Debt Buyer Opens Auditing Arm

Published November 23, 2011, 7:06 a.m. EST

1 Min Read

Portfolio Recovery Associates (PRA) Inc., a Norfolk, Va.-based debt buyer, has formed a new subsidiary, PRA Professional Services LLC, to provide auditing and revenue discovery in the private sector.

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The first projects PRA Professional Services will handle involve commercial real estate companies that seek to monitor and verify lease payment agreements with variable payment provisions based on auditable data, according to the company.

PRA last month reported across-the-board gains in cash collections, earnings and revenues for the third quarter ended Sept. 30 (see story).

Cash collections increased to a record $182.2 million in the quarter, up 33%. PRA in the third quarter bought 95 portfolios from 12 different sellers, spending $122.1 million - up 32% from a year ago - to buy $5.7 billion of face value debt.

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