System and method for credit account management
First Claim
1. A computer-implemented method of managing credit, the method comprising:
- receiving from a customer authorization to act on behalf of the customer to make applications for new credit accounts and to accept credit offers directed to the customer;
applying for one or more new credit accounts on behalf of the customer;
in response to the step of applying, receiving approval of at least one new credit account of the customer with financial terms better than financial terms of at least one current credit account of the customer;
opening the at least one new credit account on behalf of the customer; and
transferring at least a portion of credit balance from the at least one current credit account to the at least one new credit account.
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Accused Products
Abstract
A computer-based system and method obtain information regarding a customer'"'"'s credit accounts and income, and an authorization to receive the customer'"'"'s credit report. The customer'"'"'s financial profile, including statements of the credit accounts and credit reports, are periodically reviewed by the system to determine whether better credit terms are likely to be available to the customer. If better terms are likely to be available, the system automatically applies for credit on behalf of the customer, receives approvals, and transfers balances from existing accounts to new accounts with better terms. The system may automatically obtain account information regarding the customer'"'"'s credit accounts via a network, and schedule and make payments on the accounts in accordance with the information obtained and parameters prescribed by the customer. When each payment is made, a statement is sent, advising the customer of total interest charges and length of the repayment period under various assumptions.
48 Citations
28 Claims
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1. A computer-implemented method of managing credit, the method comprising:
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receiving from a customer authorization to act on behalf of the customer to make applications for new credit accounts and to accept credit offers directed to the customer;
applying for one or more new credit accounts on behalf of the customer;
in response to the step of applying, receiving approval of at least one new credit account of the customer with financial terms better than financial terms of at least one current credit account of the customer;
opening the at least one new credit account on behalf of the customer; and
transferring at least a portion of credit balance from the at least one current credit account to the at least one new credit account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. An article of manufacture comprising one or more memory devices storing computer code, wherein the code, when executed by a at least one processor coupled to the Internet, configures the processor to perform a method of managing credit, the method comprising:
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receiving from a customer authorization to act on behalf of the customer to make applications for new credit accounts and to accept credit offers directed to the customer;
applying for one or more new credit accounts on behalf of the customer;
in response to the step of applying, receiving approval of at least one new credit account of the customer with financial terms better than financial terms of at least one current credit account of the customer;
opening the at least one new credit account on behalf of the customer; and
transferring at least a portion of credit balance from the at least one current credit account to the at least one new credit account.
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12. A computer system comprising a memory device storing computer code, at least one processor coupled to the memory device so as to execute the computer code, and a network interface coupling the at least one processor to the Internet, wherein the computer code, when executed by the at least one processor, configures the at least one processor to perform steps of a method of managing credit, the method comprising:
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receiving from a customer authorization to act on behalf of the customer to make applications for new credit accounts and to accept credit offers directed to the customer;
applying for one or more new credit accounts on behalf of the customer;
in response the step of applying, receiving approval of at least one new credit account of the customer with financial terms better than financial terms of at least one current credit account of the customer;
opening the at least one new credit account on behalf of the customer; and
transferring at least a portion of credit balance from the at least one current credit account to the at least one new credit account. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A computer implemented method of managing credit, the method comprising:
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obtaining from a customer information regarding a plurality of credit accounts of the customer, the information regarding the credit accounts being sufficient to log onto web site of each credit account of the plurality of credit accounts and obtain a statement of the customer'"'"'s credit account associated with said each web site;
obtaining from the customer information regarding an electronic payment account from which the customer can make electronic bill payments, the information regarding the electronic payment account being sufficient to log onto a web site of the electronic payment account and make bill payments from the electronic payment account;
logging onto the web site of said each credit account and obtain statement of said each credit account;
scheduling payment date and payment amount for said each credit account;
generate a report corresponding to said each credit account, wherein the report comprises an estimate of repayment period length computed assuming that only minimum payments are made to said each credit account;
causing a payment to be made to said each credit account from the electronic payment account on a date scheduled for the payment to said each credit account; and
sending the report corresponding to said each credit account to the customer. - View Dependent Claims (23, 24, 25, 26, 27, 28)
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Specification