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Method for automatically determining the approval status of a potential borrower

  • US 5,797,133 A
  • Filed: 02/03/1997
  • Issued: 08/18/1998
  • Est. Priority Date: 08/31/1994
  • Status: Expired due to Fees
First Claim
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1. A method for the automatic determination of the approval status of a caller who is a potential borrower for a loan using a data processing system, comprising the steps of:

  • (a) monitoring at least one data line at a central control location for an incoming call from the potential borrower;

    (b) detecting said incoming call;

    (c) establishing a communication link with said incoming call;

    (d) transmitting a signal from said control location over said data line;

    (e) presenting a set of questions to said caller, such that for each question presented, said caller can respond by entering tone-generated caller information on a standard touch tone keypad;

    (f) receiving said tone-generated caller information at said data processing system;

    (g) determining the accuracy of said caller'"'"'s response to said set of questions;

    (h) repeating a selected voice script message until accurate caller information is received;

    (i) formulating an access code from said tone-generated caller information, said code operable for retrieving from a credit information source caller credit information;

    (j) formulating a predetermined data profile of said caller that is different from said access code;

    (k) accessing and retrieving said caller'"'"'s credit information using said code;

    (l) comparing and verifying said caller'"'"'s profile to said caller'"'"'s credit information thereby insuring informational integrity of retrieved data from said caller'"'"'s credit information;

    (m) interpreting said information at said control location;

    (n) automatically determining at said control location the approval status of said caller according to criteria provided by a lender; and

    (o) automatically transmitting information regarding the approval status from said control location to a remote location.

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