Method and system for automatically collecting payment for a credit account

• US 8,762,262 B1
• Filed: 09/06/2002
• Issued: 06/24/2014
• Est. Priority Date: 09/06/2002
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Rosenblatt, Charles A., Hobbs, Tyler C., Rotman, Frank L.
• Primary Examiner(s): Akintola, Olabode
• Application Number:
  US10/236,506
• Time in Patent Office: 4,309 Days
• Field of Search: 705/8, 705/39, 705/59, 705 35- 38, 707/104
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method for automatically collecting payment for a credit account includes determining if a credit account is delinquent and determining the number of days the credit account is delinquent. The method includes automatically collecting a first amount from a first account if the number of days the credit account is delinquent comprises at least a first number of days and crediting the credit account the first amount. The first account may comprise a checking account, and the first number of days may comprise twenty days.

Claims

1. A method for automatically collecting payment for a credit account, comprising:

identifying a consumer that has a negative credit history;

offering an automatic payment service to the consumer;

using one or more computer processors to link the credit account with a deposit account before a credit account delinquency occurs;

utilizing a data management system to determine if the credit account is delinquent;

determining the number of days the credit account is delinquent after a first due date;

utilizing the data management system to automatically collect a first amount from the deposit account if the number of days the credit account is delinquent is at least a first number;

automatically crediting the credit account the first amount; and

if the credit account is not delinquent after the first due date, setting a second due date, the second due date occurring after the first due date.

2. The method of claim 1, wherein determining if a credit account is delinquent comprises querying a database to determine if a credit account is delinquent.

3. The method of claim 1, wherein automatically collecting a first amount from a deposit account comprises:

requesting the first amount from a provider of the deposit account through an automated clearinghouse network; and

receiving the first amount from the provider of the deposit account through the automated clearinghouse network.

4. The method of claim 1, further comprising

notifying a holder of the credit account that the deposit account was debited the first amount and that the credit account was credited the first amount.

5. The method of claim 1, wherein the first amount comprises a minimum payment amount.

6. The method of claim 1, wherein the first amount comprises a previously designated amount.

7. The method of claim 1, wherein the first number comprises twenty.

8. The method of claim 1, wherein the first number comprises ten.

9. The method of claim 1, wherein the first number comprises thirty.

10. The method of claim 1, wherein the deposit account comprises a checking account.

11. The method of claim 1, wherein crediting the credit account the first amount comprises crediting the credit account the first amount to bring the credit account out of delinquency.

28. The method of claim 1, wherein the first amount comprises a minimum payment amount.

29. The method of claim 1, further comprising:

receiving an instruction to automatically collect payment from the deposit account if the credit account is delinquent.

30. The method of claim 1, further comprising:

preventing notification to a credit bureau that the credit account is delinquent.

12. A system for automatically collecting payment for a credit account, comprising:

an electronic database to store information for a credit account, the information including payment history for the credit account; and

a module to;

identify a consumer that has a negative credit history;

offer an automatic payment service to the consumer;

link the credit account with a deposit account before a credit account delinquency occurs;

determine if the credit account is delinquent;

determine the number of days the credit account is delinquent after a first due date;

automatically collect a first amount from the deposit account if the number of days the credit account is delinquent is at least a first number;

automatically credit the credit account the first amount; and

if the credit account is not delinquent after the first due date, set a second due date, the second due date occurring after the first due date.

13. The system of claim 12, wherein a module to automatically collect a first amount from a deposit account comprises a module to:

request the first amount from a provider of the deposit account through an automated clearinghouse network; and

receive the first amount from the provider of the deposit account through the automated clearinghouse network.

14. The system of claim 12, the module to notify a holder of the credit account that the deposit account was debited the first amount and that the credit account was credited the first amount.

15. The system of claim 12, wherein the first amount comprises a minimum payment amount.

16. The system of claim 12, wherein the first amount comprises a previously designated amount.

17. The system of claim 12, wherein the first number comprises twenty.

18. The system of claim 12, wherein the first number comprises ten.

19. The system of claim 12, wherein the first number comprises thirty.

20. The system of claim 12, wherein the deposit account comprises a checking account.

31. The system of claim 12, the module to receive an instruction to automatically collect payment from the deposit account if the credit account is delinquent.

32. The system of claim 12, the module to prevent notification to a credit bureau that the credit account is delinquent.

21. A non-transitory computer-accessible medium encoded with computer program code effective to perform the following:

identify a consumer that has a negative credit history;

offer an automatic payment service to the consumer;

link a credit account with a deposit account before a credit account delinquency occurs;

determine if the credit account is delinquent;

determine the number of days the credit account is delinquent after a first due date;

automatically collect a first amount from the deposit account if the number of days the credit account is delinquent is at least a first number;

credit the credit account the first amount; and

if the credit account is not delinquent after the first due date, set a second due date, the second due date occurring after the first due date.

33. The non-transitory computer-accessible medium of claim 21, the computer program code further effective to perform the following:

receive an instruction to automatically collect payment from the deposit account if the credit account is delinquent.

34. The non-transitory computer-accessible medium of claim 21, the computer program code further effective to perform the following:

prevent notification to a credit bureau that the credit account is delinquent.

22. A system for automatically collecting payment for a credit account;

comprising;

means for identifying a consumer that has a negative credit history;

means for offering an automatic payment service to the consumer;

means for linking the credit account with a deposit account before a credit account delinquency occurs;

means for determining if the credit account is delinquent;

means for determining the number of days the credit account is delinquent after a first due date;

means for automatically collecting the first amount from a deposit account if the number of days the credit account is delinquent is at least a first number;

means for crediting the credit account the first amount; and

if the credit account is not delinquent after the first due date, means for setting a second due date, the second due date occurring after the first due date.

23. The system of claim 22, wherein means for automatically collecting a first amount from a deposit account comprises:

means for requesting the first amount from a provider of the deposit account through an automated clearinghouse network; and

means for receiving the first amount from the provider of the deposit account through the automated clearinghouse network.

24. The system of claim 22, wherein the first amount comprises a minimum payment amount.

25. The system of claim 22, wherein the first number comprises twenty.

26. The system of claim 22, wherein the deposit account comprises a checking account.

35. The system of claim 22, further comprising:

means for receiving an instruction to automatically collect payment from the deposit account if the credit account is delinquent.

36. The system of claim 22, further comprising:

means for preventing notification to a credit bureau that the credit account is delinquent.

27. A method for automatically collecting payment for a credit card account, comprising:

identifying a consumer that has a negative credit history;

offering an automatic payment service to the consumer;

using one or more computer processors to link the credit account with a deposit account before a credit account delinquency occurs;

utilizing a data management system to determine if the credit card account is delinquent;

determining the number of days the credit card account is delinquent after a first due date;

utilizing the data management system to automatically collect a first amount from a checking account if the number of days the credit card account is delinquent comprises at least twenty, wherein automatically collecting a first amount from a checking account comprises;

requesting the first amount from a provider of the checking account through an automated clearinghouse network; and

receiving the first amount from the provider of the checking account through the automated clearinghouse network;

crediting the credit card account the first amount to bring the credit card account out of delinquency; and

if the credit account is not delinquent after the first due date, setting a second due date, the second due date occurring after the first due date.

37. The method of claim 27, further comprising:

receiving an instruction to automatically collect payment from the deposit account if the credit account is delinquent.

38. The method of claim 27, further comprising:

preventing notification to a credit bureau that the credit account is delinquent.