What Is Portfolio Recovery Associates On My Credit Report?
Portfolio Recovery Associates is a debt collection agency. If you are seeing them on your credit report, it likely means they have purchased your debt from a creditor and are (or will be) attempting to collect it from you.
Is Portfolio Recovery Associates A Debt Collection Agency?
Yes, Portfolio Recovery Associates is a debt collection agency. They buy debt from a number of different creditors that no longer wish to attempt to collect the amount themselves (also known as a "charge-off").
Portfolio Recovery Associates may attempt to reach out via mail or phone calls (demanding payment). The worst part is a collections account will now be seen on your credit report. This hurts your score, as well as reducing your chances of getting approved for a loan or other important financial event.
But it’s not all bad news! We may be able to help you with this account. Call us today to find out more.
Who Does Portfolio Recovery Associates Collect For?
Portfolio Recovery Associates purchases debt from a range of different creditors. The information isn’t always publicly available and is constantly changing, so it’s difficult to provide an accurate and up-to-date list.
Does Portfolio Recovery Associates Hurt My Credit Score?
Yes, it is highly likely having Portfolio Recovery Associates on your credit report is damaging your score significantly.
How to Deal with Portfolio Recovery Associates if You Believe the Debt Is Not Yours
Under the Fair Debt Collection Practices Act (FDCPA), you have the right to dispute a debt that you don't recognize or believe is not yours, if you receive a notice from Portfolio Recovery Associates. You can send a dispute letter to them within 30 days of receiving the notice, including your name, address, account number (if provided), and an explanation of why you are disputing the debt. Supporting documentation such as proof of payment or a copy of your credit report should also be provided. Portfolio Recovery Associates must investigate your dispute and respond within 30 days. If they cannot verify the debt, they must cease collection efforts and remove it from your credit report by law.
How to Avoid Future Debt Collections
To avoid the stress of debt collections, it's important to keep track of your bills and due dates to prevent missed payments. If you're having trouble making payments, reach out to your creditor for options like payment plans or other solutions.
Regularly monitoring your credit report can also help catch errors or fraudulent accounts early on. Credit Sage can assist in managing debts and creating a plan for paying them off. Don't ignore a notice from a debt collection agency; take action promptly to address the debt and avoid further damage to your credit score.
By following these tips, you can take control of your finances and avoid future debt collection issues.
How Do I Remove Portfolio Recovery Associates From My Credit Report?
To be eligible to remove Portfolio Recovery Associates from your credit report, you typically need to meet the following requirements:
- Any information on the account is incorrect
- Any information on the account is error’d
- Any information on the account is fraudulent
- And is not (or cannot be) fixed in an appropriate amount of time
According to a study by the U.S. PIRGs, 79% of credit reports contain mistakes or serious errors. Going after these types of accounts for our clients is our specialty.
Should I Pay For Delete With Portfolio Recovery Associates?
Paying off Portfolio Recovery Associates to have credit bureaus delete it from your report sounds like a good idea. There's one major problem. Paying a debt in collections changes your credit report status from 'unpaid' to 'paid', but the collection remains on your report for 7 years (from the date of first delinquency). This means your credit is still damaged.
Should I Negotiate A Settlement With Portfolio Recovery Associates?
Settling your debt with Portfolio Recovery Associates could go both ways. It may help your score, but it may also hurt your score. Many variables impact the end result. There is a better path to a good result. Work with a company that is able to review these accounts for you (like Credit Sage), and if any issues with the account exist you may have it removed all together (and never have to hear from them again).
Is Portfolio Recovery Associates Legit, Fake Or A Scam?
Portfolio Recovery Associates is a legitimate company. They aren’t fake or trying to scam you. But it is likely they are spam calling you trying to collect a debt. One of the best ways to deal with this is to dispute and remove unvalidated debts.
Why Do Portfolio Recovery Associates Keep Calling Me?
Portfolio Recovery Associates continues to call and attempt to collect a debt. The best thing you can do is ignore their calls and speak with a company that can help you get it removed (like Credit Sage).
How To Get Portfolio Recovery Associates To Stop Calling Me?
As we’ve mentioned above, Portfolio Recovery Associates will be calling you to attempt to collect a debt. The best thing you can do to stop this is speak with a company that can help you get them removed from your credit report, like Credit Sage. Once they are off your credit report, you won’t have to hear from them again.
Portfolio Recovery Associates Reviews And Complaints
Portfolio Recovery Associates has terrible BBB reviews. This may come from their repeated calls and letters to consumers trying to collect their debt.
Will Portfolio Recovery Associates Try Suing Or Garnishing My Wages?
Portfolio Recovery Associates suing would be a very unlikely situation. In rare cases it may happen, but it certainly isn’t the norm. State and federal laws place limits or 'exemptions' that apply to bank and wage garnishments.
We strongly recommend calling us, we’ll help determine the likelihood of a lawsuit, but also provide you next steps in getting this collection removed.
Does Portfolio Recovery Associates Accept A Goodwill Letter To Remove My Collection/Charge-Off?
Based on our years of experience dealing with companies like this, Portfolio Recovery Associates does not accept goodwill letters to remove collection accounts or charge offs.
What Are My Rights When Dealing With Portfolio Recovery Associates?
You have the right to dispute any of your debt that Portfolio Recovery Associates has purchased. Portfolio Recovery Associates is governed by the Fair Debt Collection Practices Act (or FDCPA) and the Fair Credit Reporting Act (or FCRA). While these acts seem very complicated, they provide a great deal of power to the consumer if you know how to use it properly.
What Is Portfolio Recovery Associates Phone Number?
You likely want to call Credit Sage before deciding whether or not to call Portfolio Recovery Associates. The reason? You may not want to pay Portfolio Recovery Associates debt, especially if it's inaccurate. Paying it off could hurt your score.
Get Portfolio Recovery Associates Removed From Your Report, Today!
In most cases, we recommend speaking with a Credit Repair professional to analyze your credit report before you attempt to settle any debt. The main reason? Settling your debt may actually hurt your score.