Consumer complaint received 2017-08-13
Company: Prosper Marketplace, Inc.
State: CO
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
I applied to 'SEE MY RATES ' without it affecting my credit score. I was offered {$2000.00}. I get a letter today about my credit score which is XXXX and all the excuses why I could n't get this loan. I do n't understand why they sent this letter. It makes no sense. The XXXX XXXX offered me {$15000.00} the same day. I have not accepted any loan from either. I have borrowed from Prosper last year and paid it back early. ( see the letter I got today in this email ) ... it makes no sense. 1 ) What Prosper is saying about my credit report is NOT TRUE.. 2 ) It looks like to me just inquiring DOES affect the score and or the information otherwise, Prosper would not have even offered {$2000.00} and XXXX XXXX {$15000.00} or unless either or both colluded or the inquiry affected the others offer via my credit report. What is really going on here? Dont we have a right to know? Here 's the email I got today : XX/XX/XXXX Dear XXXX, Your recent loan request on Prosper exceeds the amount your FICO08 score and Prosper Score qualify you for. You are eligible to post a loan request for a lower loan amount. Prosper uses a credit scoring system that assigns a numerical value to the various items of information we consider in evaluating a listing request. These numerical values are based upon the results of analyses of repayment histories of large numbers of consumers. The information you provided resulted in credit scores that were below the minimums needed to post a listing. The reasons you did not score well compared with other applicants are : Revolving and installment debt obligations are too high relative to income. Average balance on open student trades is too low. Serious delinquency Proportion of balances to credit limits is too high on bank revolving or other revolving accounts In evaluating your application, we also obtained your FICO08 credit score from XXXX, a consumer reporting agency, and used it in making our credit decision. XXXX  played no part in our decision and is unable to supply specific reasons why we were unable to accept your loan request. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at XXXX. You also have a right to a free copy of your report from XXXX, if you request it no later than 60 days after you receive this notice. It can be obtained by contacting XXXX at XXXX, XXXX XXXX, XXXX. XXXX XXXX, XXXX, PA XXXX, toll-free telephone no. ( XXXX ) XXXX. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency, XXXX. Your FICO08 credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes. Your credit score : XXXX Date : XX/XX/XXXX The FICO08 credit score ranges from a low of XXXX to a high of XXXX. Key factors that adversely affected your credit score : Serious delinquency Proportion of balances to credit limits is too high on bank revolving or other revolving accounts Proportion of loan balances to loan amounts is too high Too few accounts currently paid as agreed Loans originated through the Prosper marketplace are underwritten and made by XXXX, XXXX XXXX XXXX, UT, member FDIC. Prosper is providing this notification to you on behalf of XXXX. Please contact Prosper at the address shown below if you have any questions about this letter : Prosper Marketplace , Inc . XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, CA XXXX Notice : The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age ( provided the applicant has the capacity to enter into a binding contract ) ; because all or part of the applicant 's income derives from any public assistance program ; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.  The federal agency that administers compliance with this law concerning XXXX is the Federal Deposit Insurance Corporation, FDIC Consumer Response Center, XXXX XXXX XXXX, XXXX # XXXX, XXXX XXXX, Missouri XXXX and concerning Prosper is the Federal Trade Commission, Equal Credit Opportunity, XXXX, XXXX XXXX. Thank you, Prosper

Company response to consumer: Closed with explanation