Portfolio Recovery Associates was established in 1996. In 2002, the company offered an IPO. The company is involved in the purchase, management and collection of defaulted consumer receivables.
Defaulted consumer receivables are debts that are not paid back by the borrowers. The company is determined to change the name and meaning of debt collection. Portfolio Recovery Associates believes in maintaining a good relationship with customers, because according to them, it is the only way for a business to succeed. The company is also concerned about its shareholders, and wants to deliver the highest returns to them. The company operates in five states in the United States of America: Alabama, Kansas, Tennessee, Nevada and Virginia. The company provides its services through 1500 employees.
Portfolio Recovery Associates aims to change the whole concept of traditional recovery activities. The offers that are given to the lending organizations are irresistible. By accepting these offers, the lending companies benefit in several ways, such as reducing the risk of violation of FDCPA and FCRA regulations.
The companies can also get income from those accounts that have been considered lost cases, and on which the recovery process has been stopped. The lending institutions can also get almost immediate cash flow, which traditional debt recovery activities cannot provide.
Portfolio Recovery Associates is one of the trend-setters in the field of charged-off consumer accounts in United States. Since its establishment, it has purchased some 11 million debt accounts. The balances in these accounts are nearly $24 billion. On the other hand, 800 portfolios are closed till date. The company uses the ATLAS recovery system to recover debts. This software helps the company significantly in the process of recovering money, through efficient management of debtor communication, balance tracking and contacts.
Portfolio Recovery Associates Contact Details:
Norfolk
Riverside Commerce Center
120 Corporate Blvd
Norfolk VA 23502.