Yesterday, I had one of those bitter sweet moments.
Sweet in that a loan I had been writing off in my mind as bad was repurchased by Prosper for the full principal balance. Bitter, because I really believe I am helping people with these loans and yet someone would take advantage and try to steal my hard earned money.
Which one? If you saw my Prosper Days presentation then you know which one. And yes… my wife was right… as usual.
I would like to thank Prosper for standing by the 100% Identity Theft Guarantee. Here is the email from Prosper…
Prosper has recently repurchased one of your loans in accordance with Prosper’s 100% Identity Theft Guarantee, under which Prosper has agreed to repurchase loans from lenders if the loan is found to involve identity theft of the named borrower’s identity. (See section 7.d of the Lender Registration Agreement.)
Prosper has determined that the borrower whose credit information is displayed in the loan listing did not post the listing, and was unaware that someone had accessed their identity for the purpose of requesting a loan through Prosper. Prosper has therefore repurchased the loan, and is crediting your Prosper account in the amount of your bid. When the credit is complete (within 1-2 business days, if not already completed) the funds will be available for further bidding.
Prosper is committed to providing a safe and secure marketplace, and works with law enforcement authorities to prosecute to the fullest extent perpetrators of identity theft.
Loan: XXXXXXX (Loan #XXXX)
Repurchase date: Oct-25-2007
Principal balance: $41.94
Repurchase amount and unpaid group leader rewards (if any): $41.94
View loan details (link removed as you must be on the loan to view the page)
Learn more about repurchased loans.