Method for confirming and reporting financial data

• US 20030069839A1
• Filed: 11/06/2002
• Published: 04/10/2003
• Est. Priority Date: 01/24/2000
• Status: Abandoned Application

• Current Assignee: Barry R. Whittington, Douglas M. Kennedy, Gary J. Gremminger
• Original Assignee: Barry R. Whittington, Douglas M. Kennedy, Gary J. Gremminger
• Inventors: Whittington, Barry R., Kennedy, Douglas M., Gremminger, Gary J.
• Application Number:
  US10/288,894
• Publication Number:
  US 20030069839A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

The Confirmation Express method for confirming and reporting financial data involves several parties. An employee completes an application which typically includes the salary earned by the employee. The application is typically signed by the employee and given to a client, such as a credit card issuing company. The client sends a request to the partner requesting a credit history and confirmation of the salary as listed in the application. The partner, which is typically a credit reporting agency, sends a request to the service provider requesting confirmation of the salary. The employer(s) periodically transmits salary information for the employees to the service provider which uses this data to confirm or deny the accuracy of the salary listed in the application. Confirmation or denial is made within preestablished parameters. Confirmation or denial is sent from the service provider to the partner. The report from the partner to the client contains credit information about the employee and verification or denial that the employment data is accurate within the preestablished parameters. However, the exact salary is never disclosed by the service provider. This report allows the client to make an informed decision concerning the application. The client pays the partner for each report, and this payment is shared by the partner and the service provider. The system can be used by a variety of clients including automobile dealers, rental companies and others. Other alternative embodiments are also disclosed which include direct arrangements between the service provider and the client.

Claims

1. A method for a service provider and a partner to respond to inquiries from a client to disclose credit information and to verify the accuracy of employment data in a credit application over the global computer network for a plurality of employees from at least one employer that maintains a computer system which connects to the global computer network, the method comprising:

Maintaining a service provider computer system that is capable of sending and receiving data over the global computer network;

Transmitting over the global computer network employment data from the employer computer system to the service provider computer system and storing the employment data in the service provider computer system;

Maintaining a partner computer system that is capable of sending and receiving data over the global computer network;

Storing credit information in the partner computer system;

Maintaining a frame relay private network between the service provider and the partner to allow them to communicate and exchange data quickly and confidentially;

Sending an inquiry from the partner over the frame relay private network to the service provider requesting verification that employment data contained in a credit application that has been completed by a specific employee is accurate;

Comparing the employment data in the credit application with employment data in the service provider computer system and sending a report over the frame relay private network to the partner concerning the accuracy of the data in the application; and

Sending a report from the partner to the client over the global computer network containing credit information about this specific employee and verification or denial that the employment data in the credit application is accurate.

2. A method for a service provider and a partner to respond to inquiries from a client to disclose credit information and to verify the accuracy of employment data in a credit application over the global computer network for a plurality of employees from at least one employer that maintains a computer system which connects to the global computer network, the method comprising:

Maintaining a service provider computer system that is capable of sending and receiving data over the global computer network;

Transmitting over the global computer network employment data from the employer computer system to the service provider computer system and storing the employment data in the service provider computer system;

Maintaining a partner computer system that is capable of sending and receiving data over the global computer network;

Storing credit information in the partner computer system;

Sending an inquiry from the partner over the global computer network to the service provider requesting verification that employment data contained in a credit application that has been completed by a specific employee is accurate;

Comparing the employment data in the credit application with employment data in the service provider computer system and sending a report over the global computer network to the partner concerning the accuracy of the data in the application; and

Sending a report from the partner to the client over the global computer network containing credit information about this specific employee and verification or denial that the employment data in the credit application is accurate.

3. A method for a service provider to respond to inquiries from a client to disclose credit information and to verify the accuracy of employment data in a credit application over the global computer network for a plurality of employees from at least one employer that maintains a computer system which connects to the global computer network, the method comprising:

Maintaining a service provider computer system that is capable of sending and receiving data over the global computer network;

Transmitting over the global computer network employment data from the employer computer system to the service provider computer system and storing the employment data in the service provider computer system

Storing credit information in the service provider computer system;

Sending an inquiry from the client over the global computer network to the service provider requesting verification that employment data contained in a credit application that has been completed by a specific employee is accurate and requesting credit information about this specific employee;

Comparing the employment data in the credit application with employment data in the service provider computer system to determine the accuracy of the data in the application; and

Sending a report from the partner to the client over the global computer network containing credit information and verification or denial that the employment data in the credit application is accurate.

4. A method for a service provider to respond to inquiries from a client to disclose credit information and to verify the accuracy of employment data in a credit application over a frame relay private network for a plurality of employees from at least one employer that maintains a computer system which connects to the global computer network, the method comprising:

Maintaining a service provider computer system that is capable of sending and receiving data over the global computer network;

Transmitting over the global computer network employment data from the employer computer system to the service provider computer system and storing the employment data in the service provider computer system;

Storing credit information in the service provider computer system;

Maintaining a frame relay private network between the service provider and the client to allow them to communicate and exchange data quickly and confidentially;

Sending an inquiry from the client over the frame relay private network to the service provider requesting verification that employment data contained in a credit application that has been completed by a specific employee is accurate and further requesting credit information about this specific employee;

Comparing the employment data in the credit application with employment data in the service provider computer system and sending a report over the frame relay private network to the client concerning the accuracy of the data in the application; and

Sending a report from the service provider to the client over the global computer network containing credit information and verification or denial that the employment data in the credit application is accurate.