Location based credit

• US 8,566,227 B2
• Filed: 10/27/2006
• Issued: 10/22/2013
• Est. Priority Date: 10/27/2006
• Status: Active Grant

• Current Assignee: CC Serve Corp. (Atlanticus Holdings Corporation)
• Original Assignee: CCIP Corporation
• Inventors: Carroll, Chason, Coutros, George, Giesen, Jr., John W., James, Jr., Dennis H., Jindia, Ajay Kumar
• Primary Examiner(s): Dass, Harish T
• Application Number:
  US11/553,507
• Publication Number:
  US 20080103959A1
• Time in Patent Office: 2,552 Days
• Field of Search: 705/10, 705/14, 705/30, 705 38- 40, 705/404, 705/26.64, 705/35, 705/26, 705/26.3, 705/14.38, 455/414.1, 235/462.1
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• 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 method and system for offering credit to a prospective borrower are provided. A lender first determines a prospective borrower location, which may be a commercial outlet, such as a retail store where goods or services are offered. The lender then references a purchase history associated with the borrower at that particular location. The lender then determines the credit worthiness of the borrower. Based upon location, purchase history, and credit worthiness, the lender may deliver a customized offer of credit to the prospective borrower. The offer of credit may be location based, and may accompany a suggested good or service that is available at the prospective borrower'"'"'s location.

Claims

1. A method for offering credit, the method comprising:

determining with a prospective borrower locator a prospective borrower location of a prospective borrower;

determining consumer information with a purchase module corresponding to the prospective borrower;

determining a credit worthiness with a credit module of the prospective borrower;

determining with a location module a relative proximity of the prospective borrower location to one or more available goods or services by accessing an inventory list to determine products and services offered at the prospective borrower location; and

extending an offer of credit to the prospective borrower with a credit offering device at the determined prospective borrower location based upon the relative proximity the prospective borrower location to the one or more available goods and services;

wherein the extending the offer of credit to the prospective borrower comprises extending an offer to purchase at least one of the one or more available goods and services disposed at the prospective borrower location.

2. The method of claim 1, further comprising:

obtaining a borrower list from the prospective borrower, the borrower list comprising one or more desired goods or services;

referencing the borrower list upon determining the prospective borrower location; and

selecting at least one good or service of the one or more goods or services;

wherein the extending the offer of credit to the prospective borrower comprises extending an offer of credit to purchase the at least one good or service.

3. The method of claim 2, wherein extending the offer of credit occurs only where the credit worthiness of the prospective borrower indicates that the prospective borrower has insufficient available funds to purchase the at least one good or service.

4. The method of claim 1, further comprising:

receiving a response from the prospective borrower;

approving an extended fund amount; and

making available the extended fund amount to the prospective borrower. a prospective borrower account for at least the extended fund amount.

5. The method of claim 1, further comprising accessing a location inventory database corresponding to the prospective borrower location, comparing the location inventory database to the purchase history, and selecting a proposed good or service, wherein the offer of credit is to purchase the proposed good or service.

6. The method of claim 1, wherein determining the prospective borrower location comprises detecting a prospective borrower transaction.

7. The method of claim 1, wherein the prospective borrower location comprises a particular location within the retail store, wherein the particular location corresponds to at least one category of products or services within the retail store.

8. The method of claim 1, wherein the prospective borrower location comprises a relative proximity to one or more available goods or services.

9. The method of claim 8, wherein the step of extending the offer of credit to the prospective borrower comprises extending an offer of credit to allow the prospective borrower to purchase at least one of the one or more available goods and services.

10. The method of claim 8, further comprising referencing a borrower list upon determining the prospective borrower location, wherein the step of extending the offer of credit occurs where the at least one of the one or more available goods and services appears in the borrower list.

11. The method of claim 1, the one or more available goods or services comprising a complementary good.

12. The method of claim 11, wherein the complementary good comprises a newer version of a previously purchased good.

13. The method of claim 11, further comprising comparing a location inventory database with a purchase history to determine whether the complementary good is at the prospective borrower location.

14. The method of claim 1, wherein determining the credit worthiness of the prospective borrower comprises detecting a credit rejection for a purchase of one or more desired goods or services, further wherein the step of extending the offer of credit to the prospective borrower comprises extending an amount of credit sufficient to purchase the one or more desired goods or services.

15. A system for extending an offer of credit to a prospective borrower, the system comprising:

a. a prospective borrower locator configured to determine a prospective borrower location;

b. a credit module, operable with one or more processors to control the one or more processors, and configured to determine a credit worthiness of the prospective borrower;

c. a purchase module operable with the one or more processors to control the one or more processors and configured to determine consumer information about the prospective borrower, wherein the consumer information comprises a borrower list comprising one or more desired goods or services; and

d. a credit offering device configured to extend an offer of credit to the prospective borrower at the determined borrower location based upon the prospective borrower location, the credit worthiness, and the consumer information.

16. The system of claim 15, wherein the consumer information comprises a purchasing history.

17. The system of claim 16, wherein the purchasing history comprises one or more purchased goods or services and one or more corresponding purchase locations.

18. The system of claim 15, wherein the credit worthiness comprises an available amount of funds with which the prospective borrower may make purchases.

19. The system of claim 15, wherein the credit offering device extends the offer of credit to the prospective borrower when the prospective borrower locator determines that the prospective borrower is within a purchasing proximity of the one or more desired goods or services.

20. The system of claim 15, wherein the prospective borrower locator comprises a transaction detection device, wherein the transaction detection device determines the prospective borrower location by detecting a prospective borrower transaction.

21. The system of claim 20, wherein the prospective borrower transaction comprises a purchase transaction of goods or services by the prospective borrower.

22. The system of claim 15, wherein the prospective borrower locator determines the prospective borrower location by way of a smart card reader coupled through a network to the system, the smart card reader detecting a presence of a prospective borrower smart card.

23. The system of claim 15, wherein the offer for credit is prospective borrower location specific.

24. The system of claim 15, further comprising a location module, operable with the one or more processors to control the one or more processors, the location module having a location database comprising a list of product offerings and corresponding locations, wherein when the prospective borrower location corresponds to one of the corresponding locations, the location module references the location database such that the credit offering device extends the offer of credit for at least one product offering from the list of product offerings.

25. The system of claim 15, wherein the prospective borrower locator comprises a location determination device selected from the group consisting of a radio frequency identification system, a global positioning system, an assisted global positioning system, and combinations thereof

26. The system of claim 15, further comprising a credit response module operable with the one or more processors to control the one or more processors and configured to receive a credit response from the prospective borrower, the credit response module further being configured to initiate credit services upon receipt of the credit response.

27. The system of claim 26, wherein the credit response module comprises a credit provider configured to give the prospective borrower prompt access to credit upon receipt of the credit response.

28. The system of claim 15, wherein the credit offering device comprises a messaging system configured to transmit the offer of credit to the prospective borrower by one of e-mail, voice call, text message, multimedia message, facsimile message, kiosk message, or cash register message.

29. A system for extending credit, the system comprising:

a server configured to deliver a browser readable content to a client terminal having a browser in communication with a network, the server providing at least a credit prospective borrower interface with which a prospective borrower may submit a borrower list comprising one or more desired goods or services;

a prospective borrower detection module configured to determine a prospective borrower location by one of detecting a geographic location of an electronic device, detecting prospective borrower entry into a commercial outlet, and detecting a prospective borrower financial transaction;

a purchase history database comprising at least one purchase and a corresponding purchase location;

a location module configured to determine if the prospective borrower location is within a purchasing proximity of at least one of the one or more desired goods or services; and

a credit extension module configured to offer credit to the prospective borrower when the prospective borrower location is within the purchasing proximity of the at least one of the one or more goods or services;

wherein the location module references the purchase history database and the credit extension module offers credit to the prospective borrower for a complementary purchase with the at least one purchase.

30. The system of claim 29, wherein the credit prospective borrower interface comprises an opt-out provision.

31. The system of claim 30, wherein the opt-out provision comprises at least one precluded communication channel.

32. The system of claim 29, further comprising a credit database comprising at least a credit amount available to the prospective borrower, wherein the credit extension module is operable when the credit amount available to the prospective borrower is less than an amount required to purchase the at least one of the one or more goods or services.

33. A method for encouraging use of existing credit, comprising the steps of:

determining a prospective borrower location of a prospective borrower with a prospective borrower locator, and determining with the prospective borrower locator that the prospective borrower location is within a purchasing proximity of one or more goods or services;

determining a purchase history from a purchase history database of the prospective borrower;

determining an available fund amount associated with the prospective borrower;

determining whether the one or more goods or services is a complementary to a previously purchased good or service; and

where the one or more goods or services is complementary, extending an offer with a credit offering device to use the available fund amount to the prospective borrower for one or more complementary goods or services determined from the prospective borrower location.

34. A method for extending credit, the method comprising:

determining a prospective borrower location of a prospective borrower from a prospective borrower locator, wherein the prospective borrower location is within a purchasing proximity of one or more goods or services;

detecting an expected income event associated with the prospective borrower by querying a financial system associated with the prospective borrower;

determining a credit worthiness of the prospective borrower from a credit module; and

extending an offer of credit to the prospective borrower with a credit offering device, the offer being based upon the prospective borrower location, the expected income event, and the credit worthiness.

35. The method of claim 34, further comprising:

receiving an acceptance in response to the step of extending the offer of credit; and

funding an account accessible by the prospective borrower.

36. A method for offering credit, the method comprising:

determining with a prospective borrower locator a prospective borrower location of a prospective borrower by detecting a credit rejection due to insufficient borrower funds;

determining a credit worthiness with a credit module of the prospective borrower; and

extending an offer of credit to the prospective borrower with a credit offering device, at the determined prospective borrower location, due to the insufficient borrower funds determined at the prospective borrower location.

37. The method of claim 36, wherein the insufficient borrower funds comprise a portion of total borrower funds not earmarked for necessity purchases.

38. A method for offering credit, the method comprising:

determining with a prospective borrower locator a prospective borrower location of a prospective borrower by detecting a borrower entry into a commercial outlet;

determining a credit worthiness with a credit module of the prospective borrower; and

extending an offer of credit to the prospective borrower with a credit offering device, at the determined prospective borrower location, due to the insufficient borrower funds determined at the prospective borrower location.

39. The method of claim 38, further comprising:

determining the one or more goods or services comprise a primary purchase item and a complementary item; and

determining the prospective borrower has funds sufficient for only the primary purchase item;

wherein the offer of credit is for funds at least sufficient to purchase the complementary item.