Systems and Methods for Monitoring and Optimizing Credit Scores

• US 20130332341A1
• Filed: 08/14/2013
• Published: 12/12/2013
• Est. Priority Date: 09/14/2010
• Status: Abandoned Application

• Current Assignee: Evolution Finance, Inc.
• Original Assignee: Evolution Finance, Inc.
• Inventors: Papadimitriou, Odysseas
• Application Number:
  US13/967,113
• Publication Number:
  US 20130332341A1
• Time in Patent Office: Days
• US Class Current: 705/38
• 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

The present disclosure provides systems and methods that monitor, on a recurring basis, a consumer'"'"'s behavior as reflected on both the consumer'"'"'s credit report and other sources, identifies opportunities for optimizing the consumer'"'"'s credit score, warns proactively of actions that can damage a consumer'"'"'s credit score, and identifies the right time for consumers to take certain actions, including, but not limited to, actions like applying for a new credit card or closing an existing credit card. The present disclosure also provides systems and methods that implement or can assist in the implementation of the recommended actions on behalf of the consumer.

Claims

1. A system comprising:

a server; and

a memory in communication the server, the memory storing a logic that is executed by the server to perform operations comprising;

continuously monitoring a plurality of sources for up-to-date financial information, and up-to-date personal information associated with a client; and

determining, based on a change in one or more of the up-to-date financial information and the up-to-date personal information, that undertaking a potential action modifies a potential credit score of the client.

2. The system of claim 1, wherein the up-to-date financial information comprises one or more of:

an account information associated with the client, a credit information associated with the client, or a financial product information associated with a financial institution, and wherein the up-to-date personal information comprises one or more of a name, an address, a social security number, or a telephone number.

3. The system of claim 1, wherein the plurality of sources comprise one or more of a client interface for receiving client-input information, a financial institution, a credit bureau, a public record, or a third party source.

4. The system of claim 1, wherein the potential action is one of a plurality of potential actions.

5. The system of claim 4, wherein the operations further comprise generating a corresponding potential credit score for each of the plurality of potential actions.

6. The system of claim 1, wherein the operations further comprise alerting the client to perform the potential action.

7. The system of claim 1, wherein the operations further comprise warning the client not to perform the potential action.

8. The system of claim 1, wherein the client is not required to subscribe to a service for performing the continuous monitoring.

9. The system of claim 1, wherein a result of the performance of the potential action triggers a generation of an additional hypothetical scenario.

10. A system, comprising:

a processor; and

a computer-readable medium in communication with the processor, the computer-readable medium to store instructions that, when executed by the processor, cause the processor to perform operations comprising;

creating a hypothetical scenario comprising a simulated action in response to detecting an event in a financial information about a client, the financial information being monitored continuously and in real-time; and

determining an optimal time from among a plurality of times to perform a simulated action;

wherein performing the simulated action at the optimal time results in an optimal credit score for the client.

11. The system of claim 10, wherein the simulated action is indicated in a client preference.

12. The system of claim 10, wherein the simulated action comprises opening or closing a financial account.

13. The system of claim 12, wherein the operations further comprise transmitting to the client at a regular interval a potential credit score based on simulating the opening or closing the financial account.

14. The system of claim 10, wherein the simulated action is automatically performed on behalf of the client.

15. A system, comprising:

a processor; and

a computer-readable medium in communication with the processor, the computer-readable medium to store instructions that, when executed by the processor, cause the processor to perform operations comprising;

receiving an indication of a potential financial action to be performed;

generating a hypothetical scenario based on the potential financial action, wherein the hypothetical scenario is generated based on a plurality of information retrieved in real-time from a plurality of sources;

determining a potential credit score for the client based on the hypothetical scenario; and

notifying the client whether or not performing the potential financial action would be optimal.

16. The system of claim 15, wherein the operations further comprise notifying the client not to perform the potential financial action if the potential credit score is lower than or the same as an existing credit score for the client.

17. The system of claim 15, wherein the operations further comprise determining an optimal time to perform the potential action.

18. The system of claim 17, wherein the optimal time is determined by continuously monitoring the plurality of information, and determining a behavior in the plurality of information.

19. The system of claim 18, wherein the determination of the behavior triggers a generation of a new hypothetical scenario, and a determination of a corresponding potential credit score.

20. The system of claim 15, wherein the potential action comprises one or more of transferring a balance, making a withdrawal, making a deposit, or making a transaction.