This policy applies to all current and former Prosper customers. Note that, in order to use our services, you must be 18 years of age or older.
Effective January 1, 2020, the California Consumer Privacy Act (“CCPA”) provides specific rights and protections to California residents. If you are a California resident, please see the section entitled “Notice to California Residents” below for more information.
INFORMATION PROSPER COLLECTS ABOUT YOU
Information Provided by You
We collect personal information about you that you provide while you use www.prosper.com or www.prosperhealthcare.com or any associated websites, desktop or mobile applications (collectively, the “Prosper website” or “Prosper websites”). We collect most of this information during the registration and/or application process for borrowers and investors. Additional information may be gathered during your subsequent use of the Prosper websites, or when we communicate with you via telephone, email or other means.
Certain personal information must be supplied during the investor and/or borrower registration and application processes in order to meet our legal obligations, verify your identity, facilitate determinations for credit eligibility, protect against fraud, and complete your transaction. The following categories of information may be collected:
- Your basic identifying information (for example, your name, address, email, telephone number, and date of birth);
- Your Social Security number;
- Your employment and income information;
- Your bank account information;
- For a loan to be used with a merchant or service provider (e.g., a healthcare provider) the identity of the merchant or service provider and the name of the party that will receive the good or service;
- Other information you may provide in connection with a financial product or service, such as your demographic information (where permitted or required by applicable law) and the location and value of the property securing your loan;
- Any personal information you provide us.
In addition, we gather names, email addresses and phone numbers of people who contact us with questions. We collect this information only for the purpose of responding to inquiries. If you use our “refer-a-friend” feature, we will collect information from you in order to process your referral request.
If you use the comments section of our blog on www.prosper.com, you should be aware that information you submit is stored there and will be visible to other users of the Prosper websites.
Information Collected From Third Parties
When you check your rate or apply for a loan through Prosper, we will collect information from credit bureaus and other third parties to facilitate determinations for credit eligibility, perform analyses, provide you with marketing offers and assess risks related to your potential loan and, if you are a personal loan applicant, to help investors determine whether to commit to your personal loan. If you obtain a personal loan through Prosper, we also collect information throughout the life of your personal loan through Prosper from credit bureaus and other third parties in order to assess risks associated with your personal loan, provide information to investors interested in buying or selling your personal loan, and to provide you with marketing offers. If another company refers you to Prosper or assists you in any way in the application process, we may also collect your information from that company in order to process your application.
The following categories of information are generally collected for loan applicants and borrowers:
- Your identifying and application information (for example, your name, address, email, telephone number, date of birth, social security number, and employment information);
- Your credit score, credit history and other information related to your creditworthiness, identity and financial transactions;
- Your bank account information and recent transactions;
- If you applied for a loan to be used with a merchant or service provider, information related to any dispute you submit regarding the merchant or service provider;
- If you applied for a loan that is processed through an online finance platform other than Prosper, the status and terms of your loan or loan offer through that platform;
- If you applied for a home equity line of credit (HELOC) through Prosper, information related to your demographics (as required by law) and property, and any other information to evaluate and complete your application.
If you register as an investor through Prosper, we will collect information from credit bureaus and other third parties to verify your identity and bank account information and assess risks related to your account. If another company refers you to Prosper or assists you in any way in the registration or investing process, we may also collect your information from that company in order to process your registration or request, or to update your account information.
Information Gathered Based on Your Activity on the Prosper Platform
In order to provide services to you, improve our business and maintain records required by law, Prosper collects information about your transactions and activity. For personal loan borrowers, this includes your payment history. For investors, this includes your fund transfers and purchases. For all users, Prosper collects information about your computer and your visits to www.prosper.com or www.prosperhealthcare.com and other Prosper websites, such as your IP address, geographical location, operating system, browser type, referral source, time and length of visit, button clicks and/or page views. With respect to individuals that have not created user accounts with Prosper, we do not associate the information that we collect with a particular consumer or household.
Cookies and Web Beacons. Prosper and our marketing partners and service providers use technologies such as but not limited to cookies, beacons, tags, and scripts, to analyze trends, administer the Prosper websites, track users’ movements around the Prosper websites, and gather information about our user base as a whole. We may receive reports on this activity on an individual and aggregated basis.
Usage Data & Site Activity. Prosper also uses Local Storage, such as HTML5, to store content information and preferences. Various browsers may offer their own management tools for removing HTML5.
Third Party Technologies. We also partner with third parties to manage our advertising services on other websites and evaluate overall Prosper website performance, and/or to collect certain information when you visit and interact with Prosper websites and services. These third party companies may use technologies such as cookies to recognize browsers and to gather information about your activities on Prosper websites and other sites in order to provide you advertising based upon your browsing activities and interests or help us track the success of our marketing efforts, your interactions with Prosper websites, and overall Prosper website performance. If you wish to not have this information used for the purpose of serving you interest-based ads, you may opt-out of certain advertising networks by clicking here. Please note this does not opt you out of being served ads. You will continue to receive generic ads.
Prosper does not process or respond to “do not track” signals or other similar signals whereby a visitor to a website requests that it disable collection of information about the visitor’s online activities over time and across different websites.
HOW PROSPER USES YOUR INFORMATION
Processing Your Transaction
If you register as a borrower and/or apply for a loan, Prosper will use your information to facilitate your loan or loan request. This may include:
- Generating your borrower profile, processing your loan application and verifying your identity and application information;
- Assigning you a Prosper Rating;
- Enabling automatic payments and fund transfers with other financial institutions;
- Implementing collection activities as needed;
- Communicating with you concerning your loan application, Prosper account, and/or transactions;
- Addressing any disputes you may raise.
If you register as an individual investor, Prosper will use your information to facilitate marketplace investing. This may include:
- Generating your investor profile;
- Enabling automatic payments and fund transfers with other financial institutions;
- Communicating with you concerning your Prosper account and transactions;
- Addressing any disputes you may raise.
Analysis & Data Optimization
Prosper also uses your information to conduct analyses related to our services and Prosper websites. We use this information to improve credit models and our services. We also use this information to improve Prosper websites’ usability and to evaluate the success of particular marketing campaigns and other activities.
Marketing & Surveys
Prosper may also use your personal information to select you for certain marketing communications, newsletters, surveys and/or requests for feedback regarding your experience. Prosper may use your personal information both to select you for offers and to communicate offers to you.
Optional Marketing Communications
Receipt of marketing communications via email is voluntary. If you do not wish to receive these communications, you may sign into your Prosper Account, select “Settings” from the drop down menu, and disable communication types you no longer wish to receive in the section titled “Communication Preferences.” You may also contact us at [email protected] and we will assist you in disabling optional communications. Please note that your opt-out choices will not apply to your co-borrower.
HOW PROSPER SHARES YOUR INFORMATION
Prosper shares your information with third parties as permitted by law, including in the following specific ways:
- Co-Applicants / Co-Borrowers. We may share your information with your co-applicant / co-borrower in order to process your application and/or loan or service your account, and as needed to provide our services.
- Third Party Service Providers. Prosper relies on third party service providers to help us conduct our business and marketing activities, such as maintaining our files and records, offering customer service, sending marketing communications, or facilitating fund transfers. Prosper may share your information with such companies, which are authorized to use your personal information only as necessary to provide these services to Prosper. Information may also be shared among affiliates (including but not limited to the companies covered by this policy) for this purpose where one affiliated company provides services to or on behalf of another affiliated company in connection with your account or application.
- Potential Purchasers of Personal Loan. Prosper shares your information, including your Prosper Borrower Rating, on an anonymous basis to allow potential purchasers to decide whether to commit to your personal loan. This information is also contained anonymously in personal loan data files available through Prosper’s Developer Tools and Marketplace Performance pages. Although your credit information is displayed, your identity is never shared with investors until your personal loan has been purchased.
- Purchasers of Personal Loan. If your personal loan originated through our platform is sold, we may provide the purchaser of your personal loan with your personal and credit information. Information is only released to personal loan purchasers that are qualified financial institutions with adequate protections to safeguard your personal information. In some cases, these purchasers may also provide targeted marketing to you. Information provided to investors in connection with sales of our fractional Borrower Payment Dependent Notes (“Notes”) will not include personal identifying information. For more information on Notes, please see our Prospectus.
- Referral Partners. If you were referred to Prosper by another company (a “Referral Partner”) or person, Prosper will share your information as necessary to honor the terms of its agreement with that Referral Partner or person and to process your transaction. In some cases Prosper may share with a Referral Partner for that Referral Partner’s own business purposes, such as to analyze and improve its business and provide targeted marketing to you. Your rights with respect to this sharing are discussed in the following section.
- Merchants or Service Providers. If you applied for a loan to be used with a merchant or service provider, Prosper may share your information with the merchant or service provider associated with your loan application.
- Credit Bureaus. Prosper may share your personal information with credit bureaus to meet our credit reporting obligations.
- Affiliates. Prosper affiliates, including entities covered by this policy and other companies related by common ownership or control may share your information with each other, including information related to your creditworthiness, for purposes of general business analysis or to present targeted marketing to you or others. Your rights with respect to this sharing are discussed in the following section.
- Your Consent. Prosper may share your personal information with third parties at your direction or whenever you consent.
- Legal Requests & Regulatory Requirements. Prosper may also share information to comply with, or to allow investors or potential investors to comply with, any applicable law, regulation, legal process or governmental request; or for the purposes of limiting fraud; or in connection with an audit or the sale of Prosper to a third party.
- Sharing of Anonymized Data. Prosper may share aggregated and anonymized data sets with third parties, including but not limited to business partners, service providers, loan purchasers, potential loan purchasers, and among Prosper affiliates. No personally identifiable information will be included in these data sets.
Right to restrict information sharing with companies we own or control (affiliates): Prosper may share your information among affiliated companies whether or not those companies are covered by this policy. Federal law gives you the right to limit this sharing where it includes information about your creditworthiness other than your transactions and experiences with Prosper or is used for the purpose of marketing to you. If you would like to opt-out of this type of sharing, please follow the instructions below. We may begin sharing your information related to your creditworthiness or any information to be used for marketing purposes 30 days from the date that we first provided this notice if you have not opted-out.
In order to revoke your consent for information sharing with Referral Partners and/or opt-out of Prosper affiliate information sharing, you may sign into your Prosper Account, select “Settings” from the drop down menu, and disable “Optional Information Sharing” in the section titled “Communication Preferences.” You may also contact us at [email protected] and we will assist you in disabling such information sharing. Please note that your opt-out choices will also apply to your co-borrower.
ADDITIONAL FACTS ABOUT YOUR PERSONAL INFORMATION
How you can change your personal information
If you have an account, you can access the personal information you have provided to us by logging in to the “Settings” page of your account. As a registered investor, you can update your password, email, phone number, or home address at any time. As a registered borrower, you may update your password, email, phone number, bank account information or mailing address at any time, though certain changes prior to loan origination may require you to submit a new loan application. To change your information, you may also contact us at [email protected]. We will respond to your request within a reasonable time.
We will retain your information for as long as needed to provide you services, comply with our legal obligations, resolve disputes, conduct analysis, audits, or to enforce our agreements or as otherwise required by law.
How Prosper Secures Your Information
Prosper uses significant safeguards, including physical, technical (electronic), and operational controls to protect your personal information, both during transmission and once received. If you have any questions about the security of your information, you can contact us at [email protected].
Prosper equips all servers with an Extended Validation (EV) Secure Socket Layer (SSL) certificate to ensure that when you connect to our websites you can tell that you are actually on our site and that all data entered into the websites are transmitted to us in a secure encrypted channel. Once on our system, personal information can only be read or written through defined service access points, the use of which is password-protected. Data security is achieved through technical safeguards that include a combination of encryption, firewalls, intrusion detection system, malware detection system, and data loss prevention systems. Prosper also conducts vulnerability scans of applications and systems regularly.
Access to the system is tightly controlled and limited to only those who have a need to access information. Administrative safeguards such as a security awareness program, background checks, and internal information use policy ensure that only trained and trusted staff are permitted to access personal information. Some additional features of our security program include:
Secure Data Center
We store all sensitive financial information in state-of-the-art, highly secure data centers that are audited per AICPA SOC for Service Organizations. Physical access to the data centers is strictly controlled and we use the latest threat prevention technologies such as network and web application firewalls, VPN, antivirus, Web filtering and antispam technologies.
We employ session time-outs to protect your account or application. You will be logged out of the site automatically after a specified period of inactivity. This time-out feature reduces the risk of others being able to access your account or information if you leave your computer unattended.
If you have an account, at a minimum, we require the use of both numbers and letters in your password. We have also instituted secure steps by which you can regain access to your account should you forget your password. You should always choose a password that is difficult for others to guess and change your password frequently.
Additional Steps You Should Take to Ensure the Security of Your Information
Prosper sends important communications regarding your account or application via email. You should therefore take steps to secure and restrict access to your email account and change your email account password frequently. You should also be aware of fraudulent emails known as “phishing,” from companies claiming to be Prosper and requesting your login information or other account information. Prosper will never ask for your login information in an email.
When you are finished using Prosper websites, you should log out completely, then close the browser window and clear the browser’s cache files and saved passwords. This step is particularly important if you use a computer that is accessed by other people, such as in a public library or Internet café.
Changes to this policy
For additional information, or if you have any questions regarding this policy or the privacy practices at Prosper, please submit your questions or comments directly to [email protected].
Note: Prosper Marketplace Inc. is the parent company of Prosper Funding LLC. Prosper Funding LLC owns the Prosper platform and website (www.prosper.com) and application as well as loans underlying all borrower payment dependent notes. Prosper Marketplace, Inc. operates the Prosper platform and provides administrative support to Prosper Funding LLC.
You can also send questions or comments to:
Prosper Marketplace, Inc.
Attn: Compliance Department
221 Main Street, Suite 300
San Francisco, CA 94105
Effective date: February 18, 2020
Below is a description of the remaining “personal information” that is collected and disclosed to third parties, as well as your rights pertaining to this information.
This section only applies to California residents. The rights discussed in this section do not extend to individuals who are not California residents.
Personal Information Collected By Prosper:
Information about your interactions with our website: For all users, Prosper collects information about your interactions with our homepage, landing pages, and other Prosper webpages that you may visit prior to beginning the registration and/or application process. This includes your click movements on the webpage, IP address, geographical location, operating system, browser type, referral source, time and length of visit, button clicks and/or page views. This information is collected by Prosper and our third party service providers, who work with us to track your interactions on these pages.
We collect this information in order to (i) help detect security incidents and protect against malicious, deceptive or fraudulent activity on our webpages; (ii) identify and fix errors that affect the functionality of our webpages; (iii) conduct internal research and analysis; (iv) determine eligibility for products and services; and (v) improve our websites and services.
Information that you provide in surveys, questionnaires, and/or requests for feedback: For users that complete surveys, questionnaires, and/or requests for feedback regarding their experience, we collect the information that you provide to us. This information is collected by Prosper and our third party service providers, who may help facilitate these information requests.
We collect this information in order to (i) conduct internal research and analysis and (ii) improve our websites and services.
Information from third parties for marketing: For certain consumers, we may work with marketing service providers to obtain your personal information, such as your name, address, and/or email address.
We collect this information for marketing purposes in order to present you with offers, promotions, advertisements and other marketing communications.
How Prosper Discloses Personal Information:
Prosper may share your personal information with third party service providers to help us conduct the business purposes listed above. Our service providers are authorized to use your personal information only as necessary to provide these services to Prosper. Prosper does not and will not sell your personal information.
Your Rights Under the CCPA
Right to Know/Right to Access.
Under the CCPA, California residents have the right to request that Prosper disclose what information we have collected, used, disclosed, or sold over the past 12 months. Once we receive and confirm your verifiable consumer request for such information, (see “How You Can Exercise Your Rights Under CCPA”), we will disclose to you:
- The categories of personal information we collected about you over the past 12 months;
- The categories of sources from which such personal information has been collected over the past 12 months;
- The business or commercial purpose for collecting, disclosing or selling such personal information over the past 12 months;
- The categories of third parties with whom we shared your personal information over the past 12 months;
- If we disclosed your personal information for a business purpose, the personal information categories that each category of recipients obtained.
Upon receiving your verified request for such information (see “How You Can Exercise Your Rights Under CCPA”), we will also disclose to you the specific pieces of personal information that we collected about you.
Right to Request Deletion.
Under the CCPA, California residents have the right to request that we delete any of your personal information that we collected from you and retained, subject to certain exceptions. Once we receive and confirm your verifiable consumer request (see “How You Can Exercise Your Rights Under CCPA”), we will delete your personal information from our records, and direct our service providers to do the same, unless an exception applies.
Right to Opt-Out of Sale of Personal Information.
Under the CCPA, California residents have the right to direct us to not sell your personal information (the “right to opt-out”). Prosper does not and will not sell personal information of consumers.
Right to Non-Discrimination.
Under the CCPA, California residents have the right not to be discriminated against for having exercised the rights established by the CCPA. We will not discriminate against you for exercising any of your CCPA rights. Unless permitted by the CCPA, we will not:
- Deny you goods or services;
- Charge you different prices or rates for goods or services, including through granting discounts or other benefits or imposing penalties;
- Provide you with a different level or quality of goods or services;
- Suggest that you may receive a different price or rate for goods or services or a different level or quality of goods or services.
We may, however, offer you certain financial incentives permitted by the CCPA that can result in different prices, rates, or quality levels. Such financial incentives may include gift cards, credits, and other monetary offerings; additional details related to the material terms of these financial incentives will be provided to you at the time the incentive is presented to you. Any CCPA-permitted financial incentive we offer will reasonably relate to your personal information’s value and contain written terms that describe the program’s material aspects. Participation in a financial incentive program requires your prior opt in consent, which you may revoke at any time.
How You Can Exercise Your Rights Under CCPA
In order to exercise the right to know/right to access information and the right to request deletion, you or your authorized agent may submit a verifiable consumer request in one of the following ways:
You may exercise these rights by signing into your Prosper account, selecting “Settings” from the drop down menu and submitting your requests under “California Consumer Privacy Act”. If you do not have a Prosper account, you may contact us at [email protected] with a brief description of your request, but please note that we may request additional information from you or your agent as needed to authenticate your request. You may only make a verifiable consumer request to know or request for access twice within a 12-month period.
The verifiable consumer request must do the following:
- Provide sufficient information to allow us to reasonably verify that you are the person about whom we collected personal information or that you are an authorized representative.
- Describe your request with sufficient detail so that we can properly understand, evaluate, and respond to it.
Upon receiving a request to know/request for access or a request for deletion, we will confirm receipt within 10 days. If we are able to verify your request, we will make our best effort to respond within forty-five (45) days of our receipt of your request. If we require more time (up to 45 additional days), we will inform you of the reason and extension period in writing. Additionally, in our response, we will specify the manner in which we have deleted your personal information, in accordance with the CCPA.
We will not disclose information to you or delete information if we cannot verify your identity.
How California Residents Can Designate an Authorized Representative
Only you as a California resident, or a person registered with the California Secretary of State that you authorize to act on your behalf, may make a verifiable request to know/request for access, request for deletion, or request to opt-out.
To appoint an authorized representative to submit requests on your behalf, please provide us with written instructions stating the identity of the authorized representative and your authorization to have the representative act on your behalf by emailing [email protected]. We may also request additional information from you as needed to authenticate your request. If an authorized representative is acting on your behalf, your representative may contact us at [email protected] with a brief description of the request, but please note that we may request additional information from your representative as needed to authenticate your request.
Federal Privacy Notice Rev. 2/2020