Method and apparatus for a verifiable on line rejection of an applicant for credit
DCFirst Claim
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1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:
- electronically obtaining a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;
using a computer processor to;
map the factor identified by the credit bureau to an internal rejection code;
determine whether the internal rejections code corresponds to a specific code or a general code;
change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and
providing a rejection reason corresponding to the internal rejection code to the applicant via a network;
wherein the internal rejection code indicates the reason the credit application is rejected.
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Abstract
A system and method are disclosed for presenting a reason for the rejection of a credit application from an applicant is disclosed. The method includes obtaining a factor from a credit bureau identified as a factor that influences the FICO score assigned to the application by the credit bureau. The factor identified by the credit bureau is mapped to an internal rejection code. A rejection reason is provided that corresponds to the internal rejection code to the applicant.
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Citations
8 Claims
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1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:
- electronically obtaining a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;
using a computer processor to;
map the factor identified by the credit bureau to an internal rejection code;
determine whether the internal rejections code corresponds to a specific code or a general code;
change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and
providing a rejection reason corresponding to the internal rejection code to the applicant via a network;
wherein the internal rejection code indicates the reason the credit application is rejected. - View Dependent Claims (2, 3, 4, 5, 6)
- electronically obtaining a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;
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7. A system for presenting a reason for the rejection of a credit application from an applicant comprising:
- a communication interface; and
a processor configured to;
obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau, map the factor identified by the credit bureau to an internal rejection code;
determine whether the internal rejection corresponds to a specific code or a general code;
change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and
provide a rejection reason corresponding to the internal rejection code to the applicant via the communication interface;
wherein the internal rejection code indicates the reason the credit application is rejected.
- a communication interface; and
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8. A computer readable medium having program code embodied therein for presenting a reason for the rejection of a credit application from an applicant comprising:
- program code operative to obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;
program code operative to map the factor identified by the credit bureau to an internal rejection code;
program code operative to determine whether the internal rejection corresponds to a specific code or a general code;
program code operative to change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available, and program code operative to provide a rejection reason corresponding to the internal rejection code to the applicant;
wherein the internal rejection code indicates the reason the credit application is rejected.
- program code operative to obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;
Specification