Credit approval monitoring system and method

• US 20050065874A1
• Filed: 09/17/2004
• Published: 03/24/2005
• Est. Priority Date: 09/18/2003
• Status: Active Grant

• Current Assignee: TransUnion LLC (TransUnion Corporation)
• Original Assignee: TransUnion LLC (TransUnion Corporation)
• Inventors: Zabran, Susan, Lefner, Kent
• Granted Patent: US 7,835,983 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• 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

Abstract

A credit approval monitoring system comprises a database system storing credit files for consumers. A monitoring processing system monitors credit reports of subscribing consumers and transmits messages indicative of changes in a subscribers credit report. A screening processing system screens credit reports to determine if credit applicants satisfy select criteria. A watch processing system is operatively associated with the monitoring processing system and the screening processing system for periodically requesting the screening processing system to determine if the credit report of a select consumer satisfies the select criteria and sending the determination to the monitoring processing system to notify the select consumer if the screening processing system determines that the credit report of the select consumer satisfies the select criteria.

Claims

1. A credit approval monitoring method comprising:

continually monitoring a credit report of a consumer;

notifying the consumer when any changes are made to the consumer'"'"'s credit report;

periodically screening the credit report to determine if the consumer satisfies select criteria of a credit grantor; and

notifying the consumer if the screening determines that the consumer satisfies the select criteria.

2. The credit approval monitoring method of claim 1 wherein periodically screening the credit report to determine if the consumer satisfies select criteria of a credit grantor comprises screening the consumer after the consumer has been denied credit.

3. The credit approval monitoring method of claim 1 wherein periodically screening the credit report to determine if the consumer satisfies select criteria of a credit grantor comprises making a daily determination that the consumer satisfies the select criteria.

4. The credit approval monitoring method of claim 1 wherein notifying the consumer if the screening determines that the consumer satisfies the select criteria comprises transmitting an email message to the consumer including a link to a network site providing a marketing message to the consumer.

5. The credit approval monitoring method of claim 4 further comprising directing the consumer to a network site of the credit grantor if the consumer responds to the marketing message.

6. The credit approval monitoring method of claim 1 wherein periodically screening the credit report to determine if the consumer satisfies select criteria of a credit grantor comprises determining a credit score for the consumer and comparing the credit score to the select criteria.

7. A credit approval monitoring method comprising:

providing a notification of adverse action to a credit applicant responsive to the credit applicant not satisfying select criteria;

subsequent to the adverse action notification monitoring a credit report of the credit applicant;

periodically screening the credit report to determine if the credit applicant satisfies the select criteria; and

notifying the credit applicant if the screening determines that the credit report satisfies the select criteria.

8. The credit approval monitoring method of claim 7 wherein periodically screening the credit report to determine if the credit applicant satisfies select criteria of a credit grantor comprises making a daily determination that the credit applicant satisfies the select criteria.

9. The credit approval monitoring method of claim 7 wherein notifying the credit applicant if the screening determines that the credit report satisfies the select criteria comprises transmitting an email message to the credit applicant including a link to a network site providing a marketing message to the credit applicant.

10. The credit approval monitoring method of claim 9 further comprising directing the credit applicant to a network site of the credit grantor if the credit applicant responds to the marketing message.

11. The credit approval monitoring method of claim 7 wherein periodically screening the credit report to determine if the credit applicant satisfies select criteria of a credit grantor comprises determining a credit score for the credit applicant and comparing the credit score to the select criteria.

12. A credit approval monitoring system comprising:

a database system storing credit files for consumers;

a monitoring processing system monitoring credit reports of subscribing consumers and transmitting messages indicative of changes in a subscribers credit report;

a screening processing system screening credit reports to determine if credit applicants satisfy select criteria; and

a watch processing system operatively associated with the monitoring processing system and the screening processing system for periodically requesting the screening processing system to determine if the credit report of a select consumer satisfies the select criteria and sending the determination to the monitoring processing system to notify the select consumer if the screening processing system determines that the credit report of the select consumer satisfies the select criteria.

13. The credit approval monitoring system of claim 12 wherein the watch processing system periodically requests screening of credit reports for the select after the consumer has been denied credit and subscribed to the monitoring processing system.

14. The credit approval monitoring system of claim 12 wherein the watch processing system transmits daily screening requests to the screening processing system.

15. The credit approval monitoring system of claim 12 wherein the monitoring processing system is operative to notify the select consumer if the screening determines that the select consumer satisfies the select criteria comprising transmitting an email message to the select consumer including a link to a credit bureau network site providing a marketing message to the select consumer.

16. The credit approval monitoring system of claim 15 wherein the credit bureau network site directs the consumer to a credit grantor network site of the if the select consumer responds to the marketing message.

17. The credit approval monitoring system of claim 12 wherein the screening processing system determines if the select consumer satisfies select criteria of a credit grantor by determining a credit score for the select consumer and comparing the credit score to the select criteria.