SOURCE: Portfolio Recovery Associates

Portfolio Recovery Associates

November 21, 2011 10:00 ET

Portfolio Recovery Associates Launches PRA Professional Services, LLC

NORFOLK, VA--(Marketwire - Nov 21, 2011) - Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a specialized financial and business services company and market leader in the consumer debt purchase and collection industry, today announced the formation of a new subsidiary, PRA Professional Services, LLC.

The newly formed services company will provide auditing and revenue discovery in the private sector. The first projects PRA Professional Services has been engaged to complete are for commercial real estate companies that wish to monitor and verify lease payment agreements with variable payment provisions based on auditable data.

PRA Professional Services builds on more than 30 years of experience in auditing and collection in the public sector, and is now able to utilize this expertise in the private sector. PRA Professional Services' staff bring years of practice in asset management and have worked with many of the country's largest accounting firms.

"The PRA Professional Services company is distinct and separate, with its focus on serving the commercial market's need for focused revenue recovery audit services," said Andrea Hunter, vice president, Auditing Services. "We look forward to leveraging the knowledge and experience we've amassed in the public sector in order to offer sensible and profitable solutions to private companies."

About PRA Professional Services, LLC
PRA Professional Services, LLC is a private sector services company providing cost recovery and auditing services, including contract compliance and accounts payable auditing. The Company is committed to providing financially sound business solutions based on value, pricing and exceptional customer service. PRA Professional Services is a wholly owned subsidiary of Portfolio Recovery Associates, Inc. (NASDAQ: PRAA).

About Portfolio Recovery Associates, Inc.
Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a specialized financial and business services company, is a market leader in the consumer debt purchase and collection industry. The Company, which has purchased more than $63 billion of defaulted consumer debt since its inception, has operations in 10 states, approximately 27 million customer accounts and more than 2,500 employees. Portfolio Recovery Associates also provides a broad range of fee-based services through its subsidiaries: PRA Government Services, LLC; MuniServices, LLC; PRA Location Services, LLC; and Claims Compensation Bureau, LLC. Working every day with people in financial distress, the Company seeks to engage collaboratively with its customers to create realistic, affordable repayment plans. Portfolio Recovery Associates has a longstanding culture of compliance, and for five consecutive years has been named to the Forbes 100 Best Small Companies in America annual rankings list (2007 - 2011). Additional information about Portfolio Recovery Associates is available at www.portfoliorecovery.com.