We are very pleased to announce that starting Thursday evening, August 13th, Prosper will begin using an updated credit model, PMI 6. We have many goals at Prosper, but first and foremost, we are focused on ensuring that the pricing, credit, risk and underwriting model we use is constantly improving. This benefits all of our customers – retail investors, institutional investors and our borrower members.
Advances in the credit model – from the early days, to PMI 4 in 2013, PMI 5 in 2014 and now PMI 6 – have enabled us to provide access to more loans to credit-worthy people for a variety of purposes, including consolidating high-interest debt. Since inception, more than $4 billion in loans have originated through the Prosper platform, and the company continues to grow as more people turn to Prosper for an easier and smarter way to borrow money.
The launch of PMI 6 underscores our commitment to ongoing improvement, and will enable us to continue our growth while maintaining loan quality.
Investors that have questions about PMI 6 can email the Prosper Investor Services team at [email protected].