Have you heard about portfolio recovery associates? If no, just read on to know more about portfolio recovery associates and why one need to hire them. portfolio recovery are one among the largest debt buyers in United States. Some banks in US sell debts, once they find that collecting the debt from the customers will cost them more money. Portfolio associates, purchase these debts from the bank and they have their own of collection of debts from the customers. They will frequently send debt reminder letters to remind the customers about the repayment and if no response they even hire attorneys specialized in debt collection law to file a dispute.
Not only from banks, but also from major financial institutions, debts are purchased by PRAs. Unfortunately, banks only provide the information of the customers in a sheet and this doesn’t contain any legal document that is eligible to prove that the customer owes a debt to the bank. This is one of the major fault. For this reason, only PRA’s hire attorneys who are well versed in debt collection law and so they can file a lawsuit with all favorable documents. Portfolio recovery associates file a huge number of lawsuits daily.
Apart from all this, there are certain things that a bank should consider while hiring a portfolio recovery Associates. Some portfolio recovery agents behave rudely while the process of collection of debts. There are so many laws to protect the customers who had a bad experience with portfolio recovery associates. So it is always good to have a background check before hiring an associate and as it will affect the reputation of the bank itself. Usually these associates are considered as the bank associate by the customers. So the chances are high that they spread the word of mouth about the negative experience regarding the bank.