I had noticed several days ago that several (6 out of 15 in collections to be exact) of my delinquent loans had a new agency with the name “NEW AGENCY TEST”…
Today I received the following email from Prosper…
Prosper is committed to improving our collections on delinquent loans. To do this, we plan to test collection alternatives to provide lenders with better collections rates across all loan categories.
As a result, we have engaged a new collection agency and we are running a limited test of loans through this agency. One or more loans you own have been selected to be included in this test. To execute the test, we had to move the selected loans from your designated collection agency to the new test agency. We believe this test will ultimately yield better recoveries and we would appreciate your cooperation. The new agency will take steps at least as forceful as your original collection agency. There is no additional cost to lenders whose loans are included in the test.
Tests of this nature are not specifically mentioned in the Lender Registration Agreement, but we hope you will afford us the flexibility and opportunity to innovate in the collection area, to conduct a test that we believe will result in better collection results. If you object to your loan being included in the collection improvement test, please let us know by Tuesday, November 20, 2007, by sending an email to support@prosper.com. We will remove the loan from the test if there are serious objections, and return it to the original collection agency for normal collection.
Thank you very much.
Sincerely,
Prosper
Thanks you very much!!!! I appreciate your attempts to improve the collections at Prosper. How could anyone object to this? I am very glad they are trying.
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2 comments ↓
Keep us posted.
Any improvement would be nice, but I still maintain, that improvements will be fractional not dramatic. Say from 10% to 15%, not like 50%. This is because when people go more than 1 month late, there’s a reason for that. You’re past the land of bank changes, and electronic screw-ups etc, and into the land of layoffs, big bills from elsewhere (cough, single payer health care now, cough), mortgage resets. And those things won’t get resolved by a phone call no matter how persuasive or how many times you call.
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