Archive for the ‘ Support ’ Category

Overseeing Operations in a start-up environment is a delicate balancing act. There is a constant tradeoff between quality and the necessarily thin staffing levels of a startup. Looking at a front office operations area, customer service is an example of this dilemma. Inbound call volume can be Continue reading Renewed Customer Focus

I’m excited, thrilled even, by the switch to Prosper Ratings. Although the Prosper Ratings are still letter grades ranging from AA – HR they are radically different from the credit grades we used in prior years.

Before Prosper Ratings, there were Credit Grades, which were based solely on the Experian credit score. Continue reading A little cheerleading for Prosper Ratings

Although Prosper completed the federal regulatory process, Prosper must also complete a different regulatory process for each state before lenders in that state may invest though our marketplace. 

We are diligently working through the process, but ultimately Continue reading Prosper is working hard to gain access for investors in all states

It’s not surprising that lenders have recently been calling and emailing us to find out if their Prosper cash balances are FDIC insured. We want to take this opportunity to let our lenders know that their cash balances are, in fact, FDIC insured.  Prosper is not a bank, does not take deposits, and is not FDIC insured. But the funds that Prosper lenders place with Prosper to make bids on borrower listings are maintained at Wells Fargo Bank, which is FDIC insured, and those funds get pass-through FDIC coverage up to $100,000 (note that this amount may increase to $250,000 after the passage of recent legislation).

So during these challenging economic times, you can be comfortable knowing that the funds you place with Prosper have this protection.

Call or email us questions. We’re here to help you.

Like 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.