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Method and Apparatus for a Verifiable On Line Rejection of an Applicant for Credit

  • US 20080270294A1
  • Filed: 10/31/2007
  • Published: 10/30/2008
  • Est. Priority Date: 11/03/1998
  • Status: Active Grant
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 5 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 10 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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