Portfolio Recovery Associates LLC is a collection agency (CA) located in Norfolk, Virginia. They purchase charged-off and bankrupt consumer debts at a discount and collect on them. Some consumers have made certain complaints against this company in the DebtCC forums. Check out the topics below to know about them.
Portfolio Recovery Associates complaints - Causes for dissatisfaction
Consumers, who had problems while dealing with this collection agency, have shared the following experiences in the forums:
- Collection of debts discharged in bankruptcy: Portfolio Recovery collection agency is accused of collecting debts that have been discharged in bankruptcy. One consumer claims that the CA tried to collect on a Providian account which was written off in bankruptcy. Learn more
- Harassment over the phone: An elderly person complained that the CA called him day and night, in violation of the FDCPA, and accused them of threatening him. He finally had to file a complaint against Portfolio Recovery with the BBB and his State Attorney General's office. Find out more on this
- Harassment for debts past SOL: One consumer says the collection agency harassed him for a debt after the Statute of Limitations in his state had expired. They also kept calling him at his place of work, despite being asked repeatedly to not do so. Get the details
- Collection of non-existent debts: Some people have complained that Portfolio Recovery Associates LLC tries to collect accounts that never existed. One person said that the CA claimed that he owed $600 for an account with "Bank of Omaha". But, the poster said, he never heard of any such bank and had no accounts with them! Read more
- Reluctance to provide written documents: One consumer said that he paid an account with Portfolio Recovery Associates, LLC in full, but the CA did not send him a letter or document acknowledging the debt had been paid in full! They said they would send him a document, but he never received it! They did not also update his credit report! Learn more
How does a collection account on your credit report affect you?
A CA will report a collection on your credit report. An account listed as being in collections can really hurt your credit score. Even if you pay off the account, the negative item remains on your credit report for about 7 years. When you pay it off, the collection account is simply marked as "paid" and is not removed from your credit report. The negative item can affect your eligibility for a loan, as a lender may consider you a bad risk.
Can you remove a collection account from your credit report?
You do have a number of options to remove the collection account from your credit report. Take a look at the following:
- You do not owe the debt: The CA may report a non-existent account to the credit bureaus. They may also report someone else's debt on your credit report. This is why it's important to send them a validation letter. If the CA cannot or will not validate the debt, they are not legally permitted to list it on your credit report. You should dispute the listing with the credit bureaus and have it removed.
- The debt is more than 7 years old: If the debt is more than 7 years old, you may have a chance to remove it from your report. Under the Fair Credit Reporting Act (FCRA), if the reported account is more than 7 years old, starting from the date of first delinquency, it can no longer remain on your credit report. You can dispute and have it removed, regardless of whether it has been paid or not.
- You get a "pay for delete" agreement: If you do owe the debt and there's no way to remove it from your credit report, you may get a "pay for delete" agreement from your creditor or CA as part of a settlement agreement. Make sure that if you get a "pay for delete" agreement, you confirm it in writing before you make a payment. You should also check your credit report once you have paid off the debt and dispute the listing if it has not been removed after a reasonable amount of time.
If you need to contact Portfolio Recovery regarding a collection account, you should use the following address:
Portfolio Recovery Associates Address
120, Corporate Boulevard, Norfolk, VA - 23502.
Portfolio Recovery Associates Phone number: 1-888-772-7326 (local) 757-519-9300