Is Portfolio Recovery Associates Calling You?

Debt collection companies are the last thing that you’ll want to deal with when you’re behind on your payments, but ignoring them will only make it worse. However, you NEVER have to take abuse or harassment from collectors. The Fair Debt Collection Practices Act (FDCPA) was created to protect consumers from rude or derogatory treatment from collectors.

Is Portfolio Recovery Associates legit?

Portfolio Recovery Associates is legit. Therefore, if they are contacting you regarding an alleged debt it should be taken seriously. The BBB notes that Portfolio Recovery Associates was established in 1996 and has had their BBB page opened since 1996 as well. The BBB accredited Portfolio Recovery Associates and has also awarded the collections company with an B rating. The BBB notes that “This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. The BBB lists Portfolio Recovery Associates as a collection agency that uses the alternate business names, PRA III, LLC and Anchor Receivables Management.

According to its website, Portfolio Recovery Associates is also a member of RMAi, and WhiteHat Security. The company explains on their collections website that “Portfolio Recovery Associates, LLC (a subsidiary of PRA Group, Inc.) was started in 1996 by Steve Fredrickson and Kevin Stevenson, two friends who had worked in banking and believed that they could create a better experience by taking a consumer-centered approach to the debt market.”

Who does Portfolio Recovery Associates collect for?

Portfolio Recovery Associates collects delinquent debts for financial services companies such as banks and credit unions, as well as many retail businesses that offer credit. Moreover, Portfolio Recovery Associates is a debt purchaser, different that a traditional third party debt collector. When PRA contacts consumers regarding a delinquent debt, it “means the bank or creditor has made a business decision to sell the debt. The right to collect the account has been transferred to PRA, the company to which the consumer now owes the debt.”

Portfolio Recovery Associates does not provide a large amount of information on its website regarding its collections practices and its compliance with federal collections law. It does add, however, a section which explains how collections works and instructions on how you can review and pay off your debt. Additionally, the website posts a number of important policies, stating, “Please know that we: won’t charge interest on unsecured debt or servicing fees, won’t resell your debt to anyone else, will send you confirmation when your debt is resolved, will provide you with clear and accurate information about your account, may give you a savings offer to resolve your debt for less than what you owe (this will appear as a payment option in your account).”Allegedly, Portfolio Recovery Associates may not have followed through on all of its promises.

How many complaints are there against Portfolio Recovery Associates?

As of June 2023, there are currently 1,893 complaints posted in the last 3 years on Portfolio Recovery Associate’’s BBB page, 743 of which were posted in the last 12 months. Most of those complaints alleged problems with billing and collections, although some complaints cited problems with customer service and sales. Additionally, Portfolio Recovery Associates has received 1,314 reviews on WalletHub, amounting to a 2.7/5 rating, and has additionally received 71 Customer Reviews on the BBB, awarding the company a 1.35 star review overall.

Portfolio Recovery Associates Contact information

Address: 120 Corporate Blvd STE 1 Norfolk, VA 23502-4952
Telephone: (757) 519-9300
Website: http://www.portfoliorecovery.com

Can Portfolio Recovery Associates sue me or garnish my wages?

Portfolio Recovery Associates can sue you or garnish your wages, but only with legitimate reason to do so. The collections company cannot simply make empty threats to sue or garnish your wages, as this would be a violation of federal law. While it is illegal for a debt collection company to take this action, some collections companies will still take advantage of alleged debtors, proceeding to summon them to court and garnish their wages, even if the consumer does not owe the alleged debt. Given this risk, the wisest decision as a consumer or alleged debtor would be to acquire legal help to assist with resolving your case.

Can I sue Portfolio Recovery Associates for harassment?

Yes, you can sue Portfolio Recovery Associates for harassment. Moreover, you should choose to sue if you wish to enforce your rights and recover money for the collection company’s violation. An attorney can help you utilize the Fair Debt Collections Practices Act (FDCPA) which protects consumers like you, awarding damages of up to $1,000, plus attorney fees and court costs to victims of wrongful collections practices. Take advantage of the federal laws that are meant to protect consumers like you, and contact an attorney if you are at risk.

How often can Portfolio Recovery Associates call?

Portfolio Recovery Associates can call, but only within the regulations set by the federal government. The current enacted laws are meant to protect consumers from repetitive phone calls from debt collectors. In November 2021, the CFPB’s Debt Collection Rule clarified that a debt collector is presumed to have violated the law if they place a telephone call to you about a particular debt

• More than seven times within a seven-day period, or
• Within seven days after engaging in a telephone conversation with you about the particular debt.

Importantly, if Portfolio Recovery Associates’ violation does not fall within the aforementioned violation, you can still sue if the collector’s phone calls are intended to harass, oppress, or abuse you.

How to stop Portfolio Recovery Associates calls?

Yes, you can stop Portfolio Recovery Associates from making calls by filing a complaint, and obtaining assistance from an attorney. By utilizing the Fair Debt Collections Practices Act (FDCPA), consumers can protect themselves from improper collections practices by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. Consumers also receive additional protection under both the FCRA, the Telephone Consumer Protection Act (TCPA), and the Consumer Financial Protection Act (CFPA). You may have a case if..

• You are receiving multiple calls per week from third party collection agencies.
• You are receiving early morning or late night calls from debt collectors
• You are receiving calls at work from a debt collection agency
• Debt collectors are calling your family, friends, neighbors, or coworkers
• Collectors are threatening you with violence, lawsuit, or arrest
• A debt collector attempts to collect more than you owe
• You are being threatened with negative credit reporting
• A debt collector attempts to intimidate you
• Criminal accusations are being made towards you
• Use of obscene language during an attempt to collect
• Automated robocalls are being made to your phone in an attempt to collect

Does Portfolio Recovery Associates hurt my credit score?

Portfolio Recovery Associates can hurt your credit score if they have reported your alleged debt to a credit reporting agency. If they have already reported the alleged debt, or you fear that they might, you can remedy the harm by contacting an attorney for assistance.

Disclaimer: The content of this article serves only to provide information and should not be constructed as legal advice. If you file a claim against PRA Group, or any other third-party collection agency, you may not be entitled to any compensation.