Method for providing credit offering and credit management information services

• US 7,249,076 B1
• Filed: 05/14/2001
• Issued: 07/24/2007
• Est. Priority Date: 05/14/2001
• Status: Expired due to Fees

• Current Assignee: Compucredit Intellectual Property Holdings Corporation II
• Original Assignee: Compucredit Intellectual Property Holdings Corporation II
• Inventors: Srinivasan, Krishnakumar, Pendleton, Mark R.
• Primary Examiner(s): Chilcot, Jr.; Richard E.
• Assistant Examiner(s): Harbeck; Timothy M.
• Application Number:
  US09/855,134
• Time in Patent Office: 2,262 Days
• Field of Search: 705/35, 705 36- 40
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The present invention is related to a method for issuing a credit card to a customer in combination with providing credit management information services for the customer. The exact terms of the credit account offered depend on the creditworthiness of the customer. The customer also receives credit management information services including information as to what actions the customer could take to improve the customer'"'"'s credit rating and improve the terms of the credit account. After a credit account is issued to the customer, the customer receives additional and on-going credit management information services, including credit management information based on the customer'"'"'s use of the credit account.

Claims

1. A method for offering credit and providing information on managing credit, the method comprising the steps of:

obtaining credit information about a customer;

obtaining a credit report on the customer;

determining a credit score for the customer, the credit score being based in part on the credit report;

providing initial credit management information to the customer, the initial credit management information being based on the credit report, and the initial credit management information being directed at improving the credit score of the customer;

providing a credit account to the customer, the credit account being based on the credit score;

reviewing a record of the use of the credit account by the customer;

obtaining further credit reports on the customer, the further credit reports being obtained at set time intervals during the duration of the credit account;

providing additional credit management information to the customer, the additional credit management information being based on the record of the use of the credit account, the further credit reports, and additional credit offers for which the customer, the record of the use of the credit account includes at least;

amount and type of specific transactions made by the customer using the credit account and the customer'"'"'s payment history;

wherein a single institution performs the steps of providing initial credit management information to the customer, providing a credit account to the customer, providing additional credit management information to the customer, and wherein the additional credit offers for which the customer qualifies are extended from the single institution and include at least;

credit offers with differing terms relative to terms of the credit account.

2. A method for providing a credit account and providing information on managing a credit account, the method comprising the steps of:

providing initial credit management information service to a customer;

providing a credit account to the customer; and

providing additional credit management information services to the customer, wherein the additional credit management information services are provided by an entity with an affiliation with an entity that provides the credit account and an entity that provides the initial credit management information service to the customer, and wherein the additional credit management information services include offers for additional credit accounts for which the customer qualifies, the offers for additional credit accounts having terms that differ relative to the credit account and are extended from the entity that provides the credit account or the entity with the affiliation with the entity that provides the credit account.

3. The method of claim 2, further comprising the step of obtaining information from a customer.

4. The method of claim 2, wherein the step of providing initial credit management information service comprises obtaining a credit report of the customer.

5. The method of claim 4, wherein the step of providing initial credit management information service further comprises providing the credit report to the customer.

6. The method of claim 5, wherein the step of providing initial credit management information service further comprises determining a credit score for the customer.

7. The method of claim 6, wherein the step of providing initial credit management information service further comprises providing the credit score to the customer.

8. The method of claim 7, wherein the step of providing initial credit management information service further comprises providing information to the customer on how to improve the credit score.

9. The method of claim 6, wherein the step of providing initial credit management information service further comprises determining at least one credit account offer for which the customer does not qualify, wherein the at least one credit account offer is a credit account offer available from the entity providing the credit account.

10. The method of claim 9, wherein the step of providing initial credit management information service further comprises providing information to the customer as to why the customer does not qualify for the at least one credit account offer.

11. The method of claim 2, wherein the step of providing a credit account to the customer comprises determining at least one credit account offer for which the customer qualifies, wherein the at least one credit account offer is a credit account offer available from the entity providing the credit account.

12. The method of claim 11, wherein the step of providing a credit account to the customer further comprises enabling the customer to obtain the credit account.

13. The method of claim 2, wherein the entity providing the additional credit management information services and the entity that provides the credit account are the same entity.

14. The method of claim 2, wherein the step of providing additional credit management information services to the customer comprises obtaining at least one additional credit report of the customer.

15. The method of claim 14, wherein the step of providing additional credit management information services to the customer further comprises obtaining the additional credit report of the customer at periodic intervals.

16. The method of claim 15, wherein the step of providing additional credit management information services to the customer further comprises providing the additional credit report to the customer.

17. The method of claim 16, wherein the step of providing additional credit management information services to the customer further comprises providing information to the customer on how to improve the creditworthiness of the customer.

18. The method of claim 14, wherein the step of providing additional credit management information services to the customer further comprises maintaining a record of the use of the credit account.

19. The method of claim 18, wherein the step of providing additional credit management information services to the customer further comprises determining a score based on the record of the use of the credit account, the record of the use of the credit account including at least:

the amount and type of specific transactions made by the customer using the credit account and the customer'"'"'s payment history.

20. The method of claim 19, wherein the step of providing additional credit management information services to the customer further comprises providing the score to the customer.

21. The method of claim 20, wherein the step of providing additional credit management information services to the customer further comprises providing the score to the customer at periodic intervals.

22. The method of claim 21, wherein the step of providing additional credit management information services to the customer further comprises providing the customer with information on additional credit account terms and credit account offers that correspond with the score if the score is different from a previously calculated score corresponding to the customer.

23. The method of claim 21, wherein the step of providing additional credit management information services to the customer further comprises providing the customer with information on credit account terms that correspond to a plurality of credit scores other than the credit score.

24. The method of claim 21, wherein the step of providing additional credit management information services to the customer further comprises providing information on specific measures the customer can employ to improve the credit score.

25. The method of claim 2, wherein the step of providing additional credit management information services to the customer further comprises providing to the customer improved account terms for the credit account if the customer'"'"'s current creditworthiness qualifies the customer for improved account terms.

26. A method for providing a credit account and providing information on managing a credit account, the method comprising the steps of:

providing a credit account to the customer;

providing on-going credit management information services to the customer for the credit account, wherein the on-going credit management information services are provided by an entity with a relationship with an entity providing the credit account, and wherein the on-going credit management information services includes additional credit offers for which the customer qualifies, the additional credit offers having terms that differ relative to the credit account and are extended from the entity that provides the credit account or the entity with the relationship with the entity that provides the credit account.

27. The method of claim 26, wherein the step of providing a credit account to the customer comprises determining at least one credit account offer for which the customer qualifies, wherein the at least one credit account offer is a credit account offer available from the entity providing the credit account.

28. The method of claim 27, wherein the step of providing a credit account to the customer comprises enabling the customer to obtain the credit account.

29. The method of claim 26, wherein the step of providing on-going credit management information services to the customer comprises obtaining at least one additional credit report of the customer.

30. The method of claim 29, wherein the step of providing on-going credit management information services to the customer further comprises obtaining the additional credit report of the customer at periodic intervals.

31. The method of claim 30, wherein the step of providing on-going credit management information services to the customer further comprises providing the credit report to the customer.

32. The method of claim 31, wherein the step of providing on-going credit management information services to the customer further comprises providing information on specific measures the customer can employ to improve the credit report.

33. The method of claim 26, wherein the step of providing on-going credit management information services to the customer further comprises maintaining a record of the use of the credit account, wherein the record of the use of the credit account includes at least:

amount and type of specific transactions made by the customer using the credit account and the customer'"'"'s payment history.

34. The method of claim 33, wherein the step of providing on-going credit management information services to the customer further comprises providing a score to the customer, the score comprising a number relating to the creditworthiness of the customer.

35. The method of claim 34, wherein the step of providing on-going credit management information services to the customer further comprises providing the credit score to the customer at periodic intervals.

36. The method of claim 35, wherein the step of providing on-going credit management information services to the customer further comprises providing the customer with information on additional credit account terms and credit account offers that correspond with the score, wherein the additional credit account offers are extended from the entity providing the credit account.

37. The method of claim 36, wherein the step of providing on-going credit management information services to the customer further comprises providing the customer with information on credit account terms that correspond to a plurality of scores other than the score.

38. The method of claim 37, wherein the step of providing on-going credit management information services to the customer further comprises providing information on specific measures the customer can employ to improve the score.

39. The method of claim 26, wherein the step of on-going credit management information services to the customer further comprises providing different account terms for the credit account.