Encore Capital Group Inc., a buyer of consumer debt, recently agreed to settle claims that it used improper collection methods in New York. According to Attorney General Eric Schneiderman, the company obtained judgments against New York consumers for debts that were too old to collect.
Under the settlement, Encore will have to throw out more than 4,500 improperly obtained judgments totaling almost $18 million. In addition, the company will be required to reform its practices and pay civil penalties of $675,000.
Encore is a debt buyer that purchases unpaid consumer debts, such as credit card debts from the original creditor or from other debt buyers at deeply discounted prices.
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