System and method for managing consumer information

• US 8,285,613 B1
• Filed: 12/15/2005
• Issued: 10/09/2012
• Est. Priority Date: 12/16/2004
• Status: Active Grant

• Current Assignee: Consumer Direct Incorporated
• Original Assignee: Pathwaydata, Inc.
• Inventors: Coulter, David B.
• Primary Examiner(s): Ebersman, Bruce I
• Application Number:
  US11/304,835
• Time in Patent Office: 2,490 Days
• Field of Search: 705/35
• 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

Method and system of recommending an action to a consumer is provided. The method includes, applying selection criteria to credit data to determine recommended actions for the consumer; determining if any of the recommended actions are frivolous; determining if any of the recommended actions are valid; and comparing the recommended actions to pre-set parameters set by the consumer to determine if the consumer should be notified of any of the recommended actions, if at least one recommended action is non-frivolous and valid. The system includes a processing module for processing user action requests, received from a user, in a batch; and a communications module for sending the user action requests from a system provider to a database; wherein the communications module sends an indication of results or a notice of a lack of results to the user.

Claims

1. A computer implemented method regarding a consumer'"'"'s credit, comprising:

(a) obtaining a credit report regarding a consumer from one or more credit bureaus;

wherein a computerized system provider executed by a computing system that maintains a database regarding consumer credit information obtains the credit report;

(b) presenting the credit report to the consumer with suggestions to improve consumer credit;

wherein the credit report is presented within a user interface displayed on display device and the computerized system provider executed by the computing system provides the suggestions; and

wherein the user interface provides the consumer with a first option to initiate an offer of compromise, a second option for disputing an entry in the credit report directly with a creditor and a third option for declaring identity theft and electronically notifying one or more entities of consumer'"'"'s identity theft;

(c) based on a credit report entry, initiating an offer of compromise from the consumer to a creditor to settle a debt;

wherein the consumer initiates the offer of compromise electronically by selecting the first option from the user interface;

(d) submitting the offer of compromise to the creditor;

wherein the computerized system provider executed by the computing system electronically submits the offer of compromise directly to the creditor;

(e) upon acceptance of the electronically submitted offer of compromise by the creditor, transferring a payment directly to the creditor to settle the debt;

wherein the computerized system provider executed by the computing system transfers the payment to the creditor;

(f) notifying one or more credit bureaus regarding the debt settlement in step (e);

wherein the computerized system provider executed by the computing system notifies the one or more credit bureaus;

(g) selecting the second option to dispute an entry in the credit report directly with the creditor;

wherein before the entry is disputed with the creditor, the computerized system provider executed by the computing system reviews historical data regarding the consumer to verify if the consumer has disputed entries with the creditor or other creditors; and

wherein the entry is not disputed and the consumer is notified if historical disputes by the consumer were held to be without merit; and

the entry is disputed with the creditor when historical disputes by the consumer were valid;

(h) selecting the third option from the user interface to declare identity theft;

wherein the computerized system provider executed by the computing system notifies one or more credit bureaus to block consumer credit accounts for a certain duration after identify theft is declared; and

wherein the computerized system provider executed by the computing system notifies one or more entities of the identity theft.

2. The method of claim 1, wherein the notified entity is a government entity.

3. The method of claim 1, wherein the notified entity is a non-government entity.

4. The method of claim 1, wherein the offer of compromise includes an interest rate reduction.

5. A computer readable medium containing executable program instructions for a computer implemented method regarding a consumer'"'"'s credit, comprising:

(a) instructions for obtaining a credit report regarding a consumer from one or more credit bureaus;

wherein a computerized system provider executed by a computing system that maintains a database regarding consumer credit information obtains the credit report;

(b) instructions for presenting the credit report to the consumer with suggestions to improve consumer credit;

wherein the credit report is presented within a user interface displayed on display device and the computerized system provider executed by the computing system provides the suggestions; and

wherein the user interface provides the consumer with a first option to initiate an offer of compromise, a second option for disputing an entry in the credit report directly with a creditor and a third option for declaring identity theft and electronically notifying one or more entities of consumer'"'"'s identity theft;

(c) instructions for initiating an offer of compromise from the consumer to a creditor to settle a debt, based on a credit report entry;

wherein the consumer initiates the offer of compromise electronically by selecting the first option from the user interface;

(d) instructions for submitting the offer of compromise to the creditor;

wherein the computerized system provider executed by the computing system electronically submits the offer of compromise directly to the creditor;

(e) instructions for transferring a payment directly to the creditor to settle the debt, upon acceptance of the electronically submitted offer of compromise by the creditor;

wherein the computerized system provider executed by the computing system transfers the payment to the creditor;

(f) instructions for notifying one or more credit bureaus regarding the debt settlement in step (e);

wherein the computerized system provider executed by the computing system notifies the one or more credit bureaus;

(g) instructions for selecting the second option to dispute an entry in the credit report directly with the creditor;

wherein before the entry is disputed with the creditor, the computerized system provider executed by the computing system reviews historical data regarding the consumer to verify if the consumer has disputed entries with the creditor or other creditors; and

wherein the entry is not disputed and the consumer is notified if historical disputes by the consumer were held to be without merit; and

the entry is disputed with the creditor when historical disputes by the consumer were valid; and

(h) instructions for selecting the third option from the user interface to declare identity theft;

wherein the computerized system provider executed by the computing system notifies one or more credit bureaus to block consumer credit accounts for a certain duration after identify theft is declared; and

wherein the computerized system provider executed by the computing system notifies one or more entities of the identity theft.

6. The storage medium of claim 5, wherein the notified entity is a government entity.

7. The storage medium of claim 5, wherein the notified entity is a non-government entity.

8. The storage medium of claim 5, wherein the offer of compromise includes an interest rate reduction.

9. A computer program product, comprising:

a non-transitory computer usable storage medium having computer readable code embodied therein for a computer implemented method regarding a consumer'"'"'s credit;

said computer readable code includes;

(a) code for obtaining a credit report regarding a consumer from one or more credit bureaus;

wherein a computerized system provider executed by a computing system that maintains a database regarding consumer credit information obtains the credit report;

(b) code for presenting the credit report to the consumer with suggestions to improve consumer credit;

wherein the credit report is presented within a user interface displayed on display device and the computerized system provider executed by the computing system provides the suggestions; and

wherein the user interface provides the consumer with a first option to initiate an offer of compromise, a second option for disputing an entry in the credit report directly with a creditor and a third option for declaring identity theft and electronically notifying one or more entities of consumer'"'"'s identity theft;

(c) code for initiating an offer of compromise from the consumer to a creditor to settle a debt, based on a credit report entry;

wherein the consumer initiates the offer of compromise electronically by selecting the first option from the user interface;

(d) code for submitting the offer of compromise to the creditor;

wherein the computerized system provider executed by the computing system electronically submits the offer of compromise directly to the creditor;

(e) code for transferring a payment directly to the creditor to settle the debt, upon acceptance of the electronically submitted offer of compromise by the creditor;

wherein the computerized system provider executed by the computing system transfers the payment to the creditor;

(f) code for notifying one or more credit bureaus regarding the debt settlement in step (e);

wherein the computerized system provider executed by the computing system notifies the one or more credit bureaus;

(g) code for selecting the second option to dispute an entry in the credit report directly with the creditor;

wherein before the entry is disputed with the creditor, the computerized system provider executed by the computing system reviews historical data regarding the consumer to verify if the consumer has disputed entries with the creditor or other creditors; and

wherein the entry is not disputed and the consumer is notified if historical disputes by the consumer were held to be without merit; and

the entry is disputed with the creditor when historical disputes by the consumer were valid; and

(h) code for selecting the third option from the user interface to declare identity theft;

wherein the computerized system provider executed by the computing system notifies one or more credit bureaus to block consumer credit accounts for a certain duration after identify theft is declared; and

wherein the computerized system provider executed by the computing system notifies one or more entities of the identity theft.

10. The computer program product of claim 9, wherein the notified entity is a government entity.

11. The computer program product of claim 9, wherein the notified entity is a non-government entity.

12. The computer program product of claim 9, wherein the offer of compromise includes an interest rate reduction.