Methods and apparatus for automatically exchanging credit information

• US 7,991,688 B2
• Filed: 11/14/2001
• Issued: 08/02/2011
• Est. Priority Date: 11/14/2000
• Status: Active Grant

• Current Assignee: Knowledge Works, Inc. (Equifax, Inc.)
• Original Assignee: Knowledge Works, Inc. (Equifax, Inc.)
• Inventors: Michalek, Dan, Phelan, William
• Primary Examiner(s): Diaz; Susanna M
• Assistant Examiner(s): Swartz; Jamie H
• Application Number:
  US09/993,992
• Publication Number:
  US 20020072927A1
• Time in Patent Office: 3,548 Days
• Field of Search: 705/1, 705/36, 705/37, 705/38, 705/4, 705/51, 705/35, 705/67, 707/10
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Methods and apparatus for pooling credit and business information are disclosed. A disclosed apparatus includes an input and a data processing facility structured to process credit information received at the input from one of a plurality of unrelated users. The apparatus also includes a data storage device structured to store the processed credit information received from the plurality of unrelated users and a search engine responsive to a request from a requestor for credit information to search the data storage device for responsive credit information. The apparatus further includes an output for outputting the responsive credit information to the requester. The apparatus may also include an accounting facility cooperating with the search engine to charge a search fee to the requester of the responsive credit information without disclosing lender identification information associated with the credit information.

Claims

1. A method for automatically obtaining and exchanging credit information, wherein a computer program is installed on a member'"'"'s computer for communicating with an accounting system of the member, the method comprising the steps of:

in response to a user command, obtaining payment history data from the member'"'"'s accounting system at the member'"'"'s computer using the installed computer program, including obtaining at least some of the payment history data in a proprietary format of the accounting system of the member, wherein the payment history data is associated with a plurality customers and is indicative of a quality of credit associated with the respective customers;

creating a payment history file at the member'"'"'s computer that contains at least (i) the payment history data as a plurality of records, each of the plurality of records including a loan or a lease payment information for one of the plurality customers, (ii) an identifier of the member, and (iii) control records for validating the payment history file;

automatically formatting the payment history file into a predetermined format for storage in a system database using the installed computer program, including converting the at least some of the payment history data in the proprietary format into the predetermined format;

loading the payment history file through the Internet to the system database, including, at the system database;

opening the payment history file,

determining the payment history file type,

validating the format of the payment history file,

loading the payment history file into a system database,

performing a scrubbing routine on the payment history data to remove suspect payment history data, including modifying the suspect payment history data based upon thresholds set by the member, and

performing matching routines on the payment history data, wherein new lenders are created if no matching lender is found in the system database, and at least one of adding or updating payment history data in the system database is performed if a matching lender is found in the system database;

the method further comprising;

validating the payment history data in accordance with the control records included in the payment history file at the system database, including;

matching business information of each of the plurality of customers with information in a centralized data repository, wherein the business information includes at least one of customer name, customer address, phone number, and number of employees associated with the customer; and

comparing the obtained history data to a data record associated with each customer if the data record associated with the corresponding customer is present in the centralized data repository, including testing for at least one of a large time difference between records and presence of payments outside a maximum expected range;

evaluating the payment history data in the payment history file at the system database;

formatting the payment history file into a payment history report;

storing the payment history report in the centralized data repository associated with the system database; and

automatically providing the payment history report to a requestor upon receiving a request corresponding to a specified one of the plurality of customers, including;

not disclosing an identity of the member that provided the payment data included in the payment history report; and

generating a search fee for the requestor.

2. A method for automatically obtaining and exchanging credit information as defined in claim 1 further comprising the step of creating scoring and modeling of customer information.

3. A method for automatically obtaining and exchanging credit information as defined in claim 1, wherein providing the payment history report to the requestor upon receiving the request includes:

receiving search criteria for a customer;

searching the payment history data for a matching customer;

logging the search request;

displaying the matching customer data;

generating a payment history report for the matching customer; and

displaying the payment history report.

4. A method for automatically obtaining and exchanging credit information as defined in claim 3, wherein the step of generating a payment history report for the matching customer further comprises the steps of:

computing summary and scoring information, including a high credit value, a total lease balance, total current payments, and a total number of times a customer had an overdue payment; and

displaying the summary information.

5. A system comprising:

a member'"'"'s computer having a computer-readable memory and a computer program installed thereon for communicating with the accounting system of the member, wherein the member'"'"'s computer is configured to;

in response to a user command, obtain payment history data from the member'"'"'s accounting system using the installed computer program, including obtaining at least some of the payment history data in a proprietary format of the accounting system of the member, wherein the payment history data is associated with a plurality customers and is indicative of a quality of credit associated with the respective customers;

create a payment history file at the member'"'"'s computer that contains at least (i) the payment history data as a plurality of records, each of the plurality of records including a loan or a lease payment information for one of the plurality customers, (ii) an identifier of the member, and (iii) control records for validating the payment history file; and

automatically formatting the payment history file into a predetermined format for storage in a system database using the installed computer program, including converting the at least some of the payment history data in the proprietary format into the predetermined format;

the system further comprising;

a credit information apparatus coupled to the member'"'"'s computer via the Internet, wherein the credit information includes a system database and a centralized data repository associated with the system database;

wherein the credit information apparatus is configured, in response to the member'"'"'s computer loading the payment history file through the Internet to the system database to;

open the payment history file,

determine the payment history file type,

validate the format of the payment history file,

load the payment history file into the system database,

perform a scrubbing routine on the payment history data to remove suspect payment history data, including modifying the suspect payment history data based upon thresholds set by the member,

perform matching routines on the payment history data, wherein new lenders are created if no matching lender is found in the system database, and at least one of adding or updating payment history data in the system database is performed if a matching lender is found in the system database;

validate the payment history data in accordance with the control records included in the payment history file, including;

match business information of each of the plurality of customers with information in a centralized data repository, wherein the business information includes at least one of customer name, customer address, phone number, and number of employees associated with the customer; and

compare the obtained history data to a data record associated with each customer if the data record associated with the corresponding customer is present in the centralized data repository, including testing for at least one of a large time difference between records and presence of payments outside a maximum expected range;

evaluate the payment history data in the payment history file;

format the payment history file into a payment history report;

storing the payment history report in the centralized data repository; and

automatically provide the payment history report to a requestor upon receiving a request corresponding to a specified one of the plurality of customers, including;

not disclose an identity of the member that provided the payment data included in the payment history report; and

generate a search fee for the requestor.