Online purchasing system supporting lenders with affordability screening
First Claim
1. A credit management system for providing a buyer with real-time credit approval comprising:
- at least one web page that contains a credit application;
at least one credit approval criterion;
a first web server;
a buyer'"'"'s computer, communicatively coupled to the first web server, allowing the buyer to generate the credit application; and
the buyer'"'"'s computer responding to input upon completion of the credit application causing the credit application to be automatically analyzed based on the at least one credit approval criterion, one of the first web server or a second web server automatically communicating in real time an approval of the credit application to the buyer'"'"'s computer if the credit application meets the at least one credit approval criterion.
3 Assignments
0 Petitions
Accused Products
Abstract
An online system uses, in various embodiments of the invention, credit report information, loan affordability screening and credit approval and management functionality to facilitate the purchase and finance of products online. The online system may include both sellers of products and lenders that offer financing to buyers seeking to purchase the products. The system may automatically obtain a buyer'"'"'s credit report information and use that information to determine if the buyer is pre-approved, for example, to obtain financing for a particular product or products. The system also enables use of buyer credit information to identify only those of a seller'"'"'s products for which the buyer is pre-approved, for example, to finance using one or more loans. The system then enables selection of an identified product or products for purchase, and selection of a loan, for example, for financing of the selected product or products. Credit approval (or pre-approval) may be performed automatically, and along with credit processing, may be performed completely online.
-
Citations
27 Claims
-
1. A credit management system for providing a buyer with real-time credit approval comprising:
-
at least one web page that contains a credit application; at least one credit approval criterion; a first web server; a buyer'"'"'s computer, communicatively coupled to the first web server, allowing the buyer to generate the credit application; and the buyer'"'"'s computer responding to input upon completion of the credit application causing the credit application to be automatically analyzed based on the at least one credit approval criterion, one of the first web server or a second web server automatically communicating in real time an approval of the credit application to the buyer'"'"'s computer if the credit application meets the at least one credit approval criterion. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 13, 14, 15, 16, 17, 18)
-
-
10. A credit management system for providing a buyer with real-time credit approval comprising:
-
at least one web page that contains a credit application to be completed by the buyer using a buyer'"'"'s computer; at least one credit approval criterion; a credit approval engine; and a web server that responds to receipt of the at least one web page by causing the credit approval engine to determine whether the credit application meets the at least one credit approval criterion, the web server automatically communicating in real time an approval of the credit application to the buyer'"'"'s computer that generated the credit application if the credit approval engine determines that the credit application meets the at least one credit approval criterion. - View Dependent Claims (11, 12)
-
-
19. A method of facilitating online financing comprising:
-
receiving from a buyer, by a web server from a buyer'"'"'s computer, at least one web page that contains a credit application; obtaining at least one credit approval criterion; determining, by a credit approval engine, whether the credit application meets the at least one credit approval criterion; and communicating, automatically in real time by the web server to the buyer'"'"'s computer, an approval of the application if the credit approval engine determines that the credit application meets the at least one credit approval criterion. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27)
-
Specification