Collection Agencies: Midland Credit Management

By: Chane Steiner

Encore Capital Group, Inc. and its subsidiary, Midland Credit Management, Inc. claim to provide innovative methods for the mutual benefit of their customers and the debtors that they pursue simultaneously. On the front page of their website, they openly admit that they thrive on purchasing charge off accounts and other delinquent credit accounts for retrieval. They state that they "employ a dynamic mix of collection strategies to maximize our return on investment."

There's nothing wrong with that - unless it is unethical.

Midland Credit Management, Inc. has loads of angry debtors complaining about them on the Internet. They also have more than their fair share of lawsuits filed against them. All collection agencies experience some degree of disgruntled complaints, but Midland really takes the prize.

In no uncertain terms, they state that they are in business to maximize profits, even if it costs human debtors, who may be experiencing true hardships for any variety of reasons, their dignity. Since December 31, 2004, Midland Credit Management has invested over $387.3 million dollars to acquire 8.9 million delinquent accounts that carry a face value of over $16.2 billon (with a "b") dollars. Is it any wonder why so many call them "vultures"?

Here is how they describe their "collection strategies":

&bull Outbound calling driven by predictive software. If you had millions of people to endlessly harass, you would develop software apps too!
&bull A nation-spanning network of collection-specializing attorneys.? Must be good money in this. It's hard for most of us "debtors" to ever even hire one attorney!
&bull The utilization of numerous third party collection agencies. Can anyone say "sickening"?
&bull In-house generated direct mail campaigns. Hmm, wonder how much those letters are based on honesty and integrity - let alone the standards set forth by the FDCPA.
&bull The sale of accounts where appropriate. When they can't directly profit, they "take a loss". The loss is to the American public to allow these organizations to continue to thrive.

Just because someone owes a debt doesn't make them an invalid person. They may be trying disparately hard to overcome the burdens that are smothering them, but these companies like Midland Credit Management offer only fear-inducing, stress-causing ultimatums.

Most Read Articles On
"Credit Matters"
Credit Matters
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Credit Matters
 



Share this article :
Click to see more related articles