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[xraider]

Prosper could ask for affirmation of the debt.

[Xenon481]

Hmm . . . isn't there a postcard that goes out physically as a part of verification?

Why then couldn't a postcard be sent out for the loan referencing the terms, requiring a handwritten signature on it, and returned?

Hindsight is 20/20, I know, but . . .

But the terms of the loan aren't set in stone at that time since the interest rate can still go down.

I would bet that terms have to be set in stone before the borrower signs for the signature to be valid.

[regeneration]

I smell negligence...

[bamalucky]

100% way that Prosper can prevent ID theft

Just have the borrower notarize a one page document emailed to them & have it sent back to Prosper.

 

Notaries have to check the ID on someone before they will stamp it.This will stop any borrower from claiming ID theft & will serve as proof of a loan in court.

[Xenon481]

100% way that Prosper can prevent ID theft

Just have the borrower notarize a one page document emailed to them & have it sent back to Prosper.

 

Notaries have to check the ID on someone before they will stamp it.This will stop any borrower from claiming ID theft & will serve as proof of a loan in court.

This will also serve as a huge deterrent to loan originations.