Method and apparatus for a verifiable on line rejection of an applicant for credit
First Claim
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1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:
- electronically obtaining from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;
using a computer processor to;
map the factor identified by the credit bureau to an internal rejection code;
determine whether the internal rejection code corresponds to a specific code or a general code; and
change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and
providing a rejection reason corresponding to the internal rejection code to the applicant via a network
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Abstract
A system and method are disclosed for presenting a reason for the rejection of a credit application from an applicant is disclosed. The method includes obtaining a factor from a credit bureau identified as a factor that influences the FICO score assigned to the application by the credit bureau. The factor identified by the credit bureau is mapped to an internal rejection code. A rejection reason is provided that corresponds to the internal rejection code to the applicant.
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Citations
20 Claims
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1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:
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electronically obtaining from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;
using a computer processor to;
map the factor identified by the credit bureau to an internal rejection code;
determine whether the internal rejection code corresponds to a specific code or a general code; and
change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and
providing a rejection reason corresponding to the internal rejection code to the applicant via a network - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A system for presenting a reason for the rejection of a credit application from an applicant comprising:
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a communication interface; and
a processor coupled to the communication interface and configured to obtain electronically from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;
map the factor identified by the credit bureau to an internal rejection code;
determine whether the internal rejection code corresponds to a specific code or a general code;
change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and
provide to the applicant via the communication interface a rejection reason corresponding to the internal rejection code. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17)
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18. A computer program product for presenting a reason for the rejection of a credit application from an applicant, the computer program product being embodied in a computer readable medium and comprising computer instructions for:
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obtaining from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;
mapping the factor identified by the credit bureau to an internal rejection code;
determining whether the internal rejection code corresponds to a specific code or a general code;
changing the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and
providing a rejection reason corresponding to the internal rejection code to the applicant via a network - View Dependent Claims (19, 20)
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Specification