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:
- Danville, Virginia
- Hampton, Virginia
- Hutchinson, Kansas
- Burlington, North Carolina
- Jackson, Tennessee
- Dallas, Texas
You may see Portfolio Recovery Associates listed on your credit report as a collections account. This can happen if you have credit card debt or a loan that you missed payments on.
Is Portfolio Recovery Associates on my credit report?
Portfolio Recovery Associates may appear on your credit report as any of the following entries:
- portfolio associates
- portfolio rc
- portfolio recov assoc
- portfolio recov pra inc
- portfolio recovery
- portfolio recovery pra inc
- portfolio recovery services
- portfoliorecov
- PRApay
Who does Portfolio Recovery Associates collect for?
Portfolio Recovery Associates is one of the largest debt buyers in the U.S. They purchase large blocks of debt from banks, lenders, and credit card companies around the country.
Is Portfolio Recovery Associates legit or a scam?
Portfolio Recovery Associates, LLC is a legitimate company. They’ve been in business since 1996. However, they may repeatedly spam call, text, or email you.
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.)
Lexington Law Firm is a credit repair company that helps people fix their credit.
In addition to collections, they can work with 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: (800) 220-0084
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?
It’s possible that Portfolio Recovery Associates will resort to litigation when attempting to collect a debt. They may even seek wage garnishment.
However, if you work with a law firm like Lexington Law, you have nothing to worry about. They help you dispute the Portfolio Recovery Associates debt with the three credit reporting agencies and possibly get it removed from your credit report. It’s also possible that you never hear from or have to deal with Portfolio Recovery Associates again.
Wage Garnishment
Some states allow wage garnishment, while others do not. If you are in a state that does not allow wage garnishment, it is illegal for a debt collector to threaten to garnish your wages.
It is also illegal for Portfolio Recovery Associates, LLC to make any claims they cannot or will not follow through on. This includes threatening to sue you or foreclose on your home.
Send Portfolio Recovery Associates a Debt Validation Letter
Under the Fair Debt Collection Practices Act, 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.
Is Portfolio Recovery Associates hurting my credit score?
Missed payments over several months will cause a hit to your credit score. With collection accounts on your credit report, it will reduce your ability to qualify for new credit even more.
Third-party collection agencies often buy and sell debt from one another, so this can lead to multiple collections showing on your credit reports for the same account.
When this happens, if you don’t dispute the accounts with the three major credit bureaus and get them removed, they will harm your credit score.
Portfolio Recovery Associates, LLC 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 and to be treated fairly and respectfully by debt collectors.
Your Rights When Dealing with Portfolio Recovery Associates, LLC
Debt collectors 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, LLC 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!
Lexington Law can assist you in disputing Portfolio Recovery Associates collection accounts. With more than 18 years of experience, they achieved over 6 million removals for their clients in 2021 alone.
If you’re looking for a reputable credit repair company to help you with collection accounts and repair your credit, consider working with Lexington Law Firm.
They have helped many people in your situation. Give them a call at (800) 220-0084 for a free credit consultation to see what they can do for you.
