Location Based Credit

• US 20080103959A1
• Filed: 10/27/2006
• Published: 05/01/2008
• Est. Priority Date: 10/27/2006
• Status: Active Grant

• Current Assignee: CC Serve Corp. (Atlanticus Holdings Corporation)
• Original Assignee: CCIP Corporation
• Inventors: Giesen, John W., Coutros, George, Carroll, Chason, James, Dennis H., Jindia, Ajay Kumar
• Granted Patent: US 8,566,227 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A method and system for offering credit to a prospective borrower are provided. A lender first determines a prospective borrower location, which may be a commercial outlet, such as a retail store where goods or services are offered. The lender then references a purchase history associated with the borrower at that particular location. The lender then determines the credit worthiness of the borrower. Based upon location, purchase history, and credit worthiness, the lender may deliver a customized offer of credit to the prospective borrower. The offer of credit may be location based, and may accompany a suggested good or service that is available at the prospective borrower'"'"'s location.

Claims

1. A method for offering credit, the method comprising the steps of:

a. determining a prospective borrower location of a prospective borrower;

b. determining consumer information corresponding to the prospective borrower;

c. determining a credit worthiness of the prospective borrower; and

d. extending an offer of credit to the prospective borrower based upon the prospective borrower location.

2. The method of claim 1, further comprising the step of:

a. obtaining a borrower list from the prospective borrower, the borrower list comprising one or more desired goods or services;

b. referencing the borrower list upon determining the prospective borrower location; and

c. selecting at least one good or service of the one or more goods or services;

wherein the step of extending the offer of credit to the prospective borrower comprises extending an offer of credit to purchase the at least one good or service.

3. The method of claim 2, wherein the step of extending the offer of credit occurs only where the credit worthiness of the prospective borrower indicates that the prospective borrower has insufficient available funds to purchase the at least one good or service.

4. The method of claim 1, further comprising the steps of:

a. receiving a response from the prospective borrower;

b. approving an extended fund amount; and

c. making available the extended fund amount to the prospective borrower a prospective borrower account for at least the extended fund amount.

5. The method of claim 1, further comprising the steps of accessing a location inventory database corresponding to the prospective borrower location, comparing the location inventory database to the purchase history, and selecting a proposed good or service, wherein the offer of credit is to purchase the proposed good or service.

6. The method of claim 1, wherein the step of determining the prospective borrower location comprises detecting a prospective borrower transaction.

7. The method of claim 1, wherein the prospective borrower location comprises a particular location within the retail store, wherein the particular location corresponds to at least one category of products or services within the retail store.

8. The method of claim 1, wherein the prospective borrower location comprises a relative proximity to one or more available goods or services.

9. The method of claim 8, wherein the step of extending the offer of credit to the prospective borrower comprises extending an offer to purchase at least one of the one or more available goods and services.

10. The method of claim 8, further comprising the step of referencing a borrower list upon determining the prospective borrower location, wherein the step of extending the offer of credit occurs where the at least one of the one or more available goods and services appears in the borrower list.

11. The method of claim 8, wherein the one or more available goods or services comprises a complimentary good.

12. The method of claim 11, wherein the complimentary good comprises a newer version of a previously purchased good.

13. The method of claim 1, wherein the step of determining the credit worthiness of the prospective borrower comprises detecting a credit rejection for a purchase of one or more desired goods or services, further wherein the step of extending the offer of credit to the prospective borrower comprises extending an amount of credit sufficient to purchase the one or more desired goods or services.

14. A system for extending an offer of credit to a prospective borrower, the system comprising:

a. a prospective borrower locator configured to determine a prospective borrower location;

b. a credit module configured to determine a credit worthiness of the prospective borrower;

c. a purchase module configured to determine consumer information about the prospective borrower; and

d. a credit offering device configured to extend an offer of credit to the prospective borrower based upon the prospective borrower location, the credit worthiness, and the consumer information.

15. The system of claim 14, wherein the consumer information comprises a purchasing history.

16. The system of claim 15, wherein the purchasing history comprises one or more purchased goods or services and one or more corresponding purchase locations.

17. The system of claim 14, wherein the credit worthiness comprises an available amount of funds with which the prospective borrower may make purchases.

18. The system of claim 14, wherein the consumer information comprises a borrower list comprising one or more desired goods or services.

19. The system of claim 14, wherein the credit offering device extends the offer of credit to the prospective borrower when the prospective borrower locator determines that the prospective borrower is within a purchasing proximity of the one or more desired goods or services.

20. The system of claim 14, wherein the prospective borrower locator comprises a transaction detection device, wherein the transaction detection device determines the prospective borrower location by detecting a prospective borrower transaction.

21. The system of claim 20, wherein the prospective borrower transaction comprises a purchase transaction of goods or services by the prospective borrower.

22. The system of claim 14, wherein the prospective borrower locator determines the prospective borrower location by way of a smart card reader coupled through a network to the system, the smart card reader detecting a presence of a prospective borrower smart card.

23. The system of claim 14, wherein the offer for credit is prospective borrower location specific.

24. The system of claim 14, further comprising a location module, the location module having a location database comprising a list of product offerings and corresponding locations, wherein when the prospective borrower location corresponds to one of the corresponding locations, the location module references the location database such that the credit offering device extends the offer of credit for at least one product offering from the list of product offerings.

25. The system of claim 14, wherein the prospective borrower locator comprises a location determination device selected from the group consisting of a radio frequency identification system, a global positioning system, an assisted global positioning system, and combinations thereof.

26. The system of claim 14, further comprising a credit response module configured to receive a credit response from the prospective borrower, the credit response module further being configured to initiate credit services upon receipt of the credit response.

27. The system of claim 26, wherein the credit response module comprises a credit provider configured to give the prospective borrower prompt access to credit upon receipt of the credit response.

28. The system of claim 14, wherein the credit offering device comprises a messaging system configured to transmit the offer of credit to the prospective borrower by one of e-mail, voice call, text message, multimedia message, facsimile message, kiosk message, or cash register message.

29. A system for extending credit, the system comprising:

a. a server configured to deliver a browser readable content to a client terminal having a browser in communication with a network, the server providing at least a credit prospective borrower interface with which a prospective borrower may submit a borrower list comprising one or more desired goods or services;

b. a prospective borrower detection module configured to determine a prospective borrower location by one of detecting a geographic location of an electronic device, detecting prospective borrower entry into a commercial outlet, and detecting a prospective borrower financial transaction; and

c. a location module configured to determine if the prospective borrower location is within a purchasing proximity of at least one of the one or more desired goods or services; and

d. a credit extension module configured to offer credit to the prospective borrower when the prospective borrower location is within the purchasing proximity of the at least one of the one or more goods or services.

30. The system of claim 29, wherein the credit prospective borrower interface comprises an opt-out provision.

31. The system of claim 30, wherein the opt-out provision comprises at least one precluded communication channel.

32. The system of claim 31, further comprising a purchase history database comprising at least one purchase and a corresponding purchase location, wherein the location module references the purchase history database and the credit extension module offers credit to the prospective borrower for a complimentary purchase with the at least one purchase.

33. The system of claim 32, further comprising a credit database comprising at least a credit amount available to the prospective borrower, wherein the credit extension module is operable when the credit amount available to the prospective borrower is less than an amount required to purchase the at least one of the one or more goods or services.

34. A method for encouraging use of existing credit, the method comprising the steps of:

a. determining a prospective borrower location of a prospective borrower;

b. determining a purchase history of the prospective borrower;

c. determining an available fund amount associated with the prospective borrower;

and

d. extending an offer to use the available fund amount to the prospective borrower based upon the prospective borrower location.

35. A method for extending credit, the method comprising the steps of:

a. determining a prospective borrower location of a prospective borrower;

b. detecting an expected income event associated with the prospective borrower;

c. determining a credit worthiness of the prospective borrower; and

d. extending an offer of credit to the prospective borrower based upon the prospective borrower location, the expected income event, and the credit worthiness.

36. The method of claim 35, further comprising the steps of:

a. receiving an acceptance in response to the step of extending the offer of credit;

and

b. funding an account accessible by the prospective borrower.