Listing Verification

Does Prosper verify the information provided by borrowers in listings?

When an individual registers with Prosper as a borrower, Prosper obtains his or her Social Security number, state driver's license number and bank account information in an effort to verify the Borrower's identity against data from credit reporting agencies and other identity and anti-fraud verification databases.

The borrower's income, employment and occupation are self-reported, and the borrower's debt to income ratio (DTI) is derived by Prosper from a combination of the borrower's self-reported income and information from the borrower's credit report. Prosper verifies the borrower's income or employment in some (but not all) instances. The credit data that appears in listings is taken directly from a credit report obtained on the borrower from a credit reporting agency, without any review or verification by Prosper. Prosper does not verify any statements by Borrowers as to how loan proceeds are to be used and does not confirm after loan funding how loan proceeds were used. Although borrowers may provide proof of homeownership to establish homeownership status, in most instances homeownership status is derived from the borrower's credit report, but is not verified by Prosper; if the report reflects an active mortgage loan, the borrower is presumed to be a homeowner. In connection with Prosper's identity and anti-fraud verification of borrowers, Prosper verifies the borrower's bank account to determine that the borrower is the holder of record of the account.

Prosper has the right to verify at any time the accuracy of all statements and information provided by borrowers, lenders and group leaders in connection with listings, bids and loans. Prosper may conduct its review at any time – before, during or after the posting of a listing, or before or after the funding of a loan. If Prosper is unable to verify material information with respect to a borrower, listing or bid, Prosper may cancel or refuse to post a listing, or cancel any or all bids against a listing. Prosper may also delay funding of a loan in order to enable Prosper to verify the accuracy of information provided by a borrower, a lender or a group leader in connection with the listing or bids, and to determine whether there are any irregularities with respect to the listing or bids. Prosper may also refuse to make a loan, even if the listing garners a sufficient amount of bids to otherwise support the funding of the loan, if material misstatements, irregularities or inaccuracies are found in the listing or in other information provided by the borrower.

In instances where Prosper undertakes to verify the income, employment and occupation or other information provided by borrowers in listings, the verification is normally done at the pre-funding stage, after the listing has already been created and bidding has ended. In such cases, the results of Prosper's verification are not reflected in the listings themselves.

In connection with Prosper's identity and anti-fraud verification of borrowers, Prosper verifies the deposit account from which the borrower will make payments, to determine that the borrower is the holder of record of the account. Even if a listing receives bids in the total amount requested, Prosper will cancel the listing without funding the requested loan if Prosper is unable to verify the borrower's account.

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