In my previous updates, I have mentioned that we are working on some exciting things here at Prosper this summer. This weekend, the Prosper team worked very hard to implement some much needed improvements and updates to the borrower onboarding experience. We are happy to announce these changes are complete and live on our site. We will resume our normal loan-posting schedule Monday at 9 AM. With this upgrade complete, we will be in a better position to bring more borrowers on to the platform and provide our lenders with a larger volume of loans to choose from. The key changes we made are:
- Transition to FICO 08® Scoring Model: As we mentioned in our blog on this topic that a large portion of the technical upgrade this weekend was the transition to the FICO 08® Scoring model. Using FICO 08® in conjunction with our Prosper Rating will strengthen our credit policy by more directly aligning us with industry standards and will enable us to better meet borrower expectations with our rates and offers.
- Improved borrower experience: We’ve recently released an optimized borrower experience on our website which will provide a smoother onboarding process for new borrowers. These changes include increased access points to customer service assistance (added an 800 number for live customer service), fewer field requirements, and a streamlined application process.
Our focus this year has been on building a foundation from which we can provide better service to borrowers and lenders along with scaling the activity on the platform in a more cost effective manner. This update was a critical part of achieving these goals. The Prosper platform will continue to evolve and grow as we understand the needs of our increasing member base.
Thank you for your patience this weekend while we worked on what turned out to be a very large implementation. Feel free to leave any questions, comments, feedback, etc. below.
President, Prosper Funding LLC