Online purchasing system supporting lenders with affordability screening
First Claim
1. A credit management system comprising:
- at least one web page presenting a credit application;
at least one credit approval criterion;
a credit approval engine;
a server system of a first entity responding to client input regarding the credit application by causing the credit approval engine to analyze the credit application based on the at least one credit approval criterion, the server automatically communicating an approval of the credit application to the client if the credit application meets the at least one credit approval criterion; and
the server system responding to further input from or approved by the client, by communicating the approval or the credit application to another server system or computing device of a second entity to facilitate a transaction, based on the approved credit, by the client with the second entity.
2 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.
13 Citations
17 Claims
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1. A credit management system comprising:
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at least one web page presenting a credit application; at least one credit approval criterion; a credit approval engine; a server system of a first entity responding to client input regarding the credit application by causing the credit approval engine to analyze the credit application based on the at least one credit approval criterion, the server automatically communicating an approval of the credit application to the client if the credit application meets the at least one credit approval criterion; and the server system responding to further input from or approved by the client, by communicating the approval or the credit application to another server system or computing device of a second entity to facilitate a transaction, based on the approved credit, by the client with the second entity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of facilitating online financing comprising:
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delivering, by a server system having a credit approval engine, a credit application for presentation on a computing device of a client; receiving a completed credit application from the computing device of the client; retrieving, by the server system, at least one credit approval criterion; determining, by the credit approval engine, whether the credit application meets the at least one credit approval criterion; communicating, automatically in real time by the server system, an approval of the application to the computing device of the client if the credit approval engine determines that the credit application meets the at least one credit approval criterion; and communicating, by the server and responsive to further input from or approved by the client, the approval or the credit application to another server system or computing device of a second entity to facilitate a transaction, based on the approval, by the client with the second entity. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17)
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Specification