How To Remove Portfolio Recovery From Your Credit Report

Portfolio Recovery

Portfolio Recovery Associates, LLC, is a third-party debt collector that focuses on purchasing unpaid debts from lenders.

Portfolio Recovery will then attempt to recoup their money by negotiating directly with the person who owes the debt.

Portfolio Recovery Associates purchases credit card debts, student loans, and other types of consumer debt.

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What is Portfolio Recovery?

Portfolio Recovery Associates is a leading collection agency purchasing delinquent portfolios across the United States. 

If you have PRA on your credit report as collections, they have most likely purchased an old debt of yours from the original creditor. 

Anytime collections are added to your credit report, your credit score will feel the impact.

Taking steps to remove the collections account is essential if you want to repair the damage done to your credit score. 

Is Portfolio Recovery Associates Legit?

Yes, Portfolio Recovery Associates LLC is a legit company and not a scam. 

The PRA Group, Inc. subsidiary was started back in 1996 by a couple of friends and has since grown into a multi-million dollar collection agency employing thousands. 

Portfolio Recovery maintains its base in Virginia. Although they have an A+ rating with the Better Business Bureau, there have also been over 1247 customer complaints made to the BBB in the last three years. 

Complaints range from debtors receiving multiple calls a day to Portfolio Recovery’s inability to provide proof of debts.

In fact, in 2015, the Consumer Financial Protection Bureau took action against Portfolio Recovery Associates for “using deception tactics to collect bad debts.” They were forced to issue millions of dollars in consumer refunds due to multiple illegal litigation and collection practices.

So while PRA is a legitimate company, if any of their unacceptable debt collection practices remain in place, you may have a good chance of getting your negative account removed.

How To Remove Portfolio Recovery From Your Credit Report

Debt Validation

As a business, Portfolio Recovery Associates, LLC purchases thousands of debt accounts. 

With such large numbers, mistakes and lost data can happen, which can lead to inaccurate collections. Lost details can also provide the opportunity to get the collections removed from your credit report. 

As per the Fair Debt Collection Practices Act, you have 30 days from the time Portfolio Recovery Associates first contacts you to request debt validation. Anything beyond the thirty days, and you miss your chance to have the PRA Group validate the debt. 

If you need help formulating your request, you can review our sample debt validation letter

Negotiate a Payment

If you missed the deadline to request a debt validation or the debt was indeed validated, you can now choose to negotiate with Portfolio Recovery.

As a debt collection agency, PRA is looking to turn a profit. While they are in the business of making money, as they tend to buy debts for pennies on the dollar, there is wiggle room to negotiate off the debt’s original value.

In fact, the Portfolio Recovery services website indicates that debt savings may be offered through your online client profile. However, it’s best to negotiate the amount directly with them.

We generally recommend trying to negotiate a pay-for-delete agreement, which secures your payment in exchange for the negative information being deleted from your credit report.

In the case of PRA Group, their website clearly indicates that within around 30 days of your final payment being posted, they will request that the credit reporting agencies remove the PRA, LLC tradeline from your credit report.

While this is positive information, it’s still best to request a written confirmation that their policy will also apply to your payment agreement and that the remaining balance of your debt will be canceled.

With everything in writing, you can easily follow up if the tradeline is not removed within the agreed-upon delay or if they don’t cancel the remaining balance.

Have a Credit Repair Professional Remove Portfolio Recovery Collections

If handling debt collection agencies like the PRA Group is not something you feel like tackling on your own, you should consider hiring a professional credit repair company like Credit Saint.

Credit Saint specializes in challenging inaccuracies. Plus, their programs are backed by a 90-day money-back guarantee.

You can get started with a FREE credit evaluation with a member of their team.

Where Can I Mail My Portfolio Recovery Payment?

Portfolio Recovery Disputes Phone Number & Address

Portfolio Recovery Customer Service Number

Final Thoughts on Portfolio Recovery

The law protects consumers from unfair debt collection practices. While it is never a fun experience to be contacted by a debt collector like Portfolio Recovery Associates, LLC, knowing what to do to protect your credit is essential. 

Whether you choose to validate de debt, negotiate a payment, or even leave the task to a professional, taking the necessary steps is your top priority. 

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About the author

Clara is the founder of Credit Rise Up, an entrepreneur, personal finance expert, and credit repair enthusiast. She’s committed to helping her readers get on the right track and take actionable steps towards improving their credit by using the experience that allowed her to join The 800 Club. Find out more.

How To Remove Portfolio Recovery From Your Credit Report