SYSTEMS AND METHODS FOR CREDIT WORTHINESS SCORING AND LOAN FACILITATION

• US 20100010935A1
• Filed: 06/05/2009
• Published: 01/14/2010
• Est. Priority Date: 06/09/2008
• Status: Active Grant

• Current Assignee: Radcliff Group Incorporated
• Original Assignee: Radcliff Group Incorporated
• Inventors: Shelton, Thomas
• Granted Patent: US 8,744,946 B2
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The present invention relates to methods, systems and computer readable media for generating a financial score. In an embodiment, the method for generating a financial score comprises collecting and aggregating sets of data, estimating income paths based on the collected data, determining risk associated with the income path and generating a financial score. Exemplary systems and computer readable media include program code for executing a method for generating a financial score and processing financial instruments on a network.

Claims

1. A computer-implemented method for generating a financial score, comprising:

collecting a first data set of user-independent information;

collecting a second data set of user information;

aggregating information from the first data set with information from the second data set to create an aggregate data set;

storing the aggregate data set on a computer readable medium;

estimating an income path for a user on the basis of information in the aggregate data set;

determining risk associated with the income path; and

generating a financial score for the user.

2. The method of claim 1 wherein the step of collecting the second data set of comprises collecting educational information.

3. The method claim 1 wherein the step of estimating the income path for the user comprises receiving user attribute values comprising an age value, an education value and an occupation value.

4. The method of claim 1 wherein the step of determining risk associated with the income path comprises calculating a distribution of change for the income path.

5. The method of claim 1 wherein generating the financial score for the user comprises displaying a numerical value and a graphical representation of the income path.

6. Computer readable media comprising program code that when executed by a programmable processor causes execution of a method for generating a financial score, the computer readable media comprising:

program code for collecting a first data set of user-independent information;

program code for collecting a second data set of user information;

program code for aggregating information from the first data set with information from the second data set to create an aggregate data set;

program code for storing the aggregate data set on a computer readable medium;

program code for estimating an income path for a user on the basis of information in the aggregate data set;

program code for determining risk associated with the income path; and

program code for generating a financial score for the user.

7. The computer readable media of claim 6, wherein the program code for collecting the second data set of further comprises program code for collecting educational information.

8. The computer readable media of claim 6, wherein the program code for estimating the income path for the user further comprises program code for receiving user attribute values comprising an age value, an education value and an occupation value.

9. The computer readable media of claim 6, wherein the program code for determining risk associated with the income path further comprises program code for calculating a distribution of change for the income path.

10. The computer readable media of claim 6, wherein the program code for generating the financial score for the user comprises displaying a numerical value and a graphical representation of the income path.

11. A computerized system for generating a financial score, the system comprising:

a computer readable medium having program code that when executed by a programmable processor causes the programmable processor to execute a method for generating a financial score, comprising;

program code for collecting a first data set of user-independent information;

program code for collecting a second data set of user information;

program code for aggregating information from the first data set with information from the second data set to create an aggregate data set;

program code for storing the aggregate data set on the computer readable medium;

program code for estimating an income path for a user on the basis of information in the aggregate data set;

program code for determining risk associated with the income path; and

program code for generating a financial score for the user.

12. The system of claim 11 wherein the program code for collecting the second data set further comprises program code for collecting educational information.

13. The system of claim 11 wherein the program code for estimating the income path further comprises program code for receiving user attribute values comprising an age value, an education value and an occupation value.

14. The system of claim 11 wherein the program code for determining risk associated with the income path further comprises program code for calculating a distribution of change for the income path.

15. The system of claim 11 wherein the program code for generating the financial score for the user further comprises program code for displaying a numerical value and a graphical representation of the income path.

16. A method for processing financial instruments on a network, comprising:

displaying, on a networked device, an offer to enter into a financial contract associated with a borrower;

auctioning the financial contract to a plurality of lenders;

providing borrower information to a given lender, the borrower information comprising a score;

receiving bid information from the given lender, the bid information from the given lender matched to the financial contract; and

storing auction information on a computer readable medium.

17. The method of claim 16 wherein the borrower information further comprises a score chart.

18. The method of claim 16 wherein the borrower information is selected by the given lender.

19. The method of claim 16 wherein the borrower information is associated with the financial contract.

20. The method of claim 16 wherein the step of receiving bid information from the given lender further comprises receiving a fractional bid.

21. Computer readable media comprising program code that when executed by a programmable processor causes execution of a method for processing financial instruments on a network, the computer readable media comprising:

program code for providing an offer to enter into a financial contract associated with a borrower;

program code for auctioning the financial contract to a plurality of lenders;

program code for providing borrower information to a given lender, the borrower information comprising a score;

program code for receiving bid information from the given lender, the bid information from the given lender matched to the financial contract; and

program code for storing auction information on a computer readable medium.

22. The computer readable media of claim 21 wherein the borrower information further comprises a score chart.

23. The computer readable media of claim 21 wherein the borrower information is based on criteria selected by the given lender.

24. The computer readable media of claim 21 wherein the borrower information is associated with the financial contract.

25. The computer readable media of claim 21 wherein the program code for receiving bid information from the given lender further comprises program code for receiving a fractional bid.

26. A system for processing financial instruments on a network, the system comprising:

providing an offer to enter into a financial contract associated with a borrower;

auctioning the financial contract to a plurality of lenders;

providing borrower information to a given lender, the borrower information comprising a score;

receiving bid information from the given lender, the bid information from the given lender matched to the financial contract; and

storing auction information on a computer readable medium.

27. The system of claim 26 wherein the borrower information further comprises a score chart.

28. The system of claim 26 wherein the borrower information is based on criteria selected by the given lender.

29. The system of claim 26 wherein the borrower information is associated with the financial contract.

30. The system of claim 26 wherein receiving bid information from the given lender comprises receiving a fractional bid.

31. A method for processing financial contracts online, the method comprising:

providing a social network interface to connect a borrower with a plurality of lenders;

using a pricing engine to generate a financial score for the borrower on the basis of an income path and an input received from the borrower;

executing program code associated with the pricing engine on a processor;

generating terms for a financial contract associated with the borrower on the basis of the income path and the input received from the borrower;

auctioning the financial contract associated with the borrower to a plurality of lenders; and

using a peer-to-peer model to allow a given lender to place a fractional bid on the financial contract associated with the borrower.