– Only Company in Debt Purchasing Industry With Consumer Bill of Rights –
SAN DIEGO, Calif., Feb. 29, 2016 — Encore Capital Group, Inc. (NASDAQ:ECPG), an international specialty finance company, today announced it has expanded its Consumer Bill of Rights to proactively identify customers on active military duty, subsequently halting all collections on their accounts.
Encore is the only company in the debt purchasing industry to issue a Consumer Bill of Rights, which is Encore’s formal declaration of its business practices aligned with the company’s consumer-focused principled intent. These practices include: treating consumers with dignity and respect; providing hardship and forgiveness guidelines; offering collection practices that promote settlement with dignity; and protecting the security and confidentiality of consumers’ information.
The expanded Consumer Bill of Rights not only contains Encore’s policy toward ceasing collections for active duty military personnel, but also includes provisions for maximizing consumer understanding of their obligations, enhanced consumer disclosures, a debt validation period that goes beyond the current legal requirement, a grace period before commencing credit reporting of debt, and other new elements.
The Consumer Bill of Rights continues to provide the following commitments, among others. We strive to treat consumers with respect and integrity. We engage in dialogue that is respectful and constructive, creating solutions for our consumers that resolve their debt.
-We suspend collection activities for a variety of hardships, including significant medical issues, natural disaster, job loss, and more.
-We work hard to respond to consumers in a timely and accurate manner and investigate their complaints or disputes.
-We engage law firms that litigate in good faith and treat consumers with respect.
“As a leader in the debt purchasing industry in the United States, we believe it is important to publicly state our guiding principles regarding how we interact with consumers,” said Ken Vecchione, President and Chief Executive Officer. “Our objective is to treat every consumer with whom we interact with dignity and respect, and we believe our industry-leading approach enhances our interactions with consumers in numerous ways. We educate every employee extensively on the Consumer Bill of Rights, in an effort to make each consumer interaction a productive and respectful one. We also encourage anyone interested in the debt collection industry to view Encore’s complete Consumer Bill of Rights to gain a better understanding of the way we run our business,” Vecchione added.
About Encore Capital Group, Inc.
Encore Capital Group is an international specialty finance company that provides debt recovery solutions for consumers and property owners across a broad range of assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, municipalities, and utility providers. Its Propel Financial Services subsidiary also helps home and business owners resolve property tax debt and avoid foreclosure through affordable monthly payment plans.
Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol:ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com. Information found on the company’s website is not incorporated by reference.
Kevin SaidlerEncore Capital Group, Inc.