Exhibit 99.1

For Immediate Release

Encore Capital Group Announces Second Quarter 2011 Financial Results

Quarterly Net Income Increases 26% to $14.8 Million, or $0.58 per Fully Diluted Share;

Quarterly Gross Collections Increase 24% to $195.1 Million

SAN DIEGO, August 1, 2011 /PRNewswire-FirstCall/ — Encore Capital Group, Inc. (Nasdaq: ECPG), a leader in consumer debt buying and recovery, today reported consolidated financial results for the second quarter ended June 30, 2011.

“In the second quarter, Encore Capital’s disciplined approach to portfolio underwriting and management generated record results in terms of net income, gross collections, and cash flow,” said Brandon Black, Encore’s President and Chief Executive Officer. “We also continued to invest in areas that will provide the Company with long-term strategic advantages. During the period, this included moving ahead with key new initiatives, including the formation of an internal legal channel, and the establishment of a near-shore call center to service our growing number of Spanish-speaking consumers.”

For the second quarter of 2011:

• Gross collections were $195.1 million, a 24% increase over the $156.8 million in the same period of the prior year.

• Investment in receivable portfolios was $93.7 million, to purchase $3.0 billion in face value of debt, compared to $83.3 million, to purchase $2.2 billion in face value of debt in the same period of the prior year. Available capacity under the Company’s revolving credit facility, subject to borrowing base and applicable debt covenants, was $115.5 million as of June 30, 2011. Total debt, consisting of the revolving credit facility, senior secured notes and capital lease obligations, was $378.2 million as of June 30, 2011, a decrease of 2% from $385.3 million as of December 31, 2010.

• Revenue from receivable portfolios, net was $111.1 million, a 21% increase over the $91.8 million in the same period of the prior year. Revenue recognized on receivable portfolios, as a percentage of portfolio collections, excluding the effects of net portfolio allowances, was 57%, compared to 60% in the same period of the prior year.

• Revenue from bankruptcy servicing was $4.5 million, a 3% increase over the $4.4 million in the same period of the prior year.

• Total operating expenses were $86.2 million, an 18% increase over the $72.8 million in the same period of the prior year. Adjusted operating expense (operating expenses excluding stock-based compensation expense and bankruptcy servicing expenses) per dollar collected decreased to 40.9% compared to 43.4% in the same period of the prior year.

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• Adjusted EBITDA, defined as net income before interest, taxes, depreciation and amortization, stock-based compensation expense and portfolio amortization, was $116.5 million, a 29% increase over the $90.5 million in the same period of the prior year.

• Total interest expense was $5.4 million, compared to $4.9 million in the same period of the prior year.

• Net income was $14.8 million or $0.58 per fully diluted share, compared to net income of $11.7 million or $0.47 per fully diluted share in the same period of the prior year.

• Tangible book value per share, computed by dividing total stockholders’ equity less goodwill and identifiable intangible assets by the number of diluted shares outstanding, was $12.52 as of June 30, 2011, a 10% increase over $11.35 as of December 31, 2010.

Conference Call and Webcast

The Company will hold a conference call today at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time to discuss second quarter results.

Members of the public are invited to listen to the event via a listen-only telephone conference call line or the Internet. To access the live telephone conference call line, please dial 877-670-9781. To access the live webcast via the Internet, log on at the Investor Relations page of the Company’s website at www.encorecapital.com.

For those who cannot listen to the live broadcast, a telephone replay will be available for seven days by dialing 855-859-2056 and using conference ID 83978012. A replay of the conference call will also be available shortly after the call on the Company’s website.

Non-GAAP Financial Measures

The Company has included information concerning Adjusted EBITDA because management utilizes this information, which is materially similar to a financial measure contained in covenants used in the Company’s credit agreement, in the evaluation of its operations and believes that this measure is a useful indicator of the Company’s ability to generate cash collections in excess of operating expenses through the liquidation of its receivable portfolios. The Company has included information concerning adjusted operating expenses excluding stock-based compensation expense and bankruptcy servicing expenses in order to facilitate a comparison of approximate cash costs to cash collections for the debt purchasing business in the periods presented. The Company has included information concerning tangible book value per share because management believes that this metric is a meaningful measure of the equity deployed in the business. Adjusted EBITDA, adjusted operating expenses excluding stock-based compensation expense and bankruptcy servicing expenses, and tangible book value per share have not been prepared in accordance with generally accepted accounting principles (GAAP). These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income and total operating expenses as indicators of Encore Capital Group’s operating performance and total stockholders’ equity as an indicator of Encore Capital Group’s financial condition. Further, these non-GAAP financial measures, as presented by Encore Capital Group,

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may not be comparable to similarly titled measures reported by other companies. The Company has included a reconciliation of Adjusted EBITDA to reported earnings under GAAP, a reconciliation of adjusted operating expenses excluding stock-based compensation expense and bankruptcy servicing expenses to the GAAP measure total operating expenses, and a reconciliation of tangible book value per share to the GAAP measure total stockholders’ equity in the attached financial tables.

About Encore Capital Group, Inc.

Encore Capital Group is a leader in consumer debt buying and recovery. We purchase portfolios of defaulted consumer receivables from major banks, credit unions, and utility providers and partner with individuals as they repay their obligations and work toward financial recovery. Our success and future growth are driven by our sophisticated and widespread use of analytics, our broad investments in data and behavioral science, the significant cost advantages provided by both our operations in India and our enterprise-wide, account-level cost database, and our demonstrated commitment to conduct business ethically and in ways that support our consumers’ financial recovery.

Headquartered in San Diego, we are a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P SmallCap 600, and the Wilshire 4500. More information about the Company can be found at www.encorecapital.com.

Forward Looking Statements

The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our litigation, future operating results, performance, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Forms 10-K, 10-Q and 8-K, each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.

Contact:

Encore Capital Group, Inc.

Paul Grinberg (858) 309-6904

paul.grinberg@encorecapital.com

FINANCIAL TABLES FOLLOW

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ENCORE CAPITAL GROUP, INC.

Condensed Consolidated Statements of Financial Condition

(In Thousands, Except Par Value Amounts)

(Unaudited)

	June 30, 2011		December 31, 2010
Assets
Cash and cash equivalents	$	14,660	$	10,905
Accounts receivable, net		2,998		3,331
Investment in receivable portfolios, net		657,783		644,753
Deferred court costs, net		36,068		32,158
Property and equipment, net		14,830		13,658
Prepaid income tax		6,324		1,629
Other assets		13,727		13,301
Goodwill		15,985		15,985
Identifiable intangible assets, net		605		748
Total assets	$	762,980	$	736,468
Liabilities and stockholders’ equity
Liabilities:
Accounts payable and accrued liabilities	$	25,942	$	26,539
Deferred tax liabilities, net		17,464		17,626
Debt		378,172		385,264
Other liabilities		4,128		4,342
Total liabilities		425,706		433,771
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $.01 par value, 5,000 shares authorized, no shares issued and outstanding		—		—
Common stock, $.01 par value, 50,000 shares authorized, 24,448 shares and 24,011 shares issued and outstanding as of June 30, 2011 and December 31, 2010, respectively		244		240
Additional paid-in capital		119,560		113,412
Accumulated earnings		217,348		188,894
Accumulated other comprehensive income		122		151
Total stockholders’ equity		337,274		302,697
Total liabilities and stockholders’ equity	$	762,980	$	736,468

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ENCORE CAPITAL GROUP, INC.

Condensed Consolidated Statements of Income

(In Thousands, Except Per Share Amounts)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Revenue
Revenue from receivable portfolios, net	$	111,093		$	91,845		$	216,419		$	174,752
Servicing fees and other related revenue		4,737			4,386			9,714			8,817
Total revenue		115,830			96,231			226,133			183,569
Operating expenses
Salaries and employee benefits (excluding stock-based compensation expense)		20,212			16,484			39,252			31,969
Stock-based compensation expense		1,810			1,446			3,575			3,207
Cost of legal collections		40,686			31,235			77,195			57,668
Other operating expenses		9,191			9,027			19,287			18,141
Collection agency commissions		3,596			6,413			7,510			11,709
General and administrative expenses		9,623			7,425			19,792			14,304
Depreciation and amortization		1,105			752			2,158			1,425
Total operating expenses		86,223			72,782			168,769			138,423
Income from operations		29,607			23,449			57,364			45,146
Other (expense) income
Interest expense		(5,369	)		(4,880	)		(10,962	)		(9,418	)
Other income (expense)		23			(90	)		139			102
Total other expense		(5,346	)		(4,970	)		(10,823	)		(9,316	)
Income before income taxes		24,261			18,479			46,541			35,830
Provision for income taxes		(9,486	)		(6,749	)		(18,087	)		(13,239	)
Net income	$	14,775		$	11,730		$	28,454		$	22,591
Weighted average shares outstanding:
Basic		24,433			23,713			24,384			23,673
Diluted		25,610			24,958			25,594			24,897
Earnings per share:
Basic	$	0.60		$	0.49		$	1.17		$	0.95
Diluted	$	0.58		$	0.47		$	1.11		$	0.91

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ENCORE CAPITAL GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited, In Thousands)

	Six Months Ended June 30,
	2011			2010
Operating activities:
Net income	$	28,454		$	22,591
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,158			1,425
Amortization of loan costs and debt discount		901			2,194
Stock-based compensation expense		3,575			3,207
Deferred income tax benefit		(162	)		(22	)
Excess tax benefit from stock-based payment arrangements		(4,727	)		(1,813	)
Provision for allowances on receivable portfolios, net		6,504			10,720
Changes in operating assets and liabilities
Other assets		(233	)		39
Deferred court costs		(3,910	)		3
Prepaid income tax and income taxes payable		24			(3,027	)
Accounts payable, accrued liabilities and other liabilities		(841	)		(494	)
Net cash provided by operating activities		31,743			34,823
Investing activities:
Purchases of receivable portfolios		(184,376	)		(164,968	)
Collections applied to investment in receivable portfolios, net		163,144			112,446
Proceeds from put-backs of receivable portfolios		1,698			1,864
Purchases of property and equipment		(1,461	)		(1,647	)
Net cash used in investing activities		(20,995	)		(52,305	)
Financing activities:
Payment of loan costs		(814	)		(4,660	)
Proceeds from senior secured notes		25,000			—
Proceeds from notes payable and other borrowings		55,000			53,000
Repayment of notes payable and other borrowings		(87,000	)		(31,000	)
Proceeds from net settlement of certain call options		—			524
Proceeds from exercise of stock options		1,248			1,688
Taxes paid related to net share settlement of equity awards		(3,388	)		(1,251	)
Excess tax benefit from stock-based payment arrangements		4,727			1,813
Repayment of capital lease obligations		(1,766	)		(618	)
Net cash (used in) provided by financing activities		(6,993	)		19,496
Net increase in cash and cash equivalents		3,755			2,014
Cash and cash equivalents, beginning of period		10,905			8,388
Cash and cash equivalents, end of period	$	14,660		$	10,402
Supplemental disclosures of cash flow information:
Cash paid for interest	$	9,718		$	6,994
Cash paid for income taxes	$	17,814		$	16,544
Supplemental schedule of non-cash investing and financing activities:
Fixed assets acquired through capital lease	$	1,726		$	1,389

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ENCORE CAPITAL GROUP, INC.

Supplemental Financial Information

Reconciliation of Adjusted EBITDA to GAAP Net Income, Adjusted Operating Expenses Excluding Stock-based Compensation Expense and Bankruptcy Servicing Expenses to GAAP Total Operating Expenses, and Tangible Book Value Per Share to GAAP Total Stockholders’ Equity

(In Thousands, Except Per Share Amounts)

(Unaudited)

	Three Months Ended June 30,
	2011		2010
GAAP net income, as reported	$	14,775	$	11,730
Interest expenses		5,369		4,880
Provision for income taxes		9,486		6,749
Depreciation and amortization		1,105		752
Amount applied to principal on receivable portfolios		83,939		64,901
Stock-based compensation expenses		1,810		1,446
Adjusted EBITDA	$	116,484	$	90,458

	Three Months Ended June 30,
	2011			2010
GAAP total operating expenses, as reported	$	86,223		$	72,782
Stock-based compensation expenses		(1,810	)		(1,446	)
Bankruptcy servicing expenses		(4,705	)		(3,300	)
Adjusted operating expenses excluding stock-based compensation expense and bankruptcy servicing expenses	$	79,708		$	68,036

	As of June 30, 2011			As of December 31, 2010
GAAP total stockholders’ equity, as reported	$	337,274		$	302,697
Goodwill		(15,985	)		(15,985	)
Identifiable intangible assets, net		(605	)		(748	)
Tangible book value	$	320,684		$	285,964
Diluted shares outstanding		25,610			25,206
Tangible book value per share	$	12.52		$	11.35