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 What should I do if I disagree with my credit grade?
Prosper uses the Experian ScoreX PLUS™ model to calculate credit
grades. If you disagree with your credit grade, the first thing to do
is to ensure all of the information Experian has in y ...
- What are HR and NC credit grades?
HR = High Risk. These borrowers have a credit score below 540, which many traditional lenders consider to be high-risk.
NC = No credit score. These borrowers have no credit score
because of li ...
- How is a credit grade different from a credit score or credit rating?
A Prosper credit grade is a letter grade that Prosper assigns you based
on your credit score, for use solely in the Prosper marketplace.
Prosper obtains your Experian ScoreX PLUS™ credit s ...
- What are credit grades?
Many lenders use your credit grade to measure your likelihood of
repaying the money you have borrowed based on your past history.
Everything from your first credit card during college to student ...
- Why do credit grades matter?
A credit grade is a measure of the likelihood that a borrower will
repay his or her loan. We also provide the following table to lenders,
which shows historical default rates by credit grade for ...
- What should I do if there is something missing or wrong in my credit file?
If there is incorrect or missing information in your credit file, only
you as the consumer can correct your file. The file you received should
contain instructions for doing this.It
is Prosper' ...
- Can Prosper help borrowers build credit? Will delinquency be reported?
Yes. Because Prosper reports all payment activity to their credit
reporting partner, using Prosper is an excellent way for new borrowers
to establish a credit history while enhancing their group ...
- When and how is my credit grade calculated?
When a borrower initiates the process of posting a loan listing on
Prosper, we check to see if we already have a credit grade on file for
that person and, if it is less than 30 days old, associa ...
- How can I look up my credit report and score?
It's important to make sure the information in your credit report is
correct. If information in your credit report is incorrect, it can
negatively affect your credit score, and therefore your ab ...
- How do I create a listing?
Before you get into it, view a tutorial on borrowing money.
If you are not registered with Prosper, click the "Register
now" button on the home page. You will be asked to fill out a quick
regis ...
- Does creating a listing on Prosper affect a borrower's credit score?
No. Creating a listing for a loan is not counted as a loan inquiry and will not lower a borrower's credit score. An inquiry is only created when a borrower's loan is matched. Of course ...
- What if I have a fraud alert on file for my credit report?
If you have asked a credit reporting agency to put a fraud alert on
your credit report, Prosper will not be able to automatically verify
your identity. They will follow the instructions on your ...
- Are there any limits on the criteria I can use to accept or exclude people from my group?
Prosper is an inclusive credit marketplace that fully supports and
promotes equal credit opportunity for all people, regardless of their
race, color, religion, national origin, sex, marital stat ...
- What credit information is available to lenders?
Each loan listing has a box on the right called "Credit Information."Anyone can immediately view two sources of information:Credit grade
A credit grade is a letter grade that Prosper assigns you ...
- How can I prevent defaults?
You can't pick your relatives, and you can't prevent defaults. You can,
however, know that you are assuming some risk when you make a loan, and
take steps to reduce that risk. Here are a few tec ...
- Does creating a listing on Prosper affect a borrower's credit score?
No. Creating a listing for a loan is not counted as a loan inquiry and
will not lower a borrower's credit score. An inquiry is only created
when a borrower's loan is matched.
- What rate should I bid?
You should bid an interest rate that takes into consideration both the
borrower's expected default rate and the Prosper loan servicing fee.
The table below shows historical default rates by cred ...
- Can I refuse to allow people to join my group if they really want to join?
You can set your own criteria for membership into your group, but you
cannot exclude any person from joining your group on the basis of race,
color, religion, national origin, sex, marital statu ...
- What is Prosper?
Prosper is a marketplace for credit that enables people to lend money
to other people in a safe, efficient manner. Prosper is a leap back to
a time when people formed credit communities to help ...
- How is Prosper regulated?
Prosper is regulated at a few different levels of U.S. government.
At the federal level, Prosper is regulated by the Federal Trade Commission insofar as it must conform to the Truth in Lending ...
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