Just FYI: Midland Funding ownership

[sasha0378]

Been going through some federal court records, just for everyone's information as to who owns what... sometimes not obvious:

Midland Defendants’ Corporate Structure

The following chart illustrates the relationships between Midland Funding and its parent companies:

-Encore Capital Group, Inc. (publicly held corporation)

↓ Owns

Midland Credit Management, Inc. (licensed collection agency)

↓ Owns

Midland Portfolio Services, Inc. (owns 100% of Midland Funding)

↓ Owns

Midland Funding, LLC (debt-buying entity that owns the accounts).

[sasha0378]

As described by the Washington State Supreme Court:

Midland Funding purchases defaulted receivables, i.e., consumers’ unpaid financial commitments to credit originators such as banks, credit unions, consumer finance companies, commercial retailers, auto finance companies, and telecommunications companies. Midland Funding has no employees and is merely a holding company for the delinquent accounts it purchases.

Midland Credit Management . . . services the defaulted accounts on behalf of Midland Funding. Pursuant to the “Servicing Agreement,” [MCMI] decides how to collect on the defaulted accounts purchased by Midland Funding. [MCMI’s] employees manage the collection process and perform the collection acts for these defaulted accounts. [MCMI] is licensed by the State of Washington as a collection agency. To fulfill its servicing duties, [MCMI] contracts directly with Suttell & Associates, a law firm, to file collection lawsuits in Midland Funding’s name. From 2005 to 2010, 1,081 cases were filed in Washington superior courts naming Midland Funding LLC as plaintiff.

[Harry Seaward]

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