Portfolio Recovery Associates - HELP

[Anonymous]

Thought I would post an update after the initial shock of this company....

I have filed the following, a CFPB and BBB complaint...

I still have not received anything in the mail from this company. I also sent an email today to their ombudsman email address. I have heard of other success stories. On top of inserting this on my credit report (a week before closing) it is also listed incorrectly!

It is listed as a revolving account, 120 days past due or 4 months!

So I am hoping I hear something very soon from the email address, something has to happen..

My mortgage guy told me they wouldnt' be pulling my report again, but when I checked, they have done TWO soft pulls after the hard... The hard pull was 4/30 to pre approve me, then there was a soft pull on 5/7, and a soft pull on 5/12... This collection showed up before the 5/12 and they never said anything to me, told me yesterday I am set to close and they are just waiting on everything back from the title company..... I am praying hard at this point and trying to get this removed!

[gdale6]

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@Anonymous wrote:

Thought I would post an update after the initial shock of this company....

I have filed the following, a CFPB and BBB complaint...

I still have not received anything in the mail from this company. I also sent an email today to their ombudsman email address. I have heard of other success stories. On top of inserting this on my credit report (a week before closing) it is also listed incorrectly!

It is listed as a revolving account, 120 days past due or 4 months!

So I am hoping I hear something very soon from the email address, something has to happen..

My mortgage guy told me they wouldnt' be pulling my report again, but when I checked, they have done TWO soft pulls after the hard... The hard pull was 4/30 to pre approve me, then there was a soft pull on 5/7, and a soft pull on 5/12... This collection showed up before the 5/12 and they never said anything to me, told me yesterday I am set to close and they are just waiting on everything back from the title company..... I am praying hard at this point and trying to get this removed!

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They know about it from what you have said here, they have not temporarily canceled the closing, if they are not worried then neither should you. Once you close you can throw the book at these fools...

[Anonymous]

So today I received Portfolio's response to my CFPB complaint, see below:

Explanation of closure

PRA purchased the Synchrony Bank Paypal credit card account ending in XXXX from Synchrony Bank on or about February 19, 2015.  Business records provided to PRA by Synchrony Bank at the time of our purchase verify that the account was opened on October 21, 2012, by XXXXXX whose social security number ends in XXXX and that a balance of XXXXX was due on the account at the time of PRA's purchase.
PRA sent its initial notification letter to you on March 10, 2015. PRA's records do not indicate a response or written dispute being received in relation to its initial notification letter. PRA has ceased all collections with regard to your account pending your validation request in accordance with state and federal laws.  

(I took out identifying personal info). First off, they have never sent me ANY communication in the mail, when they called me in March, I gave them my correct mailing address and told them to please send me documentation, this was at the END of March. I still have not received anything. 

So their last sentence where it says they are going to cease all collection activity until I have had a chance to validate. Does this mean they will be removing it from my credit report too?

[seruby]

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@Anonymous wrote:

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@gdale6 wrote:

Anyone you possibly owe money to will come to the table with their hands out when mortgage pulls are run, they know you cannot close without paying them off. Medicals may be the only exception but they will still cause a Fico drop which could impact your interest rate and or the deal as a whole if you drop below the score needed for the loan. I suggest you call them on Monday morning and see what this is all about. They have 5 days from the time they report to send you a dunning notice so your complaint is premature. Good luck on getting it resolved

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OMG!!!! You are so right now that I'm sitting here thinking about it! lol The VA did a pull for a loan and next thing I know....everyone came out the woodwork!!! Like, who sent you? And where did you come from? Oh wait. My past lolol! 

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So is this why people suggest opted out prior to applying for a mortgage?    I thought it was just about getting pre-screened offers.

[Anonymous]

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So is this why people suggest opted out prior to applying for a mortgage?    I thought it was just about getting pre-screened offers.

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I am opted out... I was still attacked!!! I got two collections in the past week!! I close on Thursday. These people are ruthless.

[Anonymous]

I also just received this from the Ombudsman from Portfolio:

Good Morning,

Thank you for your patience. PRA has ceased all collections with regard to your account pending your validation request in accordance with state and federal laws.

Please be advised PRA has neither the authority nor the ability to change the time or manner in which the credit reporting agencies, such as Experian, Equifax and TransUnion, describe or report the information we furnish.  Any delay in their reporting of the information and any differences in their descriptions or reporting of the information we furnish - such as their description of the account as “open,” or an “installment account” is the responsibility of the credit reporting agencies, not PRA.  PRA does not furnish any information to the consumer reporting agencies stating that the account is “120 days late”.  Rather, we furnish information identifying ourselves as a Debt Buyer.  PRA purchased the Synchrony Bank Paypal credit card account ending in XXXX from Synchrony Bank on or about February 19, 2015.  Business records provided to PRA by Synchrony Bank at the time of our purchase verify that the account was opened on October 21, 2012, by XXXXX whose social security number ends in XXXX and that a balance of $2,223.81 was due on the account at the time of PRA's purchase.

Thank you,

Consumer Ombudsman

Office of General Counsel

Portfolio Recovery Associates, LLC.

___________

If anyone can confirm, does their first statement mean they are removing this from my credit report????

[flivai]

From my understanding of the Fair Credit Reporting Act if an account is reporting on your credit report it MUST be 100% verifiable, 100% accurate and reporting within the timeframes governed by the particular TL. PRA as a Furnisher must report the information accurately as well as the CRA. I would request ALL validation from PRA including all statements and a copy of a signed contract between you and the OC. I would also request documentation that they actually bought the debt from the OC. They must be able to prove the information, not only in writing but with physical documentation to prove what they are saying is accurate.

[Shann0n_marie]

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@Anonymous wrote:

Thought I would post an update after the initial shock of this company....

I have filed the following, a CFPB and BBB complaint...

I still have not received anything in the mail from this company. I also sent an email today to their ombudsman email address. I have heard of other success stories. On top of inserting this on my credit report (a week before closing) it is also listed incorrectly!

It is listed as a revolving account, 120 days past due or 4 months!

So I am hoping I hear something very soon from the email address, something has to happen..

My mortgage guy told me they wouldnt' be pulling my report again, but when I checked, they have done TWO soft pulls after the hard... The hard pull was 4/30 to pre approve me, then there was a soft pull on 5/7, and a soft pull on 5/12... This collection showed up before the 5/12 and they never said anything to me, told me yesterday I am set to close and they are just waiting on everything back from the title company..... I am praying hard at this point and trying to get this removed!

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What type of loan are you doing?  For Conventional loans, we must always pull an additional credit report prior to loan docs -- it is called an LQI report and it does not reflect FICO's, but used to determine whether any additional debts have been incurred, increased over initial underwrite and whether you have any new inquiries on your credit report that may indicate new credit could potentially have been opened.

This is NOT a requirement on FHA government loans.

[Anonymous]

I am doing an FHA loan.

I just wired over my down payment, and approved the HUD form.

[Shann0n_marie]

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@Anonymous wrote:

I am doing an FHA loan.

I just wired over my down payment, and approved the HUD form.

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You're good then!  Congrats on your new home.