Method and apparatus for a verifiable on line rejection of an applicant for credit

• US 20040039687A1
• Filed: 03/10/2003
• Published: 02/26/2004
• Est. Priority Date: 11/03/1998
• Status: Active Grant

• Current Assignee: NextCard LLC
• Original Assignee: NextCard, Inc.
• Inventors: Cai, Yinzi, Meeks, Eric R., Dowhan, David W., Lent, Mary, Lent, Jeremy R., Coltrell, Timothy J.
• Granted Patent: US 7,143,063 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• 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 40/08 Insurance
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A system and method are disclosed for presenting a reason for the rejection of a credit application from an applicant is disclosed. The method includes obtaining a factor from a credit bureau identified as a factor that influences the FICO score assigned to the application by the credit bureau. The factor identified by the credit bureau is mapped to an internal rejection code. A rejection reason is provided that corresponds to the internal rejection code to the applicant.

Claims

1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:

obtaining a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;

mapping the factor identified by the credit bureau to an internal rejection code;

providing a rejection reason corresponding to the internal rejection code to the applicant.

2. A method of presenting a reason for the rejection of a credit application as recited in claim 1 further comprising:

determining whether the internal rejection code corresponds to a specific code or a general code;

if the internal rejection code corresponds to a general code, checking a result of an attribute test to determine whether the result corresponds to an appropriate rejection reason; and

if the attribute test result corresponds to an appropriate rejection reason, then changing the internal rejection code to correspond to the appropriate rejection reason.

3. A method of presenting a reason for the rejection of a credit application as recited in claim 2 further comprising:

if the attribute test result does not correspond to an appropriate rejection reason, then allowing the internal rejection code to remain a general code.

4. A method of presenting a reason for the rejection of a credit application as recited in claim 1 further including requesting an acknowledgement of the rejection from the applicant.

5. A method of presenting a reason for the rejection of a credit application as recited in claim 4 further including receiving an acknowledgement of the rejection from the applicant and noting that the acknowledgement was received.

6. A method of presenting a reason for the rejection of a credit application as recited in claim 1 wherein providing a rejection reason corresponding to the internal rejection code to the applicant further includes providing a web page to the applicant that includes the rejection reason.

7. A method of presenting a reason for the rejection of a credit application as recited in claim 6 wherein providing a web page to the applicant that includes the rejection reason further includes providing an acknowledgement button to the applicant as part of the web page.

8. A method of presenting a reason for the rejection of a credit application as recited in claim 6 wherein providing a web page to the applicant that includes the rejection reason further includes providing an applet that communicates that the web page has been downloaded.

9. An system for presenting a reason for the rejection of a credit application from an applicant comprising:

an Underwriter operative to obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau, map the factor identified by the credit bureau to an internal rejection code, and provide a rejection reason corresponding to the internal rejection code to the applicant.

10. A computer program embodied on a carrier wave for presenting a reason for the rejection of a credit application from an applicant comprising:

program code operative to obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;

program code operative to map the factor identified by the credit bureau to an internal rejection code; and

program code operative to provide a rejection reason corresponding to the internal rejection code to the applicant.

11. A computer readable medium having program code embodied therein for presenting a reason for the rejection of a credit application from an applicant comprising:

program code operative to obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;

program code operative to map the factor identified by the credit bureau to an internal rejection code; and

program code operative to provide a rejection reason corresponding to the internal rejection code to the applicant.