The Company is a systems-driven purchaser and manager of charged-off consumer receivable portfolios and through its wholly owned subsidiary Ascension Capital Group, Inc., a provider of bankruptcy services to the finance industry.
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This is a company we are loathe to invest in. It upsets our sense of propriety and human decency - but then we remember we are a supposed psychopath. So here goes: Encore Capital Group buys charged off consumer credit receivables for pennies on the dollar and tries to collect a few more cents than they paid for the chargeoffs. SImple as that. The last quarter was good, and I think there is some momentum going forward. A business like this is only as good as its collectors, who probably fall somewhere between used car salesmen and mortgage brokers at the top end of the ethically challenged spectrum. No matter - God will sort it out later.