Prosper has started using a new collection agency called AmSher. Many people who follow Prosper view this as a challenge to the weak performace that Penncro has had in collections of late and defaulted loans. I think this is great news and will certainly be a step towards improving the performance of collecting loans that go late.

AmSher is privately held company and is licensed in all fifty states. They have been around since 1939 in a few variations until 1986 when they started in collections.

Many of you might have seen the email announcement from Prosper. While AmSher charges a slightly higher fee for collections, my advice is to change your settings and give them a chance, at the very least to signal to FirstSource and Penncro that there is alot of dissatisfaction with their performance.

You can change this setting in the Account tab > Lending tab > on the bottom right.