How to Remove Portfolio Recovery From Your Credit Report: The Complete 2021 Guide

How to Remove Portfolio Recovery From Your Credit Report: The Complete 2021 Guide

But with the right tools and tips, you can easily take care of them and straighten out any debt and get your credit score adjusted correctly. 

how to remove portfolio recovery from your credit report

Probably one of the most annoying things you may encounter is collection agencies regularly calling and harassing you for you to pay a debt.

They are relentless and sometimes call at the wee hours of the night.

One such company that regularly collects debt as a third party collector is Portfolio Recovery.

But what can you do?

If your peace of mind and sanity are being affected by this constant barrage of calls, not to mention a negative impact on your credit score, then don’t worry.

Read on and find out how to remove Portfolio Recovery from your credit report.

You’ll be surprised how easy it is and how you will get the peace and quiet you deserve.

What is Portfolio Recovery?

Portfolio Recovery Associates, LLC is a third-party debt collection agency.

They collect the debt owed by borrowers from companies that were not able to collect.

Typically, companies like Portfolio Recovery buy the debt from companies at pennies to a dollar and make their money collecting over and above their initial cost.

When a debt is sold, this usually results in a charge off to your credit history which often impacts your credit score by at least 100 points and would appear on your record for about seven (7) years.

The company you owe money to writes off (or charges off) the debt and is left to third party companies like Portfolio Recovery to collect the balance.

Portfolio Recovery will by any means try to collect from you in any way possible and is not above doing devious tactics to get you to pay.

This is why it’s so important to investigate first before you even begin to pay that debt off (if at all, necessary).

Should I Pay Portfolio Recovery Associates?

You’d think that the best way to get rid of Portfolio Recovery Associates from bothering you is to pay them.

However, this may not actually be the best option available.

Remember that they are collecting debt on behalf of another company.

You don’t actually owe them money directly nor are they under any obligation to honor any deals with you if not in writing.

Not to mention making a payment can still result in them calling you for additional money or leaving your negative mark on your credit report. 

What Should I Do?

This is a great question.

If you find yourself being harassed constantly, we’ll teach you how to remove Portfolio Recovery from your credit report so that you no longer have to deal with them again.

There are actually a few things that you can do to get that peace of mind which include:

  • Let Portfolio Recovery You Know Your Rights
  • Everything Should Be In Writing
  • Ask Them to Prove the Debt
  • Offer Portfolio Recovery a Deal
  • Hire a Professional to Remove the Charge Off

We’ll explore each tip on how to remove portfolio recovery from your credit report so that you can be prepared.

Let Portfolio Recovery You Know Your Rights

how to remove portfolio recovery from your credit report

Remember that all debt collection agencies are subject to the Fair Debt Collection Practices Act.

This means that they cannot do anything that is outside of those laws and that includes harassing behavior.

This is why it’s so important to let Portfolio Recovery know that you know your rights under that act so they are aware they can’t just behave in whatever way they want.

You should let them know you know your rights under the Act and repeat these several times during your conversation.

In many cases, this causes agents from Portfolio Recovery to stop calling or at the very least treat you more respectfully. 

Everything Should Be In Writing

When working on how to remove Portfolio Recovery services from your credit report, one thing you need to make sure of is that everything should be in writing.

Whenever you receive calls, insist that they send all correspondences via mail instead of over the phone.

This allows for you to actually establish a written record of all your conversations and so that there is a paper trail.

It is quite easy for collection agencies like Portfolio Recovery to renege on any promises that they give you over the phone.

However, on paper, whatever promise they may make needs to be honored because it’s clearly written.

This allows for actual negotiations that will force the Portfolio Recovery to honor any agreements.

The Fair Debt Collection Practices Act forces any company like Portfolio Recovery to conduct themselves in an ethical way when collecting and so written letters will show a visible trail of how they have conducted themselves towards the charge off. 

Ask Them to Prove the Debt

how to remove portfolio recovery from your credit report

Another tip on how to remove Portfolio Recovery from your credit report is by asking the company to prove that you have a debt.

Because they are buying debt from other sources, often the details they have are missing or inaccurate.

In some cases, the debt may not even be yours.

If you have any doubts that the debt isn’t yours, you should send a debt validation letter as soon as possible.

In the event that Portfolio Recovery is unable to validate the debt, the company would need to stop collection attempts right away as mandated by the law.

They will also need to remove the entry from your credit report and restore your credit history and credit score.

You will need to act fast though.

They are only required by law to provide proof or investigate the debt’s accuracy within 30 days from the time they contact you.

If you ask after the 30-day deadline, they are no longer required by law to respond to your request. 

If Portfolio Recovery responds to the debt validation letter, double-check the documents they sent.

It is completely possible that even the data or proof they sent is not enough as proof that you owe money.

If you find any problems with the debt, you can bring it up to Portfolio Recovery and you can report it to the three credit bureaus: Experian, Equifax, and TransUnion.

They will then have thirty days to begin an investigation from the time of the report.

Offer Portfolio Recovery a Deal

Now if you find that the debt is really yours and Portfolio Recovery is able to prove this, it’s time to move forward and negotiate a deal with the Portfolio Recovery.

Since the company acquired your debt at often pennies to a dollar you owe, they will probably earn money with even just paying less than half of that debt. Negotiate with Portfolio Recovery by offering to pay around 40% and move up as needed.

Also, when you do come to an agreement make sure to get an assurance in writing that they will remove your record from your credit report.

Do not send anything until they send it in writing.

Once you get that assurance in writing, send in a check to make a payment and wait for them to remove the charge off from the credit report.

Check-in after 30 days and demand that they remove the report as soon as possible.

If for whatever reason they do not remove the negative report on your credit history, then you can report them to Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB).

The Federal Trade Commission (FTC) may even levy fines against the debt collector for not following guidelines. 

Hire a Professional to Remove the Charge Off

In the case that you don’t want to deal with Portfolio Recovery directly, you can actually go and hire a professional.

A professional from a credit repair company won’t do anything that you cannot do yourself but they do have experience.

As they regularly handle issues like this and have likely worked with Portfolio Recovery more than once, you can easily leave it to them to take care of the charge off.

how to remove portfolio recovery from your credit report

Final Thoughts

Portfolio Recovery, like many other debt collection agencies, can be a hassle to deal with.

But with the right tools and tips, you can easily take care of them and straighten out any debt and get your credit score adjusted correctly. 

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Author: John Benares

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