Credit data collection method and apparatus
First Claim
1. A method for processing credit information comprising the steps of:
- accepting credit term information corresponding to credit extended to a consumer by a creditor pursuant to a credit agreement;
accepting credit payment information from a payment processor designated by the consumer, the credit payment information being indicative of payments made by the consumer pursuant to the credit agreement; and
reporting information indicative of compliance with the credit term information by the consumer.
1 Assignment
0 Petitions
Accused Products
Abstract
A consumer arranges for a verifiable source to provide credit terms pertaining to a credit agreement to a data repository. The consumer and/or the creditor arranges with a financial institution such as a bank to report payment data to the data repository. The financial institution may be associated with either the consumer or the credit provider. The financial institution(s) reports the amounts and timing of payments to the data repository. The payment information preferably includes the actual date of the payment. The payment information is compared to the credit terms and compliance information is provided to potential credit providers directly and/or through reporting to traditional credit bureaus.
186 Citations
31 Claims
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1. A method for processing credit information comprising the steps of:
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accepting credit term information corresponding to credit extended to a consumer by a creditor pursuant to a credit agreement;
accepting credit payment information from a payment processor designated by the consumer, the credit payment information being indicative of payments made by the consumer pursuant to the credit agreement; and
reporting information indicative of compliance with the credit term information by the consumer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A method for building a credit history comprising the steps of:
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entering into a credit agreement with a creditor;
arranging for a first party to supply information pertaining to terms of the credit agreement to a credit reporting agency;
instructing a payment processor to payment information to the credit reporting agency; and
making payments pursuant to the credit agreement to the payment processor. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25)
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26. A method for processing credit information comprising the steps of:
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collecting payment information concerning a payment made by a consumer to a creditor, the payment information comprising a payment date and a payment amount; and
reporting compliance information allowing one to determine an exact number of days, if any, by which the payment is late. - View Dependent Claims (27, 28, 29, 30, 31)
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Specification