Have You Been Contacted by Portfolio Recovery Associates?
Have you received a phone call or a debt collection letter from Portfolio Recovery Associates? Not sure whether to contact them and what to do about the debt they say you owe them? Learn more about what to do here.
Who is Portfolio Recovery Associates?
Portfolio Recovery Associates is a large debt collection agency and debt buyer that purchases delinquent credit card debt and other accounts from banks and original creditors like Citibank debt, Bank Of America debt, Dell Financial debt, GE Capital debt, Express debt, Gap Debt, Lowes debt, Lord & Taylor debt, JC Penny Debt, and Old Navy debt.
When Portfolio Recovery Associates purchases a debt you owe to a creditor, they now have the right to collect on it. This means they can take legal action against you and may seek a default judgment against you if you fail to respond to their attempts to collect on debt.
The contact information for Portfolio Recovery Associates is as follows:
120 Corporate Boulevard
Norfolk, VA 23502
Phone number: (800) 772-1413
What is Portfolio Recovery Associate’s reputation as debt collectors?
According to a Bloomberg News Report, Portfolio Recovery Associates broke New York law by trying to collect on accounts that were too old. They later agreed to drop collections on the accounts and pay penalties to settle the allegations.
As of August 21, 2023, Portfolio Recovery Associates LLC has a B rating from the Better Business Bureau. Their BBB profile says they have been BBB accredited since December 27, 1996, and have been in business for 27 years.
Portfolio Recovery Associates is rated 1.35 out of five stars based on 82 customer reviews on the BBB website. They have 2,207 complaints closed in the last 3 years, with 956 complaints closed in the last 12 months.
The Consumer Financial Protection Bureau (CFPB) Consumer Complaint Database has 22,193 entries for “Portfolio Recovery Associates Inc.” 18,303 of these complaints are related to “debt collection.”
What should you do if you receive a letter or a call from Portfolio Recovery Associates?
If you’ve been contacted by Portfolio Recovery Associates, know your rights and protections. The Fair Debt Collection Practices Act (FDCPA) provides federal protection against certain debt collection tactics.
Creditors and debt collectors cannot harass those with debt in order to attempt to collect. They must also adhere to the statute of limitations to collect on debt as federal and state law requires.
Debt collection agencies often take legal action if unable to settle the debt. This can lead to legal consequences such as wage garnishment, which may also be reported to the credit bureaus and end up on your credit report.
The Tayne Law Difference
Comfort: Working with the right debt resolution law firm that prioritizes you and your needs, the Tayne Law Group experience will give you peace of mind.
Experience: In settling accounts with Portfolio Recovery. For example, a client came to us with a PC Richards account with a balance of $4,063.99. Our talented team at TLG settled the account for $1,628.04, or 40% of the original balance! Another happy client!
Knowledge: Working with the debt resolution law firm with the kind of experience that we have in the debt resolution and collection industry helps you know that your debts are being handled in the best possible way.
Call today for a free, no-obligation debt relief consultation. See what a difference one phone call can make! 1-866-890-7337
Frequently Asked Questions (FAQs) about Portfolio Recovery:
Portfolio Recovery is a large debt collection agency that purchases and collects charged-off debts from various creditors, including credit card companies, retailers, banks, and other lenders. They buy these debts at a fraction of the original amount and then attempt to collect the full debt from the debtor.
Yes, Portfolio Recovery Associates, LLC is a legitimate debt collection company.
If you are receiving calls from Portfolio Recovery, it is likely because they believe you have an outstanding debt that they have purchased and are now attempting to collect on. It’s possible they are trying to reach you to discuss repayment or to verify if they have the correct contact information for the debtor.
No, Portfolio Recovery Associates, LLC is a legitimate debt collection company. However, like any industry, there are occasional reports of scams or fraud where individuals may misrepresent themselves. It’s always important to verify any debt and the caller’s legitimacy before making any payments.
To dispute a debt that Portfolio Recovery is attempting to collect, you should start by sending them a written letter detailing your dispute. Keep a copy for your records. Additionally, you may want to consult with a consumer rights attorney or contact the Consumer Financial Protection Bureau (CFPB) for guidance on handling the dispute. Being aware of your rights under the Fair Debt Collection Practices Act (FDCPA) is also essential.
