Iowa Attorney General, Tom Miller has announced a multi-state agreement with one of the nation’s largest debt buyers. Miller says Iowa joined 42 other states and the District of Columbia in reaching a $6 million settlement with Encore Capital Group, Inc. and its subsidiaries, Midland Credit Management, Inc. and Midland Funding, LLC. The settlement is a result of an investigation into the companies’ collection and litigation practices. Midland is alleged to have signed and filed affidavits in state courts in large volumes between 2003 and 2009 without verifying the information they contained, a practice known as robo-signing. “We’ve been investigating Midland’s behavior for years and working with the company to correct it,” Miller says. “We’re confident this settlement will reform the company’s practices and protect consumers.” Also as part of the settlement, Midland will eliminate judgment balances for 97 Iowa consumers and partially reduce the balances of an additional 48, for a total of more than $187,000 forgiven. Midland will set aside $25,000 per state to compensate consumers who may have paid them money that the consumer did not owe and an additional $96,243 will go to Iowa’s Consumer Education and Litigation Fund.
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