Method for automatically determining the approval status of a potential borrower
First Claim
1. A method for the automatic determination of the approval status of a caller who is a potential borrower for a loan using a data processing system, comprising the steps of:
- (a) monitoring at least one data line at a central control location for an incoming call from the potential borrower;
(b) detecting said incoming call;
(c) establishing a communication link with said incoming call;
(d) transmitting a signal from said control location over said data line;
(e) presenting a set of questions to said caller, such that for each question presented, said caller can respond by entering tone-generated caller information on a standard touch tone keypad;
(f) receiving said tone-generated caller information at said data processing system;
(g) determining the accuracy of said caller'"'"'s response to said set of questions;
(h) repeating a selected voice script message until accurate caller information is received;
(i) formulating an access code from said tone-generated caller information, said code operable for retrieving from a credit information source caller credit information;
(j) formulating a predetermined data profile of said caller that is different from said access code;
(k) accessing and retrieving said caller'"'"'s credit information using said code;
(l) comparing and verifying said caller'"'"'s profile to said caller'"'"'s credit information thereby insuring informational integrity of retrieved data from said caller'"'"'s credit information;
(m) interpreting said information at said control location;
(n) automatically determining at said control location the approval status of said caller according to criteria provided by a lender; and
(o) automatically transmitting information regarding the approval status from said control location to a remote location.
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0 Petitions
Accused Products
Abstract
A method is provided for the real-time automatic determination of the approval status of a potential borrower of a loan. The method of acquiring information from the potential borrower includes the steps of (1) detecting the change in a data stream of a trunk link routed telephone call; (2) answering the call initiated by the potential borrower; (3) determining the DNIS; (4) choosing a proper lender script from a library; (5) starting the script, the script being a series of pre-recorded voice messages which are questions, statements and/or instructions; (6) receiving the DTMF tones transmitted by the telephone keypad button pressed by the caller in response to a question; (7) translating the tones into the numerical values; (8) storing the values in a data processor; (9) terminating the call; and, (10) resetting the system for the next call. The method of determining the approval status and credit limit of the potential borrower includes the steps of: (11) automatically determining the approval status of the potential borrower according to criteria provided by a lender, including utilizing the predefined information in this determination, and information received by accessing a credit bureau; and (12) automatically transmitting information regarding the approval status back to the dealer and/or lender. Additionally, prior to determining the approval status of the potential borrower, the method may include (13) automatically transmitting information identifying the potential borrower to a data processing system maintained by a credit bureau; (14) automatically selecting financial information regarding the potential borrower from the data stored by the credit bureau and transmitting it to the control location; and (15) automatically utilizing this information obtained from the credit bureau in determining the approval status of the potential borrower.
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Citations
17 Claims
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1. A method for the automatic determination of the approval status of a caller who is a potential borrower for a loan using a data processing system, comprising the steps of:
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(a) monitoring at least one data line at a central control location for an incoming call from the potential borrower; (b) detecting said incoming call; (c) establishing a communication link with said incoming call; (d) transmitting a signal from said control location over said data line; (e) presenting a set of questions to said caller, such that for each question presented, said caller can respond by entering tone-generated caller information on a standard touch tone keypad; (f) receiving said tone-generated caller information at said data processing system; (g) determining the accuracy of said caller'"'"'s response to said set of questions; (h) repeating a selected voice script message until accurate caller information is received; (i) formulating an access code from said tone-generated caller information, said code operable for retrieving from a credit information source caller credit information; (j) formulating a predetermined data profile of said caller that is different from said access code; (k) accessing and retrieving said caller'"'"'s credit information using said code; (l) comparing and verifying said caller'"'"'s profile to said caller'"'"'s credit information thereby insuring informational integrity of retrieved data from said caller'"'"'s credit information; (m) interpreting said information at said control location; (n) automatically determining at said control location the approval status of said caller according to criteria provided by a lender; and (o) automatically transmitting information regarding the approval status from said control location to a remote location. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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Specification