Methods and apparatus for evaluating a credit application

• US 20040054619A1
• Filed: 09/18/2002
• Published: 03/18/2004
• Est. Priority Date: 09/18/2002
• Status: Active Grant

• Current Assignee: Synchrony Bank (Synchrony Financial)
• Original Assignee: General Electric Capital Corporation (General Electric Company)
• Inventors: Narain, Dinesh, Borchers, Daniel M., Watson, Tamara C., Smith, Jonathan Christian, Movish, Janine, Andreozzi, Scott G.
• Granted Patent: US 7,356,506 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

In a method and apparatus for facilitating review of a credit application for true name fraud, an applicant might provide or submit an application for credit. One or more rules may govern when information regarding an application or its associated applicant is obtained, used, displayed as part of the application evaluation process and whether or not the application should be approved or denied.

Claims

1. A method for facilitating evaluation of a credit application for fraud, comprising:

establishing a first plurality of rules governing when different portions of information may be obtained for use in evaluating an application for fraud;

establishing a second plurality of rules governing how an application is to be evaluated in view of information obtained in accordance with said first plurality of rules;

receiving data indicative of a first application requiring an evaluation for fraud;

obtaining information associated with said first application in accordance with said first plurality of rules; and

evaluating said first application in accordance with said second plurality of rules.

2. The method of claim 1, wherein each of said different portions of information has an associated cost.

3. The method of claim 2, wherein establishing said first plurality of rules includes establishing rules that minimize a cost associated with evaluating said second application in accordance with said second plurality of rules.

4. The method of claim 2, wherein establishing said first plurality of rules includes establishing rules that reduce a chance of information being obtained unnecessarily for an application being reviewed.

5. The method of claim 2, wherein a cost of a portion of information is incurred with said portion of information of information is obtained.

6. The method of claim 1, wherein said establishing a first plurality of rules governing when different portions of information may be obtained for use in evaluating an application for fraud includes establishing at least one rule regarding when information regarding an application can be obtained from a designated information source.

7. The method of claim 1, wherein said establishing a first plurality of rules governing when different portions of information may be obtained for use in evaluating an application for fraud includes establishing at least one rule regarding when information regarding an application can be obtained by a designated user.

8. The method of claim 1, wherein said establishing a second plurality of rules governing how an application is to be evaluated in view of information obtained in accordance with said first plurality of rules includes establishing at least one rule regarding when an application can be approved by a designated user.

9. The method of claim 1, wherein said establishing a second plurality of rules governing how an application is to be evaluated in view of information obtained in accordance with said first plurality of rules includes establishing at least one rule regarding when an application must be declined.

10. The method of claim 1, wherein said establishing a second plurality of rules governing how an application is to be evaluated in view of information obtained in accordance with said first plurality of rules includes establishing at least one rule regarding when an application may be approved without further retrieval of information.

11. The method of claim 1, further comprising:

displaying at least a portion of said information obtained in accordance with said first plurality or rules via an interface.

12. The method of claim 11, wherein said interface includes multiple windows, each of which displays information in accordance with at least one rule governing display of said information by said interface.

13. The method of claim 1, wherein said establishing a first plurality of rules governing when different portions of information may be obtained for use in evaluating an application for fraud includes accessing a database that includes data indicative of said first plurality of rules.

14. The method of claim 1, wherein said establishing a second plurality of rules governing how an application is to be evaluated in view of information obtained in accordance with said first plurality of rules includes accessing a database that includes data indicative of said second plurality of rules.

15. A method for facilitating evaluation of a credit application for fraud, comprising:

receiving data indicative of an application requiring an evaluation for fraud;

determining at least one rule regarding obtaining of information associated with said application;

determining at least one rule regarding evaluation of said application based on said information associated with said application;

obtaining information regarding said application in accordance with said at least one rule regarding obtaining of information associated with said application; and

making a determination regarding approval of said application in accordance with said at least one rule regarding evaluation of said application.

16. The method of claim 15, wherein obtaining of a first portion of information in accordance with said at least one rule regarding obtaining of information has a first associated cost and obtaining of a second portion of information in accordance with said at least one rule governing obtaining of information has a second associated cost.

17. The method of claim 16, wherein said determining at least one rule regarding obtaining of information associated with said application includes determining a rule that will allow said second portion of information to be obtained only when said second portion of information is needed to evaluate an application.

18. The method of claim 15, further comprising:

displaying via an interface at least a portion of information regarding said application.

19. The method of claim 18, wherein said interface includes multiple windows, each of which displays information regarding said application in accordance with at least one rule governing display of said information by said interface.

20. The method of claim 18, where said interface is operative to obtain information regarding an application from at least one source in accordance with at least one rule, display at least a portion of said information, and implement at least one rule for evaluation of said application.

21. The method of claim 15, further comprising:

prioritizing multiple applications for review in accordance with at least one rule.

22. A method for facilitating evaluation of a credit application for fraud, comprising:

receiving data indicative of an application requiring an evaluation for fraud;

determining at least one rule regarding obtaining of information associated with said application and evaluation of said application using said information;

obtaining information regarding said application in accordance with said at least one rule; and

making a determination regarding approval of said application in accordance with said at least one rule.

23. The method of claim 22, further comprising:

providing an indication of said determination.

24. The method of claim 22, wherein said making a determination regarding approval of said application in accordance with said at least one rule includes requesting consent for approval of said application.

25. A method for facilitating evaluation of a credit application for fraud, comprising:

establishing at least one rule regarding obtaining of information associated with said application and evaluation of said application using said information;

receiving data indicative of a first application requiring an evaluation for fraud;

retrieving information associated with said first application in accordance with said at least one rule; and

evaluating said first application in accordance with said second plurality of rules.

26. A method for processing an application for credit, comprising:

establishing at least one process rule for obtaining information regarding an applicant for credit;

establishing at least one business rule associated with a determination regarding true name fraud for said applicant for credit;

receiving data indicative of an application requiring a true name fraud determination;

determining information in accordance with said at least one process rule, wherein said information regards an applicant associated with said application;

making a determination regarding approval of said application in accordance with said at least one business rule; and

providing data indicative of said determination.

27. A system for processing an application for credit, comprising:

a first device, wherein said first device receives a plurality of applications for credit and selects at least one of said plurality of applications for review for true name fraud; and

a second device in communication with said first device, wherein said second device processes said at least one of said plurality of applications for review for true name fraud in accordance with at least one rule governing evaluation of an application.

28. The system of claim 27, wherein said second device provides an interface for processing one of said plurality of application.

29. The system of claim 27, wherein said interface includes a plurality of windows and a first of said plurality of windows displays information from said at least one of said plurality of applications.

30. The system of claim 29, wherein a second of said plurality of windows displays information received from an information source regarding said application.

31. The system of claim 30, wherein said information received from said information source regarding said application includes an initial fraud risk assessment.

32. The system of claim 29, wherein said interface includes at least one selectable feature and wherein selectable of said at least one selectable feature is governed by said at least one rule governing evaluation of an application.

33. A computer program in a computer readable medium for facilitating evaluation of an application for credit, comprising:

first instructions for obtaining data indicative of an application requiring an evaluation for fraud;

second instructions for identifying at least one rule regarding obtaining of information associated with said application and evaluation of said application using said information;

third instructions for obtaining information regarding said application in accordance with said at least one rule; and

fourth instructions for evaluating said application in accordance with said at least one rule.

34. A system for facilitating evaluation of an application for credit, comprising:

a memory;

a communication port; and

a processor connected to said memory and said communication port, said processor being operative to;

receive data indicative of an application requiring an evaluation for fraud;

determine at least one rule regarding obtaining of information associated with said application and evaluation of said application using said information;

obtain information regarding said application in accordance with said at least one rule; and

make a determination regarding approval of said application in accordance with said at least one rule.

35. The system of claim 34, wherein said processor is operative to display at least a portion of said information via an interface.

36. A computer program product in a computer readable medium for facilitating evaluation of an application for credit, comprising:

first instructions for displaying information regarding an application being evaluating for fraud; and

second instructions for facilitating retrieval of information regarding said application, wherein said retrieval of information is governed by at least one rule.

37. The computer program of claim 36, further comprising:

third instructions for evaluating said application in accordance with at least one rule.

38. The computer program of claim 36, further comprising:

fourth instructions for displaying information in a designated format.

39. A computer program product in a computer readable medium for facilitating evaluation of an application for credit, comprising:

first instructions for implementing an interface, wherein said interface is operative to obtain information regarding an application from at least one source in accordance with at least one rule, display at least a least a portion of said information, and implement at least one rule for evaluation of said application.