Portfolio Recovery Associates

Who is Portfolio Recovery Associates?

Portfolio Recovery Associates (PRA), aka PRA Group, Inc., is a publicly traded debt collection agency and debt buyer headquartered in Norfolk, Virginia. They also have locations in the following cities:

If you see Portfolio Recovery Associates listed on your credit report as a collections account, it typically signifies an unpaid debt they are attempting to collect.

Who does Portfolio Recovery Associates collect for?

Portfolio Recovery Associates is one of the largest debt buyers in the United States. They purchase large volumes of debt from banks, lenders, and credit card companies nationwide.

These companies typically sell their uncollected debt, often for pennies on the dollar, to agencies like PRA when they have been unsuccessful in collecting the debt themselves. Once PRA purchases this debt, they take over the collection process, seeking to recover as much of the owed money as possible.

Is Portfolio Recovery Associates legit or a scam?

Despite their persistent and sometimes aggressive collection methods, Portfolio Recovery Associates is a legitimate debt collection agency. The company was established in 1996 and is a well-known entity in the debt collection industry. Like many collection agencies, they might frequently contact you via phone calls, text messages, or emails in an attempt to recover the debt.

How can I remove Portfolio Recovery Associates from my credit report?

Portfolio Recovery Associates collections can hurt your credit score and remain on your credit report for up to seven years regardless of whether you pay it or not. Unfortunately, if you make a payment on the collection, it could even lower your credit score.

However, it is possible to remove a collection account from your credit history before seven years.

(While debt collectors may not want this information to be widely known, it’s your right to be informed.)

Professional credit repair services work with people who want to get their credit back on track.

In addition to collections, they can help you to challenge other inaccurate, unfair, or unsubstantiated information on your credit report. These items include inquiries, late payments, charge-offs, foreclosures, repossessions, bankruptcies, and more.

Get started on the path to better credit today: Fill out the form for a free credit consultation.

Portfolio Recovery Associates, LLC / PRA Group Contact Information

Address:

Portfolio Recovery Associates, LLC
120 Corporate Boulevard
Norfolk, VA 23502

Phone number: (800) 772-1413

Will Portfolio Recovery Associates sue me or garnish my wages?

Portfolio Recovery Associates lawyers have been known to sue debtors for non-payment. If PRA is successful in their lawsuit and obtains a court judgment against you, they could potentially garnish your wages or levy your bank account to collect the debt.

However, the likelihood of them taking legal action, and the processes involved, can vary widely based on numerous factors, including the size of the debt, your state’s laws, and your overall financial situation.

It’s important to understand that wage garnishment is generally considered a last resort. Before this happens, you would typically receive multiple notices and have the opportunity to either pay the debt or work out a payment plan.

Send Portfolio Recovery Associates a Debt Validation Letter

Under the FDCPA, the burden of proof lies on the debt collection company. Portfolio Recovery Associates, LLC must prove that the debt in question is accurate, and they have a right to collect on it. And that’s where a debt validation letter comes into play.

It’s a written request that doesn’t get into the details about the debt. Instead, it requests that Portfolio Recovery Associates prove the debt is yours, and you have a legal obligation to repay it.

There’s a chance that Portfolio Recovery won’t have the documentation to validate the debt since they aren’t the original creditor. And that’s good news for you is PRA will have to remove the negative information from your credit report.

There’s also a chance they won’t respond to your request within the 30-day window. In this case, the information would also have to be removed.

The downside is this letter must be submitted within 30 days of your initial notification by PRA for it to be effective (and they have 30 days to respond).

However, if Portfolio Recovery Associates does respond, and it’s not quite the reply you were looking for, you still have a few more options.

Portfolio Recovery Associates Complaints

Most collection agencies have numerous complaints filed against them with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB). Most consumer complaints are about inaccurate reporting, harassment, or failure to verify a debt. If a debt collector is harassing you, you may want to consider filing a complaint.

You have many consumer rights under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). These rights include the ability to dispute credit reporting errors with the credit bureaus and to be treated fairly and respectfully by a debt collector.

Your Rights When Dealing with Portfolio Recovery Associates

Portfolio Recovery Associates must abide by state and federal laws in the United States. For example, the Fair Debt Collection Practices Act prohibits a debt collector from using abusive, unfair, or deceptive practices. In addition, the FDCPA provides you with many rights to ensure that collection agencies don’t take advantage of you. In particular:

• It is a violation of federal law for Portfolio Recovery Associates to report inaccurate or incomplete information about you.
• You have a legal right to request debt validation on an alleged debt. Send the collection agency a debt validation letter. By law, they have 30 days to prove to you that the debt is really yours and the total amount is accurate.
• Portfolio Recovery Associates may not threaten or harass you, call you repeatedly, swear at you, or publicly publish a list of debtors.
• Portfolio Recovery Associates must be honest about who they are and what they are attempting to do. They must notify you that they are a debt collection company both orally and in writing.
• Portfolio Recovery Associates cannot threaten to have you arrested or imprisoned over unpaid debts.

Remove Portfolio Recovery Associates From Your Credit Report Today!

Credit Saint can assist you in disputing Portfolio Recovery Associates collection accounts. With years of experience at their disposal, these professionals have a proven track record of effectively removing incorrect entries for countless clients.

If you’re looking for a reputable credit repair company to help you with collection accounts and repair your credit, consider working with Credit Saint.

They have helped many people in your situation. Fill out the form on their website or give them a call at (855) 281-1510 for a free credit consultation to see what they can do for you.