Systems and methods for notifying a consumer of changes made to a credit report

• US 20020169747A1
• Filed: 05/10/2001
• Published: 11/14/2002
• Est. Priority Date: 05/10/2001
• Status: Active Grant

• Current Assignee: Equifax, Inc.
• Original Assignee: Equifax, Inc.
• Inventors: Satterfield, Markus R., Trigonoplos, Patrick S., Dodge, Jeffrey L., Chapman, Thomas F., Millard, Joy T., Smythe, Alexander C.
• Granted Patent: US 7,028,052 B2
• Time in Patent Office: Days
• US Class Current: 707/1
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• 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 40/12 Accounting
• CPC Class Codes: Y10S 707/99943 Generating database or data structure, e.g. via user interface
• CPC Class Codes: Y10S 707/99945 Object-oriented database structure processing
• CPC Class Codes: Y10S 707/99948 Application of database or data structure, e.g. distributed, multimedia, or image

Abstract

A system and method for monitoring unauthorized changes to a database and providing a notification to a user according to preferences set by the user. The user can select one or more data entries within a database to be monitored. When these data entries are changed, a notification is sent to the user.

Claims

1. A system for monitoring modifications on a plurality of elements in a credit reporting database, wherein the plurality of elements in the credit reporting database are collected from a plurality of credit reporting agencies, the modifications being at least partially definable by a user, the system comprising:

at least one server storing at least part of the credit reporting database, the credit reporting database having a plurality of entries, at least one of the entries having a plurality of elements, wherein each element can be modified by a datum collected from the plurality of credit reporting agencies; and

a computer program residing in a computer-readable memory in the server, the computer program comprising

a user interface module,

a monitoring module, and

a communication module,

wherein the monitoring module monitors the modifications to at least one element selected by the user;

wherein the system is capable of generating a credit report for the user and sending a notification to the user.

2. The system of claim 1, wherein the communication module is capable of sending the notification to more than one destination specified by the user.

3. The system of claim 1, wherein the plurality of elements correspond to at least

a current address,

a bankruptcy indicator, and

a tax lien indicator.

4. The system of claim 1, wherein the communication module is an e-mail server.

5. A method for monitoring modifications on a plurality of credit related data elements in a credit reporting database, wherein the plurality of credit related data elements in the credit reporting database are collected from a plurality of financial institutions, the modifications being at least partially definable by a user, the method comprising:

obtaining a selection of at least one credit related data element from the user;

monitoring the at least one credit related data element selected by the user; and

if there is a change to the at least one credit related data element, notifying the user about the change to the at least one credit related data element.

6. The method of claim 5 further comprising:

prompting the user for an identification code; and

identifying the user.

7. The method of claim 5, wherein the notifying step further comprises:

sending an e-mail notification to the user; and

displaying the change to the user.

8. The method of claim 7 further comprising:

providing the user with an investigation request procedure.

9. The method of claim 5, wherein the notifying step further comprises sending a paging signal to the user.

10. The method of claim 5, wherein the notifying step further comprises sending a credit change information through a secure transmission media.

11. The method of claim 5, wherein the at least one credit related data element is selected from a group consisting of a current address, a bankruptcy indicator, a collections indicator, a legal items indicator, a foreclose indicator, a tax lien indicator, a garnishment indicator, and an inquiry indicator.

13. The method of claim 12, wherein notifying further comprises sending an e-mail to the user, wherein the e-mail has a link to a display web site.

14. The method of claim 12 further comprising modifying the selection.

15. The method of claim 12, wherein the notifying step further comprises sending a notification to a wireless communication device.

16. The method of claim 12, wherein the notifying step further comprises sending a notification to a personal digital assistance.

17. The method of claim 12 further comprising checking the credit file for modification flags.

18. The method of claim 12, wherein the at least one credit related data element is selected from a group consisting of a current address, a bankruptcy indicator, a collections indicator, a legal items indicator, a foreclose indicator, a tax lien indicator, a garnishment indicator, and an inquiry indicator.

20. The method of claim 19, wherein the destination is a user-computing device.

21. The method of claim 19 further comprises requesting an investigation on the changes.

12. A method for monitoring changes on a plurality of credit related data elements in a credit reporting database, wherein the plurality of credit related data elements in the credit reporting database are collected from a plurality of financial institutions, the changes being at least partially definable by a user, the method comprising:

allowing the user to make a selection of at least one credit related data element to watch;

generating a credit file for the user, the credit file having the plurality of credit related data elements from the credit reporting database;

comparing the plurality of credit related data elements in the credit file with the selection; and

if the selection has a credit related data element that is in the credit file, notifying the user.

19. A method of monitoring changes to at least one credit related data element of a credit reporting database, the method comprising:

inputting a selection of at least one credit related data element for monitoring;

providing a destination;

generating a notification when a change has been detected;

receiving the notification at the destination; and

reviewing the change.

22. A computer-readable medium on which is stored a computer program for monitoring data modifications in a credit reporting database, wherein the data in the credit reporting database are collected from a plurality of financial institutions, the computer program comprising instructions, which when executed by a computer perform the following:

detecting data changes in the credit reporting database;

identifying a customer, the customer being a owner for a changed data;

notifying the customer about the changed data; and

displaying the changed data to the customer.

23. The computer program of claim 22 further performing:

receiving an identification code from the customer; and

authenticating the customer.

24. The computer program of claim 22 further performing:

displaying a group of credit related data to the customer, wherein the group of credit related data consists of a current address, a bankruptcy indicator, a collections indicator, a legal items indicator, a foreclose indicator, a tax lien indicator, a garnishment indicator, and an inquiry indicator; and

receiving a data selection from the customer, wherein the customer selects a data from the group of credit related data.

25. The computer program of claim 22 further providing an investigation process to the customer.

27. The method of claim 26 further comprising;

setting a subscription price.

28. The method of claim 27, wherein the subscription price depends on the number of credit-related data elements selected for monitoring.

29. The method of claim 27, wherein the subscription price depends on the method of notification selected.

30. The method of claim 26, wherein selection of a method of notification further comprises

selecting a timing of notification.

31. The method of claim 30, wherein the timing of notification may be selected from a group consisting of immediate notification, periodic notification, and upon request notification.

32. The method of claim 30 further comprising setting a subscription price, wherein the subscription price depends on the timing of notification.

33. The method of claim 26, wherein the method of payment is selected from a group consisting of monthly, annually, and per use basis.

34. The method of claim 26, wherein the method of payment is on a prepay basis.

26. A method for providing credit modification monitoring service to a user, the method comprising:

subscribing to the credit modification monitoring service;

selecting a method of notification;

selecting at least one credit-related data element for monitoring; and

providing a method of payment.