While the Federal Debt Collection Practices Act (FDCPA) protects your rights when dealing with a debt collection company, those companies often assume you don’t know them. As a result, they do anything to get you to pay.
If Portfolio Recovery Associates LLC has contacted you about a debt and you think they may have violated your rights, contact America’s Consumer Lawyer today. Our experienced consumer law attorneys will work to end the harassment now.
What is Portfolio Recovery Solutions?
Portfolio Recovery Solutions is the second-largest third-party debt collector company in the United States. According to their website, they aim to help you pay back debt, whether it’s from credit cards or any other consumer credit.
How Do I Know Portfolio Recovery Solutions is Legit?
Portfolio Recovery Solutions is a legitimate debt collection agency. The company purchases charge-off debt, which is debt the original creditor believes is unlikely to be collected, for a low rate, and then tries to get you to pay so they can make a profit.
While legitimate and accredited by the Better Business Bureau, Portfolio Recovery Solutions’ methods to collect the debt may not always be legal.
What Are My Rights if Portfolio Recovery Solutions Contacts Me?
Several laws exist to protect you from predatory debt collection agencies.
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Federal Debt Collection Practices Act (FDCPA)
The FDCPA prevents debt collection agencies from actions such as:
- Contacting you at work or between 9 P.M. and 8 A.M. local time unless you have told them to do so
- Contacting your family more than once for your contact information
- Sharing information regarding your debt with anyone other than you
- Threatening you with legal action, they don’t intend to pursue
- Misrepresenting themselves or the amount you owe
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Telephone Consumer Protection Act (TCPA)
The TCPA prohibits solicitors from:
- Auto-dialing your cell phone without your consent
- Texting your cell phone without your consent
- Not identifying themselves and their reason for calling immediately
- Contacting you via a cell phone without written permission
If Portfolio Recovery Solutions has violated your rights under the FDCPA, or if you’ve been experiencing illegal collection calls, contact the lawyers at America’s Consumer Lawyer for legal advice about your options.
Have Complaints Already Been Filed Against Portfolio Recovery Solutions?
Portfolio Recovery Solutions has a long history of alleged complaints.
- Over the last 3 years, the BBB closed 1,246 complaints against Portfolio Recovery Solutions. Of those, 587 are in the previous 12 months.
- The BBB posted a notice on their Portfolio Recovery Solutions page citing a history of alleged complaints about inaccurate debt postings with the major credit bureaus and urges consumers to contact Portfolio Recovery Solutions about the validity of their debt before making complaints.
- The Consumer Financial Protection Bureau (CFPB) ordered Portfolio Recovery Solutions to change its business practices in 2015. Their report indicates the company:
- Knowingly attempted to collect debts it knew weren’t accurate
- Filed lawsuits against debtors without proving the validity of the debts
- Misrepresented themselves and their intentions to debtors
How Can I Remove Portfolio Recovery Solutions From My Credit Report?
If Portfolio Recovery Solutions is on your credit report, it can substantially damage your credit. Getting the company removed from your credit report with the three major credit reporting agencies can improve your credit score.
If you wish to remove Portfolio Recovery Solutions:
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Ask Portfolio Recovery Solutions for Debt Validation
In the process of purchasing charge-off debt, it is possible that data was lost or damaged, meaning that Portfolio Recovery Solutions may be contacting you about a debt that doesn’t belong to you.
If you suspect Portfolio Recovery Solutions is contacting you about an inaccurate debt, you have 30 days from your receipt of the initial collection letter to ask the company to validate your debt. After that deadline, the company is not legally obligated to do so.
If you can prove the debt is inaccurate, Portfolio Recovery Solutions must immediately stop contacting you and remove themselves from your credit report.
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Negotiate a Pay-for-Delete Agreement
If the debt is accurate, you can negotiate a pay-for-delete agreement outlining how much you agree to pay in exchange for removing the debt from your credit report.
If you pursue this option, do not negotiate over the phone. Instead, complete everything in writing so that you have a paper trail to hold Portfolio Recovery Solutions accountable in case there is a dispute in the future. You’ll also want to get the payment plan in writing. Failing to do so leaves you unprotected if the company does not honor your agreement.
Do not give Portfolio Recovery Solutions your bank account numbers to fund the pay-for-delete. Instead, only write them a check once you have written proof of the agreement.
America’s Consumer Lawyer Can Help You Deal With Portfolio Recovery Solutions
At America’s Consumer Lawyer, we know dealing with a debt collection agency like Portfolio Recovery Solutions can be overwhelming and frightening. Our experienced consumer protection lawyers know how to stop phone calls and threats regarding your debts. Contact us today for a free, no-obligation case review.
