COMPREHENSIVE METHOD FOR INCREASING CREDIT SCORES

• US 20100082476A1
• Filed: 10/01/2008
• Published: 04/01/2010
• Est. Priority Date: 10/01/2008
• Status: Abandoned Application

• Current Assignee: Eric A. Bowman
• Original Assignee: Eric A. Bowman
• Inventors: Bowman, Eric A.
• Application Number:
  US12/243,924
• Publication Number:
  US 20100082476A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• 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

Abstract

A comprehensive method for guaranteeing an increase in the credit score of a qualified consumer, which subsequently assists the consumer in securing all types of loan financing, including, but not limited to, mortgage financing, business financing, and general loan financing (e.g., automobile, motorcycle, boat, etc.), includes program components that are designed for a one year timeframe, although credit scores may be improved in less time, or the timeframe can be extended as needed. The components include an education component, a proactive component, a monitoring component, and a measuring/results component.

Claims

1. A novel method for increasing a plurality of credit scores of a consumer, said method comprising:

educating said consumer on a plurality of recommendations generated by said novel method;

assisting said consumer in proactively implementing said recommendations;

monitoring proactive actions of said consumer while said consumer implements said recommendations; and

measuring results of said implemented recommendations.

2. The method of claim 1, wherein said educating said consumer further comprises having said consumer attend an informational seminar.

3. The method of claim 1, wherein said educating said consumer further comprises having said consumer electronically contact an organization authorized to implement said novel method.

4. The method of claim 1, wherein said educating said consumer further comprises requesting from said consumer permission to retrieve a credit report pertaining to said consumer.

5. The method of claim 4, wherein said retrieving said credit report further comprises compiling data records and data attributes from a plurality of credit reporting agencies.

6. The method of claim 5, wherein said data records and data attributes are analyzed to determine if said consumer is a candidate for said novel method for increasing said plurality of credit scores.

7. The method of claim 5, wherein said data records and data attributes are analyzed to recommend at least one possible corrective action to increase said plurality of credit scores.

8. The method of claim 7, wherein said at least one possible corrective action is input to a simulation program to determine the effects of said corrective action on said plurality of credit scores.

9. The method of claim 1, wherein said educating said consumer further comprises recommending opening a plurality of financial accounts, said accounts comprising at least one installment loan account and at least one certificate of deposit account, both accounts registered in said consumer'"'"'s name.

10. The method of claim 9, wherein said at least one certificate of deposit account serves as collateral for said at least one of installment loan account.

11. The method of claim 1, wherein said assisting said consumer further comprises meeting with said consumer to provide details of said recommendations, said recommendations comprising taking corrective actions on a retrieved credit report of said consumer.

12. The method of claim 11, wherein said providing details to said consumer further comprises helping said consumer in taking proactive actions to correct issues in said consumer'"'"'s retrieved credit report.

13. The method of claim 1, wherein said assisting said consumer further comprises meeting with said consumer to provide details of said recommendations, said recommendations comprising opening a plurality of financial accounts, said accounts comprising at least one installment loan account and at least one certificate of deposit account, both accounts registered in said consumer'"'"'s name.

14. The method of claim 13, wherein said providing details to said consumer further comprises helping said consumer open said plurality of financial accounts in said consumer'"'"'s name.

15. The method of claim 13, wherein said at least one installment loan account disperses funds to said consumer, said funds being used to pay down said at least one installment loan account.

16. The method of claim 13, wherein said providing details to said consumer further comprises helping said consumer establish an automatic payment program for making on-time, periodic payments to pay down said at least one installment loan account.

17. The method of claim 13, wherein said providing details to said consumer further comprises reporting said plurality of new financial accounts to all credit bureaus.

18. The method of claim 1, wherein said monitoring said consumer'"'"'s proactive actions further comprises maintaining periodic contact with said consumer.

19. The method of claim 1, wherein said monitoring said consumer'"'"'s proactive actions further comprises retrieving at least one additional credit report.

20. The method of claim 19, wherein said at least one additional credit report is analyzed to determine if said consumer'"'"'s plurality of credit scores have increased sufficiently to place said consumer in at least average credit standing.

21. The method of claim 1, wherein said measuring of said implemented recommendations further comprises meeting with said consumer to discuss results of said implemented recommendations.

22. The method of claim 21, wherein said meeting with said consumer further comprises assisting said consumer with post-method opportunities, said opportunities comprising obtaining pre-qualification for financing a plurality of loan types;

obtaining said loans;

managing of said at least one installment loan account; and

managing of said at least one certificate of deposit account.

23. A novel method for increasing a plurality of credit scores of a consumer, said method comprising:

having said consumer contact an organization authorized to implement said novel method;

retrieving a credit report pertaining to said consumer, said credit report providing said plurality of credit scores;

deciding if said consumer can benefit from said novel method, based on said credit report;

analyzing said consumer'"'"'s credit report to produce at least one corrective action, said action increasing at least one of said plurality of credit scores;

assisting said consumer in taking said corrective actions;

recommending said consumer open a plurality of financial accounts, said accounts comprising at least one installment loan account and at least one certificate of deposit account, said at least one certificate of deposit account serving as collateral for said at least one installment loan account;

helping said consumer open said at least one installment loan account and said at least one certificate of deposit account;

reporting said newly opened accounts to all credit bureaus;

assisting said consumer in establishing automatic payment program for making on-time, periodic payments to pay down said at least one installment loan account using funds disbursed from said at least one of said installment loans;

monitoring said consumer'"'"'s progress by retrieving an additional credit report after a defined amount of time, said credit report analyzed for credit score increases; and

meeting with said consumer to aid said consumer in implementing credit score increase opportunities, said opportunities comprising obtaining pre-qualification for financing a plurality of loan types;

obtaining said loans;

managing of said at least one installment loan account; and

managing of said at least one certificate of deposit account.