System and method for providing a credit account for debt recovery
First Claim
1. A method of recovering debt from a customer with a charged-off credit account balance, comprising:
- creating a recovery credit account for the customer with the charged-off credit account balance; and
setting an opening balance of the recovery credit account to a value equal to at least a portion of the charged-off credit account balance and wherein the opening balance represents the entire debt obligation of the customer related to the charged-off credit balance.
7 Assignments
0 Petitions
Accused Products
Abstract
The invention includes systems and methods for providing a credit account for debt recovery. A recovery credit account is provided for a customer with an existing charged-off debt. Some of the customer'"'"'s charged-off debt may be forgiven as part of a settlement when the customer enrolls in the recovery credit account, but the opening balance of the recovery credit account will represent the entire debt obligation of the customer going forward. The recovery credit account includes a credit limit that is lower than the opening balance. Reducing the account balance to less than the credit limit triggers open-to-buy status, issuance of a credit card, and activation of over the limit fees for future balances over the credit limit.
-
Citations
31 Claims
-
1. A method of recovering debt from a customer with a charged-off credit account balance, comprising:
-
creating a recovery credit account for the customer with the charged-off credit account balance; and
setting an opening balance of the recovery credit account to a value equal to at least a portion of the charged-off credit account balance and wherein the opening balance represents the entire debt obligation of the customer related to the charged-off credit balance. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A computer comprising a memory for storing program instructions and a processor, responsive to the programming instructions, configured to:
-
create a recovery credit account for a customer with a charged-off credit account balance; and
set an opening balance of the recovery credit account to a value equal to at least a portion of the charged-off credit account balance and wherein the opening balance represents the entire debt obligation of the customer related to the charged-off credit balance. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
-
-
17. A system comprising:
-
means for creating a recovery credit account for a customer with a charged-off credit account balance; and
means for setting an opening balance of the recovery credit account to a value equal to at least a portion of the charged-off credit account balance and wherein the opening balance represents the entire debt obligation of the customer related to the charged-off credit balance. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24)
-
-
25. A method of collecting credit card debt, the method comprising:
-
creating a recovery credit account for a customer based on a charged-off credit account balance; and
prohibiting credit activity on the recovery credit account until the customer pays an open-to-buy amount.
-
-
26. A method of collecting credit card debt, the method comprising:
-
creating a recovery credit account for a customer based on a charged-off credit account balance; and
setting an open-to-buy amount for the recovery credit account. - View Dependent Claims (27)
-
-
28. A recovery credit account for a customer embodied in a computer system, the recovery credit account for the customer comprising:
-
a charged-off credit account balance for a customer; and
an open-to-buy amount that specifies a threshold amount of the charged-off credit account balance to be paid by the customer before credit activity will be enabled on the recovery credit account.
-
-
29. A computer for managing debt, the computer comprising:
-
logic configured to create a recovery credit account for a customer based on a charged-off credit account balance; and
logic configured to prohibit credit activity on the recovery credit account until the customer pays an open-to-buy amount.
-
-
30. A debt management system comprising:
-
means for creating a recovery credit account for a customer based on a charged-off credit account balance; and
means for setting an open-to-buy amount for the recovery credit account
-
-
31. The debt management system of claim 31, further comprising means for prohibiting credit activity on the recovery credit account until the customer pays the open-to-buy amount.
Specification