Identity Verification for Lenders

What is identity verification?

For the safety and security of the marketplace, it is important that Prosper make every effort to ensure that all individuals participating in the marketplace are 1) a real person, and 2) the same person they say they are. To this end, Prosper takes extra care in verifying the identity of all borrowers, lenders, and group leaders.

Why do I have to have my identity verified?

Identity verification is important for all lenders for the following reasons:

Tax reporting: Prosper is required to report lender income to the IRS.
Anti-money laundering regulation: To meet regulatory requirements, Prosper is required to collect the Social Security number, date of birth, and street address for all lenders.

What does it take to get verified?

When you register as a lender, Prosper will collect your Social Security number, date of birth, driver license number, address and telephone numbers to verify your identity against data from credit reporting agencies and other identity and anti-fraud verification databases. Based upon this and other data, Prosper will verify your identity.

Will this process affect my credit score?

No. Because we have your permission to obtain your credit report, our request is considered a "soft pull", viewable only by you, and will not affect your credit score. Read below for the full details.

Although we are making a request for your credit report, we are doing so at your instruction, so no inquiries viewable by subsequent users of your credit report will be placed in your Experian credit profile. That means your credit score won't be affected. An inquiry visible to others will only be placed in your credit profile if you obtain a loan through Prosper as a borrower.

What if I don't pass identity verification?

There are some cases in which real, legitimate people don't pass the Prosper identity verification process. If you are who you say you are, there is a possibility that our information about your identity is erroneous, in which case we will contact you and may ask for faxed proof of identity before allowing you to continue as a lender.

What if I have a freeze on my credit report?

If you have asked a credit reporting agency to put a freeze on your credit report, Prosper will not be able to automatically verify your identity. We will follow the instructions on the credit report freeze and contact the relevant parties before verifying your identity. If you would like to avoid this step, you can contact a credit reporting agency or fraud alert company to have the freeze removed.

I got through identity verification, what's next?

Once you've passed identity verification, you should add your bank account to Prosper so that you can transfer funds for bidding. Learn more about funds transfers.

Lending help

Getting started

Understanding listings

Finding listings

Bidding on listings

Listings become loans

Managing your loans

Delinquencies and defaults

Statements and taxes

Lending tutorials

Other resources

Search Help Topics