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Method and Apparatus for Real Time Online Credit Approval

  • US 20080270295A1
  • Filed: 10/31/2007
  • Published: 10/30/2008
  • Est. Priority Date: 11/03/1998
  • Status: Abandoned Application
First Claim
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1. A method implemented on one or more computers for providing approval of credit over a network, comprising:

  • receiving via a computer network applicant data from an applicant for a credit application;

    prior to obtaining credit report data from a credit bureau for the applicant, determining compliance of the applicant with one or more one or more requirements, the one or more requirements comprising a duplicate check comprising comparing one or more elements of the applicant data with data previously submitted by previous applicants;

    transmitting electronically to applicant a determination to decline approval for credit to the applicant if the applicant data fails to meet one or more of the one or more requirements;

    if the applicant is not declined;

    processing one or more elements of the applicant data into a predetermined electronic form;

    electronically transmitting the one or more elements of applicant data in the predetermined electronic form to a credit bureau for obtaining a credit report from a credit bureau for the applicant;

    receiving electronically the credit report data from a credit bureau for the applicant; and

    determining, without intervention of a human, whether to approve or reject the applicant based for credit based at least in part on the credit report data; and

    if it is determined to approve the applicant for credit, communicating electronically to the applicant that the applicant has been approved for credit.

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