System and method for efficiently processing multiple credit applications

• US 7,882,024 B2
• Filed: 09/23/2004
• Issued: 02/01/2011
• Est. Priority Date: 09/24/2003
• Status: Active Grant

• Current Assignee: Routeone LLC (Toronto-Dominion Bank)
• Original Assignee: Routeone LLC (Toronto-Dominion Bank)
• Inventors: Rogers, Brad, Seibert, Richard, Jurecki, Michael, Christensen, Mark David
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): OJIAKU, CHIKAODINAKA
• Application Number:
  US10/948,068
• Publication Number:
  US 20050108129A1
• Time in Patent Office: 2,322 Days
• Field of Search: 705/38, 705/37, 705/7, 705/14.64, 715/234, 709/229
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/3674 involving authentication
• 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

Abstract

A system and method for forwarding multiple credit applications to multiple potential lenders. A user computer or a credit management server sends queries to potential lenders inquiring about the respective information fields used in the potential lenders'"'"' respective credit applications. The queries also request information relating to the desired format and transmission method of the respective credit applications. With this information, a dynamic credit application is generated which includes all of information fields from all potential lenders. A credit applicant enters credit information into the dynamic credit application. The system then generates tailored credit applications for each lender and forwards these tailored applications to the respective potential lenders. The lenders process the tailored applications and provide results to the user.

Claims

1. A method comprising:

receiving at a computer a consumer inquiry regarding financing including an input of the financial transaction type and a selection of potential lenders, the selection of potential lenders including a selection of a first potential lender and a selection of a second potential lender;

accessing with the computer a database that is configured to store at least first required information fields and optionally first optional information fields corresponding to the first potential lender and second required information fields and optionally second optional information fields corresponding to the second potential lender;

determining with the computer the first required information fields, first optional informational fields, second required information fields and second optional information fields for the input financial transaction type and the selection of potential lenders;

generating with the computer a dynamic credit application in response to the consumer inquiry, the dynamic credit application including at least the determined first and second required information fields;

receiving at the computer credit information from the consumer corresponding to the first and second required information fields

generating a first credit application for the first potential lender based on the received credit information, the first credit application including at least the first required information fields; and

generating a second credit application for the second potential lender based on the received credit information, the second credit application including at least the second required information fields.

2. The method as recited in claim 1, further comprising:

transmitting the first credit application to the first potential lender; and

transmitting the second credit application to the second potential lender.

3. The method as recited in claim 2, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by a vendor.

4. The method as recited in claim 2, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by the credit applicant.

5. The method as recited in claim 1, wherein the credit information is received at a user computer.

6. The method as recited in claim 5, wherein the user computer is operated by the credit applicant.

7. The method as recited in claim 5, wherein the user computer is operated by a vendor.

8. The method as recited in claim 5, wherein the vendor is a car dealer.

9. The method as recited in claim 1, further comprising storing the first and second information fields in the database.

10. The method as recited in claim 1, further comprising sending a first query to the first potential lender and a second query to the second potential lender, wherein the first and second queries include a request for the respective type of financial transactions and credit applications available from the first and second lenders to produce financial transaction and available credit application data;

and the first and second information fields are based on the financial transaction and available credit application data.

11. The method as recited in claim 1, wherein the dynamic credit application is generated by a server;

and the credit applicant views the dynamic credit application on a user computer connected to the server through a network.

12. A system comprising:

memory; and

a processor coupled to the memory, the processor configured to receive a consumer inquiry regarding financing including an input of the financial transaction type and a selection of potential lenders, the selection of potential lenders including a selection of a first potential lender and a selection of a second potential lender, access a database that is configured to store at least first required information fields and first optional information fields corresponding to the first potential lender and second required information fields and second optional information fields corresponding to the second potential lender, determine the first required information fields, first optional informational fields, second required information fields and second optional information fields for the input financial transaction type and the selection of potential lenders, generate a dynamic credit application in response to the consumer inquiry, the dynamic credit application including at least the determined first and second required information fields, receive credit information from the consumer corresponding to the first and second required information fields, generate a first credit application for the first potential lender based on the received credit information, the first credit application including at least the first required information fields, and generate a second credit application for the second potential lender based on the received credit information, the second credit application including at least the second required information fields.

13. The system as recited in claim 12, wherein the processor and memory are a credit management server.

14. The system as recited in claim 13, wherein the processor and memory are operated by the credit applicant.

15. A computer readable storage medium comprising computer executable instructions stored thereon which cause a computer system to carry out a method when executed, the method comprising method comprising:

receiving a consumer inquiry regarding financing including an input of the financial transaction type and a selection of potential lenders, the selection of potential lenders including a selection of a first potential lender and a selection of a second potential lender;

accessing a database that is configured to store at least first required information fields and optionally first optional information fields corresponding to the first potential lender and second required information fields and optionally second optional information fields corresponding to the second potential lender;

determining the first required information fields, first optional informational fields, second required information fields and second optional information fields for the input financial transaction type;

generating a dynamic credit application in response to the consumer inquiry, the dynamic credit application including all of the determined first and second required information fields;

receiving credit information from the consumer corresponding to the first information fields and the second information fields;

generating a first credit application for the first potential lender based on the received credit information, the first credit application including at least the first required information fields; and

generating a second credit application for the second potential lender based on the received credit information, the second credit application including at least the second required information fields.