Another interesting note from the official forum… New Agency Test Results
Prosper is testing a collection law firm and is recording this on member accounts as “New Agency Test”. This is a limited pilot to test the process of collecting more aggressively on Prosper Accounts. Thus far, in approximately one month, we have seen an uptick in payments and promises to pay in almost 10% of the accounts and the law firm has had direct contact with more than 1/3 of the accounts in the test. These results are encouraging. Actual suits will be initiated on the non-payers in early January. We expect an additional 5% of the accounts to come to terms once they receive service of process.
If “post service” payments are strong, we will move to expand the legal pilot into additional states. The long-term goal of this test is to create the reality and recognition of serious consequences of not re-paying Prosper loans.
https://connect.prosper.com/t/1092.aspx
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