Systems and methods for presenting payoff information to credit card customers

• US 8,560,444 B2
• Filed: 06/07/2002
• Issued: 10/15/2013
• Est. Priority Date: 06/07/2002
• Status: Expired due to Fees

• Current Assignee: First Data Corporation (Fiserv Incorporated), SAE Magnetics Limited (TDK Corporation)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Rosenblatt, Brenda, Lin, Yung-Li, Trent, Millie, Kurth, Allen, Mills, Robert Jeff, Lindell, Bruce
• Primary Examiner(s): TINKLER, MURIEL S
• Application Number:
  US10/165,788
• Publication Number:
  US 20030229589A1
• Time in Patent Office: 4,148 Days
• Field of Search: 705/36.R, 705/38, 705/40
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method of presenting account payoff information to customers includes receiving electronic data relating to a plurality of customers and evaluating the data to determine a class to which each customer belongs. The method also includes preparing an account statement for each customer in a first class and for each customer in a second class. The account statement for each customer in the first class includes a standard message, and the account statement for each customer in the second class includes a detailed message. The method also includes transmitting an electronic file comprising the account statements for the plurality of customers to a statement generator. The standard message comprises a total time to pay off at least one hypothetical account balance at a hypothetical interest rate based on a first series of minimum payments. The detailed message comprises a total time to pay off an account balance of the customer at an interest rate of the customer based on a second series of minimum payments.

Claims

1. A method of presenting account payoff information to customers, comprising:

receiving, at a computer system of a credit processing organization, from a client, classification information that is employed to classify the client'"'"'s customers into at least a first class and a second class based on a customer'"'"'s repayment history of a credit debt with the client, wherein the first class is entitled to a different interest rate on credit debt from the client than the second class;

receiving, at the computer system of the credit processing organization, electronic data relating to a plurality of customers of the client, wherein the electronic data comprises a first repayment history of a credit debt for a first customer and a second repayment history of a credit debt for a second customer;

evaluating, at the computer system of the credit processing organization, the first repayment history based at least in part on the classification information to determine that the first customer belongs in the first class;

evaluating, at the computer system of the credit processing organization, the second repayment history based at least in part on the classification information to determine that the second customer belongs in the second class;

preparing, at the computer system of the credit processing organization, an account statement for each customer in the first class, wherein;

payoff selection information received from the client is used to determine a first informational message for the account statement of each customer in the first class, and

the first informational message for each customer in the first class comprises a standard account payoff message which states a total time to pay off a hypothetical balance at a hypothetical interest rate based on a first particular minimum payment, wherein the hypothetical interest rate is an un-weighted average of interest rates applicable to an account on each statement, wherein the interest rates applicable to the account comprise a balance transfer interest rate, a purchase interest rate, and a cash advance interest rate;

preparing, at the computer system of the credit processing organization, an account statement for each customer in the second class, wherein;

payoff selection information received from the client is used to determine a second informational message for the account statement of each customer in the second class, and

the second informational message for each customer in the second class comprises a detailed account payoff message which states a total time to pay off the customer'"'"'s actual balance at an actual applicable interest rate based on a second particular minimum payment;

transmitting, from the computer system of the credit processing organization, an electronic file comprising the account statements for the plurality of customers to a statement generator, wherein the statement generator produces printed account statements for mailing to customers; and

wherein the account statement for each customer in the first and second class is accessible by the client.

2. The method of claim 1, wherein:

the standard account payoff message further states a total cost to pay off the hypothetical account balance at the hypothetical interest rate based on the first particular minimum payment; and

the detailed account payoff message further states a total cost to pay off the customer'"'"'s actual account balance at the actual applicable interest rate based on the second particular minimum payment.

3. The method of claim 1, wherein the first class comprises customers who made more than a minimum payment for at least a first number of billing periods during a period of time preceding a current billing period.

4. The method of claim 3, wherein the first number is in the range from about 1 to about 6 and the period of time is 6 months.

5. The method of claim 1, wherein the second class comprises customers who made a minimum payment or less for at least a second number of billing periods during a period of time preceding a current billing period.

6. The method of claim 5, wherein the second number comprises 6 or more and the period of time is 6 months.

7. The method of claim 1, further comprising:

evaluating, at the computer system of the credit processing organization, a third repayment history of a third customer based at least in part on the classification information to determine that the third customer belongs in a third class;

preparing an account statement for each customer in a third class, wherein the account statement for each customer in the third class comprises a negative amortization message, wherein the negative amortization message comprises a statement that it is not possible for the customer to pay off the account balance by only making minimum payments because the interest per billing period exceeds the minimum payment.

8. The method of claim 1, wherein evaluating comprises determining whether each customer is a qualified customer.

9. The method of claim 8, wherein determining whether each customer is a qualified customer comprises determining whether a billing address of the customer includes a particular state, determining whether a minimum payment due percentage of a customer is less than a particular minimum payment due percentage, and determining whether any interest is charged on the account of the customer in a current billing period.

10. The method of claim 1, wherein evaluating comprises determining whether each customer is a retail credit card customer or a bank credit card customer.

11. The method of claim 10, further comprising preparing an account statement for each customer in a fourth class, wherein the account statement for each customer in the fourth class comprises a minimum payment warning message, wherein the minimum payment warning message comprises a statement that making minimum payments will increase the time and cost to pay off the account balance.

12. The method of claim 11, wherein the fourth class comprises retail credit card customers having an account balance greater than $500.

13. The method of claim 1, wherein the standard messages and the detailed messages appear in a language other than English.

14. A method of presenting account payoff information to customers, comprising:

receiving, at a computer system of a credit processing organization, from a client, classification information that is employed to classify the client'"'"'s customers into at least a first class and a second class based on a repayment history of a credit debt with the client, wherein the first class is entitled to a different interest rate on credit debt from the client than the second class;

receiving, at the computer system of the credit processing organization, electronic data relating to a plurality of customers of the client, wherein the electronic data comprises a first repayment history of a credit debt for a first customer and a second repayment history of a credit debt for a second customer;

evaluating, at the computer system of the credit processing organization, the first repayment history based at least in part on the classification information to determine that the first customer belongs in the first class;

evaluating, at the computer system of the credit processing organization, the second repayment history based at least in part on the classification information to determine that the second customer belongs in the second class;

preparing, at the computer system of the credit processing organization, an account statement for each customer in the first class, wherein;

payoff selection information received from the client is used to determine a first informational message for the account statement of each customer in the first class, and

the first informational message for each customer in the first class comprises a standard account payoff message which states a total time to pay off a hypothetical balance at a hypothetical interest rate based on a first particular minimum payment, wherein the hypothetical interest rate is an un-weighted average of interest rates applicable to an account on each statement, wherein the interest rates applicable to the account comprise a balance transfer interest rate, a purchase interest rate, and a cash advance interest rate;

preparing, at the computer system of the credit processing organization, an account statement for each customer in the second class, wherein

payoff selection information received from the client is used to determine a second informational message for the account statement of each customer in the second class, and

the second informational message for each customer in the second class comprises a detailed account payoff message which states a total time to pay off the customer'"'"'s actual balance at an actual applicable interest rate based on a second particular minimum payment;

transmitting, from the computer system of the credit processing organization, an electronic file comprising the standard messages and the detailed messages for the plurality of customers to a customer service database; and

wherein the account statement for each customer in the first and second class is accessible by the client.

15. The method of claim 14, further comprising:

receiving a call from a customer;

accessing the customer service database; and

displaying on a display screen information relating to either of the standard account payoff message or the detailed account payoff message relating to the customer.

16. A system for presenting account payoff information to customers, comprising:

a processor of a credit processing organization;

a storage device; and

an output device;

wherein the processor is configured to;

receive classification information, wherein;

the classification information is received from a client;

the classification information is employed to classify the client'"'"'s customers into at least a first class and a second class based on a customer'"'"'s repayment history of a credit debt; and

the first class is entitled to a different interest rate on credit debt from the client than the second class;

receive electronic data relating to a plurality of the client'"'"'s customers, wherein the electronic data comprises a first repayment history of a credit debt for a first customer and a second repayment history of a credit debt for a second customer;

evaluate the first repayment history based at least in part on the classification information to determine that the first customer belongs in the first class;

evaluate the second repayment history based at least in part on the classification information to determine that the second customer belongs in the second class;

prepare an account statement for each customer in the first class, wherein;

payoff selection information received from the client is used to determine a first informational message for the account statement of each customer in the first class, and

the first informational message for each customer in the first class comprises a standard account payoff message which states a total time to pay off a hypothetical balance at a hypothetical interest rate based on a first particular minimum payment, wherein the hypothetical interest rate is an un-weighted average of interest rates applicable to an account on each statement, wherein the interest rates applicable to the account comprise a balance transfer interest rate, a purchase interest rate, and a cash advance interest rate;

prepare an account statement for each customer in the second class, wherein;

payoff selection information received from the client is used to determine a second informational message for the account statement of each customer in the second class, and

the second informational message for each customer in the second class comprises a detailed account payoff message which states a total time to pay off the customer'"'"'s actual balance at an actual applicable interest rate based on a second particular minimum payment;

transmit an electronic file comprising the account statements for the plurality of customers to a statement generator, wherein the statement generator produces printed account statements for mailing to customers; and

wherein the account statement for each customer in the first and second class is accessible by the client.

17. The system of claim 16, wherein the standard account payoff message further states a total cost to pay off the hypothetical account balance at the hypothetical interest rate based on the first particular minimum payment, and wherein the detailed account payoff message further states a total cost to pay off the customer'"'"'s actual account balance at the actual applicable interest rate based on the second particular minimum payment.

18. The system of claim 16, wherein the first class comprises customers who made more than a minimum payment for at least a first number of billing periods during a period of time preceding a current billing period, and wherein the second class comprises customers who made a minimum payment or less for at least a second number of billing periods during a period of time preceding a current billing period.

19. A computer-readable medium having computer-executable instructions that, when executed by a computer of a credit processing organization, cause the computer to perform a method of presenting account payoff information to customers, comprising:

receiving, from a client, classification information that is employed to classify the client'"'"'s customers into at least a first class and a second class based on a customer'"'"'s repayment history of a credit debt with the client, wherein the first class is entitled to a different interest rate on credit debt from the client than the second class;

receiving electronic data relating to a plurality of customers of the client, wherein the electronic data comprises a first repayment history of a credit debt for a first customer and a second repayment history of credit debt for a second customer;

evaluating the first repayment history based at least in part on the classification information to determine that the first customer belongs in the first class;

evaluating the second repayment history based at least in part on the classification information to determine that the second customer belongs in the second class;

preparing an account statement for each customer in the first class, wherein;

payoff selection information received from the client is used to determine a first informational message for the account statement of each customer in the first class, and

the first informational message for each customer in the first class comprises a standard account payoff message which states a total time to pay off a hypothetical balance at a hypothetical interest rate based on a first particular minimum payment, wherein the hypothetical interest rate is an un-weighted average of interest rates applicable to an account on each statement, wherein the interest rates applicable to the account comprise a balance transfer interest rate, a purchase interest rate, and a cash advance interest rate;

preparing an account statement for each customer in the second class, wherein;

payoff selection information received from the client is used to determine a second informational message for the account statement of each customer in the second class, and

the second informational message for each customer in the second class comprises a detailed account payoff message which states a total time to pay off the customer'"'"'s actual balance at an actual applicable interest rate based on a second particular minimum payment;

transmitting an electronic file comprising the account statements for the plurality of customers to a statement generator, wherein the statement generator produces printed account statements for mailing to customers;

wherein the standard account payoff message comprises a total time to pay off at least one hypothetical account balance at a hypothetical interest rate based on a first series of minimum payments;

wherein the detailed account payoff message comprises a total time to pay off an account balance of the customer at an interest rate of the customer based on a second series of minimum payments; and

wherein the account statement for each customer in the first and second class is accessible by the client.

20. The medium of claim 19, wherein the standard account payoff message further states a total cost to pay off the hypothetical credit card balance at the hypothetical interest rate based on the first particular minimum payment, and wherein the detailed account payoff message further states a total cost to pay off the customer'"'"'s actual account balance at the actual applicable interest rate based on the second particular minimum payment.

21. The medium of claim 19, wherein the first class comprises customers who made more than a minimum payment for at least a first number of billing periods during a period of time preceding a current billing period, and wherein the second class comprises customers who made a minimum payment or less for at least a second number of billing periods during a period of time preceding a current billing period.

22. A method of presenting account payoff information to customers, comprising:

receiving, at a computer system of a credit processing organization, from a client, classification information that is employed to classify the client'"'"'s customers into at least a first class and a second class based on a customer'"'"'s repayment history of a credit debt with the client;

receiving, at the computer system of the credit processing organization, electronic data relating to a plurality of customers of the client, wherein the electronic data comprises a first repayment history of a credit debt for a first customer and a second repayment history of a credit debt for a second customer;

evaluating, at the computer system of the credit processing organization, the first repayment history based at least in part on the classification information to determine that the first customer made more than a minimum payment for at least one billing period during a first preceding period of time, and therefore that the first customer belongs in the first class;

evaluating, at the computer system of the credit processing organization, the second repayment history based at least in part on the classification information to determine that the second customer made minimum payments or less for each billing period during a second preceding period of time, and therefore that the second customer belongs in the second class;

preparing, at the computer system of the credit processing organization, an account statement for each customer in the first class, wherein payoff selection information received from the client is used to determine a first informational message for the account statement of each customer in the first class, wherein the first informational message for each customer in the first class comprises a standard account payoff message which states a total time to pay off a hypothetical balance at a hypothetical interest rate based on a first particular minimum payment, wherein the hypothetical interest rate is an un-weighted average of interest rates applicable to an account on each statement, wherein the interest rates applicable to the account comprise a balance transfer interest rate, a purchase interest rate, and a cash advance interest rate;

preparing, at the computer system of the credit processing organization, an account statement for each customer in the second class, wherein payoff selection information received from the client is used to determine a second informational message for the account statement of each customer in the second class, and wherein the second informational message comprises different information from the first informational message; and

transmitting, from the computer system of the credit processing organization, an electronic file comprising the account statements for the plurality of customers to a statement generator, wherein the statement generator produces printed account statements for mailing to customers.

23. A method of presenting account payoff information to customers, comprising:

receiving, at a computer system of a credit processing organization, from a client, classification information that is employed to classify the client'"'"'s customers into at least a first class and a second class based on a customer'"'"'s repayment history of a credit debt with the client;

receiving, at the computer system of the credit processing organization, electronic data relating to a plurality of customers of the client, wherein the electronic data comprises;

a first repayment history of a credit debt for a first customer and a second repayment history of a credit debt for a second customer, wherein each of the first repayment history and the second repayment history include a number of minimum payments made during a preceding period;

a first identification of a state the first customer resides in and a second identification of a state the second customer resides in; and

a first indication that the credit debt of the first customer is a bank credit card debt and a second indication that the credit debt of the second customer is a retail credit card debt;

evaluating, at the computer system of the credit processing organization, the first repayment history based at least in part on the classification information to determine that the first customer made more than a minimum payment for at least one billing period during a first preceding period of time, and therefore that the first customer belongs in the first class;

evaluating, at the computer system of the credit processing organization, the second repayment history based at least in part on the classification information to determine that the second customer made minimum payments or less for each billing period during a second preceding period of time, and therefore that the second customer belongs in the second class;

preparing, at the computer system of the credit processing organization, an account statement for the first customer, wherein payoff selection information received from the client, the first identification, and first indication are used to determine a first informational message for the account statement of each customer in the first class, wherein the first informational message for each customer in the first class comprises a standard account payoff message which states a total time to pay off a hypothetical balance at a hypothetical interest rate based on a first particular minimum payment, wherein the hypothetical interest rate is an un-weighted average of interest rates applicable to an account on each statement, wherein the interest rates applicable to the account comprise a balance transfer interest rate, a purchase interest rate, and a cash advance interest rate;

preparing, at the computer system of the credit processing organization, an account statement for the second customer, wherein payoff selection information received from the client, the second identification, and second indication are used to determine a second informational message for the account statement of each customer in the second class, and wherein the second informational message comprises different information from the first informational message; and

transmitting, from the computer system of the credit processing organization, an electronic file comprising the account statements for the plurality of customers to a statement generator, wherein the statement generator produces printed account statements for mailing to customers.