Credit utilization tracking and reporting

• US 9,870,589 B1
• Filed: 03/13/2014
• Issued: 01/16/2018
• Est. Priority Date: 03/14/2013
• Status: Active Grant

• Current Assignee: Consumerinfo.com Incorporated (Experian plc)
• Original Assignee: Consumerinfo.com Incorporated (Experian plc)
• Inventors: Arnold, Karl, Hunt, III, Herbert Harris
• Primary Examiner(s): Ebersman, Bruce I
• Assistant Examiner(s): Gaw, Mark
• Application Number:
  US14/208,646
• Time in Patent Office: 1,405 Days
• Field of Search: 705 35, 705 38, 705 39, 705 36 R
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Credit utilization of a plurality of credit lines associated with a consumer may be stored and/or determined for multiple points in time. Credit utilization at each point in time may be used to indicate a relationship between a total credit limit and an available credit amount for respective credit lines at respective points in time. A computer system may determine one or more thresholds for respective credit lines, which may indicate levels at which a credit score of the consumer may be affected by credit utilization above the respective thresholds. The levels at which a credit score of the consumer may be affected may be determined based on information accessed from one or more credit bureaus and one or more credit score formulae used by the one or more credit bureaus.

Claims

1. A computer system for generating alerts based on triggering one or more threshold conditions, the computer system comprising:

one or more computer processors configured to execute software instructions;

a non-transitory tangible storage device storing the software instructions including;

a utilization tracking module,

a user interface module, and

a reporting and alert module;

wherein the utilization tracking module is configured to;

determine a default high threshold indicating a credit usage level at which a credit score of a consumer may be affected, wherein the credit usage level is determined based on one or more credit score formulae used by one or more credit bureaus wherein the default high threshold is less than or equal to 80% of a total credit limit;

access, from a credit bureau, credit data of the consumer, the credit data of the consumer including personalized financial data of the consumer including a credit score and account information for each of a plurality of credit lines of the consumer;

calculate a first historical credit utilization associated with a first credit line by calculating the consumer'"'"'s credit utilization of the first credit line at multiple points in time, wherein credit utilization of the first credit line at each point in time indicates a relationship between a total credit limit of the first credit line and an available credit amount for the first credit line at the respective multiple points in time;

calculate a second historical credit utilization associated with a second credit line by calculating the consumer'"'"'s credit utilization of the second credit line at multiple points in time, wherein credit utilization of the second credit line at each point in time indicates a relationship between a second total credit limit of the second credit line and a second available credit amount for the second credit line at the respective multiple points in time;

calculate a first historical percentage credit utilization for the first credit line based on the first historical credit utilization associated with the first credit line of the consumer;

calculate a second historical percentage credit utilization for the second credit line based on the second historical credit utilization associated with the second credit line of the consumer;

set a first historical usage threshold based on the first historical percentage credit utilization associated with the first credit line of the consumer, wherein the first historical usage threshold is set to be equal to or greater than the first historical percentage credit utilization associated with the first credit line;

set a second historical usage threshold based on the second historical percentage credit utilization associated with the second credit line of the consumer, wherein the second historical usage threshold is set to be equal to or greater than the second historical percentage credit utilization associated with the second credit line, wherein the first historical usage threshold is different than the second historical usage threshold;

periodically access updated credit data of the consumer from the credit bureau;

calculate a first current credit utilization of the first credit line based on the periodically accessed updated credit data; and

calculate a second current credit utilization of the second credit line based on the periodically accessed updated credit data;

wherein the user interface module is configured to;

generate a user interface configured for rendering on a computing device of the consumer, the user interface comprising;

the first current credit utilization of the first credit line;

the second current credit utilization of the second credit line;

a first user interface element indicating the default high threshold with reference to each of the first and the second credit lines; and

a second user interface element, selectable by the consumer, enabling the consumer to add a custom credit utilization threshold for the first credit line or the second credit line; and

wherein the reporting and alert module is configured to;

receive, from the computing device of the consumer, the custom credit utilization threshold;

in response to determining that the first or the second current credit utilization exceeds the respective historical usage threshold or the custom credit utilization threshold, the reporting and alert module is triggered to;

generate a first electronic notification indicating that the consumer has exceeded the respective historical usage threshold or the custom credit utilization threshold for the first or the second credit line, and

cause transmission of the first electronic notification over a wireless communication channel to a wireless device of the consumer, wherein the first electronic notification activates an application on the wireless device to cause the first electronic notification including a link to a webpage to display on the wireless device of the consumer to enable connection to the computer system over the Internet to access the webpage; and

in response to determining that the first or the second current credit utilization for the respective credit line exceeds the default high threshold, the reporting and alert module is triggered to;

generate a second electronic notification indicating a suggestion regarding;

lowering credit utilization for the respective credit line,

switching to a credit line with lower credit utilization, or

moving debt from the credit line to one or more other credit lines; and

cause transmission of the second electronic notification over the wireless communication channel to the wireless device of the consumer, wherein the second electronic notification activates an application on the wireless device to cause the second electronic notification to display on the wireless device of the consumer.

2. The computer system of claim 1, wherein the first and second electronic notifications to the consumer further comprise information indicating a simulated impact on a credit score of the consumer based on the first current credit utilization for the first credit line and the second current credit utilization for the second credit line, wherein the simulated impact on the credit score of the consumer includes predicted future changes in the consumer'"'"'s credit score.

3. The computer system of claim 1, wherein the one or more computer processors are further configured to determine a default low threshold indicating a credit usage at which a credit score of the consumer may be affected, wherein the default low threshold is less than the default high threshold.

4. The computer system of claim 3, wherein the default high threshold is 75% of available credit and the default low threshold is 25% of available credit.

5. The computer system of claim 1, wherein the user interface generated by the one or more computer processors is delivered to a consumer via the computing device of the consumer, text message, and/or e-mail.

6. The computer system of claim 1, wherein the credit utilization thresholds for the respective first or second credit line are based on a percentage of increase in credit utilizations of the respective first or second credit line.

7. The computer system of claim 1, wherein the user interface further comprises:

a third user interface element adjacent to the default high threshold, the third user interface element selectable by the consumer to initiate updating of the user interface to display a note comprising a warning for exceeding the default high threshold.

8. The computer system of claim 1, wherein the user interface further comprises:

a fourth user interface element associated with the first or the second credit utilization threshold, the fourth user interface element selectable by the consumer to enable automatic generation of a third electronic notification in response to the computer system determining that the first or the second current credit utilization for the first or the second credit line exceeds its corresponding credit utilization threshold.

9. A computer system for generating alerts based on triggering one or more threshold conditions, the computer system comprising:

one or more computer processors configured to execute instructions; and

a non-transitory data store configured to store instructions comprising;

a utilization tracking module which is configured to;

access, from a credit bureau, credit data of a consumer, the credit data of the consumer including personalized financial data of the consumer including a credit score and account information for each of a plurality of credit lines of the consumer;

calculate a first historical credit utilization associated with a first credit line by calculating the consumer'"'"'s credit utilization of the first credit line at multiple points in time, wherein credit utilization of the first credit line at each point in time indicates a relationship between a total credit limit of the first credit line and an available credit amount for the first credit line at the respective multiple points in time;

calculate a second historical credit utilization associated with a first credit line by calculating the consumer'"'"'s credit utilization of the second credit line at multiple points in time, wherein credit utilization of the second credit line at each point in time indicates a relationship between a total credit limit of the first credit line and an available credit amount for the second credit line at the respective multiple points in time;

calculate a first historical percentage credit utilization for the first credit line based on the first historical credit utilization associated with the first credit line of the consumer;

calculate a second historical percentage credit utilization for the second credit line based on the second historical credit utilization associated with the second credit line of the consumer;

set a first historical credit utilization threshold based at least partly on the first historical percentage credit utilization associated with the first credit line of the consumer, wherein the first historical usage threshold is set to be equal to or greater than the first historical percentage credit utilization associated with the first credit line;

set a second historical credit utilization threshold based at least partly on the second historical percentage credit utilization associated with the second credit line of the consumer, wherein the second historical usage threshold is set to be equal to or greater than the second historical percentage credit utilization associated with the second credit line, and the second historical usage threshold is different than the first historical usage threshold;

periodically access updated credit data of the consumer from the credit bureau;

calculate a first current credit utilization of the first credit line based on the periodically accessed updated credit data; and

calculate a second current credit utilization of the second credit line based on the periodically accessed updated credit data;

a user interface module which is configured to;

generate a user interface configured for rendering on a computing device of the consumer, the user interface comprising;

a first user interface element indicating current credit utilizations of respective credit lines of the plurality of credit lines;

a second user interface element indicating historical credit utilization thresholds for respective credit lines of the plurality of credit lines, wherein the second user interface element is further configured to enable the consumer to adjust the historical credit utilization thresholds for the respective credit lines of the plurality of credit lines; and

a third user interface element, selectable by the consumer, enabling the consumer to add custom credit utilization thresholds for respective credit lines of the consumer; and

a reporting and alert module which is configured to;

in response to determining that the first or the second current credit utilization exceeds the respective historical credit utilization threshold or a custom credit utilization threshold, the reporting and alert module is triggered to;

generating an electronic notification to the consumer indicating that the consumer has exceeded the respective historical credit utilization threshold or the custom credit utilization threshold for the first or the second credit line, and

causing transmission of the electronic notification over a wireless communication channel to a wireless device of the consumer, wherein the electronic notification activates an application on the wireless device to cause the electronic notification including a link to a webpage to display on the wireless device of the consumer to enable connection to the computer system over the Internet to access the webpage.

10. The computer system of claim 9, wherein the electronic notification to the consumer further comprises a simulated impact on the credit score of the consumer based on the first current credit utilization for the first credit line and the second current credit utilization for the second credit line.

11. The computer system of claim 9, wherein the first historical credit utilization threshold or the second historical credit utilization threshold comprises a default high threshold.

12. A non-transitory computer-readable storage medium for generating alerts based on triggering one or more threshold conditions, the non-transitory computer-readable storage medium comprising computer-executable instructions that direct a computing system to:

access, from a credit bureau, credit data of a consumer, the credit data of the consumer including personalized financial data of the consumer including a credit score and account information for each of a plurality of credit lines of the consumer;

determine a default high threshold indicating a credit usage level at which a credit score of the consumer may be affected by credit utilization above the default high threshold, wherein the credit usage level at which the credit score of the consumer may be affected is determined based on the credit data accessed from a credit bureau and/or one or more credit score formulae used by the credit bureau, wherein the default high threshold is with reference to each of the plurality of credit lines;

calculate a first historical credit utilization associated with a first credit line by calculating the consumer'"'"'s credit utilization of the first credit line at multiple points in time, wherein the credit utilization of the first credit line at each point in time indicates a relationship between a total credit limit of the first credit line and an available credit amount for the first credit line at the respective multiple points in time;

calculate a first historical credit utilization associated with a first credit line by calculating the consumer'"'"'s credit utilization of the first credit line at multiple points in time, wherein the credit utilization of the first credit line at each point in time indicates a relationship between a total credit limit of the first credit line and an available credit amount for the first credit line at the respective multiple points in time;

calculate a first historical percentage credit utilization for the first credit line based on the first historical credit utilization associated with the first credit line of the consumer;

calculate a second historical percentage credit utilization for the second credit line based on the second historical credit utilization associated with the second credit line of the consumer;

set a first historical usage threshold based on the first historical percentage credit utilization associated with the first credit line of the consumer, wherein the first historical usage threshold is set to be equal to or greater than the first historical percentage credit utilization associated with the first credit line;

set a second historical usage threshold based on the second historical percentage credit utilization associated with the second credit line of the consumer, wherein the second historical usage threshold is set to be equal to or greater than the second historical percentage credit utilization associated with the second credit line and the second historical usage threshold is different than the first historical usage threshold;

calculate a first current credit utilization of the first credit line based on the accessed credit data; and

calculate a second current credit utilization of the second credit line based on the accessed credit data;

in response to determining that the first or the second current credit utilization exceeds the historical usage threshold,

trigger a first electronic notification indicating that the consumer has exceeded the historical usage threshold for the first credit line, and

cause transmission of the first electronic notification over a wireless communication channel to a wireless device of the consumer, wherein the first electronic notification activates an application on the wireless device to cause the first electronic notification including a link to a webpage to display on the wireless device of the consumer to enable connection to the computer system over the Internet to access the webpage; and

in response to determining that the first or the second current credit utilization exceeds the default high threshold, trigger a second electronic notification to the consumer suggesting;

lowering the current credit utilization for the first or the second credit line, switching to a credit line with the lower current credit utilization, or moving debt from the credit line exceeding the high threshold to one or more other credit lines,

wherein the second electronic notification is transmitted over the wireless communication channel to cause the second electronic notification to be displayed on the wireless device.

13. The non-transitory computer-readable storage medium of claim 12, wherein the computer executable instructions further direct the computing system to generate and present one or more user interfaces to a consumer, the one or more user interfaces comprising credit utilization threshold adjustment tools.

14. The non-transitory computer-readable storage medium of claim 12, wherein the computer-executable instructions further direct the computing system to generate and present one or more user interfaces to a consumer, the one or more user interfaces comprising credit utilization notification and/or alert setting tools.

15. The non-transitory computer-readable storage medium of claim 12, wherein the first and/or the second electronic notification to the consumer further comprises information indicating a simulated impact on a credit score of the consumer based on the first current credit utilization for the first credit line and the second current credit utilization for the second credit line, wherein the simulated impact on the credit score of the consumer includes predicted future changes in the consumer'"'"'s credit score.