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
Portfolio Recovery Associates on Your Credit Report
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.
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
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.
They were most likely assigned your debt (or bought your debt) from one of the companies they work with. However, just because they are legit, doesn’t mean you actually owe them anything. Keep reading to learn more.
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.
(Debt collectors prefer that we didn’t tell you this, but it’s something you should know.)
Lexington Law Firm is a credit repair company that helps people fix their credit.
In addition to collections, Lexington Law will help you challenge (and possibly remove) other inaccurate information from your credit report. These items include inquiries, late payments, charge-offs, foreclosures, repossessions, bankruptcies, and more.
Call Lexington Law now to learn more: (800) 220-0084
Portfolio Recovery Associates, LLC / PRA Group Contact Information
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 will 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 quite possible that you may never hear from or have to deal with Portfolio Recovery Associates again.
Call Lexington Law to learn how they can help you avoid lawsuits and remove negative items from your credit report that will significantly improve your credit scores.
Some states allow wage garnishment, while others do not. It is important to note that 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 you find yourself facing any of these situations with a debt collection agency, you should also consider filing a complaint.
You have many consumer rights under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). Lexington Law knows that you have rights, and Portfolio Recovery Associates does too.
Your Rights When Dealing with Portfolio Recovery Associates, LLC
There are strict regulations about what a debt collector can and cannot do in the United States. For example, the FDCPA prevents the use of abusive or deceptive tactics to collect any debt, regardless of whether you actually owe it. 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 on your credit report.
- 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, and they are not allowed to threaten to take legal action if they have no intention of doing so.
Avoid the phone. Never talk to a debt collector on the phone. The less debt collection companies know about you, the better.
Politely tell Portfolio Recovery it’s your policy to deal with everything in writing. Request a letter with the original debt information and then hang up. If the collection calls continue, send them a cease & desist letter.
Record their phone calls. If you must deal with Portfolio Recovery Associates on the phone, record them. Thirty-five states and the District of Columbia allow you to record your phone conversations secretly.
In the other 15 states, you can record with the other party’s permission. If you tell the debt collector you are going to record, and they keep talking, that’s considered giving permission. They will usually hang up.
Don’t believe what they say. Debt collectors are known to make false threats, lie, and tell you whatever they need to tell you to get you to pay the debt.
Don’t attempt to hide money. Hiding money or assets from a legitimate collection agency is illegal if you owe them. However, it’s also best to avoid giving access to your bank account or credit card information.
Don’t apply for new lines of credit. It’s also considered fraudulent to apply for new lines of credit if you are unable to pay your current creditors.
Don’t ignore them. You can do things on your terms, but ignoring the situation will not make Portfolio Recovery Associates, LLC go away. Ignoring them sets you up for a possible lawsuit.
Know Your State’s Statute of Limitations. Each state has a statute of limitations on debt. Once your debt reaches a certain age, it is considered “zombie debt,” and you are no longer legally obligated to pay it. The age limit varies from state to state, but it’s typically around 4-6 years.
A debt collection agency is still allowed to contact you about these debts, but they can no longer sue you for them, and you are not required to pay them.
Remove Portfolio Recovery Associates From Your Credit Report Today!
Lexington Law specializes in disputing Portfolio Recovery Associates collection accounts. They have over 18 years of experience and have removed over 7 million negative items for their clients in 2020 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.
You can give them a call at (800) 220-0084 for a free credit consultation. They have helped many people in your situation and have paralegals standing by waiting to take your call.
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