About Us  > Blog

Neighborhood Watch

by Prosper on 10/2/08

CommunityLike any good neighbor, we need to be on the lookout for predators in the community.

Recently, a fellow community member was approached (via a Prosper Message) by a “potential lender” interested in supporting their listing. The lender requested additional information on the borrower’s business, including their website and/or yellow page link. Shortly after providing the requested company information, our borrower received a phone call at their business asking details about their Prosper listing. The purpose of the call soon became apparent. After inquiring about the interest rate our borrower achieved through the bidding process, he suggested his company could offer a “better deal”. Our community member immediately recognized this as a “shady offer” and ended the conversation.

When Prosper learned about the incident, an investigation was launched and the offender’s marketplace access was terminated.

Prosper is committed to ensuring and maintaining the integrity of the marketplace. We want both borrowers and lenders to feel confident that transactions within the marketplace adhere to all of the policies and protections afforded community members. These policies, such as not disclosing personal identification information and not communicating or soliciting communication outside of the site, are there for your protection and the protection of your community neighbors. After all, even if the deal offered in this situation had been a good one, acting on it would have been breaching the trust of the community lenders who “followed the rules” and, in good faith, bid down the interest rate of the loan.

Feedback from community members is one of the best sources of identifying inappropriate activity. You are, after all, the only one aware of communication exchanges outside of the marketplace. We want to know about it (call or email us), investigate it and prevent future occurrences. Rest assured, we will terminate the offender’s access and end their prowling. Your vigilance will contribute to the security of our neighborhood.

Thank you for participating in our Neighborhood Watch.


Leave a Comment

Prosper moderates all comments and will approve those that are directly relevant to the post. We do not publish comments that are spam, are offensive or appear to pass you off as another person.

(required)
(required) Email will not be published.
 

Comment Policy

 

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word

3 Responses


NewHorizon | October 3rd, 2008 at 12:09 pm

“Like any good neighbor, we need to be on the lookout for predators in the community.”

Indeed. But sometimes, as Prosper’s history has already shown, individual pieces of a bigger puzzle have the appearance of being inconsequential – not rising to the level of reporting it to Prosper – and would thus be destined to go unnoticed if it weren’t for the collaborative effort of the Prosper community.

And even after suspicious activity has been taken up to be investigated by Prosper, I submit that multiple sources of information may yet prove to be more valuable – that is, more able to help protect the Prosper community – than the single individual who reported the incident. Meanwhile, reporting the suspicious activity to the community, not just to Prosper, is something the community members deserve for their own protection, and is of course consistent with Prosper’s philosophy of transparency.

Unfortunately, this voluntary collaboration has been largely shut down with last year’s switch of the forum format.

Prosper, when it comes to protecting the marketplace – OUR marketplace, OUR “neighborhood”, we all remain best served by people-to-people interactions – not just people-to-Prosper.


Shauna | October 3rd, 2008 at 2:12 pm

Was it really Prosper’s neighborhood watch that caught this? I recall reading about this very case in a non-Prosper board. In fact, this borrower was sent a warning not to solicit bids – though the borrower was reporting this solicitation. It seems there is a neighborhood watch but it’s not happening on the moderated boards.


Clarence Oddbody | October 3rd, 2008 at 3:34 pm

See Prosper, you really had a wonderful community. Don’t you see what a mistake it would be to just throw it all away?


posted in Borrowers,Lenders 3 comments »

Connect with us

Search

Lenders

Prosper Reports Record First Quarter

By Prosper on 05/21/15   [ 1 ]

Prosper Marketplace just closed out our first quarter and we’re very pleased to report that it was our strongest yet. In the first quarter of 2015, Prosper facilitated a record $595 million in loans through the platform, up 200% from the first quarter a year ago. We attribute this to the increasing awareness of Prosper [...]

Read More

Improving the Investor Experience at Prosper

By Prosper on 04/3/15   [ 5 ]

By Eric Thaller, VP, Investor Services One of Prosper’s key priorities for 2015 is improving the experience for our retail investors. This group of investors has always been an important part of Prosper’s DNA, and we are committed to making changes this year that improve the products they use. This includes increasing the number of fractional [...]

Read More

Prosper Platform Surpasses $3 Billion in Loans, Closing Out Record First Quarter

By Prosper on 03/31/15   [ 4 ]

By: Aaron Vermut Today we are very excited to announce we have officially surpassed $3 billion in personal loans issued through the Prosper platform since inception. In April 2014, we announced that we crossed the $1 billion mark. It took us eight years to reach that milestone and it was huge achievement for our company. [...]

Read More

« Older Entries

Monthly Archive


Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.