CFPB Stiffly Penalizes Midland Funding and Portfolio Recovery Associates for Collection Defects

The Consumer Financial Protection Bureau ("CFPB"), the federal government's consumer-protection muscle levied stiff penalties against Encore Capital Group (the parent to Midland Funding, LLC and Midland Credit Management) and Portfolio Recovery Associates. Midland and Portfolio are two of the largest debt buyers that sue on consumer debt.

The CFPB found that Midland and Portfolio committed numerous consumer-law violations such as collecting debts based on inaccurate information, failing to investigate disputes, and implying attorney involvement in matters.

The penalties:

Encore Capital Group (Midland) will issue $42 Million in refunds, stop collections in over $125 Million in debts and pay $10 Million to the CFPB's Civil Penalty Fund.

Portfolio Recovery Associates will issue $19 Million in refunds, stop collections in over $2 Million in debts and pay $10 Million to the CFPB's Civil Penalty Fund.

As we can see, the CFPB is working hard to stop these debt buyers from cutting corners and hurting the public. Contact us right away if you've received any communication from Midland Funding, LLC or Portfolio Recovery Associates.

Internet Marketing Experts The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.