CUSO Offers 'White Hat' Credit Reports
Free credit reports and scores to qualifying users of a CUSO's loan rate-matching service allows credit unions to "wear the white hat" when it comes to offering free credit reports, the company's president said.
Syphr LLC's offer to users of the RateMatch analysis feature on its SaveOnYourLoans.com Web site follows a recent FTC ruling requiring new disclosures to consumers to help avoid confusing offers of free credit reports that are, in fact, not free.
"This offer isn't free as in 'free-if-you-purchase-something-else free,' or 'free as in we'll charge you later for something you didn't know you signed up for,' or 'free as in we now have the right to spam you,'" said Chris Langley, president of Syphr LLC. "It's a totally free credit report and free credit score-no catches, no trial subscriptions, and no credit card required."
He said the service will give credit unions the opportunity to "wear the white hat" on the issue of free credit reports.
Syphr's RateMatch service uses patent-pending technology to match participating credit unions with thousands of credit report purchasers per month. RateMatch compares the loans on these reports with those of participating credit unions, shows the consumer how they can save money, then sends the consumer's information to the participating credit union or bank, the company said.
Syphr is a CUSO owned by $51 million Eastern New York FCU and several credit unions. Langley is also the credit union's president.