Global leader in acquiring and collecting nonperforming loans, providing a broad range of services including debt portfolio management and asset recovery.
PRA Group, Inc., a prominent player in the financial and business services sector, specializes in the acquisition, collection, and management of nonperforming loan portfolios across the Americas, Australia, and Europe. Founded in 1996 and headquartered in Norfolk, Virginia, the company focuses on purchasing accounts that represent unpaid obligations primarily owed by individuals to various credit originators, including banks and other consumer finance entities. These accounts encompass a diverse range of debts, such as credit card balances (including Visa and MasterCard), private label credit cards, installment loans, lines of credit, legal judgments, and trade payables.
Under its previous name, Portfolio Recovery Associates, Inc., the company rebranded as PRA Group, Inc. in October 2014, reflecting its evolution and expansion within the financial services industry. Beyond debt acquisition, PRA Group also offers fee-based services related to class action claims recoveries and the servicing of consumer bankruptcy accounts. These services further bolster its comprehensive approach to managing and maximizing recovery on distressed debt portfolios.
PRA Group operates through a strategic network that includes partnerships with banks, credit unions, retailers, utilities, and automobile finance companies. Leveraging its expertise in debt purchasing and collection, the company plays a pivotal role in the financial ecosystem by assisting creditors in recovering outstanding debts while providing strategic solutions to manage and mitigate financial risk.