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

• US 20060200396A1
• Filed: 01/20/2006
• Published: 09/07/2006
• Est. Priority Date: 05/10/2001
• Status: Active Grant

• Current Assignee: Equifax, Inc.
• Original Assignee: Equifax, Inc.
• Inventors: Puckett Atwood, Christopher Colin, Killebrew, Stephen Ray, Lester, James David IV, Satterfield, Markus Ray, Elliott-Sinnock, Jan Eileen
• Granted Patent: US 7,542,993 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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 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 40/12 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. The user can also select a credit score or rating within the database to be monitored. When the credit rating changes, a notification can also be sent to the user. Notifications regarding interest rates, prices, and other financial information associated with a change in a credit score or rating can also be sent to the user according to preferences set by the user.

Claims

1. A system for monitoring modifications to a credit rating comprising a plurality of elements in a credit reporting database, the system comprising:

at least one server storing a credit rating and at least part of the plurality of elements; and

at least one computer program residing in a computer-readable memory in the server, the computer program adapted to continuously monitor the credit rating and the at least part of the plurality of elements;

wherein the system is capable of generating an updated credit rating based in part on at least a modification to at least one of the plurality of elements, and sending a notification to a user substantially contemporaneously when an updated credit rating is generated.

2. The system of claim 1, wherein the at least one computer program is capable of sending the notification to more than one destination specified by the user.

3. The system of claim 1, wherein the credit rating comprises at least one of the following:

a credit score, a Fair Isaac score, a FICO score, a credit ranking, or a rating of a person'"'"'s creditworthiness.

4. The system of claim 1, wherein the system further comprises an e-mail server adapted to send the notification to the user.

5. The system of claim 1, wherein the system is further capable of determining whether an updated credit rating affects a rate associated with a financial product, and sending a notification to the user if the rate is affected.

6. The system of claim 5, wherein the financial product comprises at least one of the following:

home mortgage, auto loan, home equity loan, debt instrument, credit card, and a line of credit.

7. A method for monitoring modifications to a credit rating comprising a plurality of credit related data elements in a credit reporting database, the method comprising:

obtaining a selection of a credit rating from a user;

continuously monitoring the credit rating selected by the user; and

if there is a change to the credit rating, notifying the user about the change to the credit rating substantially contemporaneously with when there is a change.

8. The method of claim 7 further comprising:

prompting the user for an identification code; and

identifying the user.

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

sending an e-mail notification to the user; and

displaying the change to the user.

10. The method of claim 9, further comprising:

providing the user with an investigation request procedure.

11. The method of claim 7, wherein the notifying step further comprises sending a paging signal to the user.

12. The method of claim 7, wherein the notifying step further comprises sending credit rating change information through a secure transmission media.

13. The method of claim 7, wherein the credit rating comprises at least one of the following:

a credit score, a Fair Isaac score, a FICO score, a credit ranking, or a rating of a person'"'"'s creditworthiness.

14. A method for monitoring changes to a credit rating comprising a plurality of credit related data elements in a credit reporting database, the method comprising:

allowing the user to make a selection of a credit rating and a plurality of credit related data elements to watch;

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

continuously monitoring and comparing the credit rating and plurality of credit related data elements in the credit file with the user selection; and

if the selection has a credit rating or credit related data element that is in the credit file, notifying the user substantially contemporaneously with when a change to the credit rating is made.

15. The method of claim 14, wherein notifying the user further comprises sending an e-mail to the user, wherein the e-mail has a link to a display web site.

16. The method of claim 14, further comprising modifying the selection.

17. The method of claim 14, wherein notifying the user further comprises sending a notification to a wireless communication device.

18. The method of claim 14, wherein notifying the user further comprises sending a notification to a personal digital assistant.

19. The method of claim 14, further comprising checking the credit file for modification flags.

20. The method of claim 14, wherein the credit rating comprises at least one of the following:

a credit score, a Fair Isaac score, a FICO score, a credit ranking, or a rating of a person'"'"'s creditworthiness.

21. A method of monitoring changes to a credit rating in a credit reporting database, the method comprising:

inputting a selection of a credit rating for continuous monitoring;

providing a destination for a notification to be sent;

generating a notification substantially contemporaneously when a change to the credit rating has been detected;

receiving the notification at the destination; and

reviewing the change.

22. The method of claim 21, wherein the destination is a user-computing device.

23. The method of claim 21, further comprises requesting an investigation of the change to the credit rating.

24. The method of claim 21, further comprising:

inputting a selection of a financial product; and

wherein generating a notification when a change to the credit rating has been detected comprises determining that the change to the credit rating affects a corresponding rate associated with the financial product.

25. The method of claim 24, wherein the financial product comprises at least one of the following:

home mortgage, auto loan, home equity loan, debt instrument, credit card, and a line of credit.

26. A computer-readable medium on which is stored a computer program for monitoring credit rating data modifications in a credit reporting database, wherein the credit rating 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 credit rating data changes in the credit reporting database;

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

notifying the customer about the changed credit rating data substantially contemporaneously when the credit rating data changes are detected; and

displaying the changed credit rating data to the customer.

27. The computer program of claim 26 further performing:

receiving an identification code from the customer; and

authenticating the customer.

28. The computer program of claim 26 further performing:

displaying a group of credit rating related data to the customer, wherein the group of credit rating related comprises at least one of the following;

a credit score, a credit rating, a loan product, an interest rate, or a price for a financial product; and

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

29. The computer program of claim 26 further providing an investigation process to the customer.

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

subscribing to the credit rating modification monitoring service;

selecting a method of notification;

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

providing a method of payment.

31. The method of claim 30 further comprising;

setting a subscription price.

32. The method of claim 31, wherein the subscription price depends on the number of credit rating-related data elements selected for monitoring.

33. The method of claim 31, wherein the subscription price depends on the method of notification selected.

34. The method of claim 30, wherein selection of a method of notification further comprises selecting a timing of notification.

35. The method of claim 34, wherein the timing of notification may be selected from a group comprising of at least one of the following:

immediate notification, periodic notification, or upon request notification.

36. The method of claim 34 further comprising setting a subscription price, wherein the subscription price depends on the timing of notification.

37. The method of claim 30, wherein the method of payment is selected from a group comprising of at least one of the following:

monthly, annually, or per use basis.

38. The method of claim 30, wherein the method of payment is on a prepay basis.

39. A method of notifying a user of a credit score change, comprising:

providing a plurality of credit scores via a user interface;

providing a plurality of rates associated with a financial product via the user interface, wherein each rate corresponds with at least one credit score;

based at least on a user credit score at a particular time, providing an indication of a corresponding rate associated with the financial product via the user interface; and

notifying the user of a change in the user'"'"'s credit score substantially contemporaneously when the change occurs, wherein the indication is capable of being updated if the change to the user'"'"'s credit score affects the corresponding rate.

40. The method of claim 39, wherein the plurality of credit scores is a range of credit scores.

41. The method of claim 39, wherein the rate is an interest rate.

42. The method of claim 39, wherein the financial product comprises at least one of the following:

home mortgage, auto loan, home equity loan, debt instrument, credit card, and a line of credit.

43. The method of claim 39, wherein the user can select more than one financial product, and can be notified when a change to the user'"'"'s credit score affects a corresponding rate for any of the financial products offered to the user.

44. A user interface for notifying a user of a credit score change, comprising:

a plurality of credit scores;

a plurality of rates associated with a financial product, wherein each rate corresponds to at least one respective credit score;

an indication based at least on a user'"'"' credit score at a particular time, wherein the indication comprises a particular rate associated with the financial product;

whereby if a change to the user'"'"'s credit rating occurs, the indication can be updated and a notification can be transmitted to the user substantially contemporaneously when the change occurs if the change to the user'"'"'s credit score changes the particular rate associated with the financial product.

45. The user interface of claim 44, wherein the plurality of credit scores is a range of credit scores.

46. The user interface of claim 44, wherein the rate is an interest rate.

47. The user interface of claim 44, wherein the financial product comprises at least one of the following:

home mortgage, auto loan, home equity loan, debt instrument, credit card, and a line of credit.

48. The user interface of claim 44, wherein the notification can be transmitted via a website, an e-mail, a telephone call, a fax, a paging message, a message sent to personal digital assistant (PDA) device, or regular mail.