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Prosper Changing Credit Score It Uses

Established Contributor

Prosper Changing Credit Score It Uses


I got an email today from Prosper and they are apparently switching to FICO 08 from EXPERIAN SCOREX PLUS next week.


Is this a good thing or bad thing or what?

Message 1 of 3
Established Contributor

Re: Prosper Changing Credit Score It Uses

I just checked my Prosper account only to see my EX score, since it's a SP. The denial letter (lol! too many recent inq) states that indeed they use the FICO 08 score. I think that any time you can get a FICO score, it's a good thing. 

Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 2 of 3

Re: Prosper Changing Credit Score It Uses

I think that's a huge positive.  I didn't know they were using a Plus score at all, they maybe the only lending organization out there which used a score designed for educational purposes.


If nothing else, Prosper has a chance to really, well, prosper, in the peer to peer lending space if they haven't already; this will only help those of us who are considering either side of the transaction getting a known benchmark which we can easily correlate here on myFICO even with the addition of the FICO '08 EX score.


Sort of like EQ here being the gold standard for mortgages (which is admittedly more important), EX here will be the same for Prosper.  I can't possibly see that as a bad thing.  Granted I think EX Plus could be gotten elsewhere, but personally I don't have the same level of trust in Plus as I do in a legit FICO.... maybe because I know more on how the FICO score works and I have a lot more experience trying to figure out what I need to do, and where other people might have gone wrong.  I'd probably be on the lender side, and this is a big positive for that, and the more lenders they have, the more successful Prosper will be.  I think that's a good thing as it may establish it as a valid model going forward, sort of like Kickstarter did vs. VC financing.


Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)

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Message 3 of 3