Monday, December 10, 2007

Prosper Collections Chasing Payday Payout

Several prosper lenders had spotted an anomaly on Nov 30. Lots of lenders had late loans suddenly show payments in transit at the same time. zcommodore tracked down the explaination.

Prosper has done analysis that shows ACH withdraws are more successful on paydays. Therefore, Proser has initiated ACH withdraws from some late borrowers accounts to begin processing on 11/30/07. New actions taken by Prosper will never result in negative actions to our lenders.

Prosper has been ratcheting up efforts to improve the collections process since the arrival of the new VP of operations. The new payment timing comes on top of other efforts like testing a new collections agency, working with Penncro, the current collection agency, to improve collections, and appeals to the borrowers.

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