself from the consequences that often accompany such contact.

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