Portfolio Recovery Associates, LLC
22 years in business
Headquarters140 Corporate Boulevard
Norfolk, VA 23502
Additional Phone Numbers
- (800) 772-1413
- (757) 321-6278
Find a Location
BBB File Opened: 12/27/1996
Business Started: 03/01/1996
Business Started Locally: 03/01/1996
Business Incorporated: 04/01/1996 in DE
Type of EntityLimited Liability Company (LLC)
- Collections Agencies
Alternate Business Names
- Anchor Receivables Management
- Pra III, LLC
Licensing, Bonding or RegistrationThis business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Number of Employees:1,400
Alerts & Actions
Government ActionThe following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On September 9, 2015, Portfolio Recovery Associates, LLC located in Norfolk, Virginia signed a Consent Order with the United States Consumer Financial Protection Bureau (CFPB) for alleged violations of the Consumer Financial Protection Act and the Fair Debt Collection Practices Act between July 21, 2011 and July 17, 2014. These violation include among other things:
- Attempted to collect on unsubstantiated or inaccurate debt,
- Misrepresented intention to prove debts consumers sued over,
- Relied on misleading, robo-signed court filings to churn out lawsuits,
- Sued or threatened to sue consumers past the statute of limitations,
- Pressured consumers to make payments using misrepresentations,
- Falsely claimed an attorney has reviewed the file and a lawsuit was imminent, and
- Misled consumer into consenting to receive auto-dialed cell phone calls.
According to the Consent Order, Portfolio Recovery Associates, LLC was given an $8,000,000.00 penalty payable to the CFPB's Civil Penalty Fund within ten days of signed Consent Order. According to the signed Consent Order Portfolio Recovery Associates, LLC is required to:
- stop reselling debts to third parties,
- refund $19,045,443 to eligible consumers,
- stop collections on over $3,000,000 worth of debts,
- stop collecting debts they can't verify,
- provide consumers information before filing suite,
- use accurate affidavits, and
- reform collection of older debts.
Please click on the following links: http://files.consumerfinance.gov/f/201509_cfpb_consent-order-portfolio-recovery-associates-llc.pdf for further details or to read the complete Consent Order.