SYSTEMS AND METHODS OF UNDERWRITING BUSINESS CREDIT
First Claim
1. A method of underwriting an unsecured line of credit for a buyer, said method comprising the steps of:
- receiving an application for an unsecured line of credit for a buyer, said credit line usable for making purchases from a plurality of sellers;
retrieving a trade credit score associated with said buyer;
in response to retrieving said trade credit score of said buyer, comparing said trade credit score with a pre-established acceptable range of trade credit scores;
in response to said trade credit score of said buyer being within said pre-established acceptable range, approving said application; and
in response to approving said application, transmitting said approval to said buyer.
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Accused Products
Abstract
Various embodiments of the present invention provide systems and methods for underwriting an unsecured line of credit for a buyer using a buyer'"'"'s trade credit score, and the unsecured line of credit can be used by the buyer to purchase goods and services from a plurality of sellers. In addition, various embodiments provide systems and methods of automatically approving higher credit limits for unsecured lines of credit as compared to known credit cards by considering the trade credit scores and the merits of the buyer'"'"'s business. Furthermore, various embodiments provide negotiating flexibility for credit terms depending on the extent to which one or more sellers are willing to take on a portion of the risks associated with the line of credit or fund at least a portion of the costs of one or more credit terms associated with the line of credit.
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Citations
45 Claims
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1. A method of underwriting an unsecured line of credit for a buyer, said method comprising the steps of:
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receiving an application for an unsecured line of credit for a buyer, said credit line usable for making purchases from a plurality of sellers; retrieving a trade credit score associated with said buyer; in response to retrieving said trade credit score of said buyer, comparing said trade credit score with a pre-established acceptable range of trade credit scores; in response to said trade credit score of said buyer being within said pre-established acceptable range, approving said application; and in response to approving said application, transmitting said approval to said buyer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29)
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30. A system of underwriting an unsecured line of credit for a buyer, said system comprising:
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a credit approval module adapted for receiving an application for a line of credit for a buyer, retrieving a trade credit score for said buyer, comparing said trade credit score to a range of acceptable trade credit scores, and approving said application in response to said trade credit scores being within said range of acceptable trade credit scores; and a credit account management module adapted for setting up an approved line of credit, receiving a request to make purchases against said line of credit, comparing a requested purchase amount with said line of credit, and in response to said line of credit being greater than or equal to said requested purchase amount, authorizing said purchase request, wherein said unsecured line of credit is usable for making purchases form a plurality of sellers. - View Dependent Claims (31, 32, 33, 34, 35, 36, 37, 38, 39)
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40. A method of improving a credit limit associated with an unsecured line of credit for a buyer, said unsecured line of credit being usable to make purchases from a plurality of sellers, said method comprising the steps of:
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receiving a guarantee from at least one of said plurality of sellers in which said at least one seller assumes at least a portion of the risk associated with said unsecured line of credit; and in response to receiving said guarantee from said at least one seller, increasing a credit limit associated with said unsecured line of credit from a first credit term to a second credit limit.
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41. A method of improving a credit term associated with an unsecured line of credit for a buyer, said unsecured line of credit being usable to make purchases from a plurality of sellers, said method comprising the steps of:
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receiving a promise from at least one of said plurality of sellers in which said at least one seller promises to pay at least a portion of interest accrued on an outstanding balance of said line of credit; in response to receiving said promise, improving said credit term for said buyer from a first credit term to a second credit term. - View Dependent Claims (42, 43, 44, 45)
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Specification