PRA Group, Inc., together with its subsidiaries, operates as a financial and business service company in North America and Europe. The company’s primary business is the purchase, collection and management of portfolios of defaulted receivables. It also services receivables on behalf of clients; provides business tax revenue administration, audit, discovery and recovery services for state and local governments in the United States; and offers class action claims settlement recovery services and related payment processing to corporate clients. The company’s international business focuses upon the acquisition, collection, and processing of both unpaid and normal-course accounts receivable originally owed to credit grantors, governments, retailers and others. The accounts the company acquires are the unpaid obligations of individuals owed to credit grantors, which primarily include banks, and other types of consumer, retail, and auto finance companies. The company also provides fee-based services, including contingent collections of defaulted finance receivables in Europe; vehicle location, skip tracing and collateral recovery services for auto lenders, governments and law enforcement via PRA Location Services, LLC (PLS); revenue administration, audit and debt discovery/recovery services for local government entities through PRA Government Services, LLC and MuniServices, LLC (collectively PGS); and class action claims recovery services and related payment processing via Claims Compensation Bureau, LLC (CCB). Portfolio Acquisitions The company’s portfolio of finance receivables includes a diverse set of accounts that could be categorized by asset type, age and size of account, level of previous collection activities and geography. The company has acquired receivables of Visa, MasterCard, private label and other credit cards, installment loans, lines of credit, insolvency accounts, deficiency balances of various types, legal judgments, and trade payables, all from various receivable owners. These sellers include major banks, credit unions, consumer finance companies, telecommunication providers, retailers, utilities, auto finance companies, student loan companies, and other debt buyers. In addition, the company makes periodic visits to the operating sites of sellers of receivables and attends various industry events in an effort to develop account purchase opportunities. The company also maintains active relationships with brokers of defaulted finance receivables. In addition, the company purchases portfolios of accounts that are included in certain types of consumer insolvency proceedings. The company purchases portfolios of insolvency accounts in both forward flow and spot transactions, and consequently, they can be at any age in the bankruptcy plan life cycle. Fee-for-Service Businesses Through its subsidiaries, the company provides fee-based services, including vehicle location, skip tracing and collateral recovery services for auto lenders, governments and law enforcement via PLS; revenue administration, audit, and discovery/recovery services for government entities through PGS; class action claims recovery services and related payment processing through CCB and contingent fees earned on the collection of finance receivables from PRA Europe. PLS, through call center operations, performs national skip tracing, asset location and collateral recovery services, principally for auto finance companies. In addition, PLS locates clients’ inventories for a fee with a fleet of cars equipped with license plate recognition cameras. Regulations The company’s United Kingdom subsidiaries are subject to regulatory oversight by the Financial Conduct Authority under the Financial Services and Markets Act 2000. The company must also comply with the provisions of the Data Protection Act of 1998, as well as authorization, notification and reporting requirements specific to its operations in the United Kingdom. Significant Events In 2014, the company acquired Pamplona Capital Management's (PCM) Individual Voluntary Arrangements (IVA) Master Servicing Platform and other operating assets in the United Kingdom. In 2014, the company purchased of all of the outstanding equity of Aktiv Kapital AS (Aktiv), a Norway-based company in acquiring and servicing non-performing consumer debt throughout Europe and Canada. History The company was founded 1996. It was formerly known as Portfolio Recovery Associates, Inc. and changed its name to PRA Group, Inc. in 2014.
pra group inc
(PRAA:Consolidated Issue Listed on NASDAQ Global Select )
120 Corporate Boulevard
Norfolk, VA 23502
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