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[christoofar215]

I've already printed out a consumer complaint from for the AG of California and PA.   I'll drop them in the mail tomorrow.

You may be able to file them online quicker, but understand if you want to do the return receipt to ensure that they receive them.

http://www.attorneygeneral.gov/complaintforms/bcp_form.aspx

http://ag.ca.gov/contact/complaint_form.php?cmplt=CL

+1 thank you.

I'm giving Prosper til lunchtime tomorrow.   Already have the complaints drawn up on paper.   All I gotta do is print out the envelopes.

[bamalucky]

I'm wondering if reporting costs Proosper. Maybe they are trying to save money 

[christoofar215]

I'm wondering if reporting costs Proosper. Maybe they are trying to save money 

Very likely.   Data furnishers are charged monthly based on the # of tradelines they open and how many data point uploads they make.  They are also charged for access to e-OSCAR (the system for responding to disputes).


This means if they're not reporting, it's likely they arent responding to credit disputes either.    That could mean Creditboards people would be able to knock off Prosper "baddies" by simply filing an electronic dispute.   If Prosper doesn't respond in 45 days, the CRAs must delete the tradeline completely off the consumer's file.


Most lenders do not re-insert a tradeline once it is deleted because they get charged again for that.   The only folks who re-insert data are debt collectors.

[bamalucky]

When I lent money it was under the expectation that borrowers would have their credit dinged if they went late.

[JammingJAY]

I'm wondering if reporting costs Proosper. Maybe they are trying to save money 

Very likely.   Data furnishers are charged monthly based on the # of tradelines they open and how many data point uploads they make.  They are also charged for access to e-OSCAR (the system for responding to disputes).


This means if they're not reporting, it's likely they arent responding to credit disputes either.    That could mean Creditboards people would be able to knock off Prosper "baddies" by simply filing an electronic dispute.   If Prosper doesn't respond in 45 days, the CRAs must delete the tradeline completely off the consumer's file.


Most lenders do not re-insert a tradeline once it is deleted because they get charged again for that.   The only folks who re-insert data are debt collectors.

Like NAT loans maybe?

[Senator]

In 2 months, it will have been a 1/2-year since Prosper last updated the 2 credit reporting bureaus they've been reporting to.

In 2 months they may not care.  - Oh, wait.

[112233]

When I lent money it was under the expectation that borrowers would have their credit dinged if they went late.

it also affects good borrowers, and lenders looking for good borrowers


being that prosper is desperate for more loan volume they arent doing themselves any service by skewing borrowers credit history to the bad side (for example, if a borrower wants a 2nd loan)

unless the lates are more than the people paying on time

[Mtnchick]

When I lent money it was under the expectation that borrowers would have their credit dinged if they went late.

it also affects good borrowers, and lenders looking for good borrowers

If they haven't updated since Sept, I wonder how recent the info they're pulling for credit grades is?

[bamalucky]

If they haven't updated since Sept, I wonder how recent the info they're pulling for credit grades is?

In 2 weeks no borrower will have 6 month dq's 

[striders]

Yes, I had the same issues. I emailed Prosper TWICE and yet they never responded.

But in my case, the problem is now affecting my ability to get a loan. Here's why:

I have a loan through Prosper that starts on 09/2008 and have ONE late payment in 2009. However, since then all the payments are current.

I just checked my credit report and I noted that Prosper reported that my account is LATE and Prosper has NOT been reporting to all 3 credit report agency since 08/2009. So in my credit report my Prosper account is shown with no activity as of today, with the last activitty as being late.

When I tried to get an auto loan, the bank rejected me because they said I have bad account. The Loan Officer told me about the PROSPER account and it shows that it has not been updated since 08/2009 and the last status is late. So to him, that sounds almost like the account is going through charged-off.

Is there a law about this kind of thing or where we can file a complaint?

[christoofar215]

Yes, I had the same issues. I emailed Prosper TWICE and yet they never responded.

But in my case, the problem is now affecting my ability to get a loan. Here's why:

I have a loan through Prosper that starts on 09/2008 and have ONE late payment in 2009. However, since then all the payments are current.

I just checked my credit report and I noted that Prosper reported that my account is LATE and Prosper has NOT been reporting to all 3 credit report agency since 08/2009. So in my credit report my Prosper account is shown with no activity as of today, with the last activitty as being late.

When I tried to get an auto loan, the bank rejected me because they said I have bad account. The Loan Officer told me about the PROSPER account and it shows that it has not been updated since 08/2009 and the last status is late. So to him, that sounds almost like the account is going through charged-off.

Is there a law about this kind of thing or where we can file a complaint?

Right now, all you can do is file a dispute with the credit bureaus.   With the way Prosper is going, if you dispute it right when they're in the process of bankruiptcy, chances are the tradeline will be deleted off your reports.   


To the lenders, Prosper is doing us a HUGE disservice by not keeping this information up to date.   In this case it's hurting YOUR ability to get a loan.

For us lenders, it's allowing borrowers who SHOULDN'T get any loans to get them because their defaulted Prosper loans (if they defaulted between September 2009 and today) isn't reflected on the credit reports.

[striders]

[quote author=christoofar215 link=topic=18706.msg330918#msg330918 date=1265899035
Right now, all you can do is file a dispute with the credit bureaus.   With the way Prosper is going, if you dispute it right when they're in the process of bankruiptcy, chances are the tradeline will be deleted off your reports.   

To the lenders, Prosper is doing us a HUGE disservice by not keeping this information up to date.   In this case it's hurting YOUR ability to get a loan.
[/quote]

I didn't default on the loan though, just one missed payment. Account is current.

What do you mean that Prosper is in the process of bankruptcy?

[112233]

For us lenders, it's allowing borrowers who SHOULDN'T get any loans to get them because their defaulted Prosper loans (if they defaulted between September 2009 and today) isn't reflected on the credit reports.

well, I hope they are using their internal records too

[christoofar215]

Finally, a non-answer has arrived:


Thank you for your e-mail regarding your credit bureau reporting. Please allow a week for this information to process and show up on your report.  We apologize for any inconvenience this may have caused.


For future reference, your Prosper support case number is 00394329.

Sincerely,
Prosper Customer Support

[christoofar215]

[quote author=christoofar215 link=topic=18706.msg330918#msg330918 date=1265899035
Right now, all you can do is file a dispute with the credit bureaus.   With the way Prosper is going, if you dispute it right when they're in the process of bankruiptcy, chances are the tradeline will be deleted off your reports.   

To the lenders, Prosper is doing us a HUGE disservice by not keeping this information up to date.   In this case it's hurting YOUR ability to get a loan.

I didn't default on the loan though, just one missed payment. Account is current.

What do you mean that Prosper is in the process of bankruptcy?
[/quote]


It's running on fumes.

I didn't say you defaulted btw... I'm referring to all of the loans in Q4 09 and Jan 2010 which have defaulted but don't reflect that in the credit reporting b/c Prosper has been lax in updating it.