CALCULATING CREDIT WORTHINESS USING TRANSACTIONAL DATA
First Claim
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1. A method of determining credit worthiness of a customer, the method comprising:
- receiving transactional data corresponding to transactions associated with the customer;
categorizing the transactional data into inflows and outflows;
generating a cash flow statement based on the categorized transactional data;
generating a net worth statement using the transactional data; and
determining credit worthiness based on the generated cash flow statement and net worth statement.
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Abstract
Aspects of the invention provide for the use of transactional data in determining credit and product offerings. Further aspects of the invention provide for generating financial statements and indices using transactional data for use by users and/or financial institutions. The transactional based financial statements and indices may be used for making underwriting and financial planning decisions.
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Citations
21 Claims
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1. A method of determining credit worthiness of a customer, the method comprising:
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receiving transactional data corresponding to transactions associated with the customer; categorizing the transactional data into inflows and outflows; generating a cash flow statement based on the categorized transactional data; generating a net worth statement using the transactional data; and determining credit worthiness based on the generated cash flow statement and net worth statement. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A system for loan processing, the system comprising:
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a computer, the computer comprising a memory and a processor, wherein the processor executes computer-executable instructions in the memory for; receiving transactional data corresponding to transactions associated with the customer; categorizing the transactional data into inflows and outflows; generating a cash flow statement based on the categorized transactional data; generating a net worth statement; weighting the generated cash flow statement and the net worth statement; and determining credit worthiness based on weighted cash flow statement and net worth statement; and originating a loan based on the determined credit worthiness of the customer. - View Dependent Claims (18)
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19. A method of determining credit worthiness of a customer, the method comprising:
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receiving transactional data corresponding to transactions by the customer; categorizing the transactional data into inflows and outflows; calculating a cash flow statement based on the categorized transactional data; calculating a net worth statement using the transactional data; calculating a FICO score; calculating a transaction index; and determining credit worthiness based on the calculated cash flow statement, the net worth statement, the FICO score and the transaction index. - View Dependent Claims (20)
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21. A method of generating a personal cash flow statement for a customer, the method comprising:
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receiving transactional data corresponding to transactions associated with the customer; categorizing the transactional data into inflows and outflows; subtracting the outflows from the inflows; and displaying the personal cash flow statement.
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Specification