Portfolio Recovery Associates bought my account

Anonymous · ‎07-23-2019

Hello all,

I had an account with "Bill me later" AKA Paypal Credit. This account did not report to the credit bureaus. Which led me to forget about the account since it was not on my credit report. Synchrony ended up taking over these accounts. The account has not been reported by them (yet) not sure if it will. I ended up getting a letter in the mail from Portfolio Recovery Associates saying that they bought my account and the debt is owed to them. Debt is $980. Should I try emailing theri dispute email address to try to dispute the debt since it is before 30 days? Or am I better off paying it off? I am a 22 y/o, rebuilding my credit, it is currently at 680. I am getting married in 2 months and really do not need a hit like this on my report. I checked Experain today and there is no collection account yet. Any help is appreciated. Please let me know if more information is needed. Thanks in advance.

Anonymous · ‎07-23-2019

Things happened and I completely forgot about that account for a while as it was not on my credit report... I got a letter in the mail that says the account was bought and then got another letter in the mail from Portfolio Recovery Associates saying they bought my account and I need to start paying them. I owe $980. Should I dispute the debt in hopes that they cannot validate the debt? Please help!!

Anonymous · ‎07-23-2019

Worth a shot, but PRA can still verify the debt with their paperwork. It doesn't need to be on your credit report.

Anonymous · ‎07-23-2019

If Syncrony starts reporting the account will it report all of the missed payments and the delinquent account? I am not sure if I am just better off to try to dispute the debt or just start paying and hope that when I am done paying it will be taken off my credit report. I am really not sure how all of this works. Any help is appreciated. I am in the process of building my credit back up. I am 23 y/o and it is at 680, I also am getting married in September and don't need a huge hit like this if they start reporting.

Gonzozap · ‎07-23-2019

@Anonymous wrote:
Things happened and I completely forgot about that account for a while as it was not on my credit report... I got a letter in the mail that says the account was bought and then got another letter in the mail from Portfolio Recovery Associates saying they bought my account and I need to start paying them. I owe $980. Should I dispute the debt in hopes that they cannot validate the debt? Please help!!

I can tell you I beat PRA in court twice, without a lawyer - and the debts were valid. Many others have also. PRA is a major skank bottom-feeder. Their paperwork is usually poor and easily defeated in court. But you have to be willing to hang in there and fight back and watch everything they do, keep copies of everything, track all possible FDCPA violations, etc. The letter they sent to you might even have a FDCPA violation.

PRA recently settled a major lawsuit. They may have improved their game, but these debt buyers are hard-pressed to NOT do what comes so easily for them - that being, collecting debts while violating the law. https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-the-two-largest-debt-buy...

Good luck.

dynamicvb · ‎07-23-2019

Sounds like the debt is valid. I would pay it with the stipulation they would not report the collection. One for that amount would kill your 680

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:

First Goal Score: 750+ Reached 3/2019

Next Goal all over 800

calyx · ‎07-23-2019

@Anonymous wrote:
Hello all,

I had an account with "Bill me later" AKA Paypal Credit. This account did not report to the credit bureaus. Which led me to forget about the account since it was not on my credit report. Synchrony ended up taking over these accounts. The account has not been reported by them (yet) not sure if it will. I ended up getting a letter in the mail from Portfolio Recovery Associates saying that they bought my account and the debt is owed to them. Debt is $980. Should I try emailing theri dispute email address to try to dispute the debt since it is before 30 days? Or am I better off paying it off? I am a 22 y/o, rebuilding my credit, it is currently at 680. I am getting married in 2 months and really do not need a hit like this on my report. I checked Experain today and there is no collection account yet. Any help is appreciated. Please let me know if more information is needed. Thanks in advance.

What do you mean "before 30 days?"
If your payment is not 30 days late (and it sounds like it's way late from your previous statement of "forgetting" the tradeline), then they shouldn't be sending it to collections.

Otherwise, it sounds like this debt is yours. I would pay it before they report it and it tanks your score.

Happy practitioner of AZE7or8or9or10 | Team Finances > FICO

Anonymous · ‎07-23-2019

Do I have to pay it all in one lump sum for the hope of them not reporting it or do you think I would be able to do a payment plan with them?

Remedios · ‎07-23-2019

@Anonymous wrote:
Do I have to pay it all in one lump sum for the hope of them not reporting it or do you think I would be able to do a payment plan with them?

Hi and welcome to the forums

You can make a payment plan or attempt to settle for less as they will delete after it's paid off per information on their website

They just want money, they dont care if you make payments or not.

Sometimes lump sum is a better deal for you when settling in terms of raw amount

M_Smart007 · ‎07-23-2019

@Anonymous wrote:
Hello all,

I had an account with "Bill me later" AKA Paypal Credit. This account did not report to the credit bureaus. Which led me to forget about the account since it was not on my credit report. Synchrony ended up taking over these accounts. The account has not been reported by them (yet) not sure if it will. I ended up getting a letter in the mail from Portfolio Recovery Associates saying that they bought my account and the debt is owed to them. Debt is $980. Should I try emailing theri dispute email address to try to dispute the debt since it is before 30 days? Or am I better off paying it off? I am a 22 y/o, rebuilding my credit, it is currently at 680. I am getting married in 2 months and really do not need a hit like this on my report. I checked Experain today and there is no collection account yet. Any help is appreciated. Please let me know if more information is needed. Thanks in advance.

Hi marisarose18 and welcome to the forums!

I once dealt with Portfolio Recovery 26 Years Ago (if it is in fact the same company)

if The Debt was sold from BML, I highly doubt Synchrony will have anything to do with it.

Collection Agencies Buy Old Debt for Pennies on The Dollar. I negotiated with Them for less than 25% of what I owed.

The Negotiation was for a Paid For Deletion, even though it was not Reporting (yet) They agreed to Settle, if i paid a one Time payment.

But, The Deal I made was, I wanted a Letter in Writing That Stated; if I paid the Debt, it would be considered PAID IN FULL,

and They would No Longer Attempt to Collect anything and would NOT report it to The Credit Bureau(s)

once I had The Letter, I paid The Settlement Amount. and it was Case Closed.