Archives for August 2014

NY AG Settles with ARM Firm Over Payday Loan Debt Collection Suits

August 16, 2014 By admin Leave a Comment

New York Attorney General Eric T. Schneiderman today announced that his office reached a settlement with one of the largest debt collection firms in New York State to ensure that it does not file legal actions against New Yorkers to collect on payday loans.

Schneiderman said that Forster & Garbus had attempted to collect on payday loans from New Yorkers on behalf of an out-of-state firm called NCEP, LLC. Forster & Garbus told the AG’s office that it was had not been aware that the loans were payday loans, and after notification from Schneiderman, Forster & Garbus stopped its collection efforts.

Payday loans are illegal in New York.

“Payday loans take money away from hardworking New Yorkers who are forced to pay illegal and outrageous interest rates,” Schneiderman said. “Debt collection firms must make certain that the underlying loan is not a payday loan before filing a lawsuit, and they will be held responsible if they fail to do so. Ignorance is no excuse.”

Under the agreement, Forster & Garbus may not file an action against a New Yorker over a consumer credit transaction unless it first obtains a copy of the loan document and determines in writing that it is not a payday loan. When it receives a written complaint from a consumer that an existing judgment or settlement may have involved a payday loan, Forster & Garbus is required to obtain a copy of the loan document and, if the loan was a payday loan, vacate the judgment and pay restitution to the consumer for any amounts paid on the judgment.

Forster & Garbus was also required to pay $10,000 in costs and penalties.

Schneiderman’s press release noted that he has been tough on payday loans, sending a clear message that these predatory transactions will not be tolerated. Since January 1, 2011:

Five debt collection firms that collected on payday loans were required to pay a total of $279,605.98 in restitution and $29,605.98 in penalties;
A debt-buying company was required to reverse 8,550 negative reports it had made to credit reporting bureaus on New Yorkers and was prohibited from collecting on $3.2 million in payday loans taken out by New Yorkers;
12 companies agreed to refuse requests to repossess the vehicles of New Yorkers when the underlying loan is a payday loan; and
Three companies and their owners were stopped from collecting interest on outstanding payday loans and required to provide refunds to New York borrowers who had paid back more than the principal of their loan plus the legal interest rate of 16%, and to pay $1.5 million in penalties.

NY AG Settles with ARM Firm Over Payday Loan Debt Collection Suits
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Accounts Receivable Management

Filed Under: News

New York Times Takes Unflinching Look at the Secondary Debt Buying Market

August 16, 2014 By admin Leave a Comment

In a very long feature article running in The New York Times Magazine, author Jake Halpern explores the world of debt brokers and buyers through the eyes of two veteran collection professionals.

Specifically, the piece dives headlong into the Buffalo, N.Y. debt buying and collection industry and the culture unique to companies in and around the city.

Adapted from a forthcoming book, Bad Paper: Chasing Debt From Wall Street to the Underworld, the article, titled “Paper Boys,” details the experiences of the two men as they navigate the very gray area of buying and collecting on cheap, old debt accounts.

Unlike many similar articles, this feature was written in cooperation with the subjects. They explain that even the guys who try to do it right must use tactics that fall into legally gray areas, especially when dealing with unscrupulous or downright criminal “competition” in the secondary debt buying market.

It’s a fascinating read and well worth the time. Check it out.

The article also includes a link to an interactive online game that can be played as either a debtor or a collector. It’s…something.

New York Times Takes Unflinching Look at the Secondary Debt Buying Market
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Accounts Receivable Management

Filed Under: News

Will Medical Debt Collection Legislation Finally End Up DOA?

August 16, 2014 By admin Leave a Comment

Phil C. Solomon

U.S. Representative Heath Shuler introduced the Medical Debt Responsibility Act of 2011, H.R. 2086, with the support of three bipartisan Cosponsors. This bill intended to require credit agencies to remove paid or settled medical debt up to $2,500 per collection from credit reports within 45 days. This bill in its general form was reintroduced on 3/1/2012 as the Medical Debt Responsibility Act of 2012 and again introduced on January 28, 2013 as the S. 160: Medical Debt Responsibility Act of 2013. The 2013 bill was referred to the Senate Banking, Housing, and Urban Affairs committee by its sponsors, Senator Jeff Merkley and co-sponsor Lacy Clay Jr.

Representative Heath Shuler, the initial sponsor of the legislation was quoted as saying that “Small amounts of medical debt cause huge credit problems for millions of responsible, hard-working Americans who have suffered an illness or accident,”. “This legislation would be a win for consumers and the economy. By keeping cleared medical debt off of credit reports, this bill will allow more Americans to have the credit score they deserve and need to buy homes and stimulate economic growth in their communities.”

Currently, medical debt that has been paid or settled can remain on consumer credit reports for up to seven years. An estimated 44 million Americans under the age of 65 have medical debt or medical bills being paid off over time and today 30,000,000 working-age American adults were contacted by a collection agency for unpaid medical bills. Medical bills account for more than half of all non-credit related collection actions reported to consumer credit reporting agencies. According to the Commonwealth Fund, medical bill problems or accrued medical debt affects roughly 73,000,000 working-age adults in America.

The passing of any of the aforementioned congressional bills would benefit the economy and consumers; however, it could also benefit medical providers and collection agencies. Providers have written off millions of dollars from consumers who have skipped payment on their self-pay balances, leaving their medical bills unpaid. Should any of these bills pass in their general form, it could give consumers the motivation to keep their credit clear and pay their outstanding medical bills under the $2,500 threshold. If consumers are moved by new medical debt laws and begin to pay a greater portion of their medical bills that are under the threshold, it could add millions of dollars to providers bank accounts.

Rep. Nydia Velazquez (D-NY), a Ranking Member of the House Small Business Committee an original cosponsor of H.R. 2086 bill said “Medical debt is not a reliable indicator of credit risk, yet nearly a quarter of Americans has seen their credit scores plummet because of small, routine medical bills,” “This bill provides a commonsense, simple solution to address this problem now and protect consumers in the future.” Rep. Ralph Hall (R-TX) said “I am pleased to be a sponsor of the Medical Debt Responsibility Act,” said . “This bill, which costs the taxpayer nothing to implement, is a bipartisan effort that recognizes the difficulties and inconsistencies relating to medical debt. At a time when our economy is unstable, this is a small but important step to bolstering financial certainty for Americans.”

To some, this information is old news. This subject has been discussed at nauseam over the past three years. The fact that this bill still sits in the Senate Banking, Housing, and Urban Affairs committee makes me wonder what our lawmakers are really doing in Washington? The website Govtrack.us still says the bill has a 1% chance of passing. It’s really comical…. the world is changing at warp speed yet our legislators often move at a snail’s pace. Do they spend some of their time creating bills that have little chance of passing just so they can put their publicists to work creating positive public relations stories?

If this legislation should ever pass (the chances are slim to none), do you believe it will bolster financial certainly as Representative Ralph Hall believes? I don’t think so. Do you believe that Medical Debt legislation could pass in the near term or will future efforts to legislate Medical Debt collection end up Dead on Arrival? I say, DOA!

__________________________

Phil C. Solomon is a healthcare finance and revenue cycle BPO strategist with experience spanning three decades. He is a sales, business development and marketing professional who provides business solutions for hospitals, health systems, large physician groups and channel partners. Phil has deep domain knowledge and expertise in revenue cycle optimization, clinical documentation improvement, healthcare technology integration and BPO outsourcing He is the publisher of Revenue Cycle News, a healthcare revenue cycle blog and is a featured speaker at many HFMA, NAHAM and AAHAM healthcare educational conferences.

Will Medical Debt Collection Legislation Finally End Up DOA?
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Accounts Receivable Management

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CBE Companies Brings 500 Jobs to New Braunfels

August 16, 2014 By admin Leave a Comment

CBE Companies (CBE) finalized plans to open its seventh operational center world-wide, to be located in New Braunfels, Texas. This expansion accommodates large-scale growth plans, both immediate and in the near future. Through 2017, CBE plans to employ a total of 500 people in New Braunfels.

CBE, a longstanding global business process outsourcing provider headquartered in Cedar Falls, Iowa, has experienced extensive growth with its clients, creating the opportunity to expand into New Braunfels. In addition to its headquarters in Cedar Falls, Iowa it also has two offices in Waterloo, Iowa, as well as offices in Overland Park, Kansas, Haverhill, Massachusetts, and Manila, Philippines.

Over the next five months, CBE’s growth plans demand that approximately 150 positions be filled. An additional 150 people are expected to be employed in 2015. By the end of 2017, CBE expects to employ 500 in New Braunfels.

Immediate Job Opportunities
“We are excited to launch such extensive hiring efforts in the New Braunfels area,” said Curt Martin, Senior Vice President of Operations. “We have already found experienced talent in the area and the job opportunities with CBE offer a high value for those interested in career growth as well as a new career with a growing company.”

The jobs that will initiate the growth in New Braunfels are contact center representatives and management positions in fraud prevention operations that include part-time and full-time opportunities within a variety of shifts. In addition, incremental professional and management positions will be needed in 2015. All positions feature competitive wages and incentives, health benefits, 401k match, a great working environment, paid time-off and flexible hours.

The fraud service representative position offers a unique contact center associate opportunity, according to Mary Phillips, Chief Human Resources Officer. “The positions we are hiring for immediately expand on the typical contact center role and include more investigative, highly strategic decision making to support the customers we serve for our clients.” Phillips said. “On-line and off-line consumer contact requires independent thought processes and critical thinking skills- which present a unique opportunity for experienced, contact center industry veterans who want to expand their role as an associate.”

Candidates interested in applying are encouraged to search open positions and apply online at www.CBEjobs.com.

$370 Million Dollar Impact on New Braunfels
According to Michael Meek, President and CEO of the Greater New Braunfels Chamber of Commerce, the total economic impact of CBE’s expansion in New Braunfels was estimated to exceed $370 million over the next ten years.

“Extensive research was done with an independent firm to assess the value of CBE’s proposal to open its facility in New Braunfels,” Meek stated. “What we found was significant positive impacts to the community’s business development, employment opportunities and overall economy.”

This research supported the 4B committee’s decision to approve an incentive package for CBE, which was approved by the City of New Braunfels on August 11, 2014. The incentive package encouraged CBE to finalize New Braunfels as the location of its new operational center. The incentive offers CBE up to $650 thousand based on fulfillment of performance targets throughout 2019.

“CBE conducted vast research of potential cities, sites and incentives, all of which were important in our decision to become part of the New Braunfels community,” said Martin. “What attracted us to New Braunfels was the talent, incentives and culture. It is a lot like the Waterloo-Cedar Falls community where we are headquartered and operate two additional centers. We are a proven employer of choice there and we are confident in our ability to successfully transfer our culture and community involvement initiatives to the New Braunfels area.”

“We are proud to welcome CBE to New Braunfels,” Meek commented. “They will provide our citizens needed opportunities for good employment locally in fields where we have experience and supply. Their management positions will allow many residents to greatly improve their quality of life. While we are fortunate to have a low unemployment rate we still have many citizens commuting to work in outlying cities. CBE will allow many to live and work here, closer to their children and grandchildren.”

New Location for CBE
CBE’s New Braunfels Operational Center is located at 607 South Business 35, Suite 105, New Braunfels, TX 78130. The location, which was formerly occupied by The Scooter Store, is leased from Rush Enterprises.

“There are many upgrades and accommodations that are being made to the facility before new employees begin training.” Martin said. “We are extremely focused on creating the best possible environment for our new staff.”

“It is an exciting time to be part of the CBE family right now,” said Chad Benson, President and COO. “We are quickly expanding the services we provide our clients, which translates to growth potential for new employees. The ability to bring new jobs of this scale to a new community is very exciting for us. We can’t wait to become part of the New Braunfels community.”

Last week, CBE also announced the opening of its sixth location, the Waterloo-Fisher Operational Center in Waterloo, Iowa.

About CBE Companies
CBE Companies is a global business process outsourcing (BPO) organization offering third-party debt collections, first party collections, customer care, professional services and software-as-a-service products. CBE Companies is supported by a leadership team of tenured industry experts. Its workforce of dedicated professionals is quickly growing. CBE Companies currently employs over 1,200 people in seven locations globally. Its corporate headquarters is located in Cedar Falls, Iowa, with two additional facilities in Waterloo, Iowa, and additional facilities in Overland Park, Kansas; Haverhill, Massachusetts, New Braunfels, Texas and Manila, Philippines. The organization is consistently recognized as a top five Employer of Choice in the Cedar Valley. It has also been recognized by Workplace Dynamics as one of Iowa’s Top Workplaces.

CBE Companies Brings 500 Jobs to New Braunfels
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Accounts Receivable Management

Filed Under: News

Average Collection Agency Earnings Decline in 2013

August 16, 2014 By admin Leave a Comment

Net profit and earnings before interest, taxes, depreciation, and amortization (EBITDA) at U.S. debt collection agencies declined in 2013 after recovering from the depths of the recession, according to a new report published today by insideARM.com.

Data included in insideARM’s Collection Agency Financial Benchmark Report: Summer 2014 is drawn from official filings based on the NAICS classification code for debt collectors and is aggregated from 2,446 collection agencies, across eight size categories with revenues ranging from under $500,000 to $50-$100 million. The report is produced in cooperation with BizMiner.

In 2013, the average EBITDA (as a percentage of total revenue) for all collection agencies was 7.5 percent, down from 8.67 percent in 2012 and nine percent in 2011. During the depths of the recession in 2009, the same measure was 1.43 percent.

Results varied by company size, with small collection agencies scoring higher EBITDA rates. Still, all eight size categories saw declines in EBITDA in 2013, as shown in the graph below:

Data Source: BizMiner. Company sizes categories move from largest to smallest left to right (and darker green to light green). The specific sizes, expressed as annual revenue, are: $50-100 million, $25-50 million, $10-25 million, $5-10 million, $2.5-5 million, $1-2.5 million, $500k-$1 million, and under $500k.

After Tax Net Profit saw a similar decline compared to the previous year.

In 2013, the average net profit across all company sizes was 5.04 percent of revenue, down from 5.88 percent in 2012 and 6.14 percent in 2011. Among company sizes, the collection agencies with the least revenue (below $500k) saw the highest net profit at 9.3 percent, while companies with revenues of $25-50 million had the lowest profits at just under three percent.

Lower earnings were driven by slight declines in revenue and an increase in certain operating expenses such as taxes and general and administrative costs. The latter category may reflect the increased expenses due to compliance requirements recently imposed on the ARM industry.

To see the full results, including company size breakdowns of all metrics and far more data, get the Collection Agency Financial Benchmark Report: Summer 2014 today. The full, 56-page report contains interesting data on specific expense types, compensation ratios, balance sheet metrics, fixed asset net worth, and much, much more.

Average Collection Agency Earnings Decline in 2013
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Accounts Receivable Management

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DBA International Hosts Webinar on Vendor Management

August 16, 2014 By admin Leave a Comment

DBA International is offering a webinar, Vendor Management: Creating a Win-Win Partnership, on Wednesday, August 20, 2014 at 9:00 a.m. PDT/12:00 p.m. EDT.

This webinar will provide attendees with useful insights and tips on the selection and management of your recovery vendor network from industry veterans. Among the areas to be discussed are vendor due diligence and selection, building a “win-win” partnership, your compliance obligations and establishing goals and benchmarks.

Participants will gain:

Insight into agency thinking and workings and how that should influence their selection of vendors
Some proven tips on incentivizing agencies to improve collections, compliance and reduce complaints
Information on picking the right attorney firm
Motivating attorneys to maximize performance while meeting ever increasing compliance requirements

This course qualifies for one credit for those individuals seeking or renewing their Certified Receivables Compliance Professional (CRCP) designation through DBA International.

Sponsored by Mjollnir Group, Inc., this one-hour webinar will feature industry veteran Xenia Murphy, Director of Legal Outsourcing at Encore Capital and Paschco Montoya, EVP of Performance Management at TRAKAmerica.

Members and non-members can register for Vendor Management: Creating a Win-Win Partnership webinar at https://www.dbainternational.org/education/webinars.asp.

DBA International is the nonprofit trade association that represents the interests of public and private companies that purchase performing and nonperforming receivables on the secondary market. Founded in 1997 by a small group of companies to provide a forum to advance best practices within the industry, today DBA has grown to represent over 525 companies. DBA provides its members with networking, educational, and legislative advocacy opportunities through an annual conference, an executive summit, regional seminars, state and regional committees, newsletters, webinars, teleconferences, and other media. DBA maintains a code of ethics and a national certification program that promote uniform industry standards of best practice which member companies must comply with in order to maintain membership. DBA is headquartered in Sacramento, California.

To learn more about DBA’s educational program offerings or certification program, contact DBA’s Professional Development Manager Annette Marteeny Kitowski at amkitowski@dbainternational.org or (916) 482-2462.

DBA International Hosts Webinar on Vendor Management
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Accounts Receivable Management

Filed Under: News

PaymentVision Offers Integrated Electronic Payments for Allied Business Systems

August 16, 2014 By admin Leave a Comment

PaymentVision, a provider of electronic payment processing technology for the consumer finance industry, announced today the release and successful use of its integrated offering for Allied Business Systems, LLC, a provider of consumer lending software and services.

“We are looking forward to working with Allied Business Systems and their clients to provide state of the art payments processing resulting in increased efficiencies yielding significant financial savings over the course of our alliance,” said Jim Phelan, Senior Vice President of Sales at PaymentVision.

Capitol Finance, a consumer finance company in Harlan, KY was among the first to implement the integrated solution. “We are very pleased with the credit card services and integration setup for us by Payment Vision and Allied Business Services,” said Tammi Brown, Vice President of Operations at Capitol Finance. “We appreciate all the hard work and effort by both parties put into this venture. Our customers are very pleased with the convenience these services have offered them. Thank you again for helping our company merge into a new up-to-date future.”

Consumer finance, sales finance, auto finance, and real estate companies already rely on Allied Business Systems to protect their data, improve office efficiencies, simplify financial analysis, and increase profitability. Allied Business Systems’ in-house business services team provides their clients with the tools to grow their business and realize their unlimited potential without adding to their overhead.

“We are excited about our integration with PaymentVision and the benefits they provide to our clients. PaymentVision delivers a competitive advantage in terms of security and compliance,” said Miranda Price, Director of Business Services & Marketing at Allied Business Systems. “This solution is seamless to the end-user and helps ensure maximum security and protection.”

Highlights of PaymentVision payment processing include:

Hosted Tokenization enables consumer finance companies to collect payments from within the absVision without exposing long-term or short-term memory to card or bank account data.
Integrated Card Authorization enables agents to send card authorization requests from within absVision and receive a response while the customer is present or on the phone.
Bank Account Verification enables agents to verify that a bank account is open and in good standing prior to enrolling it in a payment arrangement.
Open Payment Gateway enables consumer finance companies to bring their own bank or merchant account provider many times resulting in no hold, no reserve, next day funding.

PaymentVision is a biller-direct, PCI-compliant, electronic payment gateway provider. PaymentVision offers clients the unified ability to accept ACH, check, and credit or debit card payments, by phone, or through Internet channels. PaymentVision solutions handle billions of dollars for thousands of financial institutions, large and small nationwide including, credit unions, banks, consumer finance, and collection agencies. For more information, please visit http://www.paymentvision.com; follow PaymentVision on Twitter @PaymentVision or on Facebook at http://www.facebook.com/paymentvision; or call 800-345-7243.

Autoscribe Corporation, provider of PaymentVision gateway services and Lyons Commercial Data, is a leading financial services company and payment processor currently servicing over 2,000 financial institutions and corporate billers across the nation. For more information, please visit http://www.autoscribe.com; or call 800-345-7243.

Founded in 1978, Allied Business Systems, LLC (ABS) is a technology company that specializes in loan origination and servicing software for the consumer finance industry. ABS is headquartered in Macon, Georgia, and consists of an impressive team of finance and technology experts. ABS has installed over 4000 locations in over 30 states, helping to improve probability and efficiency. For more information about Allied Business Systems, visit http://www.alliedbiz.com/ or call 800-727-7534.

PaymentVision Offers Integrated Electronic Payments for Allied Business Systems
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Accounts Receivable Management

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Executive Changes: FMA Alliance Adds Wealth of Talent & Experience

August 16, 2014 By admin Leave a Comment

FMA Alliance, Ltd. (FMA) is excited to announce the addition of several key industry leaders to its ranks, as part of an ongoing effort to ensure company infrastructure remains ahead of its recent growth.

Patrick Koenig – Sr. Director of Information Technology. A 15-year collection industry IT professional, Patrick joins FMA with a solid and diverse technical skill set. Patrick’s expertise perfectly complements both FMA’s existing technology program and plans for expansion. Patrick previously worked with GC Services, Sallie Mae, and OSI, providing an in-depth knowledge of the needs and subtleties of the collection industry. His expertise will be immediately utilized to assist FMA maintain and advance its award winning, state-of-the-art, proprietary collection system.

Starzette Grate – Director of Client Services. Starzette (Star) joins FMA with 25 years of hands-on collection expertise, and a wealth of industry knowledge. Star relocated from Atlanta, Georgia, where she spent more than 20 years of her career with ACB Business Services (now Nationwide Credit), successfully managing large, complex client relationships. She has earned numerous awards for her work in client services and accounting. Star’s addition provides for enhanced oversight and growth within FMA’s Client Services Department.

Ray Pond – Director of Financial Services Operations. A collection industry professional with more than 32 years of experience, Ray brings his stellar reputation and exceptional work ethic to FMA’s expanding Operations Department. Ray recently relocated from Sacramento, California, where he served as the founder/owner of Platinum Recovery (sold to FMS). Prior to his work with Platinum Recovery, he spent 20 years with ACB Business Services (now Nationwide Credit), where he earned the reputation as a multi-award winning operations expert. Ray’s thorough understanding of today’s compliance and performance expectations make him the perfect fit for FMA, and his focus on staff development will help FMA maintain its reputation as an elite collection agency.

Phillip Albert – National Sales Executive. Phillip is transitioning into a sales & marketing role after two years in FMA’s Operations and Quality Assurance Departments. With a Bachelor’s degree in Sales & Marketing from Southern University A&M College, and an extensive sales background, Phillip possesses the perfect level of experience to represent FMA. His prior experience in both collections operations and quality assurance, provides Phillip with a hands-on working knowledge that allows him to detail FMA’s abilities to prospective clients from a nuts & bolts level.

FMA is a privately owned receivables management company opened in 1983 and headquartered in Houston, Texas. FMA is a BBB Accredited Business and is proud of its A+ rating. FMA is known throughout the industry as being committed to the fair and honest treatment of consumers and patients. Recently celebrating its 31st year anniversary, FMA has invested heavily into state-of-the-art technology, security and training, giving its employees the tools needed to be compliant, effective and efficient in today’s ever changing world of Receivables Management. FMA has won numerous awards for its customer and client services, and is constantly referred to as being easy to do business with. More details about FMA can be found at www.theFMAdifference.com.

Executive Changes: FMA Alliance Adds Wealth of Talent & Experience

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Accounts Receivable Management

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Stellar Recovery CEO Garrett Schanck Recognized in the 4th Annual Top 30 Under 30

August 16, 2014 By admin Leave a Comment

Garrett Schanck, CEO of Stellar Recovery, Inc., has been named to the 4th Annual list of Top 30 movers and shakers under the age of 30 in the Jacksonville area.

Garrett was selected for recognition based on his outstanding community, entrepreneurial, and cultural contributions. He was honored for these accomplishment and contributions at the annual Top 30 Under 30 celebration, July 25th at Suite, in Jacksonville, FL.

Stellar Recovery, Inc. Corporate Headquarters is located in Jacksonville, Florida with a satellite office in Kalispell, Montana.

Stellar Recovery CEO Garrett Schanck Recognized in the 4th Annual Top 30 Under 30
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Accounts Receivable Management

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Encore Capital Group Buys Collection Agency Atlantic Credit & Finance for Nearly $200 million

August 9, 2014 By admin Leave a Comment

Debt buyer Encore Capital Group, Inc. (NASDAQ: ECPG) late Thursday announced that it has acquired Atlantic Credit & Finance (ACF), a leader in collecting fresh, higher-balance accounts, for approximately $70 million in cash. Encore also said it made additional payments totaling approximately $126 million to retire certain indebtedness and obligations of ACF.

Founded in 1996, ACF specializes in collecting fresh, higher-balance credit card and consumer loans. These strengths complement Encore’s industry-leading success in collecting on later-stage debt, the company said in a press release.

“The acquisition of ACF provides Encore with a number of competitive advantages,” said Kenneth A. Vecchione, chief executive officer of Encore. “It allows us to expand our expertise and deploy additional capital into a new market segment of fresh, higher-balance accounts, which is an ideal complement to our existing capabilities. ACF’s strength in early-stage liquidation, coupled with our strength in late-state liquidation, creates a sustainable, winning strategy for both organizations.”

ACF brings to Encore a portfolio with approximately $275 million in Estimated Remaining Collections (ERC) as well as a platform that specializes in acquiring and collecting on high balance, fresh paper. The company has a team of experienced, highly productive collectors who will be a strong complement to Encore’s current collections operations. The transaction will serve to satisfy a large portion of Encore’s capital deployment for 2014.

“We’re excited to be a part of the Encore family of companies,” said Richard Woolwine, chief executive officer of ACF. “Encore’s leadership position in the industry, combined with its reputation as a consumer-focused company, gives us great confidence that ACF will reach new levels of success.”

“This acquisition is another clear signal that Encore will continue to drive consolidation and shape the future of our industry,” said Vecchione. “Transactions like this one allow us to deliver on our commitment to earnings growth and help us expand our deep and talented team.”

Encore Capital Group Buys Collection Agency Atlantic Credit & Finance for Nearly $200 million

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Accounts Receivable Management

Filed Under: News