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Debt Collection Agency to Pay More than 24 MILLION DOLLARS by Order of CFPB

19 Apr 2023 · 1 min

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Short YouTube commentary reporting that Portfolio Recovery Associates (a debt collection agency) has been ordered to pay more than $24 million by the CFPB for repeated illegal practices. The speaker states PRA previously lost or was found at fault in 2015 and alleges failures to inform consumers about investigation outcomes, untimely dispute resolution, and unreasonable investigations; if found liable again the firm may owe over $12 million to harmed consumers. The clip frames the CFPB action as a deterrent against shady debt-collection practices.

Questions this video answers

Portfolio Recovery Associates

More than $24 million

2015

Over $12 million

Chapters

Read it. This debt collection agency is being ordered to pay more than $24 million for continued illegal practices. Ladies and gentlemen, this is wonderful news for us everyday people. The debt collection agency called Portfolio Recovery Associates is facing serious allegations of violating consumer financial law again, after being found guilty in 2015. They are accused of failing to inform consumers about investigation outcomes fail, failing to resolve disputes timely and conducting unreasonable investigations. Surprise surprise. And ladies and gentlemen, if the court finds them guilty again, these a will have to pay over $12 million to the consumers harmed by their legal practices. This is a genius move by the CFPB to deter debt collectors from having shady practices. Follow us to get the latest news on shady debt collectors.