METHOD AND SYSTEM FOR TRACKING PERSONAL PROPERTY COLLATERAL
First Claim
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1. A method of tracking collateral used to secure a loan comprising:
- identifying personal property utilized by a borrower as collateral for a loan provided by a lender;
establishing a wireless communication link between a collateral tracking system and a collateral reporting device of the borrower;
receiving information transmitted from said collateral reporting device to said collateral tracking system regarding devices which are in communication with said collateral reporting device of said borrower; and
comparing, at said tracking system, said information received from said collateral reporting device to personal property identified by said borrower as collateral to verify that the personal property identified as collateral is associated with said reporting device.
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Abstract
A tracking system is provided for tracking personal property, such as to track collateral which is used to secure a loan. Collateral belonging to a borrower, such as electronic devices or other items of personal property having a wireless communication interface, is placed in communication with a tracking system which receives information from those items of collateral and utilizes that information to verify the existence of the borrower'"'"'s collateral.
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Citations
13 Claims
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1. A method of tracking collateral used to secure a loan comprising:
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identifying personal property utilized by a borrower as collateral for a loan provided by a lender; establishing a wireless communication link between a collateral tracking system and a collateral reporting device of the borrower; receiving information transmitted from said collateral reporting device to said collateral tracking system regarding devices which are in communication with said collateral reporting device of said borrower; and comparing, at said tracking system, said information received from said collateral reporting device to personal property identified by said borrower as collateral to verify that the personal property identified as collateral is associated with said reporting device. - View Dependent Claims (2, 3, 7, 8, 9, 11)
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4. The method in accordance with claim 4 wherein said electronic devices are selected from the group consisting of:
- televisions, DVD players, kitchen appliances, washers and dryers.
- View Dependent Claims (5, 6)
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10. A method of tracking collateral used to secure a loan comprising:
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identifying at least one item of personal property utilized by a borrower as collateral for a loan provided by a lender, said item of personal property having a wireless communication interface over which information regarding said item of personal property may be transmitted; receiving at a collateral tracking system information regarding said item of personal property transmitted wirelessly therefrom over at least one communication link; and comparing, at said collateral tracking system, said information received from said item of personal property to personal property identified by said borrower as collateral to verify the item of personal property. - View Dependent Claims (12, 13)
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Specification