ONLINE LOAN APPLICATION SYSTEM USING BORROWER PROFILE INFORMATION THROUGH A BACKGROUND SEARCH PROCESS

• US 20110313884A1
• Filed: 06/17/2011
• Published: 12/22/2011
• Est. Priority Date: 04/14/2006
• Status: Abandoned Application

• Current Assignee: Anocontrols Limited Liability Company (Intellectual Ventures LLC)
• Original Assignee: Anocontrols Limited Liability Company (Intellectual Ventures LLC)
• Inventors: Eze, Ike O.
• Application Number:
  US13/163,214
• Publication Number:
  US 20110313884A1
• Time in Patent Office: Days
• US Class Current: 705/26.41
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Embodiments of an online credit application system are described. The online credit application system displays a solicitation page requesting user credit score information and a selection of desired loan products. Embodiments include means for receiving a request by the user to purchase an item through an online application form, the request including identification information of the user; means for determining whether financing is available for at least part of the purchase request; means for transmitting the identification information to a second server, wherein the second server is configured to obtain a measure of the user'"'"'s qualification to obtain the financing through a below-the-line credit check from a credit bureau; means for receiving from the second server the measure of the user'"'"'s qualification and comparing it to the requirements of the financing; and means for notifying the user that the financing is available if the measure of the user'"'"'s qualification satisfies the requirements of the financing.

Claims

1. A method comprising:

on a first server computer coupled to a client computer operated by a user, receiving a request by the user to purchase an item through an online application form, the request including identification information of the user;

determining whether financing is available for at least part of the purchase request;

transmitting the identification information to a second server, wherein the second server is configured to obtain a measure of the user'"'"'s qualification to obtain the financing through a below-the-line credit check from a credit bureau;

receiving from the second server the measure of the user'"'"'s qualification and comparing it to the requirements of the financing; and

notifying the user that the financing is available if the measure of the user'"'"'s qualification satisfies the requirements of the financing.

2. The method of claim 1 wherein the identification information comprises the user name, address and at least a portion of the user'"'"'s social security number.

3. The method of claim 2 wherein the measure of the user'"'"'s qualification comprises a credit score provided by a credit rating authority.

4. The method of claim 2 wherein the request includes financial information comprising a credit history information of the user, and wherein the method further comprises:

evaluating the financial information;

evaluating the selected loan qualification requirements as defined by a provider of the selected loan;

making a provisional qualification determination based on the evaluation of the financial information and the selected loan qualification requirements; and

transmitting the provisional qualification determination to the user.

5. The method of claim 4 further comprising, if the qualification determination is negative:

transmitting a message to the user stating that the user is not qualified for the selected loan; and

displaying a list of other possible financing options available to the user.

6. The method of claim 3 wherein the measure of the user'"'"'s qualification comprises a descriptive characterization selected from a range of possible characterizations.

7. A system including a first server computer coupled to a client computer operated by a user, the system comprising:

means for receiving a request by the user to purchase an item through an online application form, the request including identification information of the user;

means for determining whether financing is available for at least part of the purchase request;

means for transmitting the identification information to a second server, wherein the second server is configured to obtain a measure of the user'"'"'s qualification to obtain the financing through a below-the-line credit check from a credit bureau;

means for receiving from the second server the measure of the user'"'"'s qualification and comparing it to the requirements of the financing; and

means for notifying the user that the financing is available if the measure of the user'"'"'s qualification satisfies the requirements of the financing.

8. The system of claim 7 wherein the identification information comprises the user name, address and at least a portion of the user'"'"'s social security number.

9. The system of claim 7 wherein the measure of the user'"'"'s qualification comprises a credit score provided by a credit rating authority.

10. The system of claim 9 wherein the request includes financial information comprising a credit history information of the user, and wherein the system further comprises:

means for evaluating the financial information;

means for evaluating the selected loan qualification requirements as defined by a provider of the selected loan;

means for making a provisional qualification determination based on the evaluation of the financial information and the selected loan qualification requirements; and

means for transmitting the provisional qualification determination to the user.

11. The system of claim 10 further comprising, if the qualification determination is negative:

means for transmitting a message to the user stating that the user is not qualified for the selected loan; and

means for displaying a list of other possible financing options available to the user.

12. The system of claim 8 wherein the measure of the user'"'"'s qualification comprises a descriptive characterization selected from a range of possible characterizations.