Online loan application system using borrower profile information

• US 7,620,597 B2
• Filed: 04/16/2007
• Issued: 11/17/2009
• Est. Priority Date: 04/14/2006
• Status: Active Grant

• Current Assignee: Tamiras Per Pte Ltd LLC (Intellectual Ventures LLC)
• Original Assignee: Ike O. Eze
• Inventors: Eze, Ike O.
• Primary Examiner(s): CHEUNG, MARY DA ZHI WANG
• Application Number:
  US11/787,485
• Publication Number:
  US 20070244808A1
• Time in Patent Office: 946 Days
• Field of Search: 705/35, 705 38- 39, 707 1- 7, 726 17- 19
• US Class Current: 705/38
• 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

Abstract

Embodiments of an online credit application system are described. The online credit application system displays a solicitation page requesting user credit score information and a selection of desired loan products. The user credit score information comprises a user'"'"'s characterization of their own credit score. The system can be configured to obtaining the credit score for the user if the user does not provide the credit score in response to the solicitation. In response to the user'"'"'s inquiry and information, the system displays a list of available loans based on the credit score and the selection of desired loan products. The user then selects a loan from the selection of desired loan products, after which the system requests user identification information to verify user qualification for the selected loan. Upon provisional qualification of the user for the loan product, the system obtains an actual credit score for the user based on detailed personal information of the user. It then transmits the user information to a lender and provides a transaction reference number to the user.

Claims

1. A method comprising:

on a client computer, displaying a solicitation page requesting user credit score information and a selection of desired loan products;

obtaining the credit score for the user if the user does not provide the credit score in response to the solicitation;

displaying on the client computer a list of available loans based on the credit score and the selection of desired loan products;

receiving a selected loan from the selection of desired loan products; and

requesting user identification information to verify user qualification for the selected loan and one or more other loan products that are available from a lender of the desired loan products, wherein the credit score is obtained through a below-the-line credit check from a credit bureau and then compared to the user credit score for the selected loan without transmitting the credit score to a lender of the desired loan products.

2. The method of claim 1 further comprising:

evaluating the identification information;

evaluating the selected loan qualification requirements as defined by a provider of the selected loan;

making a provisional qualification determination based on the evaluation of the identification information and the selected loan qualification requirements; and

transmitting the provisional qualification determination to the user.

3. The method of claim 2 further comprising, if the qualification determination is negative:

transmitting a message to the user stating that the user is not qualified for the selected loan; and

displaying a list of other possible loan products.

4. The method of claim 2 further comprising, if the qualification determination is positive:

transmitting a message to the user stating that the user is most likely qualified for the selected loan; and

providing access to the user to an application page provided by provider of the selected loan.

5. The method of claim 2 wherein the step of obtaining the credit score for the user comprises:

soliciting user identification information, said user identification consisting at least of user name, address, date of birth and social security number.

6. The method of claim 2 further comprising:

soliciting user identification information, said user identification consisting at least of user name, address, date of birth and social security number;

transmitting the user identification information to a third party credit bureau;

transmitting pre-screening information provided by the provider of the selected loan; and

receiving a loan qualification determination provided by the third party credit bureau based on an evaluation by the third party credit bureau.

7. The method of claim 1 further comprising obtaining from the user, in the solicitation page, a qualitative measure of his or her own credit worthiness.

8. The method of claim 7 wherein the qualitative measure of the user'"'"'s own credit worthiness comprises a descriptive characterization selected from a range of possible characterizations.

9. A method comprising:

receiving a user request to apply for a loan;

displaying, in response to the user request, on a client computer a web page soliciting user input of information regarding the loan;

receiving from the user a qualitative measure of his or her own credit worthiness;

displaying on the client computer a list of available loans based on the loan information provided by the user and the qualitative measure of credit worthiness;

receiving a loan selection from the user;

soliciting detailed financial information from the user to determine if the user provisionally qualifies for the selected loan based on defined lending criteria, or one or more other loan products that are available from a lender of the available loans based on the qualitative measure of credit worthiness; and

verifying the user'"'"'s credit score through a third party credit bureau through a below-the-line credit check wherein the credit score is obtained through a below-the-line credit check from a credit bureau and then compared to the user credit score for the selected loan without transmitting the credit score to a lender of the desired loan products.

10. The method of claim 9 wherein the qualitative measure of the user'"'"'s own credit worthiness comprises a descriptive characterization selected from a range of possible characterizations.

11. The method of claim 9 further comprising:

if the qualification determination is negative, transmitting a message to the user stating that the user is not qualified for the selected loan, and displaying a list of other possible loan products; and

if the qualification determination is positive, transmitting a message to the user stating that the user is most likely qualified for the selected loan, and soliciting identifier information regarding the user.