In 2018, Encore fully acquired British debt buyer Cabot Financial. On June 6, 2017, Encore Capital announced the launch of its financial literacy program, Money Matters, which sends employee volunteers to teach high school and college students financial literacy. The Consumer Financial Protection Bureau imposed an enforcement action on Encore Capital for pressuring borrowers "to pay with false statements, with lawsuits and with the use of using so-called robo-signed court documents." According to The New York Times, Encore paid "$42 million in consumer refunds and a $10 million penalty" and an injunction to "stop collections on debts totaling more than $125 million." In September 2015, both Encore and Portfolio Recovery Associates, the United States’ two largest publicly held debt buyers, were charged with violating the Fair Debt Collection Practices Act and the Dodd–Frank Wall Street Reform and Consumer Protection Act by filing "lawsuits against consumers without having the intent to prove many of the debts, winning the vast majority of the lawsuits by default when consumers failed to defend themselves." In January 2015, New York State Attorney General Eric Schneiderman sued Encore Capital over unethical practices and forced Encore Capital to pay a $675,000 penalty and vacate more than 4,500 court judgments against borrowers. In 2014, Encore Capital acquired Virginia-based Atlantic Credit & Finance. In June, 2013, Encore acquired Asset Acceptance Corporation, a debt buyer based in Warren, Michigan. Īshish Masih is Encore Capital's President and Chief Executive Officer. Encore Capital is the largest publicly traded United States debt buyer by revenue.
The company completed its initial public offering of 2,250,000 shares of common stock in July 1999. The group formed a holding company, which it incorporated in Delaware in April 1999 as MCM Capital Group, Inc., later renamed Encore Capital Group, Inc. In 1998, an investor group led by Nelson Peltz and Peter May and Kerry Packer of Consolidated Press International Holdings Limited, acquired a majority interest in its operations. History Įncore Capital Group's subsidiary company, Midland Credit Management, Inc., through which it purchases all of its debt, was founded in 1953 and was incorporated in Kansas in September 1953. The firm is a publicly traded NASDAQ Global Select company (ECPG), a component stock of the Russell 2000, the S&P SmallCap 600, and the Wilshire 4500. The company is headquartered in San Diego, and operates throughout the United States. is a publicly traded debt buyer based in the United States. If after communicating with us you are not interested in our products, services and way of doing business, just tell us and we will go away until you possibly choose to reach out to us again in the future.Encore Capital Group, Inc. We know your time is valuable and we will treat you like we would prefer to be treated. (The more information you choose to share, the better we can match you up with the best person to respond to your needs.) And don't worry about Encore associates continually calling or e-mailing you.
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