In response to Minnesota Attorney General Lori Swanson's allegations in a legal action announced Monday (see story), debt buyer Encore Capital Group sent the following statement to Collections & Credit Risk:

NCO Group, the largest collection agency based on revenue, announced Monday the appointment of Ronald A. Rittenmeyer as company president and chief executive, effective immediately.

Asset Acceptance Capital Corp., a buyer of defaulted consumer debt, reported total revenue Thursday of $47.5 million for the fourth quarter ended Dec. 31, up 154% from $18.7 million a year earlier. The company’s net loss dropped 65.3%, to 7 million from $20.2 million.

DBA International, the largest trade association representing the debt buying industry, announced Thursday that it has formally adopted a "Statement of Principles and Guidelines for the Sale and Purchase of Consumer Debt."

First BanCorp, based in San Juan, Puerto Rico, is selling a loan portfolio with an unpaid principal balance of $516.7 million and a net book value of $438.5 million to a joint venture company owned by PRLP Ventures LLC - an investing company created by Goldman, Sachs & Co. and Caribbean Property Group.

With the law of supply and demand at work - more buyers chasing fewer deals - debt buyers continue to see portfolio prices remain stubbornly high, regardless of the age of the debt.

Plaza Associates, an employee-owned 50-year old collection agency servicing major blue chip companies, announced Friday it has acquired ACB American Inc., a Covington, Ky. company that specializes in the health care and credit card sectors.

DBA International, the association representing the nation's debt buyers, has issued the following response to Consumers Union and East Bay Community Law Center's report entitled "Past Due: Why Debt Collection Practices and the Debt Buying Industry Need Reform Now."