Calculating credit worthiness using transactional data
First Claim
Patent Images
1. An apparatus comprising:
- a computer, the computer comprising a memory and a processor, where the processor executes computer-executable instructions in the memory to perform a method of;
receiving transactional data corresponding to transactions associated with a user;
categorizing the transactional data into at least luxury transactions and necessity transactions;
calculating, using the computer, a luxury index based on a ratio of a dollar amount of the luxury transactions to a dollar amount of the necessity transactions;
calculating a necessity income standardized momentum trend risk index for the user using a necessity momentum trend risk index and income information about the user; and
determining, using the computer, credit worthiness of the customer based on the calculated luxury index and necessity income standardized momentum trend risk index of the user.
1 Assignment
0 Petitions
Accused Products
Abstract
Aspects of the invention provide for the use of transactional data in determining credit and product offerings. Further aspects of the invention provide for generating financial statements and indices using transactional data for use by users and/or financial institutions. The transactional based financial statements and indices may be used for making underwriting and financial planning decisions.
17 Citations
16 Claims
-
1. An apparatus comprising:
a computer, the computer comprising a memory and a processor, where the processor executes computer-executable instructions in the memory to perform a method of; receiving transactional data corresponding to transactions associated with a user; categorizing the transactional data into at least luxury transactions and necessity transactions; calculating, using the computer, a luxury index based on a ratio of a dollar amount of the luxury transactions to a dollar amount of the necessity transactions; calculating a necessity income standardized momentum trend risk index for the user using a necessity momentum trend risk index and income information about the user; and determining, using the computer, credit worthiness of the customer based on the calculated luxury index and necessity income standardized momentum trend risk index of the user. - View Dependent Claims (2, 3, 4, 5, 6, 11, 12, 13, 14, 15, 16)
-
7. A system comprising:
-
a computer, the computer comprising a memory and a processor, wherein the processor executes computer-executable instructions in the memory for; receiving transactional data corresponding to transactions associated with a customer; categorizing the transactional data into at least luxury transactions and necessity transactions; calculating, using the computer, a luxury index based on a ratio of a dollar amount of the luxury transactions to a dollar amount of the necessity transactions, where the luxury index is adjusted based on a luxury ratio momentum trend index; determining, using the computer, credit worthiness of the customer based on the calculated luxury index; and originating a loan based on the determined credit worthiness of the customer. - View Dependent Claims (8)
-
-
9. A method of determining credit worthiness of a user, the method comprising:
-
receiving transactional data corresponding to transactions by the user; categorizing the transactional data into numerous categories; calculating, using a computer, a necessity income standardized momentum trend risk index for the user based on income information about the user; and determining, using the computer, credit worthiness of the user based on the numerous categories of the transactional data and the necessity income standardized momentum trend risk index of the user. - View Dependent Claims (10)
-
Specification