Encrypted credit application processing system and method

• US 20040230534A1
• Filed: 05/12/2003
• Published: 11/18/2004
• Est. Priority Date: 05/12/2003
• Status: Abandoned Application

• Current Assignee: Digital Matrix Systems, Inc.
• Original Assignee: Digital Matrix Systems, Inc.
• Inventors: McGough, David
• Application Number:
  US10/435,894
• Publication Number:
  US 20040230534A1
• Time in Patent Office: Days
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method for processing credit applications, including several steps. A credit request is received including consumer identification data. Credit report data is received corresponding to the consumer identification data. The credit report data is organized to form formatted credit report data. Consumer identification data is removed from the formatted credit report data and credit request data to form anonymized credit data. Pre-defined application data, credit report data, and credit request data characteristics are appended. The anonymized credit data is encrypted to form an encrypted credit file. The encrypted credit file is transmitted to a lending institution. A response is received indicating credit approval corresponding to the encrypted credit file.

Claims

1. A method for processing credit applications, comprising the steps of:

receiving a credit request including consumer identification data;

receiving credit report data corresponding to the consumer identification data;

organizing the credit report data to form formatted credit report data;

removing consumer identification data from the formatted credit report data and credit request data to form anonymized credit data;

appending pre-defined application data, credit report data, and credit request data characteristics;

encrypting the anonymized credit data to form an encrypted credit file;

transmitting the encrypted credit file to a lending institution; and

receiving a response indicating credit approval corresponding to the encrypted credit file.

2. The method of claim 1, wherein the steps of transmitting are performed via a telephone line.

3. The method of claim 1, wherein the steps of transmitting are performed via an open network connection.

4. The method of claim 1, wherein the steps of transmitting are performed via a closed network connection.

5. The method of claim 1, wherein the steps of transmitting are performed via wireless communication.

6. The method of claim 1, wherein the steps of transmitting are performed via facsimile.

7. The method of claim 1, wherein the consumer identification data comprises the consumer'"'"'s name.

8. The method of claim 1, wherein the consumer identification data comprises the consumer'"'"'s gender.

9. The method of claim 1, wherein the consumer identification data comprises the consumer'"'"'s address.

10. The method of claim 1, wherein the consumer identification data comprises the consumer'"'"'s taxpayer identification number.

11. The method of claim 1, wherein the credit report comprises a data file from a credit bureau.

12. The method of claim 1, wherein the predetermined format comprises specific transaction information.

13. The method of claim 1, wherein the predetermined format comprises predefined summary characteristic information.

14. The method of claim 1, wherein the encrypting comprises encrypting using an Advanced Encryption Standard (AES) algorithm.

15. A system for processing credit applications, comprising:

means for receiving a credit request including consumer identification data;

means for receiving credit report data corresponding to the consumer identification data;

means for organizing the credit report data to form formatted credit report data;

means for removing consumer identification data from the formatted credit report data and credit request data to form anonymized credit data;

means for appending pre-defined application, credit report and credit request data characteristics;

means for encrypting the anonymized credit data to form an encrypted credit file;

means for transmitting the encrypted credit file to a lending institution; and

means for receiving a response indicating credit approval corresponding to the encrypted credit file.

16. The system of claim 15, wherein the steps of transmitting are performed via a telephone line.

17. The system of claim 15, wherein the steps of transmitting are performed via an open network connection.

18. The system of claim 15, wherein the steps of transmitting are performed via a closed network connection.

19. The system of claim 15, wherein the steps of transmitting are performed via wireless communication.

20. The system of claim 15, wherein the steps of transmitting are performed via facsimile.

21. The system of claim 15, wherein the consumer identification data comprises the consumer'"'"'s name.

22. The system of claim 15, wherein the consumer identification data comprises the consumer'"'"'s gender.

23. The system of claim 15, wherein the consumer identification data comprises the consumer'"'"'s address.

24. The system of claim 15, wherein the consumer identification data comprises the consumer'"'"'s taxpayer identification number.

25. The system of claim 15, wherein the credit report comprises a data file from a credit bureau.

26. The method of claim 15, wherein the predetermined format comprises specific transaction information.

27. The method of claim 15, wherein the predetermined format comprises predefined summary characteristic information.

28. The method of claim 15, wherein the encrypting is Advanced Encryption Standard (AES) or other similar encryption/decryption algorithms.

29. A computer program product, comprising:

a memory having computer-readable code embodied therein for processing credit applications comprising;

a code means for receiving a credit request including consumer identification data;

a code means for receiving credit report data corresponding to the consumer identification data;

a code means for organizing the credit report data to form formatted credit report data;

a code means for removing consumer identification data from the formatted credit report data and credit request data to form anonymized credit data;

a code means for appending pre-defined application, credit report and credit request data characteristics;

a code means for encrypting the anonymized credit data to form an encrypted credit file;

a code means for transmitting the encrypted credit file to a lending institution; and

a code means for receiving a response indicating credit approval corresponding to the encrypted credit file.