Method and system for auctioning loans through a computing system

• US 6,622,131 B1
• Filed: 12/23/1999
• Issued: 09/16/2003
• Est. Priority Date: 12/23/1999
• Status: Expired due to Term

• Current Assignee: Resource Consortium Limited, LLC
• Original Assignee: Rategenius Incorporated
• Inventors: Brown, Christopher C., Lowenfield, Cole W.
• Primary Examiner(s): CHILCOT, RICHARD E
• Application Number:
  US09/471,879
• Time in Patent Office: 1,363 Days
• Field of Search: 705/38, 705/23, 705/1, 705/37, 705/35
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/08 Auctions
• 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

A computing device receives first information about a customer. The computing device outputs second information to at least first and second loan sources. The second information includes at least a portion of the first information. From the first and second loan sources, the computing device receives submissions of respective first and second bids for providing a loan to the customer for purchase of an item. The computing device identifies at least one of the first and second bids as being most favorable. To the customer, the computing device outputs third information about the identified bid, including an identity of at least one of the loan sources that submitted the identified bid.

Claims

1. A method performed by a computing device, the method comprising:

receiving first information about a customer;

to at least first and second loan sources, outputting second information enabling the first and second loan sources to determine whether to offer a loan to the customer for financing an item, including at least a portion of the first information;

from the first and second loan sources, receiving submissions of respective first and second offers for providing the loan to the customer for financing the item, the first and second offers being submitted by the first and second loan sources in response to the second information and in a manner that commits to provide the loan if accepted by the customer;

identifying at least one of the first and second offers as being most favorable;

to the customer, outputting third information about the identified offer, including an identity of at least one of the loan sources that submitted the identified offer.

2. The method of claim 1 wherein receiving first information comprises receiving the first information including information about the item, and wherein outputting second information comprises outputting the second information including the information about the item.

3. The method of claim 1 wherein receiving submissions comprises:

receiving the submissions of the first and second offers for providing the loan to the customer for financing the item, the item being an automobile.

4. The method of claim 1 wherein receiving submissions comprises:

receiving the submissions of the first and second offers for providing the loan to the customer for financing the item, the item being security for the loan.

5. The method of claim 1 wherein receiving first information comprises receiving the first information including an identity of the customer, and wherein outputting second information comprises outputting the second information yet withholding the customer'"'"'s identity.

6. The method of claim 5 and comprising:

outputting the customer'"'"'s identity to the identified loan source.

7. The method of claim 1 and comprising:

in response to the first information, determining fourth information regarding the customer'"'"'s ability to repay the loan, the second information including the fourth information.

8. The method of claim 7 wherein determining fourth information comprises:

in response to the first information, outputting at least one request to a credit bureau;

from the credit bureau, receiving at least one reply to the request; and

in response to the reply, determining the fourth information.

9. The method of claim 1 and comprising:

in response to the first information, determining a measure of certainty regarding the customer'"'"'s identity in comparison to the first information.

10. The method of claim 1 wherein outputting second information comprises:

outputting the second information about the customer only if the measure of certainty regarding the customer'"'"'s identity is higher than a predetermined threshold.

11. The method of claim 10 wherein determining regarding the customer'"'"'s identity comprises:

in response to the first information, outputting at least one first request to a credit bureau;

from the credit bureau, receiving at least one first reply to the first request;

in response to the first reply, determining at least one second request;

outputting the second request to the customer in order to authenticate the customer'"'"'s identity in comparison to the first information;

from the customer, receiving at least one second reply to the second request; and

in response to the second reply, determining the measure of certainty regarding the customer'"'"'s identity in comparison to the first information.

12. The method of claim 1 wherein receiving submissions comprises:

receiving the submissions of the respective first and second offers for providing the loan to the customer for financing the item, the first and second offers being submitted by the first and second loan sources in a manner that commits to provide the loan if accepted by the customer within a specified time period.

13. The method of claim 1 wherein receiving submission comprises:

receiving the submissions of the respective first and second offers for providing the loan to the customer for financing the item, the first and second offers being submitted by the first and second loan sources in a manner that commits to provide the loan if accepted by the customer, and if the second information is consistent with a review of underlying evidence thereof.

22. The method of claim 1 wherein receiving submissions:

comprises;

receiving the submissions of the respective first and second offers for providing the loan to the customer for refinancing the item.

23. The method of claim 7 wherein determining fourth information comprises:

determining the fourth information including a measure of certainty regarding the customer'"'"'s ability to repay the loan.

14. A method performed by a computing device, the method comprising:

receiving first information about a customer, including an identity of the customer;

in response to the first information, determining second information regarding the customer'"'"'s ability to repay a loan;

to at least one loan source, outputting third information enabling the loan source to determine whether to offer the loan to the customer for financing an item, including at least a portion of the first information and the second information, yet withholding the customer'"'"'s identity;

from the loan source, receiving a submission of an offer for providing the loan to the customer for financing the item, the offer being submitted by the loan source in response to the third information and in a manner that commits to provide the loan if accepted by the customer;

to the customer, outputting fourth information about the offer, including an identity of the loan source.

15. The method of claim 14 wherein receiving first information comprises receiving the first information including information about the item, and wherein outputting third information comprises outputting the third information including the information about the item.

16. The method of claim 14 and comprising:

outputting the customer'"'"'s identity to the loan source after receiving the submission of the offer from the loan source.

17. The method of claim 14 wherein determining second information comprises:

in response to the first information, outputting at least one request to a credit bureau;

from the credit bureau, receiving at least one reply to the request; and

in response to the reply, determining the second information.

18. The method of claim 14 and comprising:

in response to the first information, determining a measure of certainty regarding the customer'"'"'s identity in comparison to the first information.

19. The method of claim 18 wherein outputting third information comprises:

outputting the third information about the customer only if the measure of certainty regarding the customer'"'"'s identity is higher than a predetermined threshold.

20. The method of claim 19 wherein determining a measure of certainty regarding the customer'"'"'s identity comprises:

in response to the first information, outputting at least one first request to a credit bureau;

from the credit bureau, receiving at least one first reply to the first request;

in response to the first reply, determining at least one second request;

outputting the second request to the customer in order to authenticate the customer'"'"'s identity in comparison to the first information;

from the customer, receiving at least one second reply to the second request; and

in response to the second reply, determining the measure of certainty regarding the customer'"'"'s identity in comparison to the first information.

21. The method of claim 14 wherein receiving the submission comprises:

receiving the submission of the offer for providing the loan to the customer for financing the item, the item being an automobile.

24. The method of claim 14 wherein receiving the submission comprises:

receiving the submission of the offer for providing the loan to the customer for refinancing the item.

25. The method of claim 14 wherein determining second information comprises:

determining the second information including a measure of certainty regarding the customer'"'"'s ability to repay the loan.

26. The method of claim 14 wherein receiving the submission comprises:

receiving the submission of the offer for providing the loan to the customer for financing the item, the item being security for the loan.

27. The method of claim 14 wherein receiving the submission comprises:

receiving the submission of the offer for providing the loan to the customer for financing the item, the offer being submitted by the loan source in a manner that commits to provide the loan if accepted by the customer within a specified time period.

28. The method of claim 14 wherein receiving the submission comprises:

receiving the submission of the offer for providing the loan to the customer for financing the item, the offer being submitted by the loan source in a manner that commits to provide the loan if accepted by the customer, and if the third information is consistent with a review of underlying evidence thereof.