System and method for interactively simulating a credit-worthiness score

• US 7,610,229 B1
• Filed: 05/30/2003
• Issued: 10/27/2009
• Est. Priority Date: 05/30/2002
• Status: Active Grant

• Current Assignee: Consumerinfo.com Incorporated (Experian plc)
• Original Assignee: Experian Information Solutions Incorporated (Experian plc)
• Inventors: Kornegay, Adam T., Greenwald, Joseph L., Elliott, Constance A.
• Primary Examiner(s): Dass; Harish T
• Assistant Examiner(s): Fields; Benjamin S
• Application Number:
  US10/452,155
• Time in Patent Office: 2,342 Days
• Field of Search: None
• US Class Current: 705/38
• 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

A system and method is provided to allow a consumer to interactively explore his credit score by submitting hypothetical values based on his actual credit data. The system uses the consumer'"'"'s real credit data and the submitted hypothetical values to calculate a simulated credit score based on a simulator scorecard. The consumer may then observe the changes in the resultant scores. The system and the scorecard may utilize fewer data elements than a complete credit-worthiness scorecard and may instead focus on the key elements affecting a consumer'"'"'s credit score. The system may be implemented in part on a web server or as a stand-alone application. The system may also update the score dynamically as the consumer adjusts the hypothetical values or may require the consumer to affirmatively submit the new hypothetical data.

Claims

1. A method for generating simulated credit scores, the method comprising:

executing computer-executable instructions on at least one computer processor to cause a computer to retrieve credit data associated with a consumer and maintained by a credit bureau;

executing computer-executable instructions on at least one computer processor to cause a computer to generate a first credit score using the retrieved credit data;

executing computer-executable instructions on at least one computer processor to cause a computer to receive hypothetical credit data input by a user, wherein the hypothetical credit data represents at least one change from the credit data maintained by the credit bureau;

executing computer-executable instructions on at least one computer processor to cause a computer to generate a simulated credit score based at least in part on the received hypothetical credit data;

executing computer-executable instructions on at least one computer processor to cause a computer to output for display the first credit score and the simulated credit score; and

at the user'"'"'s option, iteratively receiving hypothetical credit data input by the user and generating a different simulated credit score each time that the user inputs hypothetical credit data;

wherein the simulated credit scores are generated using a credit scoring model that simulates but is not a commercially-available credit scoring model.

2. The method of claim 1, further comprising executing computer-executable instructions on at least one computer processor to cause a computer to perform operations comprising:

displaying a range of possible scores;

displaying a first indicator for the first credit score proximate the range of possible scores; and

displaying a second indicator for the simulated credit score proximate the range of possible scores.

3. The method of claim 2, wherein the position of the first indicator relative to the range of possible scores corresponds to a value of the first credit score, and the position of the second indicator relative to the range of possible scores corresponds to a value of the simulated credit score.

4. The method of claim 2, wherein the range is represented using a bar graph and the first indicator is located on an opposite side of the bar graph from the second indicator.

5. The method of claim 1, wherein the first credit score is a credit score generated using a commercially-available credit scoring model.

6. A simulated credit score generator comprising computer hardware comprising at least one computer processor configured to retrieve and execute computer-executable instructions stored in computer storage, wherein execution of the instructions causes the computer hardware to perform operations comprising:

retrieving credit data associated with a consumer and maintained by a credit bureau;

generating a first credit score using the retrieved credit data;

receiving hypothetical credit data input by a user, wherein the hypothetical credit data represents at least one change from the credit data maintained by the credit bureau;

generating a simulated credit score based at least in part on the received hypothetical credit data;

outputting for display the first credit score and the simulated credit score; and

at the user'"'"'s option iteratively receiving hypothetical credit data input by the user and generating a different simulated credit score each time that the user inputs hypothetical credit data;

wherein the simulated credit scores are generated using a credit scoring model that simulates but is not a commercially-available credit scoring model.

7. The simulated credit score generator claim 6, wherein execution of the instructions further causes the computer hardware to output for display the first credit score and at least a plurality of simulated credit scores for comparison by the user.

8. The simulated credit score generator of claim 6, wherein the first credit score is generated using a commercially-available credit scoring model.

9. The simulated credit score generator of claim 8, wherein the first credit score is a FICO score.

10. The simulated credit score generator of claim 6, wherein the simulated credit score is a simulated but not an actual FICO score.