Methods and Systems for Characteristic Leveling

• US 20070282736A1
• Filed: 03/12/2007
• Published: 12/06/2007
• Est. Priority Date: 03/10/2006
• Status: Active Grant

• Current Assignee: VantageScore Solutions LLC (Equifax, Inc.)
• Original Assignee: VantageScore Solutions LLC (Equifax, Inc.)
• Inventors: Harper, Sherry, Torrez, Luz, Conlin, Marie
• Granted Patent: US 7,801,812 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/0204 Market segmentation
• 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 40/08 Insurance

Abstract

Characteristic normalization (or leveling) is a process that yields consistent and equitable characteristic definitions across multiple sources of credit information. This leveling ensures that when the same data is present for multiple credit sources, for example two or more credit reporting agencies, it is interpreted in the same manner, acknowledging that differences in the data itself may still be present.

Claims

1. A method for leveling credit characteristics comprising:

(a) retrieving a credit data profile for at least one consumer, wherein retrieving a credit data profile is performed by at least two of a plurality of credit reporting agencies resulting in at least two credit data profiles for the at least one consumer;

(b) generating a set of credit characteristics, wherein generating a set of credit characteristics is performed by the at least two of the plurality of credit reporting agencies;

(c) retrieving a respective characteristic definition from each of the at least two of the plurality of credit reporting agencies for each credit characteristic in the set of credit characteristics;

(d) reviewing the set of credit characteristics and respective characteristic definitions, wherein reviewing is performed by the at least two of the plurality of credit reporting agencies;

(e) applying the respective characteristic definitions to each of the retrieved credit data profiles, generating audit statistics associated with each credit data profile;

(f) auditing the audit statistics;

(g) determining whether the step of auditing was successful; and

(h) if the step of auditing was successful, generating a normalized set of credit characteristics and characteristic definitions from the set of credit characteristics and respective characteristic definitions.

2. The method of claim 1, wherein the step of reviewing the set of credit characteristics and respective characteristic definitions comprises modifying one or more of the respective characteristic definitions.

3. The method of claim 2, further comprising, if the step of auditing was not successful, repeating steps (d), (e), and (f) until the step of auditing the audit statistics is successful.

4. The method of claim 1, wherein the step of generating audit statistics further comprises:

generating first audit statistics; and

comparing the first audit statistics between different credit reporting agencies.

5. The method of claim 4, wherein the step of comparing the first audit statistics comprises modifying at least one of the respective characteristic definitions.

6. The method of claim 5, further comprising:

generating second audit statistics based on the at least one modified characteristic definition; and

comparing the first audit statistics with the second audit statistics.

7. The method of claim 6, further comprising:

comparing the second audit statistics between different credit reporting agencies.

8. The method of claim 6, wherein the step of auditing the audit statistics is successful when the first audit statistics are substantially consistent with the second audit statistics.

9. The method of claim 6, wherein the step of auditing the audit statistics is successful when the first audit statistics are substantially consistent between different credit reporting agencies.

10. A system for leveling credit characteristics comprising:

a memory configured for storing credit data profiles and credit reports;

a processor, coupled to the memory, wherein the processor is configured to perform the steps of;

(a) retrieving a credit data profile for at least one consumer, wherein retrieving a credit data profile is performed by at least two of a plurality of credit reporting agencies resulting in at least two credit data profiles for the at least one consumer;

(b) generating a set of credit characteristics, wherein generating a set of credit characteristics is performed by the at least two of the plurality of credit reporting agencies;

(c) retrieving a respective characteristic definition from each of the at least two of the plurality of credit reporting agencies for each credit characteristic in the set of credit characteristics;

(d) reviewing the set of credit characteristics and respective characteristic definitions, wherein reviewing is performed by the at least two of the plurality of credit reporting agencies;

(e) applying the respective characteristic definitions to each of the retrieved credit data profiles, generating audit statistics associated with each credit data profile;

(f) auditing the audit statistics;

(g) determining whether the step of auditing was successful; and

(h) if the step of auditing was successful, generating a normalized set of credit characteristics and characteristic definitions from the set of credit characteristics and respective characteristic definitions.

11. The system of claim 10, wherein the step of reviewing the set of credit characteristics and respective characteristic definitions comprises modifying one or more of the respective characteristic definitions.

12. The system of claim 11, further comprising, if the step of auditing was not successful, repeating steps (d), (e), and (f) until the step of auditing the audit statistics is successful.

13. The system of claim 10, wherein the step of generating the audit statistics further comprises:

generating first audit statistics; and

comparing the first audit statistics between different credit reporting agencies.

14. The system of claim 13, wherein the step of comparing the first audit statistics comprises modifying at least one of the respective characteristic definitions.

15. The system of claim 14, further comprising:

generating second audit statistics based on the at least one modified characteristic definition; and

comparing the first audit statistics with the second audit statistics.

16. The system of claim 15, further comprising:

comparing the second audit statistics between different credit reporting agencies.

17. The system of claim 15, wherein the step of auditing the audit statistics is successful when the first audit statistics are substantially consistent with the second audit statistics.

18. The system of claim 15, wherein the step of auditing the audit statistics is successful when the first audit statistics are substantially consistent between different credit reporting agencies.

19. A computer readable medium with computer executable instructions embodied thereon for leveling credit characteristics comprising:

(a) retrieving a credit data profile for at least one consumer, wherein retrieving a credit data profile is performed by at least two of a plurality of credit reporting agencies resulting in at least two credit data profiles for the at least one consumer;

(b) generating a set of credit characteristics, wherein generating a set of credit characteristics is performed by the at least two of the plurality of credit reporting agencies;

(c) retrieving a respective characteristic definition from each of the at least two of the plurality of credit reporting agencies for each credit characteristic in the set of credit characteristics;

(d) reviewing the set of credit characteristics and respective characteristic definitions, wherein reviewing is performed by the at least two of the plurality of credit reporting agencies;

(e) applying the respective characteristic definitions to each of the retrieved credit data profiles, generating audit statistics associated with each credit data profile;

(f) auditing the audit statistics;

(g) determining whether the step of auditing was successful; and

(h) if the step of auditing was successful, generating a normalized set of credit characteristics and characteristic definitions from the set of credit characteristics and respective characteristic definitions.

20. The computer readable medium of claim 19, wherein the step of reviewing the set of credit characteristics and respective characteristic definitions comprises modifying one or more of the respective characteristic definitions.

21. The computer readable medium of claim 20, further comprising, if the step of auditing was not successful, repeating steps (d), (e), and (f) until the step of auditing the audit statistics is successful.

22. The computer readable medium of claim 19, wherein the step of generating audit statistics further comprises:

generating first audit statistics; and

comparing the first audit statistics for credit data profiles retrieved between different credit reporting agencies.

23. The computer readable medium of claim 22, wherein the step of comparing the first audit statistics comprises modifying at least one of the respective characteristic definitions.

24. The computer readable medium of claim 23, further comprising:

generating second audit statistics based on the at least one modified characteristic definition; and

comparing the first audit statistics with the second audit statistics.

25. The computer readable medium of claim 24, further comprising:

comparing the second audit statistics between different credit reporting agencies.

26. The computer readable medium of claim 24, wherein the step of auditing the audit statistics is successful when the first audit statistics are substantially consistent with the second audit statistics.

27. The computer readable medium of claim 24, wherein the step of auditing the audit statistics is successful when the first audit statistics are substantially consistent between different credit reporting agencies.