Importance

Loading Importance Indicators...

Abstract

The invention provides a process for acquiring new borrowers by a lender, in which the lender arranges with a billor to offer credit to selected payors to pay amounts due on their accounts with the billor. The lender selects from the payors according to criteria based on information from external sources, and their payment history with the billor. Billing documents, such as billing statements, to the targeted payors are customized to include an offer of credit from the lender. A means is provided with the billing document for the payor to accept the offer readily and easily, whereupon the lender debits the amount of the bill to a newly opened credit account for the payor. Terms of the new account may be determined in the selection process, depend on the data used in that process. In a preferred embodiment, the payor agrees to pay all future amounts due the billor through the newly opened account. In this way, using the established relationship between the billor and the payor, a new, independent relationship is established between the payor and the lender. The lender may then issue a credit card or provide other credit access to the payor and will be free to solicit the payor for other credit products and services.

Loading the Abstract Image...

First Claim