Established Member
Elliot0409
Posts: 13
Registered: ‎07-16-2008
Prosper Personal Unsecured Installment Loans
[ Edited ]

How soon after receiving a loan from Prosper does it report to the Credit Bureaus?  I assume that it reports as a personal unsecured installment loan and NOT as a finance company?  Does it update monthly on ALL three major credit bureaus?  Thank you.

Established Member
1768geme
Posts: 13
Registered: ‎11-13-2011
Re: Prosper Personal Unsecured Installment Loans

reports to trans union and experian  every month but runs 3 months behind

Established Member
Elliot0409
Posts: 13
Registered: ‎07-16-2008
Re: Prosper Personal Unsecured Installment Loans

Do they report on the same day for everyone?  Any idea of what part of the month Prosper reports to the Credit Bureaus?

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llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: Prosper Personal Unsecured Installment Loans

They probably report around the time you got your loan as opposed to the same time for everyone.

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Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
Re: Prosper Personal Unsecured Installment Loans

For me the Prosper loan reported to TU and EX but not until it was a little over a year old. And their reporting since has been very sporadic. About every 4 - 6 months I go into each bureau and dispute the balance as incorrect. They almost immediately update with the current balance. I would assume that if they are going to update regularly it would be shortly after your payment date.

 

As a side note - other than their sporadic reporting I have no complaints. It appears on my reports as an installment loan and with the FAKO sites I get no mention of consumer finance companies. I don't believe that is a FICO reason code so I wouldn't expect it from them.

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New Contributor
Sonic98
Posts: 89
Registered: ‎09-04-2012
Re: Prosper Personal Unsecured Installment Loans

So, what are the requirements and the amounts you usually have for a Prosper loan. I noticed that HoldingOntoHope has scores in the 700s. I think my friend who is interested in a personal loan has all 3 scores in the 670 range.

New Contributor
Sonic98
Posts: 89
Registered: ‎09-04-2012
Re: Prosper Personal Unsecured Installment Loans

You know now that I think about it. Prosper was one of two listed as possibilities when she did a search for personal loan lenders on Lending Tree.

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Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
Re: Prosper Personal Unsecured Installment Loans

Prosper will pre-qualify you for a loan and tell you what tier your credit score qualifies for (AA - D?). The interest rate on the loan is based on your credit tier. And it also displays on the funding page for investors to see. My scores when I got the Prosper loan were in the mid to upper 600's and at that time they qualified me as Tier AA. I don't know exactly what their tiers are but I believe on their site you can put in your info and they will give you a rate based on a soft pull. Of course there is a hard pull if you decide to actually apply.

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Goal Score: 760 ALL


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madmann26
Posts: 1,402
Registered: ‎08-30-2012
Re: Prosper Personal Unsecured Installment Loans

Minimum score that they take is 640 I believe.


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Sonic98
Posts: 89
Registered: ‎09-04-2012
Re: Prosper Personal Unsecured Installment Loans

She just got an e-mail from Propser saying here score was too low. They used Experian, and for whatever her acount with the longest history is the one that chose only to report to Equifax and Transunion, so the score from that one is way off from the other 2. Another one that used transunion said they couldn't do it eventhough they reported a score of 717.They're saying her credit history isn't long enough, and her current loan (auto loan) has too high a balance. The loan started off at almost 13K with a payment of $385 in June. I think she's probably paid an extra 100 on each payment. I guess the next step is to try to get the loan under 10K and pay her credit card down to 0 and see what happens in a few months.