Founded in 1996 to change the world’s perception of the nonperforming loan industry.
Founded in 1996 by Steve Fredrickson and Kevin Stevenson, the vision for the company was to create a professional business in the nonperforming loan market that treated customers fairly and with respect, met high levels of compliance and reliability, and created rewarding careers for its employees.
With four employees and a headquarters in Norfolk, Virginia, they created Portfolio Recovery Associates—a company driven to do things differently, like:
• Offering customers the respect, dignity, and transparency they deserve
• Providing affordable plans and flexible payment options
• Focusing on consumer-friendly policies
Kevin and Steve took Portfolio Recovery Associates, Inc. public on November 8, 2002 and changed the name to PRA Group, Inc. in October 2014.
Today, PRA Group has grown through its subsidiaries to become one of the largest purchasers of nonperforming loans in the world, operating in 12 currencies and speaking in 12 languages with thousands of employees and portfolios in 18 countries around the world.