My Prosper.com experience

My email to Zopa

From: bamaluckySent: Thursday, January 17, 2008 7:34 AM
To: Zopa
Subject: RE: ZOPA | Your loan application has been denied

I find it insanely funny that your site somehow has my credit below your
standards..I'm also a prosper lender
http://www.lendingstats.com/lenders/bamalucky

Prosper has me as a B rating ,which i think is also pitiful as scoring
models reward people in debt up to their eyeballs.I pulled my free report
like your email suggested..Here is the results
http://www.prospers.org/blogs/bamalucky 

Their response

Hi William,

First off, we'd like to thank you for writing in to inform us of your case,
as we've never seen anything quite like this before. When our system pulls a
credit report, it reads your Beacon score and automatically makes a
decision: it either gives you a rate quote, or a denial (our minimum score
is 640).

After receiving your email, I took a look at the actual score that
was pulled for you (to verify that the system was working correctly), and
here's what I saw, verbatim: "(O) BEACON NOT AVAILABLE, NO RECENTLY REPORTED
ACCOUNT INFORMATION".

If this doesn't seem right to you (it certainly seems strange to me), then I
recommend you contact Equifax and try to figure out what the issue is. If it
turns out that they've made a mistake with your score, you are more than
welcome to apply for a Zopa loan again.

All three credit bureaus are different. They use different information and
formulas to compute their scores. We use Equifax to get your score, so it's
possible that this strange message is specific to that bureau, and is not
present on your Experian or TransUnion report (it might not hurt to check
though).

Either way, I hope this helps to clarify the decline message you received
from us. If you have any other questions please let us know.

Best,
Luke 

My only conclusion is the credit product Zopa(and prosper)are buying is too cheap for what is required.