Prosper Funding LLC reserves the right in its user agreements to verify the accuracy of all statements and information provided by borrowers and investors in connection with listings, commitments, and borrower loans. We may conduct our review at any time before, during, or after the posting of a listing, or before or after the funding of a borrower loans. If we are unable to verify material information with respect to a borrower or loan listing, we will cancel or refuse to post the listing or cancel any or all commitments against the listing. We may also delay funding of a borrower loans in order to verify the accuracy of information provided by a borrower in connection with the listing or to determine whether there are any irregularities with respect to the listing. If we identify material misstatements or inaccuracies in the listing or in other information provided by the borrower, we will cancel the listing or related loan.
We verify the identity of borrowers by comparing supplied names, social security numbers, addresses, and telephone numbers against the names, social security numbers, addresses, and telephone numbers in the records of a consumer reporting agency and other anti-fraud and identity verification databases. In addition, we ask certain borrowers to submit a copy of a current driver’s license, passport, or other government-issued photo identification card, which is then authenticated using third-party reference materials. Finally, we verify the accuracy of each borrower’s bank account information. If we are unable to verify the identity of a borrower in the manner described above, we will cancel the borrower's listing or pending loan.
In addition to the identity verification processes just described, we verify income and employment information for a subset of borrowers based on a proprietary algorithm.
To verify a borrower’s income, we will request documents such as recent pay-stubs, tax returns, or bank statements. To verify a borrower's employment, we may contact the borrower’s employer or use other databases.