Portfolio Recovery Associates, LLC is the U.S. debt-buying subsidiary of PRA Group, Inc. of Norfolk, Virginia. If it contacts you, it usually says it now owns an old credit card or loan account that another company charged off.
- Type
- Debt buyer
- Also known as
- Portfolio Recovery Associates, LLC; PRA; PRA Group, Inc.
- Headquarters
- Norfolk, VA
- Collects
- credit cards, private label store cards, installment loans, lines of credit, telecom and utility accounts
- Phone numbers it lists
- (800) 772-1413
- Website
- portfoliorecovery.com
34,095 debt collection complaints were sent to the Consumer Financial Protection Bureau about Portfolio Recovery Associates, LLC from November 13, 2023 to November 12, 2026. A complaint is a consumer's account, not a finding that the company broke the law. Read the complaints in the CFPB database.
Who Is Portfolio Recovery Associates?
Portfolio Recovery Associates, LLC (PRA) is the U.S. consumer-facing company of PRA Group, Inc., a publicly traded company that describes itself as a global company in the nonperforming loan business. PRA Group says it was founded in 1996 in Norfolk, Virginia, by Steve Fredrickson and Kevin Stevenson. The company went public in 2002 as Portfolio Recovery Associates, Inc. and renamed the parent PRA Group, Inc. in 2014. PRA's customer site lists its mailing address as 120 Corporate Blvd, Norfolk, VA 23502.
PRA is a debt buyer. In its SEC filings, PRA Group says its main business is buying portfolios of nonperforming loans at a discount and then collecting them, either through its own call centers or through legal collection, including lawsuits handled by in-house and outside attorneys.
Why Portfolio Recovery Associates May Be Contacting You
When PRA writes or calls, it is usually saying that it bought an account you once had with someone else. PRA Group's 10-K lists the kinds of accounts it buys: Visa and MasterCard credit cards, private label store cards, installment loans, lines of credit and deficiency balances. It says the sellers include major banks, credit unions, consumer finance companies, telecom providers, retailers, utilities, auto finance companies and student loan companies. So the name on the letter may be one you have never done business with, even though the original account was yours.
PRA also files collection lawsuits. If you have been served with a petition naming Portfolio Recovery Associates, LLC as plaintiff, read our guide to being sued by PRA in Texas and note your answer deadline.
How to Check a Debt Portfolio Recovery Associates Says You Owe
Because PRA bought the account, the key questions are what it bought and whether it can prove the chain from the bank to PRA.
- Read the validation notice. Federal law requires a debt collector to give you a validation notice (15 U.S.C. § 1692g; 12 C.F.R. § 1006.34). For a purchased account it should name the original creditor, give an itemization date and show how the balance changed since then.
- Dispute in writing inside the validation period. A written dispute sent by the date on the notice requires PRA to stop collecting until it mails verification. Ask for the original account number, the charge-off statement and the bill of sale or assignment that covers your account.
- Compare the balance. Match the charge-off balance against your last statements. Interest or fees added after the sale should be explained.
- Check the age. In Texas, most suits on consumer debt must be filed within four years (Tex. Civ. Prac. & Rem. Code § 16.004), and a debt buyer like PRA may not sue on a time-barred consumer debt (Tex. Fin. Code § 392.307). If you lived in another state when the debt arose, a different limitation period may apply. Our page on the statute of limitations on credit card debt explains how the clock usually runs.
What Portfolio Recovery Associates Can and Can't Do
A company that buys defaulted debt can be a "debt collector" under the FDCPA if its principal purpose is collecting debts, even when it collects only accounts it owns (15 U.S.C. § 1692a(6); after Henson v. Santander Consumer USA Inc., 582 U.S. 79 (2017), the question is the principal-purpose prong, not whether the debt was bought in default). PRA Group itself describes debt collection as its primary business. In practice that means:
- PRA may not misstate the amount of a debt or claim to own an account it cannot show it owns.
- PRA generally may not place more than seven calls in seven days about one debt, or call within seven days after a phone conversation about it (12 C.F.R. § 1006.14(b)(2)).
- If PRA reports the account to a credit bureau and you dispute it, the account should be reported as disputed.
- A lawsuit is a court case, not a letter. Ignoring it can lead to a default judgment, but Texas does not allow wage garnishment for ordinary consumer debts like credit cards.
PRA has been the subject of two CFPB actions, a 2015 consent order and a 2023 court order, listed below with links. Our news summary of the 2023 order explains what it requires before PRA sues. If you think PRA crossed a line, see our Texas FDCPA attorneys page.
Government Actions on the Public Record
- CFPB stipulated final judgment (alleged violations of the 2015 order, the CFPA, FDCPA and FCRA; at least $12.18 million redress and a $12 million penalty) (2023-04-13)
- CFPB consent order (debt collection and litigation practices; refunds, vacated judgments and an $8 million penalty) (2015-09-09)
Being sued by Portfolio Recovery Associates? Read our full lawsuit guide →
We Sue Debt Collectors That Break the FDCPA
Texas Debt Law files Fair Debt Collection Practices Act lawsuits against debt collectors in federal court for consumers in Texas, California, Illinois, Georgia and Colorado. If Portfolio Recovery Associates or anyone collecting for it harassed you, misstated what you owe, threatened action it could not take, or told others about your debt, you may have a claim. A court can order a collector that violated the FDCPA to pay your actual damages, up to $1,000 in additional statutory damages, and your attorney's fees and costs (15 U.S.C. § 1692k(a)). An FDCPA claim generally must be filed within one year of the violation (§ 1692k(d)), so keep your letters, call logs, voicemails and screenshots, and talk to us early. Texas residents may also have claims under the Texas Debt Collection Act. Learn more from our FDCPA attorneys.
Free FDCPA Case Review(214) 851-2250
Or start your free case evaluation online. No lawyer can promise a result; every claim depends on its facts and proof.
Sources
- Portfolio Recovery Associates: home page
- Portfolio Recovery Associates: Contact & FAQs
- PRA Group: About PRA Group
- PRA Group Form 10-K for 2017 (SEC)
- PRA Group Form 8-K on the 2015 CFPB consent order (SEC)
- CFPB enforcement action: Portfolio Recovery Associates, LLC
- CFPB Consumer Complaint Database: Portfolio Recovery Associates, LLC, debt collection
This profile is general information compiled from public sources, not legal advice, and it does not state or imply that Portfolio Recovery Associates has violated any law. Company details change; tell us if something here is out of date. Lea este perfil en español.