Method and apparatus for a verifiable on line rejection of an applicant for credit
First Claim
Patent Images
1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:
- electronically receiving from a credit bureau a factor identified as influencing the FICO score assigned to the credit application by the credit bureau;
using a computer processor to;
map the factor identified by the credit bureau to an internal rejection code, wherein the internal rejection code to which the factor is mapped is a general code if the factor is an inappropriate basis on which to reject the credit application, and is otherwise a specific 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.
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Abstract
A system and method are disclosed for presenting a reason for the rejection of 5 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.
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Citations
23 Claims
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1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:
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electronically receiving from a credit bureau a factor identified as influencing the FICO score assigned to the credit application by the credit bureau; using a computer processor to; map the factor identified by the credit bureau to an internal rejection code, wherein the internal rejection code to which the factor is mapped is a general code if the factor is an inappropriate basis on which to reject the credit application, and is otherwise a specific 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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A system for presenting a reason for the rejection of a credit application from an applicant comprising:
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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 credit application by the credit bureau;
map the factor identified by the credit bureau to an internal rejection code, wherein the internal rejection code to which the factor is mapped is a general code if the factor is an inappropriate basis on which to reject the credit application, and is otherwise a specific 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. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17)
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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:
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obtaining from a credit bureau a factor identified as influencing the FICO score assigned to the credit application by the credit bureau; mapping the factor identified by the credit bureau to an internal rejection code, wherein the internal rejection code to which the factor is mapped is a general code if the factor is an inappropriate basis on which to reject the credit application, and is otherwise a specific 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; andproviding a rejection reason corresponding to the internal rejection code to the applicant via a network. - View Dependent Claims (19, 20)
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21. A computing system comprising at least one computer readable memory and at least one processor, the at least one computer readable memory storing instructions being read by the at least one processor for executing a process for providing credit approvals to on-line applicants communicating with the computing system over a computer network, the process for providing credit approvals comprising:
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receiving over the computer network data for a credit application of an applicant; electronically receiving from a credit bureau one or more of a plurality of predetermined factors influencing the FICO score assigned to the applicant by the credit bureau; storing in the at least one memory a predetermined mapping of each of the plurality of predetermined factors to a decline code, each decline code having a predetermined rejection reason associated with it, each predetermined rejection reason being either a specific rejection reason, or if the factor is an inappropriate basis for a rejection, a general rejection reason; determining whether to accept or to reject the application based on the FICO score and other information provided by the applicant; if the application is accepted, notifying the applicant; if the application is rejected, mapping the one or more factors of the plurality of predetermined factors received from the credit bureau to one or more corresponding decline codes; and selecting a specific rejection reason corresponding to the one or more corresponding decline codes, and otherwise selecting a general rejection reason corresponding to the one or more corresponding to the one or more corresponding decline codes. - View Dependent Claims (22)
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23. A computer readable medium for storing computer instructions, the computer readable medium storing computer instructions to be read by a computing system for executing a process for providing credit approvals to on-line applicants communicating with the computing system over a computer network, the process for providing credit approvals comprising:
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receiving over the computer network data for a credit application of an applicant; electronically receiving from a credit bureau one or more of a plurality of predetermined factors influencing the FICO score assigned to the applicant by the credit bureau; storing a data structure in computer readable memory, the data structure comprising a predetermined mapping of each of the plurality of predetermined factors to a decline code, each decline code having a predetermined rejection reason associated with it, each predetermined rejection reason being either a specific rejection reason, or if the factor is an inappropriate basis for a rejection, a general rejection reason, determining whether to accept or to reject the application based on the FICO score and other information provided by the applicant; if the application is accepted, notifying the applicant; if the application is rejected, mapping the one or more factors of the plurality of predetermined factors received from the credit bureau to one or more corresponding decline codes; and selecting a specific rejection reason corresponding to the one or more corresponding decline codes, and otherwise selecting a general rejection reason corresponding to the one or more corresponding to the one or more corresponding decline codes.
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Specification