Systems and methods for providing consumers anonymous pre-approved offers from a consumer-selected group of merchants

• US 7,720,750 B2
• Filed: 12/14/2000
• Issued: 05/18/2010
• Est. Priority Date: 12/15/1999
• Status: Active Grant

• Current Assignee: Equifax, Inc.
• Original Assignee: Equifax, Inc.
• Inventors: Kennedy, Reuben S., Binns, Donald W., Brody, Robert M.
• Primary Examiner(s): KAZIMI, HANI M
• Application Number:
  US09/737,459
• Publication Number:
  US 20020077964A1
• Time in Patent Office: 3,442 Days
• Field of Search: 705/35, 705/38, 705/39
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The system and method of the present invention provides consumers with credit information including information which can help the consumer evaluate the consumer'"'"'s credit report or credit worthiness. The present invention can also provide consumers with suggestions to help consumers better their credit rating. The system and method of the present invention also provide consumers with pre-approved credit offers from a consumer-selected group of merchants, where the consumers are anonymous to the merchants, and the merchants do not receive copies of the consumer'"'"'s credit report. Additional functions of the present invention include allowing users to opt-out or opt-into solicitation lists, and enabling users to automatically monitor their credit report. The present invention offers these services through a third party agent of the consumer which can be accessible to the consumer via the Internet. Through this agency relationship, the third party can request consumer information and determine pre-approved offers from a plurality of merchants while protecting the confidentiality of consumer credit information without negative consequences on a consumer'"'"'s credit.

Claims

1. A computer-implemented method for providing a consumer with personalized credit-related information based on credit history data of the consumer, comprising:

electronically receiving a request from the consumer for personalized credit-related information;

transmitting to a credit bureau, by a control module executed on a computer in response to the request from the consumer, an inquiry for credit history data relating to the consumer;

receiving credit history data on the consumer in response to the inquiry;

receiving a consumer-related record via at least one network, the consumer-related record being associated with the consumer and received from at least one database other than a database associated with the credit bureau;

generating, by the control module executed on the computer, a summary report of personalized credit-related information based on the credit history data and the consumer-related record associated with the consumer, the summary report including a credit score and an explanatory statement suggesting at least one step to improve the credit score, wherein the explanatory statement suggesting at least one step to improve the credit score is based on the credit history data and the consumer-related record associated with the consumer; and

transmitting, by the control module executed on the computer, the summary report to the consumer.

2. The computer-implemented method of claim 1, further comprising creating an account associated with the consumer to establish an agent relationship with the consumer.

3. The computer-implemented method of claim 1, wherein transmitting an inquiry includes transmitting a Fair Credit Reporting Act Consumer Inquiry for the consumer to the credit bureau.

4. The computer-implemented method of claim 1, wherein generating the summary report includes generating the credit score based on the credit history data.

5. The computer-implemented method of claim 1, wherein receiving the request of the consumer includes authenticating the consumer.

6. The computer-implemented method of claim 1, wherein transmitting the summary report to the consumer comprises transmitting the summary report to a borrower.

7. The computer-implemented method of claim 1, wherein the inquiry is a consumer inquiry that does not count against the credit score.

8. The computer-implemented method of claim 5, wherein authenticating the consumer comprises:

providing a multiple-choice question to the consumer, the multiple-choice question being based on credit information of the consumer;

receiving a response to the multiple-choice question; and

authenticating the consumer based on the response.

9. A computer-readable memory on which program code is stored thereon, which when executed cause a processor to perform actions, the actions comprising:

receiving a request from the consumer for personalized credit-related information;

transmitting to a credit bureau, in response to the request from the consumer, an inquiry for credit history data relating to the consumer;

receiving credit history data on the consumer in response to the inquiry;

receiving a consumer-related record via at least one network, the consumer-related record being associated with the consumer and received from at least one database other than a database associated with the credit bureau;

generating a summary report of personalized credit-related information based on the credit history data and the consumer-related record associated with the consumer, the summary report including a credit score and an explanatory statement suggesting at least one step to improve the credit score, wherein the explanatory statement suggesting at least one step to improve the credit score is based on the credit history data and the consumer-related record associated with the consumer; and

transmitting the summary report to the consumer.

10. The computer-readable memory of claim 9, wherein the actions further comprise creating an account associated with a consumer to establish an agent relationship with the consumer.

11. The computer-readable memory of claim 9, wherein transmitting to the credit bureau, in response to the request from the consumer, the inquiry for credit history data relating to the consumer comprises transmitting a Fair Credit Reporting Act Consumer Inquiry for the consumer to the credit bureau.

12. The computer-readable memory of claim 9, wherein generating the summary report of personalized credit-related information comprises generating the credit score based on the credit history data.

13. The computer-readable memory of claim 9, wherein the actions further comprise authenticating the consumer.

14. The computer-readable memory of claim 13, wherein authenticating the consumer comprises:

providing a multiple-choice question to the consumer, the multiple-choice question being based on credit information of the consumer;

receiving a response to the multiple-choice question; and

authenticating the consumer based on the response.

15. The computer-readable memory of claim 9, wherein transmitting the summary report to the consumer comprises transmitting the summary report to a borrower.

16. The computer-readable memory of claim 9, wherein the inquiry is a consumer inquiry that does not count against the credit score.