Method and apparatus for a verifiable on line rejection of an applicant for credit

• US 7,505,939 B2
• Filed: 10/05/2006
• Issued: 03/17/2009
• Est. Priority Date: 11/03/1998
• Status: Expired due to Fees

• Current Assignee: NextCard LLC
• Original Assignee: NextCard, Inc.
• Inventors: Lent, Mary, Coltrell, Timothy J., Gately, Dermot, Lent, Jeremy R., Cai, Yinzi, Meeks, Eric R., Dowhan, David W.
• Primary Examiner(s): Fischer, Andrew J.
• Assistant Examiner(s): Agwumezie, Charles C
• Application Number:
  US11/543,569
• Publication Number:
  US 20070027785A1
• Time in Patent Office: 894 Days
• Field of Search: 705/26, 705/35, 705/38, 705/39, 705/42, 705/70, 705/80
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• 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 40/08 Insurance
• CPC Class Codes: G06Q 50/188 Electronic negotiation

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.

Claims

1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:

electronically obtaining from a credit bureau a factor 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 rejection code corresponds to a specific code or a general code; and

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.

2. A method of presenting a reason for the rejection of a credit application as recited in claim 1 further comprising:

if the internal rejection code corresponds to a general code, checking a result of an attribute test to determine whether the result corresponds to an appropriate rejection reason; and

if the attribute test result corresponds to an appropriate rejection reason, then changing the internal rejection code to correspond to the appropriate rejection reason.

3. A method of presenting a reason for the rejection of a credit application as recited in claim 2 further comprising:

if the attribute test result does not correspond to an appropriate rejection reason, then allowing the internal rejection code to remain a general code.

4. A method of presenting a reason for the rejection of a credit application as recited in claim 1 further including requesting from the applicant an acknowledgement of the rejection.

5. A method of presenting a reason for the rejection of a credit application as recited in claim 4 further including receiving an acknowledgement of the rejection from the applicant and noting that the acknowledgement was received.

6. A method of presenting a reason for the rejection of a credit application as recited in claim 1 wherein providing a rejection reason corresponding to the internal rejection code to the applicant further includes providing to the applicant a web page that includes the rejection reason.

7. A method of presenting a reason for the rejection of a credit application as recited in claim 6 wherein providing a web page to the applicant that includes the rejection reason further includes providing an acknowledgement button to the applicant as part of the web page.

8. A method of presenting a reason for the rejection of a credit application as recited in claim 6 wherein providing a web page to the applicant that includes the rejection reason further includes providing an applet that communicates that the web page has been downloaded.

9. A system for presenting a reason for the rejection of a credit application from an applicant comprising:

a communication interface; and

a processor coupled to the communication interface and configured to obtain electronically from a credit bureau a factor 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 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

provide to the applicant via the communication interface a rejection reason corresponding to the internal rejection code.

10. A system as recited in claim 9, wherein the processor is further configured to check a result of an attribute test, if the internal rejection code corresponds to a general code, to determine whether the result corresponds to an appropriate rejection reason.

11. A system as recited in claim 10, wherein the processor is further configured to change the internal rejection code to correspond to the appropriate rejection reason if the attribute test result corresponds to an appropriate rejection reason.

12. A system as recited in claim 10, wherein the processor is further configured to allow the internal rejection code to remain a general code if the attribute test result does not correspond to an appropriate rejection reason.

13. A system as recited in claim 9, wherein the processor is further configured to request from the applicant an acknowledgement of the rejection.

14. A system as recited in claim 13, wherein the processor is further configured to receive from the applicant an acknowledgement of the rejection and note that the acknowledgement was received.

15. A system as recited in claim 9, wherein the processor is configured to provide the rejection reason to the applicant at least in part by providing to the applicant a web page that includes the rejection reason.

16. A system as recited in claim 15, wherein the web page includes an acknowledgement button.

17. A system as recited in claim 15, wherein the processor is further configured to provide to the applicant an applet that communicates that the web page has been downloaded.

18. A computer program product for presenting a reason for the rejection of a credit application from an applicant, the computer program product being embodied in a computer readable medium and comprising computer instructions for:

obtaining from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;

mapping the factor identified by the credit bureau to an internal rejection code;

determining whether the internal rejection code corresponds to a specific code or a general code;

changing 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.

19. A computer program product as recited in claim 18, further comprising computer instructions for providing to the applicant a web page that includes the rejection reason.

20. A computer program product as recited in claim 19, further comprising computer instructions for providing to the applicant an applet that communicates that the web page has been downloaded.