Methods and Systems for Characteristic Leveling
First Claim
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1. A method for leveling credit characteristics comprising:
- (a) retrieving a credit data profile for at least one consumer, wherein retrieving a credit data profile is performed by at least two of a plurality of credit reporting agencies resulting in at least two credit data profiles for the at least one consumer;
(b) generating a set of credit characteristics, wherein generating a set of credit characteristics is performed by the at least two of the plurality of credit reporting agencies;
(c) retrieving a respective characteristic definition from each of the at least two of the plurality of credit reporting agencies for each credit characteristic in the set of credit characteristics;
(d) reviewing the set of credit characteristics and respective characteristic definitions, wherein reviewing is performed by the at least two of the plurality of credit reporting agencies;
(e) applying the respective characteristic definitions to each of the retrieved credit data profiles, generating audit statistics associated with each credit data profile;
(f) auditing the audit statistics;
(g) determining whether the step of auditing was successful; and
(h) if the step of auditing was successful, generating a normalized set of credit characteristics and characteristic definitions from the set of credit characteristics and respective characteristic definitions.
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Abstract
Characteristic normalization (or leveling) is a process that yields consistent and equitable characteristic definitions across multiple sources of credit information. This leveling ensures that when the same data is present for multiple credit sources, for example two or more credit reporting agencies, it is interpreted in the same manner, acknowledging that differences in the data itself may still be present.
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Citations
27 Claims
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1. A method for leveling credit characteristics comprising:
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(a) retrieving a credit data profile for at least one consumer, wherein retrieving a credit data profile is performed by at least two of a plurality of credit reporting agencies resulting in at least two credit data profiles for the at least one consumer;
(b) generating a set of credit characteristics, wherein generating a set of credit characteristics is performed by the at least two of the plurality of credit reporting agencies;
(c) retrieving a respective characteristic definition from each of the at least two of the plurality of credit reporting agencies for each credit characteristic in the set of credit characteristics;
(d) reviewing the set of credit characteristics and respective characteristic definitions, wherein reviewing is performed by the at least two of the plurality of credit reporting agencies;
(e) applying the respective characteristic definitions to each of the retrieved credit data profiles, generating audit statistics associated with each credit data profile;
(f) auditing the audit statistics;
(g) determining whether the step of auditing was successful; and
(h) if the step of auditing was successful, generating a normalized set of credit characteristics and characteristic definitions from the set of credit characteristics and respective characteristic definitions. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A system for leveling credit characteristics comprising:
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a memory configured for storing credit data profiles and credit reports;
a processor, coupled to the memory, wherein the processor is configured to perform the steps of;
(a) retrieving a credit data profile for at least one consumer, wherein retrieving a credit data profile is performed by at least two of a plurality of credit reporting agencies resulting in at least two credit data profiles for the at least one consumer;
(b) generating a set of credit characteristics, wherein generating a set of credit characteristics is performed by the at least two of the plurality of credit reporting agencies;
(c) retrieving a respective characteristic definition from each of the at least two of the plurality of credit reporting agencies for each credit characteristic in the set of credit characteristics;
(d) reviewing the set of credit characteristics and respective characteristic definitions, wherein reviewing is performed by the at least two of the plurality of credit reporting agencies;
(e) applying the respective characteristic definitions to each of the retrieved credit data profiles, generating audit statistics associated with each credit data profile;
(f) auditing the audit statistics;
(g) determining whether the step of auditing was successful; and
(h) if the step of auditing was successful, generating a normalized set of credit characteristics and characteristic definitions from the set of credit characteristics and respective characteristic definitions. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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19. A computer readable medium with computer executable instructions embodied thereon for leveling credit characteristics comprising:
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(a) retrieving a credit data profile for at least one consumer, wherein retrieving a credit data profile is performed by at least two of a plurality of credit reporting agencies resulting in at least two credit data profiles for the at least one consumer;
(b) generating a set of credit characteristics, wherein generating a set of credit characteristics is performed by the at least two of the plurality of credit reporting agencies;
(c) retrieving a respective characteristic definition from each of the at least two of the plurality of credit reporting agencies for each credit characteristic in the set of credit characteristics;
(d) reviewing the set of credit characteristics and respective characteristic definitions, wherein reviewing is performed by the at least two of the plurality of credit reporting agencies;
(e) applying the respective characteristic definitions to each of the retrieved credit data profiles, generating audit statistics associated with each credit data profile;
(f) auditing the audit statistics;
(g) determining whether the step of auditing was successful; and
(h) if the step of auditing was successful, generating a normalized set of credit characteristics and characteristic definitions from the set of credit characteristics and respective characteristic definitions. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27)
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Specification