We are committed to compliance.

PRA, LLC follows applicable federal, state and local laws and regulations that govern debt collection.

We know those laws and regulations can sometimes be difficult to navigate, so we’ve listed some helpful resources below. While this list is by no means exhaustive, it’s a good start:

• The Fair Debt Collection Practices Act (FDCPA) is the main federal law on debt collection practices
  • The Federal Trade Commission (FTC) has a list of FAQs on the FDCPA
  • The Consumer Financial Protection Bureau (CFPB) publishes this guide to understanding your rights in debt collection
• The CFPB has this helpful resource on the Fair Credit Reporting Act (FCRA), which is the main federal law that governs credit reporting
  • The FCRA requires each of the three nationwide consumer credit reporting agencies to give you a free credit report every 12 months
  • For more about the national consumer credit reporting agencies
    • Transunion.com
    • Experian.com
    • Equifax.com
• There are varying laws that regulate the period of time within which a creditor or debt collector can file a lawsuit to recover a debt, otherwise known as a statute of limitations.
  • The CFPB publishes this article on statutes of limitations
  • Note that the statute of limitations is not the same as the time period that a creditor or debt collector can report the account to the nationwide consumer credit reporting agencies (refer to the Fair Credit Reporting Act (FCRA) for that)

There may be more debt collection laws that apply depending on the state where you reside.

This content is for informational purposes only and should not be considered legal advice.