System and method for efficiently processing multiple credit applications

• US 20050108129A1
• Filed: 09/23/2004
• Published: 05/19/2005
• Est. Priority Date: 09/24/2003
• Status: Active Grant

• Current Assignee: Routeone LLC
• Original Assignee: Routeone LLC
• Inventors: Rogers, Brad, Seibert, Richard, Jurecki, Michael, Christensen, Mark David
• Granted Patent: US 7,882,024 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/3674 involving authentication
• 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

Abstract

A system and method for forwarding multiple credit applications to multiple potential lenders. A user computer or a credit management server sends queries to potential lenders inquiring about the respective information fields used in the potential lenders'"'"' respective credit applications. The queries also request information relating to the desired format and transmission method of the respective credit applications. With this information, a dynamic credit application is generated which includes all of information fields from all potential lenders. A credit applicant enters credit information into the dynamic credit application. The system then generates tailored credit applications for each lender and forwards these tailored applications to the respective potential lenders. The lenders process the tailored applications and provide results to the user.

Claims

1. A method for forwarding multiple credit applications to multiple potential lenders, the method comprising:

sending a first query to a first potential lender, the first potential lender effective to process a first credit application with first information fields, the first query requesting a first response including the first information fields;

sending a second query to a second potential lender, the second potential lender effective to process a second credit application with second information fields, the second query requesting a second response including the second information fields; and

generating a third credit application, the third credit application including all of the first and second information fields including at least one field included in the first information fields but not included in the second information fields.

2. The method as recited in claim 1, further comprising:

receiving credit information from a credit applicant relating to the third credit application; and

generating respective fourth and fifth credit applications for the first and second potential lenders based on the credit information received for the third credit application.

3. The method as recited in claim 2, wherein each of the fourth and fifth credit applications is tailored for the respective potential lender.

4. The method as recited in claim 3, wherein each of the fourth and fifth credit applications are tailored based on format and transmission method.

5. The method as recited in claim 2, wherein the first and second queries are produced by a user computer.

6. The method as recited in claim 5, wherein the user computer is operated by the credit applicant.

7. The method as recited in claim 5, wherein the user computer is operated by a vendor.

8. The method as recited in claim 5, wherein the vendor is a car dealer.

9. The method as recited in claim 2, wherein:

the first and second queries are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by a vendor.

10. The method as recited in claim 2, wherein:

the first and second queries are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by the credit applicant.

11. The method as recited in claim 1, further comprising storing the first and second information fields in a database.

12. The method as recited in claim 1, wherein:

the first and second queries include a request for the respective type of financial transactions and credit applications available from the first and second lenders to produce financial transaction and available credit application data; and

the first and second information fields are based on the financial transaction and available credit application data.

13. The method as recited in claim 1, wherein the third credit application is generated by a server;

and

the credit applicant views the third credit application on a user computer connected to the server through a network.

14. A system for forwarding multiple credit applications to multiple potential lenders, the system comprising:

a user computer connected to and forming at least part of a network;

a first lender computer connected to and forming at least part of the network; and

a second lender computer connected to and forming at least part of the network;

wherein

the user computer sends a first query to the first lender computer, the first lender computer being effective to process a first credit application with first information fields, the first query requesting a first response including the first information fields;

the first lender computer sends the first response through the network to the user computer;

the user computer sends a second query to the second lender computer, the second lender computer being effective to process a second credit application with second information fields, the second query requesting a second response including the second information fields;

the second lender computer sends the second response through the network to the user computer; and

the user computer generates a third credit application, the third credit application including all of the first and second information fields including at least one field included in the first information fields but not in the second information fields.

15. The system as recited in claim 14, wherein the first computer is a credit management server.

16. The system as recited in claim 15, wherein the first computer is operated by the credit applicant.

17. A computer readable storage medium including computer executable code for enabling a user to forward multiple credit applications to multiple potential lenders, the code performing the steps of:

sending a first query to a first potential lender, the first potential lender effective to process a first credit application with first information fields, the first query requesting a first response including the first information fields;

sending a second query to a second potential lender, the second potential lender effective to process a second credit application with second information fields, the second query requesting a second response including the second information fields; and

generating a third credit application, the third credit application including all of the first and second information fields including at least one field included in the first information fields but not included in the second information fields.

18. A credit application produced by the steps of:

sending a first query to a first potential lender, the first potential lender effective to process a first credit application with first information fields, the first query requesting a first response including the first information fields;

sending a second query to a second potential lender, the second potential lender effective to process a second credit application with second information fields, the second query requesting a second response including the second information fields; and

generating a third credit application, the third credit application including all of the first and second information fields including at least one field included in the first information fields but not included in the second information fields.

19. A method for forwarding multiple credit applications to multiple potential lenders, the method comprising:

receiving credit information from a credit applicant;

entering the credit information into a first credit application;

generating a second and third credit application based on the first credit application, the second and third credit applications being distinct,

forwarding the second credit application to a first potential lender;

forwarding the third credit application to a second potential lender.

20. The method as recited in claim 19, wherein the second and third credit applications have at least one distinct field.

21. The method as recited in claim 19, wherein the forwarding includes forwarding the second and third credit applications to the first and second lenders respectively using distinct transmission methods.

22. A method for forwarding multiple credit applications to multiple potential lenders, the method comprising:

sending a first query to a first potential lender, the first potential lender effective to process a first credit application with first information fields, the first query requesting a first response including the first information fields;

sending a second query to a second potential lender, the second potential lender effective to process a second credit application with second information fields, the second query requesting a second response including the second information fields;

generating a third credit application based on the first and second information fields;

receiving credit information from a credit applicant relating to the first credit application; and

generating respective fourth and fifth credit applications for the first and second potential lenders respectively based on the credit information received for the first credit application, the fourth and fifth credit applications being distinct.