CFPB Complaint

Prosper Marketplace, Inc. – CFPB Complaint

Consumer Complaint Submission

Date Received: 2017-05-04T00:00:00

Product: Debt settlement

Issue: Fraud or scam

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Hi, I could not fine a correct category for this complaint, it ‘s an odd XXXX . I use the XXXX lending servic e Prosper ( prosper.com ), I am a lender. Today I received the following notice : ” Important Account Update It recently came to our attention that the annualize d net return numbers displayed on your account overview page were inaccurate due to a system error. This error only affected the Annualized Net Return and Seasoned Annualized Net Return numbers and has now been fixed. This error did not impact any other part of your account, including payments, deposits, monthly statements, tax documents, and note and loan level information – including estimated returns. ” Essentially Prosper has for years stated my returns were around 9 %, however this looks to be an error and my returns are now displayed at around 5 %. This is just the displayed return not the actual money earned but I made investment decisions based on this number. Just like a normal mutual fund, the % return is the most important metric and for years it looks like it was incorrect, and much higher than reality. Does not sound good to me and it feels serious enough that I wanted to contact you.

Company: Prosper Marketplace, Inc.

State/Zip: OR 972XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2474799

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Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

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In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.

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