Methods of establishing credit
First Claim
1. A method for improving credit of a cardholder of a prepaid card, said method comprising:
- establishing an account associated with the prepaid card;
applying a load to the account to create an available balance for the cardholder;
establishing a credit instrument associated with the cardholder and the prepaid card;
establishing an initial credit balance to the credit instrument, the initial credit balance being established based on a fee for which the cardholder pays for use of the prepaid card;
collecting a payment from the cardholder;
in response to collecting the payment from the cardholder;
applying at least a portion of the collected payment to the credit instrument associated with the cardholder and the prepaid card;
updating a credit history of the cardholder; and
reporting the updated credit history of the cardholder to at least one credit bureau.
2 Assignments
0 Petitions
Accused Products
Abstract
A method for improving credit of a cardholder of a prepaid card. The method may include establishing an account associated with the prepaid card. A load may be applied to the account to create an available balance for the cardholder. A credit instrument associated with the cardholder and the prepaid card may be established. An initial credit balance to the credit instrument may also be established. Payment from the cardholder may be collected, and, in response to collecting the payment from the cardholder, at least a portion of the collected payment may be applied to the credit instrument associated with the cardholder and the prepaid card. A credit history of the cardholder may be updated and reported to at least one credit bureau.
17 Citations
12 Claims
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1. A method for improving credit of a cardholder of a prepaid card, said method comprising:
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establishing an account associated with the prepaid card; applying a load to the account to create an available balance for the cardholder; establishing a credit instrument associated with the cardholder and the prepaid card; establishing an initial credit balance to the credit instrument, the initial credit balance being established based on a fee for which the cardholder pays for use of the prepaid card; collecting a payment from the cardholder; in response to collecting the payment from the cardholder; applying at least a portion of the collected payment to the credit instrument associated with the cardholder and the prepaid card; updating a credit history of the cardholder; and reporting the updated credit history of the cardholder to at least one credit bureau. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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Specification