Systems and methods of credit information reporting

• US 10,621,657 B2
• Filed: 10/03/2011
• Issued: 04/14/2020
• Est. Priority Date: 11/05/2008
• Status: Active Grant

• Current Assignee: Consumerinfo.com Incorporated (Experian plc)
• Original Assignee: Consumerinfo.com Incorporated (Experian plc)
• Inventors: Kasower, Sheldon
• Primary Examiner(s): Fu, Hao
• Application Number:
  US13/252,097
• Publication Number:
  US 20120022990A1
• Time in Patent Office: 3,116 Days
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The present invention generally relates to monitoring and advising consumers of their outstanding credit balance by category of debt (i.e. including, but not limited to, the category of all credit cards, all real estate loans, all automotive loans, all revolving credit loans, etc.) and all minimum payments due by category of debt, and more particularly to an on-line method and system for monitoring and reporting total credit used by category of debt, total minimum payments due by category of debt and total unused available credit by category of debt, and alerting the consumer on a periodic basis via email. Since the credit report is the basis of most credit scores this invention is meant to provide the consumer with debt categories that are used in calculating their credit score, which is critical to future borrowing especially when the borrowing is approved or disapproved based only on the user'"'"'s credit score.

Claims

1. A method comprising:

receiving, using a computing system with a hardware computer processor, one or more custom settings of an individual indicating conditions of credit balance migrations to trigger alerts to the individual;

continuously monitoring, using the computing system, credit information of the individual from a credit bureau to determine whether the conditions are met, the credit information indicating a plurality of credit lines associated with the individual;

in response to determining during monitoring that at least one condition of the conditions in the one or more custom settings is met, automatically;

identifying, using the computing system, credit lines of the plurality of credit lines that are associated with respective debt categories of a plurality of debt categories;

determining, using the computing system, amounts of unused available credit for individual debt categories; and

transmitting a notification including the determined amounts of unused available credit for the individual debt categories.

2. The method of claim 1, wherein the method further comprises:

in response to a change in an amount of the unused available credit for a debt category, transmitting an alert to a computing device associated with the individual, wherein the alert includes the unused available credit.

3. The method of claim 1, wherein the amounts of unused available credit for respective debt categories is based on a credit limit and outstanding debt for one or more credit lines associated with the corresponding debt category.

4. The method of claim 2, wherein the credit limit includes a total credit limit for the credit lines.

5. The method of claim 4, wherein the alert further includes the total credit limit.

6. The method of claim 3, wherein the outstanding debt includes a total outstanding debt for the credit lines.

7. The method of claim 4, wherein the alert further includes the total outstanding debt.

8. A computer system, the computer system comprising:

one or more computer processors; and

a non-transitory storage device storing a plurality of executable instructions that, when executed, cause the one or more computer processors to;

receive one or more custom settings of an individual indicating conditions of credit balance migrations to trigger alerts to the individual;

continuously monitor credit information of the individual from a credit bureau to determine whether the conditions are met, the credit information indicating a plurality of credit lines associated with the individual;

in response to one or more of the conditions being met, automatically;

associate respective credit lines of the plurality of credit lines with respective debt categories of a plurality of debt categories;

determine amounts of unused available credit for individual debt categories; and

transmit a notification including the determined amounts of unused available credit for the individual debt categories.

9. The computer system of claim 8, wherein at least one of the debt categories includes at least one of:

a credit card debt category, an auto loan debt category, a home mortgage debt category, or a term loan debt category.

10. The computer system of claim 8, wherein to access the credit information includes requesting the credit information from the credit bureau.

11. The computer system of claim 8, wherein to access the credit information includes retrieving the credit information from a credit bureau database.

12. The computer system of claim 8, wherein the executable instructions further cause the one or more computer processors to:

request, from a computing device associated with the individual, personal identity data of the individual in order to access the credit information.

13. The computer system of claim 8, wherein the credit information includes at least one of:

a total amount of debt;

a revolving credit balance, limit or minimum monthly payment for the revolving credit balance;

credit card balance, limit and minimum monthly payment for a credit card;

mortgage and bank line of credit balance, limit and minimum monthly payment for a mortgage or bank line;

or other line of credit balance, limit and minimum monthly payment for the other line of credit.

14. The computer system of claim 8, wherein the credit information does not include an unused credit available for a debt category.

15. The computer system of claim 8, wherein the credit information does not include a total outstanding debt for a debt category.

16. The computer system of claim 8, wherein the credit information does not include a total minimum payment due for a debt category.

17. A non-transitory computer storage medium storing computer-executable instructions that, when executed by a processor, cause the processor to perform operations comprising:

receiving, using a computing system comprising the processor, one or more custom settings of an individual indicating conditions of credit balance migrations to trigger alerts to the individual;

continuously monitoring, using the computing system, credit information of the individual from a credit bureau to determine whether the conditions are met, the credit information indicating a plurality of credit lines associated with the individual;

in response to one or more of the conditions being met, automatically;

identifying, using the computing system, credit lines associated with respective debt categories of a plurality of debt categories;

determining, using the computing system, amounts of unused available credit for individual debt categories; and

transmitting a notification including the determined amounts of unused available credit for the individual debt categories.

18. The non-transitory computer storage medium of claim 17, wherein accessing the credit information is performed periodically.

19. The non-transitory computer storage medium of claim 17, wherein the operations further comprise:

transmitting an alert to a computing device associated with the individual, wherein the alert includes the unused available credit.

20. The non-transitory computer storage medium of claim 19, wherein the alert includes a graphical or tabular format, and a hyperlink to request additional information from the individual.