PRA Group specializes in buying portfolios of nonperforming loans -- debts that original lenders have been unable to collect -- at a discount from face value. These portfolios are typically sold by banks and other financial firms. Once acquired, PRA Group seeks to recover as much as it can through its own collection channels, using a mix of call centers, digital tools, and legal processes to reach debtors. The company's profitability rests on two factors: how well it buys these portfolios, and how efficient ...