Author Topic: Folio FICO updates or lack thereof  (Read 9857 times)

thezfunk

  • Sr. Member
  • ****
  • Posts: 316
    • View Profile
Folio FICO updates or lack thereof
« on: December 19, 2014, 10:06:30 AM »
So, I keep track of FICO movements in my notes like many others on here.  I noticed that my Prosper note FICO's have been unusually static and decided to figure out the last time the FICO scores were updated.  It looks to me that the last time they were updated was in July.

Double you
Tee
Efff

Does anyone know if there is a stated policy or again, lack thereof, when it comes to Prosper updating note FICO scores.  How can I manage my portfolio if I don't get updated information in six months?  Should I call them up and shout wildly into the phone?

Kombinator

  • Full Member
  • ***
  • Posts: 193
    • View Profile
Re: Folio FICO updates or lack thereof
« Reply #1 on: December 22, 2014, 10:36:23 AM »
Yes, please shout wildly, do let us know how it goes.  Prosper Folio data updates and interface is really horrible, and while it would be a really useful thing to have an updated FICO scores for all the loans (not unreasonable thing to ask), at this time seems that is not the case at all or something that is being actively addressed.

thezfunk

  • Sr. Member
  • ****
  • Posts: 316
    • View Profile
Re: Folio FICO updates or lack thereof
« Reply #2 on: January 03, 2015, 03:00:24 PM »
I emailed them and haven't received a reply.  However, checking my account shows that I now have FICO updates from October and November.  Coincidence?  I may never know.

thezfunk

  • Sr. Member
  • ****
  • Posts: 316
    • View Profile
Re: Folio FICO updates or lack thereof
« Reply #3 on: January 13, 2015, 11:39:16 PM »
I finally received a reply. 

Thank you for contacting Prosper.  Folio is now displaying updated credit score information which are reported and updated on a monthly basis. The updates will occur as often as we can facilitate and publish the new credit score data. Thank you for your patience.

So the FICO scores are updated in a monthly basis.  But if they can't be bothered to consistently publish the new credit score data for the lenders what is the point of even collecting it?  Patience?  Now that I know this is the case I will be pestering them once a month if the publishing ever lags. 

Kombinator

  • Full Member
  • ***
  • Posts: 193
    • View Profile
Re: Folio FICO updates or lack thereof
« Reply #4 on: January 15, 2015, 10:04:40 AM »
It would be helpful if they revise their Folio interface to be at least as user friendly as the one LC has implemented is.  Right now it is hard enough to work with to make any meaningful secondary purchases impractical, hopefully that will be changing as well.

thezfunk

  • Sr. Member
  • ****
  • Posts: 316
    • View Profile
Re: Folio FICO updates or lack thereof
« Reply #5 on: January 15, 2015, 10:10:23 AM »
It would be helpful if they revise their Folio interface to be at least as user friendly as the one LC has implemented is.  Right now it is hard enough to work with to make any meaningful secondary purchases impractical, hopefully that will be changing as well.

Yeah, and the bar set by Lending Club isn't that high either. 

I will give Prosper Folio credit though, the people shopping Folio on Prosper seem way more desperate than Lending Club.  I can get way more for an equivalent loan on Prosper Folio than I can at Lending Club Folio.

Kombinator

  • Full Member
  • ***
  • Posts: 193
    • View Profile
Re: Folio FICO updates or lack thereof
« Reply #6 on: January 16, 2015, 09:45:32 AM »
Yep, it is indeed a very low early 90's style bar to breach, hopefully Prosper will get around to it sooner rather than later.

In terms of sales it has not been my experience that loans get snapped up on Prosper Folio.  I have sold some notes on there but it takes some time, and none of them were bad, mostly just portfolio rebalancing.

thezfunk

  • Sr. Member
  • ****
  • Posts: 316
    • View Profile
Re: Folio FICO updates or lack thereof
« Reply #7 on: March 23, 2015, 10:21:09 AM »
FICO updates from January 2015 are finally posted.  Time to comb your Prosper notes!  I was complaining again and I hope I encouraged others to join the complaining. 

I have no evidence that the update was because of our relentless barrage of complaints but I will just assume that it is so because I want to believe.  Keep it up people!  We can make Prosper an investor friendly marketplace if we just complain enough!  We will drag them kicking and screaming to our way of doing things yet!