Patent ID: 7756780
Filing Date: 2010-07-13
Classification: G06Q

Abstract:
1. For a first lender having a pool of borrowers, a method operable with one or more modules operable with one or more processors to control the one or more processors to implement a reduction of outstanding borrowed balances, the method comprising the steps of: a. selecting, by the first lender with a selection module operable with one or more processors, a subset from the pool of borrowers, the selection being based upon at least a criterion selected from the group consisting of borrowed balance amount and interest rate; b. transmitting, by the first lender with a transfer module operable with one or more processors, a balance reduction offer to each borrower of the subset, wherein the balance reduction offer comprises a financial incentive to transfer all or a portion of the borrowed balance to a second lender, wherein the first and second lenders are different; c. receiving, by the first lender, at least a partial payment from at least one borrower from the subset; and d. crediting, by the first lender with a credit module operable with one or more processors, an account of the at least one borrower from the subset.