A lead-generation tool that matches consumers seeking loans with participating credit unions after the consumers buy a credit report is now being tested by eight credit unions, its developer said.
RateMatch sources potential loan and new member prospects from the 175,000 consumers who buy credit reports each month and then sends them messages using a cost-per-acquisition model of Internet advertising.
The solution is the patent-pending property of Syphr LLC of Ferndale, N.Y., a new CUSO whose owners include $51 million Eastern New York FCU.
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