Credit score simulation

• US 7,925,582 B1
• Filed: 09/21/2009
• Issued: 04/12/2011
• Est. Priority Date: 05/30/2003
• Status: Expired due to Term

• Current Assignee: Experian Information Solutions Incorporated (Experian plc)
• Original Assignee: Experian Information Solutions Incorporated (Experian plc)
• Inventors: Schwab, Matthew R., Kornegay, Adam T., de Almeida, Marcos C.
• Primary Examiner(s): Hamilton; Lalita M
• Application Number:
  US12/563,779
• Time in Patent Office: 568 Days
• Field of Search: 705/35, 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods are described that simulate a credit score. The system enables a user to modify a credit data element in order to determine its effect on a credit score. The user can modify the element directly or simulate an action that, if performed, would modify the element. Since the number of possible modifications and actions can be overwhelming, in one embodiment, the system suggests modifications and actions to be simulated. These suggestions can be tailored to a user'"'"'s goal, such as increasing a credit score by a particular number of points or allocating a particular sum of money in order to maximize a credit score. In one embodiment, the system obtains credit data from multiple credit bureaus and can determine credit scores using different algorithms, such as the different algorithms used by the different credit bureaus.

Claims

1. A computer-implemented method for simulating a financial risk score, the method comprising:

using a computer processor to generate a first simulated financial risk score that is based at least in part on a plurality of consumer financial data that is stored in a tangible computer-readable medium and that comprises at least first account-specific data regarding a first account associated with a consumer and second account-specific data regarding a second account associated with the consumer;

presenting a user with at least one suggested action that, if performed, would result in modification of the consumer financial data;

receiving from the user a selection of a suggested action that, if performed, would result in modification of the consumer financial data;

using a computer processor to generate a second simulated financial risk score that is based at least in part on the modification to the consumer financial data that would result from performance of the selected suggested action;

outputting for display the second simulated financial risk score; and

presenting to the user a user interface element that provides the user an option to perform the selected suggested action and, upon user selection of the option, assists the user to perform the selected suggested action;

wherein the method is performed via processor execution of instructions stored on a tangible computer-readable medium.

2. The method of claim 1, wherein more than one suggested action is presented to the user and the user can select a subset of the suggested actions or all of the suggested actions.

3. The method of claim 1, wherein the user is the consumer.

4. The method of claim 1, wherein the at least one suggested action is determined, based on the consumer financial data, to be an action that would improve a consumer financial risk score.

5. The method of claim 1, wherein the at least one suggested action is determined by a calculation that determines that the suggested action would result in the second simulated financial risk score being higher than the first simulated financial risk score.

6. The method of claim 1, wherein the at least one suggested action would result in reducing a balance of an account.

7. The method of claim 1, wherein the at least one suggested action would result in increasing a balance of an account.

8. The method of claim 1, wherein the at least one suggested action would result in paying off an account.

9. The method of claim 1, wherein the at least one suggested action would result in closing an account.

10. The method of claim 1, wherein the first simulated financial risk score and the second simulated financial risk score comprise simulated credit scores.

11. The method of claim 1, wherein the first simulated financial risk score and the second financial risk score are calculated using at least one financial risk scorecard.

12. A tangible computer-readable medium that stores computer-executable instructions that are executable by a computer processor, the instructions when executed embodying a method that comprises:

generating a first simulated financial risk score that is based at least in part on a plurality of consumer financial data that is stored in a tangible computer-readable medium and that comprises at least first account-specific data regarding a first account associated with a consumer and second account-specific data regarding a second account associated with the consumer;

presenting a user with at least one suggested action that, if performed, would result in modification of the consumer financial data;

receiving from the user a selection of a suggested action that, if performed, would result in modification of the consumer financial data;

generating a second simulated financial risk score that is based at least in part on the modification to the consumer financial data that would result from performance of the selected suggested action;

outputting for display the second simulated financial risk score; and

presenting to the user a user interface element that provides the user an option to perform the selected suggested action and, upon user selection of the option, assists the user to perform the selected suggested action.

13. The system of claim 12, wherein the computer-executable instructions are configured such that more than one suggested action is presented to the user and the user can select a subset of the suggested actions or all of the suggested actions.

14. The system of claim 12, wherein the user is the consumer.

15. The system of claim 12, wherein the computer-executable instructions are configured such that the at least one suggested action is determined, based on the consumer financial data, to be an action that would improve a consumer financial risk score.

16. The system of claim 12, wherein the computer-executable instructions are configured such that the at least one suggested action is determined by a calculation that determines that the suggested action would result in the second simulated financial risk score being higher than the first simulated financial risk score.

17. The system of claim 12, wherein the computer-executable instructions are configured such that the at least one suggested action would result in reducing a balance of an account.

18. The system of claim 12, wherein the computer-executable instructions are configured such that the at least one suggested action would result in paying off an account.

19. The system of claim 12, wherein the computer-executable instructions are configured such that the at least one suggested action would result in closing an account.

20. The system of claim 12, wherein the computer-executable instructions are configured such that the first simulated financial risk score and the second simulated financial risk score comprise simulated credit scores.