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Syphr creates credit report loan savings site

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FERNDALE, N.Y. (1/28/10)--Syphr has developed a new credit report and loan savings website, MoreThanACreditReport.com, which is affiliated with SaveOnYourLoans.com. The site offers consumers credit scores, credit reports and credit monitoring. Consumers also can use RateMatch--a loan analysis report--which shows consumers where they can save money on their auto or home loans with a credit union or local community bank. The average savings per month per user is $239. Syphr is a technology and marketing credit union service organization located in Ferndale, N.Y.

Filenes Debt in Focus tool attracts nearly 120000

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MADISON, Wis. (1/28/10)--Filene Research Institute’s Debt in Focus software tool has helped nearly 120,000 consumers in North America measure their debt and improve their financial fitness, Filene said. The tool was released seven months ago. Debt in Focus provides consumers with anonymous financial assessments and budgeting tools. Users can access the tool through their credit union’s website. Early results show Debt in Focus’ approach has allowed credit unions to reach consumers who are intimidated by traditional face-to-face financial assessments, Filene said. A typical user spends 15 minutes with the tool. Average credit scores of users were 637, and average debt loads totaled $128,000. The tool relies on self-reported data. Half of the tool’s users are under the age of 36. About 75% of visitors to the site said their primary banking relationship is with a credit union.

Phone-based applications offered to support loan growth

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ST. PETERSBURG, Fla. and ONTARIO, Calif. (1/28/10)--Financial Services Centers Cooperative (FSCC) and PSCU Financial Services Tuesday launched a new product, CIMple Loan by Phone. The solution can be implemented by any credit union, including non-Shared Branching credit unions, nationwide. The solution allows credit unions to take loan applications by phone. Any member can call 866-MY.CU.NOW to complete a loan application. They also can receive balance information and make account transfers. There is no monthly minimum payment for the service. Any credit union can promote the service by placing the phone number on its website. The credit union industry has originated 6.2% more loans year-to-date than during the same period in 2008, according to third quarter data from Callahan and Associates. The amount of outstanding loans has grown by 3.8% over the same period. FSCC, based in Ontario, Calif., offers a credit union Shared Branching network with 6,300 full-service deposit-taking locations in the U.S. and abroad. PSCU Financial Services, St. Petersburg, Fla., is a credit union service organization that serves more than 1,300 financial institutions nationwide.