Portfolio Recovery Associates, Inc. (PRA) is engaged in the detection, collection and processing of both unpaid and normal-course accounts receivable originally owed to credit grantors, governments, retailers and others. The Company�s business is the purchase, collection and management of portfolios of defaulted consumer receivables. These are the unpaid obligations of individuals to credit originators, which include banks, credit unions, consumer and auto finance companies and retail merchants. It also provides fee-based services, including 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 class action claims recovery services and related payment processing. In December 2012, it acquired certain assets from National Capital Management, LLC (NCM).