Report: #1043638

Complaint Review: Dan Olcott - Portfolio Recovery Group llc

  • Submitted: Tue, April 16, 2013
  • Updated: Mon, April 29, 2013
  • Reported By: William — Internet Internet
  • Dan Olcott - Portfolio Recovery Group llc
    Po box 927, Lewiston, NY 14092
    Internet, New York
    United States of America

Dan Olcott - Portfolio Recovery Group llc PRG, , , Dan Olcott Collection Scam- They collect and don't pay owner of debt-Consumer beware Internet, New York

*Consumer Comment: client

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Dan Olcott is running an unlicensed - illegal collection operation by the name of Portfolio Recovery Group llc. The company will take debt placements from lenders or creditors and after they collect on the debt owed by the consumer he does not remit that money back to the original creditor. The consumers account never gets credit for making the payments and will cause harm to their credit report as it will not reflect the payments they have made to Dan Olcott and his illegal company. 
  They do not keep client funds in a separate trust account as required by law and will not produce or show you documentation to the contrary when requested. They are being sued by another major collection agency for stealing their trademarked name and trying to use it to deceive the public. 

PRG has changed their phone number, fax number they wont give you a hard mailing address only a PO box, the company is not in good standing with the NY authorities. There is no record of any license to collect in any state. If you are a consumer it is strongly advised to not pay them or give them your personal and credit card information. It is not safe. If you are a debt owner you will first hear how good they are doing after a placement then the remits will be delayed by a day then two then a week then a month then you will never see it again. Our company was told multiple times by Dan they couldn't make the remit on time because he was tracking down UPS for paychecks? The stories that this guy tells are just ludicrous but he can't help himself. He is in a debt spiral and can't pay his bills but is hoping to get some other placement to collect on to pay the old placements he already collected on and spent the money. It sure sounds like a ponzi scheme and the end consumer is really going to get harmed. As they make payments to this illegal operation not only is there information not secure but those payments may not be getting reported to the original creditor which could come after them still for none payment. Our advice is run the other way-this company and Dan owe us thousands of dollars for money they collected from our customers and never paid us what we were owed. Run as fast as you can because Dan is a slick talker but you will get stung if you do business with them. 

This report was posted on Ripoff Report on 04/16/2013 08:21 AM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment


AUTHOR: anonymous - ()

I found the blasting attack in the report to be in correct from my experience with company. Any placements have always been handled professionally and properly, including proper reports, remits commuication etc.  What most dont realise when placing debt or recievables the volume has to be enough to support the labor and overhead costs the  company incurs, along with the quality, proper data and consitensy of placements for the relationship to be mutally beneficial, if placing a very small amount of recievables and expecting it to be mutually beneficial or for the company to cover its overhead and labor is simply not realistic.  I know first hand this is an honest company and would never "scam" or "rip off" anyone.  Theres always more to the story then the hateful blogging.

Also any claims of liscensing would be the clients dutie to research before deciding to place with any company or agency and is also quite common for companys not to be liscensed in all states.  and I was made aware of the unforseen issue of another company with a simular name but Not the same name or intials, this was not an intentional motive by any means and "portfolio recovery asscoiates" if research has major law suits that have effected the smaller company to the contrary.  

Once again the claims and almost seemingly personal attack in report is false from my experience. the company has always made good and maintains multible good relationships.  im sure there is more to the story then reported. 

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