System and method for helping consumers understand and interpret credit scores
First Claim
Patent Images
1. A computer implemented method for determining a best action simulation, comprising the steps of:
- using one or more credit reports to generate a credit score;
using data from said credit score and data from said one or more credit bureau reports in a simulation program;
using said simulation program in a iterative fashion to generate an action with each iteration; and
determining a best action from said actions of each iteration.
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Abstract
A system and method is provided that provides tools to consumers to help consumers understand their credit scores and how to take action to improve their credit scores. A system and method for each of and for a combination of a score estimating tool, a best action simulation tool, an easy error correction tool, and a score improvement tool are provided.
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Citations
37 Claims
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1. A computer implemented method for determining a best action simulation, comprising the steps of:
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using one or more credit reports to generate a credit score;
using data from said credit score and data from said one or more credit bureau reports in a simulation program;
using said simulation program in a iterative fashion to generate an action with each iteration; and
determining a best action from said actions of each iteration. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 15, 25, 31)
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9. A computer implemented method for estimating a credit score for a consumer that gives the consumer an idea of the consumer'"'"'s credit health, comprising the steps of:
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distributing to a partner site one or more files, corresponding to a score estimator tool, for integration into a partner'"'"'s web site;
hosting one or more other files on a host server, wherein said one or more hosted files are referenced by said distributed one or more files on said partner'"'"'s web site;
wherein said one or more files on said partner site can be modified as desired by the partner to fit the partner'"'"'s web site look and feel; and
wherein said one or more hosted files comprise calculating code and wherein said calculating code can be updated on the host without requiring redistributing the updates to the partner'"'"'s web site. - View Dependent Claims (10, 11, 12, 13, 14)
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18. A computer implemented method for aiding the finding and disputing of errors on a consumer'"'"'s credit report, comprising the steps of:
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providing customized advice, based on a credit report, on what mistakes to look for;
if mistakes are determined, following up by providing questions related to determining what is the correct information to provide to the corresponding credit bureau; and
based on data from answers to said questions and data from said credit report, composing a dispute letter to remit to the credit bureau to request the incorrect data be corrected. - View Dependent Claims (17, 19, 20, 21, 22, 23, 24, 26, 27, 33)
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28. A method for helping a consumer realize an action plan to improve the consumer'"'"'s credit score, comprising the steps of:
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obtaining a credit report for a consumer;
inputting certain data from said credit report into an algorithm;
said algorithm generating a list of action plans; and
determining an action plan for said consumer based on said generated list of action plans. - View Dependent Claims (16, 29, 30, 32)
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34. A system on a computer network for determining a best action simulation, comprising:
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means for using one or more credit reports to generate a credit score;
means for using data from said credit score and data from said one or more credit bureau reports in a simulation program;
means for using said simulation program in a iterative fashion to generate an action with each iteration; and
means for determining a best action from said actions of each iteration.
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35. A system on a computer network for estimating a credit score for a consumer that gives the consumer an idea of the consumer'"'"'s credit health, comprising:
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means for distributing to a partner site one or more files, corresponding to a score estimator tool, for integration into a partner'"'"'s web site;
means for hosting one or more other files on a host server, wherein said one or more hosted files are referenced by said distributed one or more files on said partner'"'"'s web site;
wherein said one or more files on said partner site can be modified as desired by the partner to fit the partner'"'"'s web site look and feel; and
wherein said one or more hosted files comprise calculating code and wherein said calculating code can be updated on the host without requiring redistributing the updates to the partner'"'"'s web site.
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36. A system on a computer network for aiding the finding and disputing of errors on a consumer'"'"'s credit report, comprising:
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customized advice, based on a credit report, on what mistakes to look for;
if mistakes are determined, means for following up by providing questions related to determining what is the correct information to provide to the corresponding credit bureau; and
based on data from answers to said questions and data from said credit report, means for composing a dispute letter to remit to the credit bureau to request the incorrect data be corrected.
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37. A system on a computer network for helping a consumer realize an action plan to improve the consumer'"'"'s credit score, comprising:
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means for obtaining a credit report for a consumer;
means for inputting certain data from said credit report into an algorithm;
means for said algorithm generating a list of action plans; and
means for determining an action plan for said consumer based on said generated list of action plans.
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Specification