Business method for credit verification and correction

• US 20040111359A1
• Filed: 06/04/2003
• Published: 06/10/2004
• Est. Priority Date: 06/04/2002
• Status: Abandoned Application

• Current Assignee: John J. Hudock
• Original Assignee: John J. Hudock
• Inventors: Hudock, John J.
• Application Number:
  US10/454,435
• Publication Number:
  US 20040111359A1
• Time in Patent Office: Days
• US Class Current: 705/38
• 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

Abstract

A method for correcting and verifying consumer credit. Credit scores receive from credit scoring services determine loan awards and interest rates. Information at credit repositories is often incorrect. Credit reporting agencies report credit scores to requesting users. A consumer verifying credit information inputs requested data and requests a credit score. The application and credit scores are transmitted via a communications network. The applicant verifies information through inputs, interacting with a system hosting the credit correcting software. Repositories are contacted to correct and verify incorrect information. The program also identifies and generates a list of incorrect information. Repositories are given this information and requested to verify and correct the incorrect information, resulting in a new score with corrected credit information, typically resulting in a better credit score. Better credit scores and correct information permits users to better evaluate the credit risks associated with decisions based upon credit scores.

Claims

1. A method for performing an automatic on-line review and correction of a consumer'"'"'s credit information by a central processor having and executing a software program, comprising the steps of:

receiving a set of personal data into a database and communication system, said personal data relating to information provided by said consumer from a workstation;

requesting a credit report of the consumer'"'"'s credit information from a credit repository using said personal data;

receiving a credit report of said consumer into said database and communication system, relating to a consumer'"'"'s credit information;

verifying the consumer'"'"'s credit information by the consumer;

verifying the consumer'"'"'s credit information by the software program;

identifying incorrect consumer information relating to a tradeline;

creating a correction request to correct the incorrect consumer information;

sending the correction request to the credit repository; and

re-verifying the incorrect information has been corrected by the repository.

2. The method of claim 1, further comprising:

interacting online with the consumer at the workstation.

3. The method of claim 1, further comprising:

receiving the credit information from a tri merge agency.

4. The method of claim 1, further comprising:

removing from the credit information verified by the consumer any multiple tradeline entries.

5. The method of claim 1, further comprising:

creating a security profile for the consumer.

6. The method of claim 5, further comprising:

looping the consumer'"'"'s workstation with the central processing unit;

using a storage media by the consumer to hold the consumer'"'"'s personal information;

creating a security code for the storage media; and

granting access to the central processing unit when the storage media is looped with the central processing unit with the proper security code.

7. The method of claim 1, further comprising:

granting the consumer access while using a business workstation.

8. The method of claim 7, further comprising:

creating a business security code for the business workstation; and

granting access to the central processing unit when the business security code is validated by the central processing unit.

9. The method of claim 1, further comprising:

interacting online with a repository.

10. The method of claim 1, further comprising:

creating a credit score for the consumer.

11. The method of claim 10, further comprising:

creating a credit correction analysis for the consumer relating an expected increase in the consumer'"'"'s credit score.

12. The method of claim 1, further comprising:

sending the correction request to the tradeline that is identified as having incorrect credit information.

13. The method of claim 1, further comprising:

sending the correction request to the tradeline that has incorrect credit information in the form of an aged credit information.

14. The method of claim 1, further comprising:

sending the correction request to the repository setting forth the incorrect aged credit information.

15. The method of claim 1, further comprising:

sending the correction request to the repository setting forth the incorrect personal information.

16. The method of claim 1, further comprising:

sending the correction request to the tradeline setting forth the incorrect personal information.

17. The method of claim 1, further comprising:

sending the correction request to the repository requesting that the repository remove at tradeline due to excessive numbers of tradelines.

18. The method of claim 1, further comprising:

analyzing the consumer'"'"'s credit information;

creating a specialty service analysis;

sending the specialty service analysis to the consumer; and

offering a specialty service module.

19. The method of claim 18, further comprising:

offering to the consumer a credit correction service.

20. The method of claim 18, further comprising:

offering to the consumer a credit education service.

21. The method of claim 18, further comprising:

offering to the consumer a settlement negotiation service.

22. The method of claim 18, further comprising:

offering to the consumer a credit security service.

23. The method of claim 18, further comprising:

offering to the consumer a credit litigation service.

24. The method of claim 18, further comprising:

offering to the consumer a capital extension service.

25. The method of claim 18, further comprising:

offering a bankruptcy reversal service.

26. The method of claim 1, further comprising:

analyzing the consumer'"'"'s credit information;

producing an explanation of potential business services available to the consumer; and

offering the consumer a business module containing business services.

27. The method of claim 26, further comprising:

offering to the consumer a mortgage loan service.

28. The method of claim 26, further comprising:

offering to the consumer a real estate service.

29. The method of claim 26, further comprising:

offering to the consumer an auto loan service.

30. The method of claim 26, further comprising:

offering to the consumer a credit card service.

31. The method of claim 26, further comprising:

offering to the consumer a merchant installment service.

32. The method of claim 1, further comprising:

offering to the consumer an insurance service.

33. The method of claim 1, further comprising:

creating an opt-out analysis;

sending to the consumer the opt-out analysis; and

offering the consumer an opt-out service.

34. The method of claim 33, further comprising:

creating an opt-out authorization for the consumer asking the repository to stop selling or transferring the consumer'"'"'s credit information without first obtaining authorization form the consumer;

receiving the opt-out authorization from the consumer;

sending the opt-out authorization to the repository;

verifying that the opt-out authorization is received by the repository; and

verifying that the repositories abide by the requests set forth in the opt-out authorization.

35. The method of claim 34, further comprising:

verifying that the consumer'"'"'s credit information has been corrected;

receive authorization from the consumer to terminate the opt-out authorization; and

sending an opt-out termination to the repositories, which permits the repositories to sell or transfer the consumer'"'"'s credit information.

36. The method of claim 20, further comprising:

creating a credit education analysis;

sending to the consumer the credit education analysis;

recommending to the consumer a credit education program for debt management; and

arranging a checking account for the consumer further comprising expenses of the consumer will be paid from the checking account.

37. The method of claim 21, further comprising:

reviewing the credit information;

identifying credit information that may be negotiated;

producing a settlement report to the consumer identifying a set of tradeline accounts that may be negotiated;

receiving a negotiation authorization from the consumer to negotiate settlements for the consumer;

preparing a set of negotiation letters to the tradeline accounts setting forth the consumer'"'"'s negotiation authorization;

negotiating with the account tradelines;

verifying a set of settlements with the consumer for settlements negotiated with the account tradelines; and

obtaining executed settlements with the consumer and account tradelines.

38. The method of claim 22, further comprising:

receiving the opt-out authorization;

reviewing the consumer'"'"'s credit information by the consumer;

reviewing the consumer'"'"'s credit information by the software program;

identifying a set of unknown tradeline accounts;

contacting the unknown tradeline accounts to determine the accuracy of the consumer'"'"'s credit information set forth on the unknown tradeline account;

correcting the consumer'"'"'s credit information at the unknown tradeline account;

closing the unknown tradeline account if the consumer credit information is not corrected;

closing the unknown tradeline account if the consumer credit information is not verified; and

contacting the repositories to correct the consumer'"'"'s credit information.

39. The method of claim 23, further comprising:

reviewing the consumer'"'"'s credit information;

identifying a set of litigation accounts further comprising the litigation accounts consists of a set of tradeline litigation accounts and a set of repository litigation accounts that have not complied with the provisions of the Fair Credit and Reporting Act;

creating a credit litigation analysis for the consumer, that sets forth the set of litigation accounts;

sending the credit litigation analysis to the consumer;

receiving authorization from the consumer to create a litigation complaint form for the litigation accounts specified by the consumer;

sending the litigation complaint form to the repositories and tradelines specified by the consumer;

reviewing the consumer'"'"'s credit information periodically to determine whether the repositories and tradelines have corrected the consumer'"'"'s credit information;

sending a second litigation complaint form if the consumer'"'"'s credit information has not been corrected;

creating an incident report;

sending the incident report to the Federal Trade Commission and State Protection Agency; and

providing the consumer with an option proceed with litigation in the event that the consumer credit information has not been corrected.

40. The method of claim 24, further comprising:

reviewing the consumer'"'"'s credit information;

creating a capital extension analysis using a debt ratio calculation and a consumer profile;

providing the consumer with a capital extension recommendation derived from the capital extension analysis;

updating periodically the consumer'"'"'s credit information;

reviewing the consumer'"'"'s credit information; and

providing an updated capital extension recommendation to the consumer.

41. The method of claim 25, further comprising:

receiving from the consumer a set of bankruptcy information;

creating a bankruptcy reversal analysis derived from the set of bankruptcy information;

providing the consumer with the bankruptcy reversal analysis;

receiving from the consumer a bankruptcy reversal authorization;

contacting a bankruptcy reversal attorney in the consumer'"'"'s jurisdiction;

sending the authorization to the bankruptcy reversal attorney, which includes the personal information of the consumer; and

sending the bankruptcy reversal analysis to the bankruptcy reversal attorney.

42. The method of claim 27, further comprising:

creating a mortgage credit score from the consumer'"'"'s credit information;

receiving from the consumer a set of mortgage information;

creating a mortgage debt ratio from the consumer'"'"'s credit information and set of mortgage information;

creating a loan to value illustration showing a plurality of mortgage lending institution information;

sending the loan to value illustration to the consumer;

receiving authorization to contact a plurality of mortgage lending institutions;

receiving a plurality of pre-qualification loans from the mortgage lending institutions;

sending the plurality of pre-qualification loans to the consumer;

receiving authorization from the consumer to obtain a mortgage from an identified mortgage lending institution; and

obtaining a mortgage lending commitment from the identified mortgage lending institution.

43. The method of claim 42, further comprising:

creating a loan to value illustration further comprising a mortgage correction analysis that shows the consumer any potential changes in the mortgage lending institution information if the consumer elects to correct the consumer'"'"'s credit information.

44. The method of claim 43, further comprising:

electing to correct the consumer'"'"'s credit information.

45. The method of claim 28, further comprising:

creating a real estate credit score from the consumer'"'"'s credit information;

receiving from the consumer a set of real estate information;

creating a real estate debt ratio from the consumer'"'"'s credit information and set of real estate information;

creating a loan to value illustration showing a plurality of real estate institution information;

sending the loan to value illustration to the consumer; and

receiving authorization to proceed with a real estate purchase process.

46. The method of claim 45, further comprising:

creating a loan to value illustration further comprising a real estate correction analysis that shows the consumer any potential changes in the real estate institution information if the consumer elects to correct the consumer'"'"'s credit information.

47. The method of claim 46, further comprising:

electing to correct the consumer'"'"'s credit information.

48. The method of claim 29, further comprising:

creating an auto credit score from the consumer'"'"'s credit information;

receiving from the consumer a set of auto information;

identifying a plurality of auto loan programs available to the consumer based on the consumer'"'"'s credit information and the auto information;

receiving from the consumer a list of auto loan programs identified by the consumer for obtaining an auto loan;

creating an auto loan application for the auto loan programs identified by the consumer from the consumer'"'"'s credit information and auto information;

sending the auto loan application to the auto loan programs identified by the consumer;

receiving an auto loan qualification from the auto loan programs; and

receiving an auto loan authorization from the consumer to obtain an identified auto loan.

49. The method of claim 48, further comprising:

creating an auto loan correction analysis that shows the consumer any potential changes in the auto loan programs if the consumer elects to correct the consumer'"'"'s credit information.

50. The method of claim 49, further comprising:

electing to correct the consumer'"'"'s credit information.

51. The method of claim 30, further comprising:

creating a credit card credit score from the consumer'"'"'s credit information;

identifying a plurality of credit card programs available to the consumer based on the consumer'"'"'s credit information;

receiving from the consumer a list of credit card programs identified by the consumer for obtaining a credit card;

creating a credit card application for the credit card programs identified by the consumer from the consumer'"'"'s credit information and personal information;

sending the credit card application to the credit card programs identified by the consumer; and

receiving a credit card acceptance from the credit card programs.

52. The method of claim 51, further comprising:

creating a credit card correction analysis that shows the consumer any potential changes in the credit card programs if the consumer elects to correct the consumer'"'"'s credit information.

53. The method of claim 52, further comprising:

electing to correct the consumer'"'"'s credit information.

54. The method of claim 31, further comprising:

creating an installment credit score from the consumer'"'"'s credit information;

identifying a plurality of merchant installment programs available to the consumer based on the consumer'"'"'s credit information;

receiving from the consumer a list of merchant installment programs identified by the consumer for obtaining an installment program;

creating an installment application for the installment programs identified by the consumer from the consumer'"'"'s credit information and personal information; and

sending the installment application to the installment programs identified by the consumer.

55. The method of claim 54, further comprising:

creating a merchant installment correction analysis that shows the consumer any potential changes in the merchant installment programs if the consumer elects to correct the consumer'"'"'s credit information.

56. The method of claim 55, further comprising:

electing to correct the consumer'"'"'s credit information.

57. The method of claim 32, further comprising:

creating an insurance credit score from the consumer'"'"'s credit information;

identifying a plurality of insurance programs available to the consumer based on the consumer'"'"'s credit information;

receiving from the consumer a list of insurance programs identified by the consumer for obtaining an insurance premium;

creating an insurance application for the insurance programs identified by the consumer from the consumer'"'"'s credit information and personal information; and

sending the insurance application to the insurance programs identified by the consumer.

58. The method of claim 57, further comprising:

creating an insurance correction analysis that shows the consumer any potential changes in the insurance programs if the consumer elects to correct the consumer'"'"'s credit information.

59. The method of claim 58, further comprising:

electing to correct the consumer'"'"'s credit information.