Method and system for offering debt recovery products to a customer

• US 20020138409A1
• Filed: 03/21/2001
• Published: 09/26/2002
• Est. Priority Date: 03/21/2001
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Bass, Scott
• Granted Patent: US 7,559,217 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: Y10T 70/457 Arcuate locus

Abstract

Methods and systems for offering debt recovery products to customers having delinquent accounts are disclosed. A debt recovery service retrieves delinquent account information corresponding to a customer. Based on the retrieved delinquent account information, the debt recovery service determines a set of debt recovery offers for the customer. The customer sends customer selection information to the debt recovery service. Customer selection information customizes a debt recovery product that corresponds to one of the set of debt recovery offers. The debt recovery service then creates a debt recovery account for the customized debt recovery product.

Claims

1. A method for offering debt recovery products to customers having delinquent accounts, comprising:

retrieving delinquent account information corresponding to a customer;

determining a set of debt recovery offers for the customer based on the delinquent account information;

receiving customer selection information from the customer, the customer selection information customizing a debt recovery product corresponding to one of the set of debt recovery offers; and

creating a debt recovery account for the customized debt recovery product.

2. The method of claim 1, said retrieving comprising:

receiving an account number from the customer; and

reading delinquent account information corresponding to the account number from an account database.

3. The method of claim 1, further comprising:

storing debt recovery account information in an account database.

4. The method of claim 1, wherein the set of debt recovery offers includes at least one of a debt recovery credit card offer, an installment loan offer, and a quick repayment offer.

5. The method of claim 1, wherein the set of debt recovery offers includes a debt recovery credit card offer, an installment loan offer, and a quick repayment offer.

6. The method of claim 1, wherein the customer selection information comprises a preferred payment due date.

7. The method of claim 1, wherein the customer selection information comprises a repayment period.

8. The method of claim 1, wherein the customer selection information comprises a number of repayments.

9. The method of claim 1, wherein the customer selection information comprises a minimum payment percentage.

10. The method of claim 1, wherein the customer selection information comprises a fixed dollar amount.

11. The method of claim 1, wherein the customer selection information comprises an indication as to whether an annual membership fee is desired by the customer.

12. The method of claim 1, wherein the delinquent account information includes at least one of amount of delinquent debt, last payment date, last payment amount, type of debt, previous payment history, and credit bureau history.

13. The method of claim 1, wherein the delinquent accounts are charged-off accounts.

14. An apparatus for offering debt recovery products to customers having delinquent accounts, comprising:

an account database that stores delinquent account information for a plurality of delinquent accounts;

an offer decision model that determines a set of debt recovery offers for a customer based on delinquent account information that corresponds to the customer;

a server that receives customer selection information from the customer, the customer selection information customizing a debt recovery product corresponding to one of the set of debt recovery offers; and

a fulfillment engine that creates a debt recovery account for the customized debt recovery product.

15. An apparatus for offering debt recovery products to customers having delinquent accounts, comprising:

mean for retrieving delinquent account information corresponding to a customer;

means for determining a set of debt recovery offers for the customer based on the delinquent account information;

means for receiving customer selection information from the customer, the customer selection information customizing a debt recovery product corresponding to one of the set of debt recovery offers; and

means for creating a debt recovery account for the customized debt recovery product.

16. A method for offering debt recovery products to customers having delinquent accounts, comprising:

acquiring, by a debt recovery service, a portfolio of delinquent accounts;

notifying one or more customers corresponding to the portfolio of delinquent accounts to contact the debt recovery service;

retrieving delinquent account information corresponding to a notified customer;

determining a set of debt recovery offers for the notified customer based on the delinquent account information;

receiving customer selection information from the notified customer, the customer selection information customizing a debt recovery product corresponding to one of the set of debt recovery offers; and

creating a debt recovery account for the customized debt recovery product.