Portfolio Recovery Associates, LLC
21 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 Corporation
- Collection Agencies
Alternate Business Names
- Anchor Receivables Management
- Pra III, LLC
Number of Employees:1,400
Alerts & Actions
Government ActionOn May 1, 2014 Portfolio Recovery Associates, LLC in New York, New York signed an Assurance of Discontinuance with the Office of the Attorney General (OAG) for the State of New York for alleged violations of New York Executive Law, New York General Business Law (GBL), and the federal Fair Debt Collection Practices Act (FDCPA). Portfolio Recovery Associates, LLC without admitting or denying any allegations listed in the Assurance of Discontinuance agreement entered into this Assurance in order to settle and resolve the Office of the Attorney General of the State of New York's investigation and whereas the parties each believe that this Assurance is a prudent and appropriate way to resolve the dispute. This Assurance of Discontinuance only involves consumers residing in New York City. The alleged violations include among other things;
- violation of New York Executive Law 63(12) authorizing the OAG to bring enforcement action when a person or business entity engages in repeated fraudulent or illegal acts or otherwise demonstrates persistent fraud or illegality in the carrying on, conducting or transaction of business;
- violation of GBL 349 which prohibits deceptive acts or practices in the conduct of any business, trade or commerce or in the furnishing of any service in this state;
- violation of GBL 601 prohibiting a principal creditor or its agents from claiming, or attempting or threatening to enforce a right with knowledge or reason to know that the right does not exist; and
- violation of the FDCPA prohibiting debt collectors from using any false, deceptive, or misleading representations or means in connection with the collections of a debt, including falsely representing the character, amount, or legal status of a debt, threatening to take any action that cannot legally be taken, or using any false representation or deceptive means to collect or to attempt to collect a debt.
According to the Assurance, Portfolio Recovery Associates, LLC shall pay a civil monetary penalty of $300,000 to the State of New York within 3 days of May 1, 2014, will not sue the consumer to collect on Time-Barred Debt, and will include the following information in any written communication seeking to collect on a debt allegedly owed by a consumer residing in New York State:
(1) The name of the Original Creditor;
(2) The last four number of the original creditors account number; and
(3) The date of the consumer's last payment of debt.
As of the date of this Business Review, the Portfolio Recovery Associates, LLC has paid the $300,000 fine.
Please click on the following link: http://hamptonroadsbbb.org/documents/BBBPortfolioRecoveryAssociatesLLC.pdf for further details or to read the complete Assurance of Discontinuance.
Government ActionOn 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.