Database structure for a consumer reporting agency

• US 8,117,101 B1
• Filed: 03/28/2003
• Issued: 02/14/2012
• Est. Priority Date: 03/28/2003
• Status: Active Grant

• Current Assignee: Innovis Data Solutions, Inc. (CBC Cos., Inc.)
• Original Assignee: Innovis Incorporated
• Inventors: Price, William H., Price, Jonathan H.
• Primary Examiner(s): Kalinowski, Alexander
• Assistant Examiner(s): Scarito, John
• Application Number:
  US10/401,845
• Time in Patent Office: 3,245 Days
• Field of Search: None
• US Class Current: 705/35
• 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 database used by a consumer reporting agency for storing application information data in association with transaction and experience information. A consumer applying for credit submits personal and financial information either verbally or by filling out a form. The application information data submitted verbally or by a form is submitted by an institution along with a request for a credit report on the consumer. The consumer reporting agency receives the request and stores the application information separately from the transaction and experience information. Each time an institution submits application information data related to the consumer, the data is accumulated in successive records and maintained. In response to a request for a report on a consumer, the consumer reporting agency forwards a response based on the application records accumulated.

Claims

1. A data processing system adapted for use by a consumer reporting agency to provide consumer credit reports to institutions, said data processing system comprising:

a consumer reporting database controlled by said consumer reporting agency, said consumer reporting database configured to store for each of one or more persons having an identity in said consumer reporting database i) an application information file, and ii) an account data file, wherein said application information file for said each of the one or more persons comprises an accumulation of application information records created from application information data collected by institutions, and said account data file for said each of the one or more persons comprises consumer transaction and experience information;

a computer controlled by said consumer reporting agency, said computer configured to;

electronically receive from an institution a request for a consumer credit report for a consumer, and electronically receive together with said request consumer application information data comprising consumer identification information and all of the financial data of an application form provided by the consumer to the institution when applying for credit;

process the transaction and experience information of the consumer'"'"'s account data file to produce the consumer'"'"'s credit report;

correlate the consumer with one of the one or more persons, create a consumer application information record from the received consumer application information data, and store the consumer application information record in the application information file correlated with the one of the one or more persons; and

respond to the request for the consumer credit report by transmitting to the institution the consumer'"'"'s credit report and all the accumulated application information records of the consumer'"'"'s application information file for use in determining consumer information credibility through revelation of inconsistencies in the consumer'"'"'s application information file and for use in determining consumer creditworthiness.

2. The data processing system of claim 1, wherein said computer is further configured to update said consumer reporting database to store the consumer'"'"'s credit report in association with the consumer'"'"'s application information file.

3. The data processing system of claim 2, wherein said computer is further configured to control said consumer reporting database to accumulate and to store the application information records so that their respective application information data can be retrieved in the same form as submitted by each institution to said consumer reporting agency.

4. The data processing system of claim 3, wherein said computer is further configured to control said consumer reporting database to separately store said respective application information data so that each different submission can be separately retrieved from the application information file.

5. The data processing system of claim 1, wherein said computer is further configured to control said consumer reporting database to receive each application information record in a specified format.

6. The data processing system of claim 5, wherein said computer is further configured to control said consumer reporting database to automatically accumulate and to store received application information data in respective application information records without human intervention.

7. The data processing system of claim 1, wherein said computer is further configured to control said consumer reporting database to store the consumer application information data together with other data indicating when the consumer application information data was received, and to control said consumer reporting database to store an identity of the institution submitting the consumer application information data.

8. The data processing system of claim 1, wherein said computer is further configured to read and write said consumer reporting database, to compare newly submitted application information data with previously stored application information data, to determine differences therebetween, and to advise the institution of at least some of the differences.

9. The data processing system of claim 1, further including an electronic communication medium, and wherein said consumer reporting agency is accessible by lending institutions via said electronic communication medium, but said consumer reporting agency is not accessible by said lending institutions via an intermediate programmed central processor which distributes the application information data from a vendor to multiple of said lending institutions.

10. A method of storing data by a consumer reporting agency, and providing the stored data in response to requests, comprising:

maintaining computer-readable files in a consumer reporting database that is controlled by a computer of said consumer reporting agency;

storing in an account data file of said consumer reporting database transaction and experience information for a consumer having an identity in said consumer reporting database;

receiving a request from an institution for a consumer credit report for the consumer, and receiving together with the request consumer application information data comprising consumer identification information, all of the financial data of an application form provided by the consumer to the institution when applying for credit and an ID of the institution;

creating via the computer, a consumer application information record from the received consumer application information data,

storing in an application information file of said consumer reporting database the consumer application information record, wherein said application information file is associated with the identity of the consumer;

accumulating in respective application information records of the consumer'"'"'s application information file application information data received from institutions to which the consumer has applied for credit, each of the respective application information records including an ID of the institution to which the consumer applied for credit; and

processing said stored transaction and experience information associated with the consumer to produce the consumer'"'"'s credit report;

in response to the request for the consumer'"'"'s credit report transmitting to the institution the consumer'"'"'s credit report and all of the accumulated application information records of the consumer'"'"'s application information file for use in determining consumer information credibility through revelation of inconsistencies in the consumer'"'"'s application information file and for use in determining consumer creditworthiness.

11. The method of claim 10, further including receiving successive application information data associated with the consumer, and sequentially storing the successive application information data in separate application information records, so that all application information data received in a specified period of time for the consumer is stored.

12. The method of claim 11, wherein the specified period of time is greater than ten years.

13. The method of claim 10, wherein the consumer application information data is received in segments, each segment includes a plurality of fields storing different information obtained from the consumer, and each said segment relates to a different area of information concerning the consumer.

14. The method of claim 13, wherein an area of information concerns assets owned by the consumer, and further including receiving by the consumer reporting agency a plurality of asset segments corresponding to said assets owned by the consumer.

15. A consumer credit reporting system comprising:

a consumer reporting database of a consumer reporting agency, said consumer reporting database storing for a consumer identified in said consumer reporting database an account data file in association with an application information file, wherein said account data file comprises transaction and experience information of the consumer, and wherein said application information file comprises accumulated application information records of the consumer;

a computer of the consumer reporting agency configured to;

electronically receive from an institution a consumer request file, said consumer request file comprising i) a request for a consumer credit report and ii) an application data file, submitted in a specified format, wherein said application data file comprises full application data from an application form provided by the consumer to the institution when applying for credit;

store said application data file as an application information record in the consumer'"'"'s application information file together with other stored application information records resulting from other application data files, comprising full application data from other application forms previously submitted in the specified format from institutions, said stored application information record together with said other stored application information records constituting the accumulated application information records of the consumer;

process said transaction and experience information of the consumer'"'"'s account data file to produce the consumer'"'"'s credit report;

retrieve all of the accumulated application information records of the consumer'"'"'s application information file; and

respond to the request for the consumer credit report by transmitting to the institution the consumer'"'"'s credit report and all of the accumulated application information records for use in determining consumer information credibility through revelation of inconsistencies in the consumer'"'"'s application information records and for use in determining consumer creditworthiness.

16. The consumer credit reporting system of claim 15, wherein said computer is further configured to compare said received application data file to said other application data files, to determine differences therebetween and to advise the institution of at least some of the differences.

17. A method of storing data by a consumer reporting agency and providing the stored data in response to requests, comprising:

maintaining, in a consumer reporting database of a consumer reporting agency, an account data file in association with an application information file for a consumer identified in said consumer reporting database, wherein said account data file comprises transaction and experience information of the consumer, and wherein said application information file comprises accumulated application information records of the consumer;

electronically receiving, via a computer of the consumer reporting agency, from an institution a consumer request file, said consumer request file comprising i) request for a consumer credit report and ii) an application data file, submitted in a specified format, wherein said application data file comprises full application data from an application form provided by the consumer to the institution when applying for credit;

storing, via the computer, said application data file as an application information record in the consumer'"'"'s application information file together with other stored application information record resulting from other application data files, comprising full application data from other application forms previously submitted in the specified format from institutions, said stored application information record together with said other stored application information records constituting the accumulated application information records of the consumer;

processing, via the computer, said transaction and experience information of the consumer'"'"'s account data file to produce the consumer'"'"'s credit report;

retrieving, via the computer, all of the accumulated application information records of the consumer'"'"'s application information file; and

transmitting, via the computer, to the institution the consumer'"'"'s credit report and all of the accumulated application information records for use in determining consumer information credibility through revelation of inconsistencies in the consumer'"'"'s application information records and for use in determining consumer creditworthiness.

18. The method of claim 17, wherein said storing further comprises storing the received application data file together with an identity of the institution from which the consumer request file was received.