System and method for electronic loan application and for correcting credit report errors

• US 7,076,462 B1
• Filed: 03/02/2000
• Issued: 07/11/2006
• Est. Priority Date: 03/02/2000
• Status: Expired due to Term

• Current Assignee: The Online Asset Exchange
• Original Assignee: Joseph E. Nelson, Kevin M. Darcey
• Inventors: Darcey, Kevin M., Nelson, Joseph E.
• Primary Examiner(s): Poinvil, Frantzy
• Assistant Examiner(s): Chencinski, Siegfried E.
• Application Number:
  US09/517,419
• Time in Patent Office: 2,322 Days
• Field of Search: 705/38
• US Class Current: 705/38
• 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 system and method for the correction of credit information and for submitting loan documents. A borrower and/or loan facilitator completes loan documents in an electronic fashion and submits the information over the internet to the systems server of the present invention. The server then acquires credit information and parses the information into a database for subsequent manipulation by the user in any desired fashion. The system also allows for electronic versions of supporting documentation to be assembled electronically with the loan documents so that the loan pack can be a complete electronic version with supporting documents, for presentations to a plurality of lenders. The lenders then respond to the server with their offers and the server presents the offers to the borrower. Thus by bidding on the borrower'"'"'s loan requirements the lenders provide the most cost effective package to the borrower.

Claims

1. A method for loan application and credit correction comprising:

assembling and scanning supporting documents from a borrower for a loan to create an electronic copy of the supporting documents;

completing an electronic loan application form on a loan application terminal, the loan application terminal connected to a loan application server;

requesting a credit report via the loan application terminal;

receiving the credit report comprising credit references and parsing the credit references in a user-configurable manner;

creating a loan package comprising the electronic loan form, the credit report, and the electronic copy of the supporting documents; and

submitting the loan package electronically to a plurality of lenders;

further comprising;

the borrower deciding to dispute a credit reference;

the borrower designating electronically those credit references to be disputed;

the borrower designating to the loan application server electronically the reason for disputing the credit reference; and

the loan application server automatically generating a dispute communication relating to the credit reference.

2. The method for loan application and credit correction of claim 1 further comprising, receiving electronic offers from the plurality of lenders at the loan application terminal;

and

electronically submitting the offers to the borrower for selection.

3. The method for loan application and credit correction of claim 1 further comprising:

the loan application server adding any response to the dispute communication to the loan package; and

the server submitting the loan package to said plurality of lenders for review.

4. A method for reviewing credit information and automatically generating a dispute communication comprising:

a borrower or broker requesting credit information from at least one credit bureau;

receiving credit information electronically from the at least one credit bureau;

parsing the credit information into categories in a database;

configuring the credit information in the database according to user definable parameters;

the borrower deciding to dispute a credit reference;

the borrower or broker designating electronically those credit references to be disputed;

the borrower or broker designating electronically the reason for disputing the credit reference; and

automatically generating a dispute communication relating to the credit reference.

16. The method of claim 4 further comprising the borrower or broker requesting credit information from a plurality of credit bureaus.

5. A system for loan application and credit correction comprising:

a loan application terminal comprising a loan application form to be completed by a borrower and further comprising an electronic request form for requesting credit bureau information about the borrower;

a network connected to the loan application terminal;

a loan application server connected to the loan application terminal over the network for receiving the loan application form and the request for credit information;

the server further comprising instructions for requesting the credit information electronically from at least one credit bureau and receiving the credit information over the network;

the server further comprises instructions for parsing the received credit information into a database and for displaying the parsed credit information according to user-definable parameters;

the server further comprises instructions for permitting the borrower to identify credit references of interest;

the server further comprises instructions for allowing the borrower to designate those credit references that the borrower wishes to dispute;

the server further comprises instructions for presenting to the borrower options for explaining and disputing the inaccurate credit references, and for automatically generating a communication to an appropriate credit bureau based upon the dispute option selected by the borrower; and

the server further comprising instructions for assembling the loan application form together with the credit information to form a loan package and for submitting the loan package to a plurality of lenders over the network.

6. The system for loan application and credit correction of claim 5 wherein the server further comprises instructions for receiving offers from lenders desiring to lend money to the borrower and for conveying the offers from the lenders to the borrower.

7. The system for loan application and credit correction of claim 5 wherein the server further comprises instructions for parsing the received credit information into a database and for displaying the parsed credit information according to user-definable parameters.

8. The system for loan application and credit correction of claim 5 wherein the server further comprises instructions for displaying to a said borrower a narrative version of the received credit information.

9. The system for loan application and credit correction of claim 5 wherein the network is the internet.

10. The system for loan application and credit correction of claim 5 wherein the network is a wireless network.

11. The system for loan application and credit correction of claim 5 wherein the network is an intranet.

12. A system for reviewing credit information and automatically generating a dispute communication comprising:

a computer terminal comprising means to input a request for credit information about a borrower;

a network connected to the computer terminal;

a server connected to the computer terminal over the network for receiving the request for credit information;

the server further comprising instructions for requesting the credit information electronically from at least one credit bureau and receiving the credit information over the network;

the server further comprises instructions for parsing the received credit information into a database and for displaying the parsed credit information according to user-definable parameters;

the server further comprises instructions for permitting the borrower to identify credit references of interest;

the server further comprises instructions for allowing the borrower to designate those credit references that the borrower wishes to dispute; and

the server further comprises instructions for presenting to the borrower options for explaining and disputing the inaccurate credit references, and for automatically generating a communication to the credit bureau based upon the dispute option selected by the borrower.

13. The system of claim 12 wherein the network is selected from the group consisting of the internet, a wireless network, and an intranet.

14. The system of claim 12 wherein the server further comprises instructions for parsing the received credit information into said database and for displaying the parsed credit information according to user-definable parameters.

15. The system of claim 12 wherein the server further comprises instructions for displaying to said borrower a narrative version of the received credit information.

17. A method for reviewing credit information and automatically generating a dispute communication comprising:

a borrower or broker requesting credit information from at least one credit bureau;

receiving credit information electronically from the at least one credit bureau;

the borrower deciding to dispute a credit reference;

the borrower or broker designating electronically those credit references to be disputed;

the borrower or broker designating electronically the reason for disputing the credit reference; and

automatically generating a dispute communication relating to the credit reference.

18. A system for reviewing credit information and automatically generating a dispute communication comprising:

a computer terminal comprising means to input a request for credit information about a borrower;

a network connected to the computer terminal;

a server connected to the computer terminal over the network for receiving the request for credit information;

the server further comprising instructions for requesting the credit information electronically from at least one credit bureau and receiving the credit information over the network;

the server further comprises instructions for allowing the borrower to designate those credit references that the borrower wishes to dispute; and

the server further comprises instructions for presenting to the borrower options for explaining and disputing the inaccurate credit references, and for automatically generating a communication to the credit bureau based upon the dispute option selected by the borrower.