In November 2010, Portfolio Recovery Associates (Nasdaq:PRAA), a financial and business services company, became the first debt buyer to offer a TransUnion fraud assistance service to victims of identity theft. Now in its third year, this unique program has helped more than a thousand people resolve identity theft and fraud issues.
According to the Federal Trade Commission (FTC), as many as 9 million Americans have their identities stolen each year. Many people first learn of the identity theft when they are contacted by a debt collector about an overdue debt they didn’t incur.
To help address this serious problem, PRA contracts with TransUnion to offer an individualized service to assist victims of fraud and identity theft. PRA pays all associated costs to provide consumers with a dedicated specialist from TransUnion’s Fraud Victim Assistance Department, who will contact financial institutions and credit bureaus on their behalf to resolve any fraudulent accounts. TransUnion’s specialists also instruct consumers to complete all the paperwork associated with fraud and identity theft including police reports and credit bureau notifications.
This service is offered entirely free of charge to PRA customers once they are determined to be potential victims of fraud or identity theft.
Neal Stern, executive vice president and chief operations officer for PRA, said, “Identity theft is one of the most stressful and painful things that can happen to a consumer. When we identify someone who has been victimized, we go above and beyond to help. We began offering this service through TransUnion two years ago to help people navigate the time-consuming process of restoring their identity. We’re pleased with the program’s success so far, and we look forward to continuing to help consumers resolve fraud and identity theft associated with their financial accounts.”
Steve Reger, director of TransUnion’s Fraud Victim Assistance Department and consumer relations, commented, “TransUnion was one of the first credit reporting companies to establish a Fraud Victim Assistance Department, with the goal of helping consumers prevent and recover from identity theft and fraud. We are pleased to be working with PRA to extend these services to others, and we appreciate their commitment to helping consumers resolve financial issues and minimizing the impact an event like this could have on their lives.”
For more information on PRA’s identity theft recovery program, please visit http://www.portfoliorecovery.com/customers/id_theft.html.
Portfolio Recovery Associates, Inc. (PRA) is a financial and business services company. A market leader in the consumer debt purchase and collection industry, PRA has a longstanding culture of compliance, engaging collaboratively with its customers to create realistic, affordable repayment plans. The company provides a broad range of business services to local government, auto lenders, law enforcement, institutional investors, manufacturers and retailers, and U.K. banks and creditors. For more information, please visit www.PortfolioRecovery.com.
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 32 countries around the world on five continents. www.transunion.com/business.