METHOD AND SYSTEM FOR TRACKING PERSONAL PROPERTY COLLATERAL

• US 20160217525A1
• Filed: 01/28/2015
• Published: 07/28/2016
• Est. Priority Date: 01/28/2015
• Status: Active Grant

• Current Assignee: Crediot Inc.
• Original Assignee: Crediot Inc.
• Inventors: Mack, Steven
• Granted Patent: US 9,978,100 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A tracking system is provided for tracking personal property, such as to track collateral which is used to secure a loan. Collateral belonging to a borrower, such as electronic devices or other items of personal property having a wireless communication interface, is placed in communication with a tracking system which receives information from those items of collateral and utilizes that information to verify the existence of the borrower'"'"'s collateral.

Claims

1. A method of tracking collateral used to secure a loan comprising:

identifying personal property utilized by a borrower as collateral for a loan provided by a lender;

establishing a wireless communication link between a collateral tracking system and a collateral reporting device of the borrower;

receiving information transmitted from said collateral reporting device to said collateral tracking system regarding devices which are in communication with said collateral reporting device of said borrower; and

comparing, at said tracking system, said information received from said collateral reporting device to personal property identified by said borrower as collateral to verify that the personal property identified as collateral is associated with said reporting device.

2. The method in accordance with claim 1 wherein said reporting device comprises a computing or communication device of said borrower.

3. The method in accordance with claim 1 wherein said personal property comprises one or more electronic devices.

7. The method in accordance with claim 1 wherein said method further comprises the step of storing information regarding personal property utilized as collateral in one or more databases associated with said tracking system.

8. The method in accordance with claim 1 wherein said step of identifying personal property utilized as collateral comprises obtaining a manufacturer name, model number and/or serial number of said personal property.

9. The method in accordance with claim 8 wherein said step of obtaining comprises said tracking system sending a polling request to said collateral reporting device.

11. The method in accordance with claim 1 wherein said item of personal property transmits information wirelessly to a wireless communication interface.

4. The method in accordance with claim 4 wherein said electronic devices are selected from the group consisting of:

televisions, DVD players, kitchen appliances, washers and dryers.

5. The method in accordance with claim 4 wherein said electronic devices comprise devices which are manufactured with an internal communication interface.

6. The method in accordance with claim 4 wherein said devices communicate with said collateral reporting device via one or more wireless access point.

10. A method of tracking collateral used to secure a loan comprising:

identifying at least one item of personal property utilized by a borrower as collateral for a loan provided by a lender, said item of personal property having a wireless communication interface over which information regarding said item of personal property may be transmitted;

receiving at a collateral tracking system information regarding said item of personal property transmitted wirelessly therefrom over at least one communication link; and

comparing, at said collateral tracking system, said information received from said item of personal property to personal property identified by said borrower as collateral to verify the item of personal property.

12. The method in accordance with claim 10 wherein said wireless communication interface is associated with a computing device.

13. The method in accordance with claim 10 wherein said wireless communication interface is associated with a router.