Electronic commerce credit origination method and system
First Claim
1. A method of credit origination, comprising the steps of:
- receiving an application for credit from a customer to purchase a product sold by a dealer, said application including a first set of information and said application received by a lender, but not by said dealer, said application transmitted over a computer network from a first computer of said customer to a second computer of said lender;
processing said application for credit;
communicating a second set of information from said lender directly to said customer over said computer network, said second set of information including a decision on said application for credit and a set of terms of any credit to be extended to said customer;
assuming one or more obligations corresponding to credit issued under a contract to purchase said product entered into between said customer and said dealer of said product.
1 Assignment
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Accused Products
Abstract
A credit origination system and method are provided. The inventive method includes the step (22) of receiving an application for credit from a customer to purchase a product. The application may include a first set of information designed to evaluate the creditworthiness of the customer. The method also includes the step (24) of processing the credit application. The processing step (24) may include substeps (26, 28, 30, 32) designed to verify and evaluate information provided by the customer and to obtain additional information from the customer. The method also includes the step (34) of communicating a second set of information to the customer. This information may include a decision on the application for credit and the terms of any credit to be extended. The method may also include the step (36) of communicating a third set of information to a dealer of the product. The third set of information may include the first and second sets of information. Finally, the method includes the step (42) wherein the lender assumes one or more obligations corresponding to credit issued under a contract to purchase the product entered into between the customer and dealer. The steps of the inventive method may be carried out over a pair of telecommunication networks (12, 18).
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Citations
12 Claims
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1. A method of credit origination, comprising the steps of:
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receiving an application for credit from a customer to purchase a product sold by a dealer, said application including a first set of information and said application received by a lender, but not by said dealer, said application transmitted over a computer network from a first computer of said customer to a second computer of said lender; processing said application for credit; communicating a second set of information from said lender directly to said customer over said computer network, said second set of information including a decision on said application for credit and a set of terms of any credit to be extended to said customer; assuming one or more obligations corresponding to credit issued under a contract to purchase said product entered into between said customer and said dealer of said product. - View Dependent Claims (2, 3, 4, 5)
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6. A method of credit origination, comprising the steps of:
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receiving an application for credit from a customer to purchase a product sold by a dealer, said application including a first set of information and said application received by a lender, but not by said dealer, said application transmitted over a computer network from a first computer of said customer to a second computer of said lender; processing said application for credit; communicating a second set of information from said lender directly to said customer over said computer network, said second set of information including a decision on said application for credit and a set of terms of any credit to be extended to said customer; communicating a third set of information to said dealer of said product; and
,assuming one or more obligations corresponding to credit issued under a contract to purchase said product entered into between said customer and said dealer. - View Dependent Claims (7, 8, 9, 10, 11, 12)
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Specification