Portfolio Recovery Associates

Who is Portfolio Recovery Associates?

Portfolio Recovery Associates (PRA) aka PRA Group, Inc. is a publicly-traded debt collection agency located in Norfolk, Virginia. They purchase large blocks of debt from large lenders around the country.

They 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
  • portofolio collection
  • PRApay

Is Portfolio Recovery Associates contacting you?

Have you received a letter from Portfolio Recovery Associates (PRA) about an outstanding debt? Or did you notice their name on your credit report for an old debt that had been sitting with the creditor?

Either way, you probably want them to disappear from your credit report and your life. But first, you should know that they are one of the biggest debt collectors in the game. They’re also publicly traded on the NASDAQ stock exchange with around 4,000 employees.

To turn a profit, they buy large chunks of debt from companies at a steep discount in hopes of collecting on it. Some of this debt may be past statute of limitations which means you’re no longer legally obligated to pay it. (This may not mean much to you at the moment, but it’ll come into play when we discuss “pay-for-delete agreements”).

So, what does it take to get Portfolio Recovery Associates off your credit report?

Step 1: Send Them a Debt Validation Letter

Under the Fair Debt Collection Practices Act, the burden of proof lies on the collection agency. They 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 specific details about the debt. Instead, it requests that the creditor prove that the debt is yours and you have a legal obligation to repay it.

There’s a chance they won’t have the documentation to validate the debt since they aren’t the original creditor. And that’s good news for you as they’ll 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 the credit bureaus for it to be effective (and they have 30 days to respond).

But if they do respond and it’s not quite the reply you were looking for, you still have a few more options.

writing a letter

Step 2: Request a “Pay for Delete”

Portfolio Recovery Associates is able to stay afloat and roll in the dough by purchasing debt for very cheap and collecting it from consumers when other debt collectors fail. (This explains why they’ve been around since 1996).

This is both good and bad news for you. Bad news first; they’re pretty good at what they do, so they probably won’t give up as easily as some collection agencies do.

Good news: since they didn’t pay much for your debt, there’s some wiggle room with regards to the amount they’re willing to accept.

A few tips when negotiating a “pay-for-delete” agreement:

Be prepared to negotiate.

Don’t accept the first offer they put out. In fact, you should start low and work your way up if needed.

Refrain from disclosing any personal information

They may insist that you provide your account information so they can deduct payments. But kindly deny their request and send a check, instead.

Conduct all negotiations in writing

You should also send all correspondence via certified mail with a return receipt so you’ll have a paper trail. It’s not uncommon for a debt collector to agree to something on the phone and not follow through.

This puts you in a tough situation if you follow through on the verbal agreement and the negative account still remains on your credit report once you’ve paid the balance in full. And you’ll have no recourse if the only backing you have is a phone conversation.

But what if you uphold your end of the bargain and they still don’t remove the negative item? Follow-up with a letter demanding that the item is removed, and threaten to pursue further legal action if they fail to comply.

Portfolio Recovery Associates LLC Contact Information


120 Corporate Boulevard
Norfolk, Virginia 23502

Phone number: (800) 772-1413

Website: https://www.portfoliorecovery.com

Step 3: Hire Professional Help

Perhaps you’re in a situation where you’re strapped for time and don’t have the bandwidth to work on your credit. Or maybe you’ve decided the process will be too overwhelming to embark upon on your own?

No worries. You can hire professionals to do the work for you. Well-respected credit repair companies, like Lexington Law, can get the ball rolling and utilize their knowledge to get other tough collection items that may be hurting your report removed.

Bottom Line

If you decide to do nothing, the negative entry will stay on your report for seven years from the date of last activity. And if you pay the balance it later on down the without negotiating a pay for deletion, it will still remain for the same period of time and ding your score.

So, it’s worth the effort to either negotiate a “pay-for-delete” agreement or hire professional help. Your credit score will thank you.

Top Trending Debt Collection Agencies

Here’s a list of some of the nation’s most popular debt collectors that cause damage to your credit.