What does PROSPER mean on my credit report?
Learn about PROSPER, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is PROSPER?
PROSPER is shorthand for Prosper Marketplace Inc, with the company name being Prosper Marketplace Inc Inc
In March 2016, David joined the company as chief financial officer, and in December 2016 he became president and CEO. He brought more than 20 years of accounting experience to this position. While at USA, he also served as their treasury director and as their bank’s CFO.
PROSPER is a Creditor provider. They could be on your report for a number of reasons, for example:
-
⚫ You missed a repayment.
-
⚫ You opened an account with Prosper Marketplace Inc.
-
⚫ You opened a credit card / loan / mortgage with this company.
-
⚫ Someone fraudulently opened a credit line under your name.
About the account
-
⚫ The average account balance is $1900.
-
⚫ The average high credit balance is $10700.
-
⚫ The average monthly repayment is $100.
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for Prosper Marketplace Inc:
Address:
- 221 Main Street, Suite 300 | San Francisco, CA 94105
Website:
Email:
- [Affiliateprogram@prosper.com bizdev@prosper.com](mailto://Affiliateprogram@prosper.com bizdev@prosper.com)
Phone:
Payments
The Prosper® Card allows customers to make payments online, over the phone, and through a mobile app. There is no annual fee for the first year with AutoPay, no fees charged for ATM cash withdrawals, and no security deposit required. The only payment option available is through a credit card, but there are discounts and no penalties for late or missed payments. The initial line of $500-$3,000 is available with automatic reviews for increases.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| Can I make payments online? | Yes |
| Do they offer a discount for automatic payments? | Yes |
| Can I make a payment using a mobile app? | Yes |
| Can I make a payment using a prepaid debit card? | Yes |
| Can I make a payment using a wire transfer? | No |
Forgiveness and Cancellation
the Prosper® Card does not offer loan consolidation or loan forgiveness.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
You can apply for a loan online, over the phone, or in person with the Prosper® Card. The Prosper® Card is a credit card issued by Coastal Community Bank which requires an online application. It offers an initial line of credit between $500-$3,000 with automatic reviews for increases and no fees charged for ATM cash withdrawals. The annual fee is $39, waived for your first year if you sign up for AutoPay. Additionally, it has zero fraud liability, and provides $0 first year annual fee with AutoPay.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | Yes |
| Can I apply for a loan using a mobile app? | Yes |
| Can I apply for a loan with a cosigner? | Yes |
IdentityIQ Report Example
- This is an example of what this creditor will look like on your IdentityIQ report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
How do I remove PROSPER from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.