In our last post, we covered how to begin the process of restoring your FICO score, as well as how changes can affect this score. Now that you are ready to begin, there are a few steps that you will need to take. Many of these steps require diligence on your part and a little [...]
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Restore Your FICO Score – Part Two
September 29th, 2008 — , Bad debt, Lenders, checkbook, collection agencies, collections, credit report, credit score, diligence, fico score, fico scores, fraction, goal, interest rates, loans, money, personal finance, proof, verification letter from Rich Leverage @ Rich Credit Debt Loan
Web-based Self-Service Debt Collection Makes the News | NetBanker
September 19th, 2008 — , collections from Colin @ CommunityLend blog
Jim over at Netbanker picks up on a new theme amongst progressive Banks in the US, for collections.
Web-based Self-Service Debt Collection Makes the News | Netbanker
But last week’s WSJ article by personal finance writer Jane Kim featured a relatively positive spin on how banks are working harder to collect revolving credit debt.
She cited two [...]
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Continue reading → Web-based Self-Service Debt Collection Makes the News | NetBanker
Collection Refunds Update
September 19th, 2008 — , Misc, Prosper, Prosper Lenders, collections, employee, personal loans, prosper news from Doug Fuller @ Prosper Blog: Prosper, the online marketplace for people-to-people lending
We have completed the programming and testing on the routine to apply collection account refunds to lenders impacted by the change of accounts from PennCro to AmSher. We are planning to do the initial run of the program on September 22, 2008. The refunds will include interest on the overage. The logic was developed in such a [...]
Related StoresCharge-offs Explained
September 16th, 2008 — , Financial, Misc, Prosper, Prosper Borrowers, Prosper Lenders, Site Updates, collections, employee, prosper news, support from Andrew Martinez-Fonts @ Prosper Blog: Prosper, the online marketplace for people-to-people lending
Ever since we changed the marketplace performance page from listing old loans as “Defaulted” to calling them “Charge-offs”, and then promising more changes inside lender accounts, we’ve had a lot of questions. Let me try to explain why we’re making this change, how it will look if you’re a lender, and what you can expect [...]
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September 4th, 2008 — , Credit Cards, collections, credit report, credit requests, credit score, creditor, fico score, getting a mortgage, goal, interest rates, major credit bureaus, money, overall score, pay for deletion letter, period of time, personal finance, self worth, short period, three major credit bureaus, three months from Rich Leverage @ Rich Credit Debt Loan
In today’s world, it’s easy to define your self worth by your FICO score. Whether you are trying to buy a house, get more credit or just get back on the right track, a low FICO score can really impact your entire life. However, there are some easy steps that you can take to increase [...]
Related StoresThe Facts of the Matter
September 2nd, 2008 — , Prosper, Prosper Borrowers, Prosper Lenders, Recent Posts, collections, peer to peer lending, personal loans, prosper news from Prosper Blog @ Prosper Blog: Prosper, the online marketplace for people-to-people lending
A highly unusual Prosper borrower bankruptcy case, which is of course a matter of public record, has raised questions among some members of the Prosper lender community. Therefore, we believe it is appropriate and necessary to provide factual clarity to set the record straight.
Specifically, the discussion centers on three main questions:
1) Is this a case [...]
Collections Update
August 25th, 2008 — , collections, prosper news from Doug Fuller @ Prosper Blog: Prosper, the online marketplace for people-to-people lending
Let’s start with some housekeeping issues. First of all, the refunds of AmSher collection fees should be processed in the next few days. We have calculated the refund amounts on all payments through the end of July. Once the program is written and tested is should be an easy matter to run it for [...]
Related StoresGreen Note Review
August 19th, 2008 — , Green Note, Lenders, P2P Lending, Site Review, better time, citizenship, collections, credit history, family reunion, fixed rate, foreign students, friends and family, good chance, graduation, loan assistance, marketplace, paperwork, relatives, risk, student loan, student loans, student signs, traditional loans from RateLadder @ Rate Ladder
P2P student loans have exploded onto the scene this past year, due in a large part to a lack of availability of traditional loans. There has never been a better time for a p2p site to start offering student loan assistance, and Green Note is one of the newest entrants into the marketplace.
The concept [...]
Zopa Late Borrowers Update -6/6/08
June 6th, 2008 — , General News, Zopa, Zopa News, collections from Blair MacGregor @ Lendoza - news & information on p2p lending and the social finance industry
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Zopa UK has released its most recent list of late borrowers, including updates on collection activity for those who are delinquent. Other information includes:
-3 cases being chased by CRS (Zopa’s collection firm)
-5 cases actively paying to CRS
-19 late payment cases
-9 direct debit issue cases
As well as a history of resolved cases.
The update can be downloaded [...]
Debt Sale Off — Prosper to Apply Post Charge Off Collection Techniques
June 2nd, 2008 — , collections from RateLadder @ P2P Lending
Doug Fuller on Friday announced that the debt sale has been called off and that Prosper was going to “apply post charge off collection techniques” to the loans in the sale…
The reason given for the cancellation of the sale is that highest bid without “unacceptable contract conditions” was only 1.5%, as opposed to the roughly 3 [...]
Continue reading → Debt Sale Off — Prosper to Apply Post Charge Off Collection Techniques
Prosper Holding Onto Defaulted Loans - For Now
May 30th, 2008 — , General News, P2P Lending, Prosper, collections, debt sale, prosper news from Blair MacGregor @ Lendoza - news & information on p2p lending and the social finance industry
Prosper Vice President of Operations Doug Fuller updated lenders Friday night on the status of the numerous defaulted loans that Prosper has been trying to load off on junk debt buyers. Unfortunately, the news isn’t what most lenders want to hear: Prosper is holding onto the paper due to lack of what they call a [...]
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Continue reading → Prosper Holding Onto Defaulted Loans - For Now
Debt Sale Update
May 30th, 2008 — , collections, prosper news from Doug Fuller @ Prosper Blog: Prosper, the online marketplace for people-to-people lending
I know that many people have been anxiously waiting for an update on the debt sale. We’ve been working very hard toward finding a more favorable bid, as well as considering alternatives, but we’ve met with some severe obstacles.
Once bids with unacceptable contract conditions were eliminated the highest bid we received was only 1.5 cents [...]
Marketplace Protection & Collections: A Closer Look
May 28th, 2008 — , General News, P2P Lending, Prosper, collections, prosper news from Blair MacGregor @ Lendoza - news & information on p2p lending and the social finance industry
There seems to be a lot of chatter within circles of p2p lending users about who exactly is to blame for loans gone awry and where the responsibility actually falls. The debate comes about because social loan marketplaces like the one popularized by Prosper do not allow users to make direct person-to-person loans, but rather [...]
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Continue reading → Marketplace Protection & Collections: A Closer Look
Where Will That Rebate Check Go
May 24th, 2008 — , collections from Mike @ Prosperous Land Blog
With the IRS blasting an estimated $105 billion dollars toward the public, the great question is where that check will go. I’m skeptical that it’ll provide the economic stimulus that folks in government were expecting - I’ve always assumed that folks w…
Related StoresApril Prosper.com Collections Update
May 16th, 2008 — , Prosper collections report, collections from Mike @ Prosperous Land Blog
Yes, I’m alive. I took a week off for my brother’s graduation. Unfortunately, no internet where we were staying. D’oh. I’m digging back in. On to the substance:
This is part of my ongoing series monitoring collections efficiency (March’s report for co…
Related StoresHow Lending Club Deals With 121+ Days Late
May 16th, 2008 — , Lending Club, collections from RateLadder @ P2P Lending
Much to my shagrin, I have managed to pick a Lending Club loan that is now 121+ days late. I thought it a good time to go over how LEnding Club handles these situations… They take a different approach and it seems a much more clear cut approach from my account’s perspective.
Here is the page [...]
Continue reading → How Lending Club Deals With 121+ Days Late
Doug Fuller Update Legal Test
May 9th, 2008 — , Prosper.com, collections from RateLadder @ Rate Ladder
The New Agency Test aka Legal Test has been updated via the blog: Legal Test Update
We have obtained service on 12 of the suits – and have sent “proof of service” back to the courts. Another 41 have been formally entered on the dockets of the court in and are currently out for service. I [...]
Legal Test Update
May 9th, 2008 — , collections, prosper news from Doug Fuller @ Prosper Blog: Prosper, the online marketplace for people-to-people lending
I wanted to give everybody a quick update on collections. I know that many of you are anxious for an update on the debt sale. Regretfully, I have nothing to tell you yet. I expect to have another update on this subject early next week (Monday or Tuesday).
In the meantime, I want [...]
Prosper Debt Sale Offer Roughly 0.93%-4.83%
May 5th, 2008 — , News, Prosper.com, collections from RateLadder @ Rate Ladder
On Friday, Doug Fuller gave an update on the debt sale.
Synopsis: Prosper put the bid file on an auction site, 8 bids received, all the bids were very disappointing, Prosper has not accepted a bid yet, and is exploring options for getting a better deal.
When asked how disappointing Doug Fuller further responded via comment…
In round [...]
Continue reading → Prosper Debt Sale Offer Roughly 0.93%-4.83%
Collections Update #2
April 11th, 2008 — , collections, prosper news from Doug Fuller @ Prosper Blog: Prosper, the online marketplace for people-to-people lending
I’ve just returned from my monthly visit to AmSher. I’m very impressed with how quickly they have come up to speed on working Prosper accounts. With three business days left in the month, we have already achieved our second best month ever in terms of total dollars collected, dollars collected per collection account and percent [...]SHARETHIS.addEntry({ title: “Collections Update #2″, url: “http://blog.prosper.com/2008/04/11/collections-update/” });
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April 8th, 2008 — , Prosper collections report, collections, legal from Mike @ Prosperous Land
This is part of my ongoing series monitoring collections efficiency (February’s report for comparison). For a reminder on the methodology, I took a snapshot of all of Prosper’s loans on March 3 (yes, I’m a doofus and missed March 1) and compared their …
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April 8th, 2008 — , Prosper collections report, collections, legal from Mike @ Prosperous Land
This is part of my ongoing series monitoring collections efficiency (February’s report for comparison). For a reminder on the methodology, I took a snapshot of all of Prosper’s loans on March 3 (yes, I’m a doofus and missed March 1) and compared their …
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April 2nd, 2008 — , Prosper collections report, Statistics, collections from Mike @ Prosperous Land
This is part of my ongoing series monitoring collections efficiency (January’s report for comparison). For a reminder on the methodology, I took a snapshot of all of Prosper’s loans on February 1 and compared their current status against those same loa…
Related StoresMy Second Lending Club Late
March 26th, 2008 — , Lending Club, collections from RateLadder @ Rate Ladder
My second lending club late has infected my account. It was a small loan to a super clean borrower… These loan are not the one that typically go late. I have high hopes that it will cure…
Chech out these stats.
FICO Range:
714+
Earliest Credit Line
11/2000
Open Credit Lines
6
Total Credit Lines
7
Revolving Credit Balance
$4,500.00
Revolving Line Utilization
13.00%
Inquiries in the Last 6 [...]
Related StoresQuicken ROI Update = 8.11%
March 17th, 2008 — , Prosper.com, collections from RateLadder @ Rate Ladder
Last month was an interesting month… I opted into the new agency test. The new agency test is a pool of delinquent loans that Prosper has chosen to sue in the state of California.
I have 6 loans in the test. To opt in all the loans were marked defaulted. As such I was expecting my [...]SHARETHIS.addEntry({ title: “Quicken ROI Update = 8.11%”, url: “http://www.rateladder.com/2008/03/17/quicken-roi-update-811/” });
Collections To Swap To AmSher Any Day Now (TM)
February 20th, 2008 — collections from Mike @ Prosperous Land
Now that Prosper has yanked most delinquent loans from Penncro, it’s been a waiting game to see when AmSher would actually start attempting collections. And a frustrating one at that. One of Prosper’s friendly grumpy-lender-handlers has suggested that …
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Quicken Updated To Reflect Borrower Loans In Lawsuit
February 20th, 2008 — , Prosper.com, collections from RateLadder @ Rate Ladder
With the 1st step in the lawsuits against borrowers being to default the loans, the 1st step in accounting for the lawsuits in quicken requires a sale transaction for the principal balance (Accounting for the New Agency Test in Quicken).
Having entered the transactions my quicken ROI is now 7.29%. As the lawsuits in loan pool play [...]
Continue reading → Quicken Updated To Reflect Borrower Loans In Lawsuit
Another Step in the Prosper Lawsuits Against Borrowers
February 19th, 2008 — , News, Prosper.com, Strategy, collections from RateLadder @ Rate Ladder
As I have talked about before Prosper is going to sue deadbeat borrowers and I have opted to join the suit as opposed to receiving an equivalent to the last junk debt sale buyout. For me this meant giving up ~$30 to remain on the lawsuits of 6 of my delinquent borrowers.
This past weekend I received [...]
Continue reading → Another Step in the Prosper Lawsuits Against Borrowers
The Great Collector Conversion Is At Hand
February 13th, 2008 — Prosper, collections from Mike @ Prosperous Land
As observed in the prospers.org forums and blogged about by ZCommodore, Prosper has begun migrating collections accounts away from Penncro over to their newest collections agency, AmSher. Prosper had previously announced that this transition would be o…
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Continue reading → The Great Collector Conversion Is At Hand
January Prosper Collections Report
February 5th, 2008 — Prosper collections report, Statistics, collections from Mike @ Prosperous Land
This is part of my ongoing series monitoring collections efficiency (December’s report for comparison). For a reminder on the methodology, I took a snapshot of all of Prosper’s loans on January 1 and compared their current status against those same loa…
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January 26th, 2008 — , Prosper.com, collections from RateLadder @ Rate Ladder
A few days ago I noticed a new default collection agency being available: New Prosper Collection Agency…
I had already changed my default agency, but just realized that only affected my manual bids (I make very very manual bids), so I also changed all of my Standing Orders to use AmSher.
So if you want to switch [...]
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Continue reading → How to Switch to AmSher for Prosper Collections
Prosper Adds Another Collection Agency
January 26th, 2008 — collections from Mike @ Prosperous Land
I just received the official announcement of the new collection agency that RateLadder mentioned a few days ago.
Dear Mike, We are pleased to announce that Prosper Marketplace has added a new collection agency – AmSher. AmSh…
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January 25th, 2008 — , Prosper.com, Quicken, collections from RateLadder @ Rate Ladder
Recently it was revealed that Prosper is Going To Sue Deadbeat Borrowers and that lenders on the loans would be given a choice between taking a guaranteed upfront buyout at the price of the last junk debt sale or participating in the loan pool suit and reaping the consequences or rewards depending on the outcome.
I have [...]
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Continue reading → Accounting for the New Agency Test in Quicken
New Prosper Collection Agency
January 25th, 2008 — , Prosper.com, collections from RateLadder @ Rate Ladder
There is a new collections agency option for Prosper (AmSher). I just noticed that this collection agency was an option as a default collection agency. I have switched my default collection agency to AmSher.
AmSher is a family business. The firm started in 1939 as a credit-clothing store, later expanded into the credit furniture business and, in [...]
Update to Prosper Lawsuit Notice
January 16th, 2008 — , collections from RateLadder @ Rate Ladder
There was a math error in the original letter. My correct maximum portion of the loan pool is 0.044211% not the previously stated 4.4211%.
I think I opt into the loan pool, just so that I will stay informed as to what is happening with this story.
Here is the new letter:
PLEASE DISREGARD THE PREVIOUS EMAIL YOU [...]
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January 16th, 2008 — collections, legal from Mike @ Prosperous Land
RateLadder posted late last night that Prosper has been e-mailing lenders regarding their new foray into collections via legal judgments. They have provided a process by which lenders may opt-in to the legal proceedings.
The purpose of this email is t…
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January 16th, 2008 — Prosper, collections from tom @ Prosper Lending Review
Some lenders have received emails announcing a new legal test collections effort by Prosper. Prosper will sue selected delinquent borrowers. “This test is designed to determine whether the viable threat of legal consequences will improve the repayment …
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Prosper is Going To Sue Deadbeat Borrowers
January 16th, 2008 — , Prosper.com, collections from RateLadder @ Rate Ladder
The “New Agency Test” is taking an interesting turn… Prosper is going to sue. I just received the following email from Prosper.
The purpose of this email is to inform you of your right to choose what action you would like to take with regard to the accounts of the legal collection test currently underway.
Of the [...]
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Continue reading → Prosper is Going To Sue Deadbeat Borrowers
December Collections Report
January 10th, 2008 — Prosper collections report, Statistics, collections from Mike @ Prosperous Land
If a 150″ flat panel isn’t enough for you, how about some collections info…
This is part of my ongoing series monitoring collections efficiency (November’s report for comparison). For a reminder on the methodology, I took a snapshot of the loans on …
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January 6th, 2008 — collections, legal, linkfest from Mike @ Prosperous Land
Why is it that all kinds of news start happening when I’m having to scrounge around for both time and a wireless connection (and CES starts tomorrow - it was nice having all this free time). So, I’m gonna knock this out and go have breakfast.
Prosper …
Related StoresProsper raises borrowers fees, improves collections
January 4th, 2008 — Prosper, borrow, collections, origination fee from tom @ Prosper Lending Review
Three months ago Prosper hired Doug Fuller as the new Vice President of Operations in order to improve collections. He has started a letter series that he says has greatly increased payments. This is his first report to the Prosper community:”One of th…
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Prosper Announces Collections “Early Delinquency” Letter Series
January 4th, 2008 — , Prosper.com, collections from RateLadder @ Rate Ladder
I love hearing about collections improvements… Give me more!!!
Sounds like an interesting idea. I am glad it works. (This must have been the test:Prosper In House Collections Letter)
From Doug Fuller on Collections #1:
One of the many activities aimed at improving collections undertaken in the last couple of months was the testing and implementation [...]
Continue reading → Prosper Announces Collections “Early Delinquency” Letter Series
Prosper announces debt sale and more aggressive collections
December 23rd, 2007 — Prosper, collections, debt sale, prosper news from tom @ Prosper Lending Review
On the official forums, Prosper has announced a debt sale and an aggressive debt collection pilot program.Debt sale: As reported on December 22nd: “We have recently concluded bidding on a package of Prosper loans and are in the process of negotiating t…
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New And Shiny Collections Statistics
December 18th, 2007 — Statistics, collections from Mike @ Prosperous Land
I had proposed a new way to look at collections progress back in early December. This method took to snapshots of Prosper’s nightly data export, one month apart, and looked at how the lone status changed over time. I took my first snapshot on December …
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December 12th, 2007 — Prosper, collections, legal from Mike @ Prosperous Land
Back in October, traveler505 observed that Prosper was pulling group and servicing fees from loan payments made for late loans and that this was against the terms of the lender agreement. Prosper followed up a few weeks later and noted that they were g…
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Prosper Collections Chasing Payday Payout
December 10th, 2007 — Prosper, collections from Mike @ Prosperous Land
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 successf…
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Anecdotal Stories Of Improving Collections
December 7th, 2007 — collections, rumor from Mike @ Prosperous Land
There have been some anecdotal reports that Prosper is making minor headway in improving their loan collections. It’s very preliminary and sketchy, but it leaves open the possibility of progress.
First, a few members of the prospers.org forums have no…
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New Attempt At Observing Collections Progress
December 3rd, 2007 — Statistics, collections from Mike @ Prosperous Land
My previous attempt at getting a handle on how collections are proceeding on Prosper following the arrival of the new VP of operations didn’t go so well. I did not have a grasp on how successful collections impact the reported loan status. Time to try …
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Old Debt Never Dies
November 21st, 2007 — Lenders, borrowers, collections from Mike @ Prosperous Land
For those vindictive lenders, this is a chance to savor the schadenfreude (not that there are any in the Prosper lending community who would be vindictive. No, none at all). For borrowers, this is another indicator that bad debt can haunt you for a lon…
Prosper Adding To Collections Effort
November 18th, 2007 — Prosper, borrowers, collections from Mike @ Prosperous Land
RateLadder beat me to this (that’ll teach me to being Thanksgiving sloth-hood early), but you’re missing the rest of the story.
Mr Deluxe posted to the forums that while late on his loan, he had received a letter from Prosper:
OK- I will tell. My loa…
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November 17th, 2007 — Features, Prosper.com, collections from RateLadder @ Rate Ladder
Just read this on the forum from a formerly late borrower (Mr Deluxe)…
My loan was recently under 30 days late (now current) I received several emails from Prosper, but the letter I got in today’s mail was very effective.
It was a letter from Prosper reminding me that 155 people contributed to my loan and they [...]