Portfolio Recovery Associates
Remove Portfolio Recovery Associates from Your Credit Report
Dealing with collection companies like Portfolio Recovery Associates is annoying. Like other collection companies such as IC System, Radius Global Solutions, Wakefield and Associates, and more, they often send you multiple calls and letters asking you to pay. But what is more annoying is to see this collection account on your credit report.
Collection accounts affect your credit rating negatively, so you have to remove them right away. 007 Credit Agent will help fix and improve your credit score by removing collection accounts from your credit record.
What is Portfolio Recovery Associates?
Launched in 1996 in Norfolk, Virginia, Portfolio Recovery Associates LLC, is a legit debt collection agency. It was founded by Kevin Stevenson and Steven Fredrickson.
Portfolio Recovery Associates operates by buying past-due debts from different institutions and businesses. Some of them are credit card companies, medical bills, student loans, and utility bills. After purchasing accounts with existing debts, they start collecting from the debtors directly.
Why Do You Have Portfolio Recovery Associates on Your Credit Report?
If you have past due debts on your credit card, utility bills, etc., there is a chance that Portfolio Recovery Associates will start to contact you asking for payments.
These past due debts are already reported to the credit bureaus—Equifax, Experian, and TransUnion. Thus, you may see them on your credit report. Since the information from the bureaus affects your FICO score, it is important to always keep a good track record. Lenders use your FICO score to determine if you are trustworthy or not
Having a Portfolio Recovery Associates collection account on your report damages your credit score. As soon as you find out you have one, you need to take action immediately and fix your credit rating.
How to Remove Portfolio Recovery Associates on Your Credit Report?
Here is what you need to know on how to remove a collection account from your credit report.
1. Take time to research and know your rights
Before engaging to remove the Portfolio Recovery collection account from your credit report, take time to research first. With the Fair Debt Collection Practices Act (FDCPA), you can know your rights and protections against these debt collectors.
If you manage to educate yourself and know your rights against debt collectors, the collection agency will be on notice. Thus, you can have a better idea of how to proceed when handling this matter with them. You also will not feel intimidated because you understand the process.
2. Ask for debt validation
According to FDCPA, you have the right to validate the debt first with a collection agency like Portfolio Recovery. Since they only purchase past-due debts from several companies they may have inaccurate information on hand. They may not be able to satisfy the legal requirements for validating the debt. Thus, you need to demand proof from them to prove the debt is yours.
You have 30 days to ask for validation from them the moment they first contact you. Also, ensure that all transactions are provided via concrete documentation. You can use this as evidence against debt collectors and prevent them from making verbal promises they cannot likely keep.
In case the debt is not yours, you need to demand the removal of the negative information from your credit report. You should also ask them to stop contacting you. If they refuse to acknowledge the matter, file a dispute directly to the credit bureaus. They are obligated to investigate your case within 30 days of receiving your request. If Portfolio Recovery cannot verify the debt, the bureaus can legally remove the collection account from your credit report.
But if the debt is yours, you can pay the debt in full or negotiate for a payment plan. You can also negotiate for a settlement of the total outstanding debt. They might not agree at first, but with proper negotiation, you can both agree on the right amount. It is very important to put every agreement in writing before you settle the payment.
3. Seek legal help
4. Ask a credit repair service to fix your credit score
Collection accounts can badly damage your credit score. So to maintain a good credit rating, you can seek help from a credit repair service, like 007 Credit Agent, to fix it for you. We can help you lessen your worries and concerns by assisting you with all the procedures. We make sure you achieve the best credit score you deserve
Why Choose 007 Credit Agent?
Sure, there are many credit repair agencies available in the U.S. But not too many can provide the type of service we offer.
007 Credit Agent has:
- Experienced team of industry professionals
- Experts in removing collection accounts off your credit report
- Vast credit repair experience
- Customized plans to suit everyone
- Transparent pricing
- Proven results delivered for any case
- Seamless communication throughout the entire process
We offer a free 15-minute consultation if you contact us today. You will have a chance to talk with our expert collection removal agents. You will understand how we can fix all the problems with your credit report and improve your credit score.