SYSTEMS AND METHODS FOR MONITORING FINANCIAL ACTIVITIES OF CONSUMERS
First Claim
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1. A computer implemented method for generating an alert based on consumer financial data, the method comprising:
- receiving from a financial service provider a request to monitor a consumer for financial improvements that are indicative of an increased likelihood that the consumer will pay an outstanding debt, the request comprising at least a name and address of a consumer for monitoring;
accessing first financial data associated with the consumer, the first financial data comprising data for each of one or more financial accounts associated with the consumer at a first time;
accessing second financial data associated with the consumer, the second financial data comprising data for each of one or more financial accounts associated with the consumer at a second time, wherein the second time is later than the first time;
comparing the first and second financial data to determine whether a predetermined difference exists between the first financial data and the second financial data, the predetermined difference representing an improvement in one or more of the financial accounts between the first time and the second time such that the consumer appears to be in a better position to make payments towards the outstanding debt; and
generating an alert for transmission to the financial service provider.
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Abstract
Systems and methods are disclosed for monitoring consumer financial data. Clients such as financial institutions or debt buyers identify one or more consumers for which monitoring is desired. Historical financial data, such as credit data, is periodically compared with current financial data according to a number of logical rules or financial triggers. The financial triggers correspond to improvements in a financial position of a consumer. When a financial improvement is determined according to the logical rules, an alert is generated and sent to the client, allowing the client to adjust a collection strategy.
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Citations
23 Claims
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1. A computer implemented method for generating an alert based on consumer financial data, the method comprising:
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receiving from a financial service provider a request to monitor a consumer for financial improvements that are indicative of an increased likelihood that the consumer will pay an outstanding debt, the request comprising at least a name and address of a consumer for monitoring; accessing first financial data associated with the consumer, the first financial data comprising data for each of one or more financial accounts associated with the consumer at a first time; accessing second financial data associated with the consumer, the second financial data comprising data for each of one or more financial accounts associated with the consumer at a second time, wherein the second time is later than the first time; comparing the first and second financial data to determine whether a predetermined difference exists between the first financial data and the second financial data, the predetermined difference representing an improvement in one or more of the financial accounts between the first time and the second time such that the consumer appears to be in a better position to make payments towards the outstanding debt; and generating an alert for transmission to the financial service provider. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer implemented method for generating alerts based on consumer financial activity, the method comprising:
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receiving a list of a plurality of consumers for monitoring; accessing first financial account data and credit scores of the plurality of consumers at a first time; accessing second financial account data and credit scores of the plurality of consumers at a second time, wherein the second time is later than the first time; for each consumer of the plurality of consumers; determining whether a difference between the second financial account data and the first financial account data meets one or more pre-defined rules indicative of an improvement in the financial health of the consumer; and adding the consumer to a list of alerts if the financial account data comparison indicates financial improvement; removing consumers from the list of alerts if a comparison of the consumer'"'"'s credit score at the second time and the consumer'"'"'s credit score at the first time does not indicate financial improvement; and sending the filtered list of alerts. - View Dependent Claims (12, 13, 14, 15)
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16. A computer system for generating alerts based on consumer financial activity, comprising:
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a financial database that stores current financial data; a historical database that stores historical credit data; a trigger module configured to; receive a list of consumers to monitor; access the financial database on a periodic basis and retrieve the current financial data for consumers on the list; for each consumer, compare the current financial data against the historical financial data stored in the historical database to determine if any differences in the current and historical financial data are indicative of financial improvement for the consumer; and generate a financial improvement alert indicating those zero or more consumers for which the current and historical financial data are indicative of financial improvement. - View Dependent Claims (17, 18, 19, 20, 21)
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22. A computer-readable medium having stored thereon executable code which, when executed by a host system, causes the host system to:
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access first financial data associated with one or more financial accounts of a consumer at a first time; access second financial data associated with one or more financial account at a second time; compare the first and second financial data to determine whether a predetermined difference exists between the first financial data and the second financial data, the predetermined difference representing an improvement in the consumer'"'"'s likelihood to make payments towards an outstanding account balance; and generate an alert indicating the financial improvement. - View Dependent Claims (23)
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Specification