Database structure for a consumer reporting agency

• US 8,566,198 B1
• Filed: 02/13/2012
• Issued: 10/22/2013
• Est. Priority Date: 03/28/2003
• Status: Active Grant

• Current Assignee: Innovis Data Solutions, Inc. (CBC Cos., Inc.)
• Original Assignee: Innovis Data Solutions, Inc. (CBC Cos., Inc.)
• Inventors: Price, William H., Price, Jonathan H.
• Primary Examiner(s): Hammond, III, Thomas M
• Assistant Examiner(s): SCARITO, JOHN D
• Application Number:
  US13/371,996
• Time in Patent Office: 617 Days
• Field of Search: 705/35, 705/38
• 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

A database used by a consumer reporting agency for storing application information data in association with transaction and experience information. A consumer applying for credit submits personal and financial information either verbally or by filling out a form. The application information data submitted verbally or by a form is submitted by an institution along with a request for a credit report on the consumer. The consumer reporting agency receives the request and stores the application information separately from the transaction and experience information. Each time an institution submits application information data related to the consumer, the data is accumulated in successive records and maintained. In response to a request for a report on a consumer, the consumer reporting agency forwards a response based on the application records accumulated.

Claims

1. A data processing system adapted for use by a consumer reporting agency to provide consumer credit reports, said data processing system comprising:

a consumer reporting database controlled by said consumer reporting agency, said consumer reporting database storing i) an account data file for a consumer, and ii) an application information file for the consumer, wherein said application information file comprises an accumulation of application information records, where each record is created from application information data previously received from respective institutions, and said account data file comprises transaction and experience information of the consumer;

a computer configured to;

electronically receive from an institution a request for a consumer credit report for the consumer, and electronically receive together with said request all consumer application information data of an application form provided by the consumer to the institution when applying for credit, wherein said consumer application information data comprises personal data and financial data;

process the received consumer application information data to create a respective application information record and accumulate the created application information record in the application information file of the consumer, and process the transaction and experience information of the account data file of the consumer to produce the consumer credit report; and

respond to the request for the consumer credit report by transmitting to the institution the consumer credit report of the consumer and each available application information record accumulated in the consumer'"'"'s application information file for use in determining consumer information credibility through revelation of inconsistencies in the consumer'"'"'s application information file and for use in determining consumer creditworthiness.

2. A consumer credit reporting system, comprising:

a consumer reporting database of a consumer reporting agency, said consumer reporting database storing for a consumer identified in said consumer reporting database an account data file in association with an application information file, wherein said account data file comprises transaction and experience information of the consumer, and wherein said application information file comprises accumulated application information records of the consumer;

a computer of the consumer reporting agency configured to;

electronically receive from an institution a consumer request file, said consumer request file comprising a request for a consumer credit report and an application data file, submitted in a specified format, wherein said application data file comprises full application data from an application form provided by the consumer to the institution when applying for credit;

store said application data file as an application information record in the consumer'"'"'s application information file together with other stored application information records resulting from other application data files, submitted in the specified format comprising full application data from other application forms, previously received from institutions and stored in the consumer'"'"'s application information file, said stored application information record together with said other stored application information records constituting the accumulated application information records of the consumer;

process said transaction and experience information of the consumer'"'"'s account data file to produce the consumer'"'"'s credit report;

retrieve all of the accumulated application information records of the consumer'"'"'s application information file; and

transmit to the institution the consumer'"'"'s credit report and said all of the accumulated application information records for use in determining consumer information credibility through revelation of inconsistencies in the consumer'"'"'s application information records and for use in determining consumer creditworthiness.

3. The consumer credit reporting system of claim 2, wherein said computer is further configured to compare said received application data file to said other application data files, for determining differences therebetween, and to advise the institution of at least some of the differences.

4. A consumer credit reporting system, comprising:

a consumer reporting database controlled by said consumer reporting agency, said consumer reporting database storing i) an account data file for a consumer, and ii) an application information file for the consumer, wherein said application information file comprises an accumulation of application information records of the consumer, where each application information record has a specified format, and said account data file comprises transaction and experience information of the consumer;

a computer of the consumer reporting agency configured to;

electronically receive from an institution a consumer request file, said consumer request file including a request for a consumer credit report for the consumer, and including an application data file having said specified format, said specified format including the following;

a) identification information of an institution submitting the consumer request file,

b) a request for a consumer credit report,

c) consumer identification information,

d) consumer demographic information,

e) consumer loan information,

f) consumer employment information,

g) consumer reference information,

h) consumer liability information,

i) consumer asset information, and

j) consumer expense information;

store the received application data file of the consumer as an application information record in the consumer'"'"'s application information file so as to accumulate the received application information record together with other stored application information records of the consumer;

process the transaction and experience information of the consumer'"'"'s account data file to produce a consumer credit report;

retrieve the accumulated application information records of the consumer'"'"'s application file;

transmit to the institution the consumer'"'"'s credit report and the retrieved application information records for use in determining consumer information credibility through revelation of inconsistencies in the consumer'"'"'s application information records and for use in determining consumer creditworthiness.

5. The consumer credit reporting system of claim 4, wherein the consumer'"'"'s application information file stored in said consumer reporting database stores application information records received from different institutions.

6. The consumer credit reporting system of claim 4, wherein after a specified number of years, the application information records of the consumer'"'"'s application information file are deleted or archived.

7. The consumer credit reporting system of claim 4 wherein said computer is further configured to store said received application data file as an application information record in the same form as received from the institution.