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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"RateMatch offers credit unions a strategic advantage by placing them squarely in the first-mover position on sites that sell credit reports to consumers," said Chris Langley, president of Syphr and of ENYFCU.
Langley said he expects RateMatch to launch in April and invites more beta testers. Working with Fiserv's Galaxy unit, Syphr (www.massxvelocity.com) also developed the CreditMine, CreditMart, iSwitchKit and Member Relationship Plus solutions.
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