How to remove Portfolio Recovery from your credit report

Have you received a letter from Portfolio Recovery about an outstanding debt? Or have you seen his name on your credit report? If so, you’ll want them removed from your credit report and your life as soon as possible.

But first, you should know that they are one of the biggest debt collectors in the industry, to the point that they are listed on the NASDAQ stock market and have about 4,000 employees, so rest assured that they are people who know what they are doing.

Then, What does it take to remove Portfolio Recovery from your credit report? It is precisely what we are going to explain to you in this article, and then we will give you some tips to deal with them successfully. Shall we start?

Remove Portfolio Recovery from your credit report

Option #1: Send a debt validation letter

Under the Fair Debt Collection Practices Act (FDCPA), the burden of proof is on the collection agency. Therefore, they are the ones who must prove that the debt in question is accurate and that they have the right to collect it.. And this is where it comes into play debt validation letter.

Simply put, this letter is a written request that does not go into the specific details of the debt. Instead, ask the creditor to prove that the debt is yours and that you have a legal obligation to pay it. They may not have the documentation to validate the debt since they are not the original creditors. And that’s good news for you, since they’ll have to remove the negative information from your credit report.

There is also the possibility that they will not respond to your request within the corresponding period of 30 days. In this case, the information would also have to be deleted. But as with everything, this option has its disadvantage, and that is that you must present the letter within 30 days of receiving the first notification from the collector. Now, if this method doesn’t get you the answer you were looking for, you still have a few more options.

Option #2: Request a “deletion payment”

Portfolio Recovery Associates is able to stay afloat and make money by buying debt cheaply and charging consumers when other companies fail. (This explains why they have been in business since 1996).

This is good and bad news for you. The bad news first: They’re pretty good at what they do, so they probably won’t give up as easily as some other collection agencies. The good news, however, is that since they didn’t pay much on your debt, so you have some wiggle room to negotiate the amount they’re willing to accept.

We recommend that when proposing a removal payment, you start with 50% of what they are asking for and work your way up from there. Another recommendation is that you do this entire process in writing and never give them your bank information.

When you’ve both agreed on an amount, send them a check. You’ll want to check your credit report in 30 days to make sure the negative information has been removed. And if not, write them a letter demanding that they honor the agreement.

Option #3: Seek professional help

Perhaps you find yourself in a situation where you just don’t have time to work on your credit and deal with Portfolio Recovery. Or maybe you’ve decided the process is too overwhelming to do on your own.

Do not worry. You can hire professionals to do the work for you. There are many companies dedicated to credit repair, which can be very effective in getting negative items on your report, such as a Portfolio Recovery debt, removed.

Tips for dealing with Portfolio Recovery

Dealing with a collection agency is not as easy as you might think. There are deadlines to meet, things to learn, and the possibility of legal action being taken against you. When dealing with Portfolio Recovery you have to be smart and cunning. After all, your goal is that the damage to your credit score be minimal. Here’s what you can do to deal with them.

have everything in writing

We recommend that you only contact Portfolio Recovery in writing. If they call you back, you can answer the call, but tell them that you want all future communication to be done by mail. Making this request is your right thanks to the Fair Debt Collection Practices Act. Now, we understand that communicating by mail can seem like a hassle, but it has several advantages:

  • Stops potentially harassing and intrusive phone calls
  • Gives you more control over communication
  • It ensures that any deal they reach is in writing, which serves as proof in case the situation ends up in court.

Pay attention to deadlines

Dealing with debt is not fun, but you have to take care of it as soon as possible. When Portfolio Recovery contacts you, you have 30 days to ask for more information or take other action. If you don’t respond promptly, it could mean you give up your rights to negotiate a lower payment, dispute the debt, or pay for elimination.. Read all communications carefully and keep track of the dates on a calendar. In the end, answer as soon as possible.

Never provide your bank information

If you happen to owe money, don’t provide your bank account information. The company might insist that it is necessary for them to deduct what you owe, but it is not. You have the right to say no and send a check instead.

Portfolio Recovery Contact Information

Direction: Portfolio Recovery Associates, LLC

120 Corporate Boulevard

Norfolk, Virginia 23502

Free customer service line: (800) 772-1413

Web page: https://www.portfoliorecovery.com

Customer Support Email: pracustomercare@portfoliorecovery.com

In conclusion…

text

Keep reading: