Credit risk evaluation with responsibility factors
First Claim
1. A computer-assisted method of calculating an enhanced credit score of a user, the method comprising:
- measuring, by one or more telematics sensors connected to a vehicle of the user, at least one vehicle monitoring rating factor relating to the user;
receiving, by a processor using an input module of a computer, credit risk information, insurance rating information from at least one of;
a governmental entity database coupled to the computer through a network and a third-party entity database coupled to the computer through the network, and the at least one vehicle monitoring rating factor relating to the user;
calculating an enhanced credit score for the user using the credit risk information, the insurance rating information, and the at least one vehicle monitoring rating factor, and the calculating is performed by the processor using a calculation module of the computer; and
determining, by the processor of the computer, terms of a financing agreement for the user using the enhanced credit score,wherein the calculating the enhanced credit score comprises;
calculating, by the processor using the calculation module, a first result by performing multiplication on a first coefficient and at least a portion of the credit risk information comprising a number of active accounts;
calculating, by the processor using the calculation module, a second result by performing multiplication on a second coefficient and at least a portion of the credit risk information comprising an average age of active accounts;
calculating, by the processor using the calculation module, a third result by performing multiplication on a third coefficient and at least a portion of the credit risk information comprising a number of credit cards with a balance greater than a first predetermined amount;
calculating, by the processor using the calculation module, a fourth result by performing multiplication on a fourth coefficient and at least a portion of the credit risk information comprising a number of collections of greater than a second predetermined amount in a past first predetermined number of years;
calculating, by the processor using the calculation module, a fifth result by performing multiplication on a fifth coefficient and the insurance rating information comprising a number of minor traffic violations in the past second predetermined number of years;
calculating, by the processor using the calculation module, a sixth result by performing multiplication on a sixth coefficient and the insurance rating information comprising a number of occupants in a dwelling of the user times the square footage of the dwelling;
calculating, by the processor using the calculation module, a seventh result by performing multiplication on a seventh coefficient and the at least one vehicle monitoring rating factor comprising a number of sudden braking situations.
1 Assignment
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Accused Products
Abstract
A system, device, and method for calculating an enhanced credit score using insurance rating information, individual rating factors, interaction rating factors, geographic rating factors, vehicle monitoring rating factors, and/or credit risk information is disclosed. Insurance rating information, individual rating factors, interaction rating factors, geographic rating factors, and vehicle monitoring rating factors, either individually or in combinations, may be used as inputs to a novel credit-scoring model to calculate an enhanced or improved credit score. The novel credit-scoring model may be implemented in a computer-readable medium comprising computer-executable instructions for causing a computing device to calculate an enhanced credit score. The computer-executable instructions may be arranged into an input module, output module, and calculation module. The modules may be used to calculate an enhanced credit score that may be used by lending institutions and others to determine the terms of a financing agreement with a user.
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Citations
21 Claims
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1. A computer-assisted method of calculating an enhanced credit score of a user, the method comprising:
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measuring, by one or more telematics sensors connected to a vehicle of the user, at least one vehicle monitoring rating factor relating to the user; receiving, by a processor using an input module of a computer, credit risk information, insurance rating information from at least one of;
a governmental entity database coupled to the computer through a network and a third-party entity database coupled to the computer through the network, and the at least one vehicle monitoring rating factor relating to the user;calculating an enhanced credit score for the user using the credit risk information, the insurance rating information, and the at least one vehicle monitoring rating factor, and the calculating is performed by the processor using a calculation module of the computer; and determining, by the processor of the computer, terms of a financing agreement for the user using the enhanced credit score, wherein the calculating the enhanced credit score comprises; calculating, by the processor using the calculation module, a first result by performing multiplication on a first coefficient and at least a portion of the credit risk information comprising a number of active accounts; calculating, by the processor using the calculation module, a second result by performing multiplication on a second coefficient and at least a portion of the credit risk information comprising an average age of active accounts; calculating, by the processor using the calculation module, a third result by performing multiplication on a third coefficient and at least a portion of the credit risk information comprising a number of credit cards with a balance greater than a first predetermined amount; calculating, by the processor using the calculation module, a fourth result by performing multiplication on a fourth coefficient and at least a portion of the credit risk information comprising a number of collections of greater than a second predetermined amount in a past first predetermined number of years; calculating, by the processor using the calculation module, a fifth result by performing multiplication on a fifth coefficient and the insurance rating information comprising a number of minor traffic violations in the past second predetermined number of years; calculating, by the processor using the calculation module, a sixth result by performing multiplication on a sixth coefficient and the insurance rating information comprising a number of occupants in a dwelling of the user times the square footage of the dwelling; calculating, by the processor using the calculation module, a seventh result by performing multiplication on a seventh coefficient and the at least one vehicle monitoring rating factor comprising a number of sudden braking situations. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A non-transitory computer-readable medium comprising computer-executable instructions for causing a computing device to perform steps comprising:
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(a) receiving a user'"'"'s credit risk information and insurance rating information from a database coupled to the computing device through a network; (b) calculating an enhanced credit score of the user using the credit risk information and the insurance rating information, wherein the calculating the enhanced credit score comprises; calculating a first result by performing an arithmetic operation on a first coefficient and at least a portion of the credit risk information; calculating a second result by performing an arithmetic operation on at least one of a second set of coefficients and at least one of the insurance rating information comprising a number of minor traffic violations in the past first predetermined number of years, and a number of occupants in a dwelling of the user times the square footage of the dwelling, wherein a different one of the at least one of the second set of coefficients is used with each of the number of minor traffic violations and the number of occupants in the dwelling; and calculating a sum of at least the first result and the second result to determine the enhanced credit score of the user; and (c) displaying an “
yes”
message on a displayable output of the computing device when the enhanced credit score of the user meets predetermined criteria. - View Dependent Claims (11, 12, 13, 14, 15, 16)
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17. A computing system configured to calculate an enhanced credit score of a user, the computing system comprising:
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a telematics sensor, connected to a vehicle of the user, that is configured to measure vehicle monitoring rating factors related to the user'"'"'s operation of the vehicle; a network through which the vehicle monitoring rating factors are sent from the telematics sensor to the processing unit; a processing unit comprising a processor for executing computer-executable instructions; and a memory unit storing computer-executable instructions, which when executed by the processing unit, cause the processing unit to calculate the enhanced credit score of the user, the computer-executable instructions comprising; an input module configured to receive credit risk information, the insurance rating information, and the vehicle monitoring rating factors from the telematics sensor; a calculation module configured to calculate the enhanced credit score of the user using the credit risk information, vehicle monitoring rating factors, and insurance rating information; and an output module configured to send the enhanced credit score of the user to a display screen, wherein the calculation module is configured to calculate the enhanced credit score of the user by causing the processing unit to calculate a sum of; a first arithmetic operation on a first coefficient and at least a part of the insurance rating information comprising a number of minor traffic violations in the past second predetermined number of years; a second arithmetic operation on a second coefficient and at least a part of the credit risk information; and a third arithmetic operation on a third coefficient and at least a part of the vehicle monitoring rating factors comprising a number of sudden braking situations. - View Dependent Claims (18, 19, 20, 21)
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Specification