topic Re: Portfolio Recovery Associates in Rebuilding Your Credit

Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:14:41 GMT

Hey everyone, I'm new to this board and wanted to share my experience with PRA. I've been going back and forth with these guys ever since I had removed my attorney from this account.

So here's the backstory: I was in $15k+ debt with many creditors and I started to pay everything in full but found myself being more in debt because of that. I hated the calls and the numerous threats so I hired an attorney to help me settle some of my remainging accounts. He's done a great job thus far and managed to settle 4+ year charge-offs for significantly less than what I owe. Unfortunately because his services were really expensive I had a few accounts that I decided to tackle on my own. PRA was one of them and they offered my a 40% settlement only to have the offer rescinded and now they're playing games saying that they wouldn't offer such a thing and I'd have to pay the debt in full.

I have yet to DV them but this will be my first task this week. The OC is still reporting but this debt was sold off many times over and PRA is probably the 5th CA to "own' this account. Because they're reporting on my credit report as a Collections Account (for a balance of $520)... I'm trying to get it removed because I'd hate to have this stick for another 3 years.

Any advice from anyone who has worked with PRA and tried to DV or ask for a PFD? They informed me that it was against their policy to delete. Well, I wish collection agencies held same morals when they tried to retrieve payment from me in the past and threaten to sue - I was naive at the time and never knew my rights.

Thanks!

Re: Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:23:24 GMT

I helped someone who had this issue with PRA. I sent in a DV, not through the bureaus, but directly to them stating a few FCRA rules. They sent me back a packet with the original account and statements no less, but sent a cover letter with it saying that though they have the information on the account, they are removing it from the report. My feeling is that they had the account info, but they didn't follow the proper acquisition channels and never really bought the claim properly.

Re: Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:25:00 GMT

also, don't dispute through the bureaus if you can help it. I read on an economists website that the online disputes go through a funneling process that can classify the DV as lower priority.

Re: Portfolio Recovery Associates

RobertEG — Sun, 01 Feb 2015 22:28:47 GMT

DVs are never sent to a CRA, They have no involvment in the debt validation process, which is a private matter solely between the consumer and the debt collector.

As for sending a DV, when did the debt collector send dunning notice?

Re: Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:29:57 GMT

@RobertEG wrote:
DVs are never sent to a CRA, They have no involvment in the debt validation process, which is a private matter solely between the consumer and the debt collector.

As for sending a DV, when did the debt collector send dunning notice?

I'm talking about sending a DV through the CRA. and yes, they will send a validation on your behalf.

Re: Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:32:39 GMT

@RobertEG wrote:
DVs are never sent to a CRA, They have no involvment in the debt validation process, which is a private matter solely between the consumer and the debt collector.

As for sending a DV, when did the debt collector send dunning notice?

the CRA asks the debtor to classify why he/she is disputing the claim (i.e. not owned by you, wrong amount, etc.), then they run an investigation for 30 days on the creditor to validate what the debtor sent. if the creditor can't verify, technically its grounds for removal I know you know this because you've commented on 20,000 things so I'm wondering if you and i are talking semantics here.

Re: Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:36:14 GMT

Ah, I see! Yeah I am about to have them verify that they own the debt and have the necessary info - I live in TX btw and saw many different approaches to the DV process on this forum.

Re: Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:37:46 GMT

Yes I'm sending to the debt colletor just because I've had so many people attempt to collect this from me in the past and not sure who is the rightful owner. They've sent a recent letter so I'm going to respond to it.

Re: Portfolio Recovery Associates

RobertEG — Sun, 01 Feb 2015 22:41:04 GMT

A debt validation (DV) request is under the FDCPA, and is not a dispute of the accuracy of credit reporting, which is under the FCRA.

They are entirely different processes.

If you dispute through a CRA, the dispute relates to the accuracy of their credit reporting, and must identify a specific inaccuracy in their reporting.

If you send a DV, it relates to the validity of the debt, and requires no assertion or documentation of any inaccuracy in credit reporting.

A DV, if timely, imposes a cease collection bar, and does not require any response from the debt collector.

They can choose not to respond, with the "penalty" being that they must cease further collection activites until such time as they first provde the requested validation.

Re: Portfolio Recovery Associates

Anonymous — Sun, 01 Feb 2015 22:43:34 GMT

@RobertEG wrote:
A debt validation (DV) request is under the FDCPA, and is not a dispute of the accuracy of credit reporting, which is under the FCRA.
They are entirely different processes.

If you dispute through a CRA, the dispute relates to the accuracy of their credit reporting, and must identify a specific inaccuracy in their reporting.
If you send a DV, it relates to the validity of the debt, and requires no assertion or documentation of any inaccuracy in credit reporting.

A DV, if timely, imposes a cease collection bar, and does not require any response from the debt collector.
They can choose not to respond, with the "penalty" being that they must cease further collection activites until such time as they first provde the requested validation.

Thanks! I will do this directly with the collection agency.

Re: Portfolio Recovery Associates

gdale6 — Sun, 01 Feb 2015 22:58:24 GMT

@Anonymous wrote:
@RobertEG wrote:
DVs are never sent to a CRA, They have no involvment in the debt validation process, which is a private matter solely between the consumer and the debt collector.

As for sending a DV, when did the debt collector send dunning notice?
the CRA asks the debtor to classify why he/she is disputing the claim (i.e. not owned by you, wrong amount, etc.), then they run an investigation for 30 days on the creditor to validate what the debtor sent. if the creditor can't verify, technically its grounds for removal I know you know this because you've commented on 20,000 things so I'm wondering if you and i are talking semantics here.

Lets remember to be respectful of one another.... http://ficoforums.myfico.com/t5/Credit-Cards/Friendly-Supportive-and-Respectful/td-p/2797115