Method and apparatus for real time on line credit approval

• US 6,405,181 B2
• Filed: 11/03/1998
• Issued: 06/11/2002
• Est. Priority Date: 11/03/1998
• Status: Expired due to Term

• Current Assignee: NextCard LLC
• Original Assignee: NextCard, Inc.
• Inventors: Lent, Jeremy R., Lent, Mary, Meeks, Eric R., Cai, Yinzi, Coltrell, Timothy J., Dowhan, David W.
• Primary Examiner(s): Coggins, Wynn
• Assistant Examiner(s): ROSEN, NICHOLAS D
• Application Number:
  US09/185,201
• Publication Number:
  US 20020007341A1
• Time in Patent Office: 1,316 Days
• Field of Search: 705/14, 705/35, 705/38, 705/39, 705/505-508
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• 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

A system and method are disclosed for providing real time approval of credit over a network. The method includes obtaining applicant data from an applicant. The applicant data is analyzed into a form suitable for directly obtaining a credit report from a credit bureau for the applicant. A credit report having credit report data is obtained from a credit bureau for the applicant. It is then determined whether to accept the applicant using the credit report data and it is communicated to the applicant that the applicant has been approved.

Claims

1. A method for providing real time approval of credit over a network, comprising:

obtaining applicant data from an applicant;

determining whether to continue to process, or reject, the applicant based on the applicant data prior to obtaining a credit report from a credit bureau for the applicant, said step of determining whether to continue to process comprising;

checking based on the applicant data entered by the applicant and prior to obtaining a credit report whether the applicant data is a duplicate of applicant data previously entered by the applicant; and

permitting the applicant, in the event it is determined that the applicant data is a duplicate of applicant data previously entered by the applicant, to re-apply using the current applicant data only if the previously entered applicant data predates a duplication cutoff date; and

in the event it is determined based on the applicant data to process the applicant;

processing the applicant data into a form suitable for directly obtaining a credit report from a credit bureau for the applicant;

obtaining a credit report having credit report data from a credit bureau for the applicant;

determining whether to accept or reject the applicant using the credit report data; and

if it is determined to accept the applicant, communicating to the applicant that the applicant has been approved.

2. A system for providing real time approval of credit over a network implemented on one or more computer processors, comprising:

an application engine configured to obtain applicant data from an applicant;

an address parser configured to analyze the applicant data into a form suitable for directly obtaining a credit report from a credit bureau for the applicant; and

an underwriter configured to;

determine whether to continue to process, or reject, the applicant based on the applicant data prior to obtaining a credit report from a credit bureau for the applicant, said step of determining whether to continue to process comprising;

checking based on the applicant data entered by the applicant and prior to obtaining a credit report whether the applicant data is a duplicate of applicant data previously entered by the applicant; and

permitting the applicant, in the event it is determined that the applicant data is a duplicate of applicant data previously entered by the applicant, to re-apply using the current applicant data only if the previously entered applicant data predates a duplication cutoff date; and

in the event it is determined based on the applicant data to process the applicant, to obtain a credit report having credit report data from a credit bureau for the applicant, determine whether to accept the applicant using the credit report data and, if it is determined to accept the applicant, communicate to the applicant that the applicant has been approved.

3. A computer program for providing real time approval of credit over a network embodied on a carrier wave, comprising:

program code operative to obtain applicant data from an applicant;

program code operative to analyze the applicant data into a form suitable for directly obtaining a credit report from a credit bureau for the applicant;

program code operative to determine whether to continue to process, or reject, the applicant based on the applicant data prior to obtaining a credit report from a credit bureau for the applicant, said program code operative to determine whether to continue to process comprising program code operative to check based on the applicant data entered by the applicant and prior to obtaining a credit report whether the applicant data is a duplicate of applicant data previously entered by the applicant and permit the applicant, in the event it is determined that the applicant data is a duplicate of applicant data previously entered by the applicant, to re-apply using the current applicant data only if the previously entered applicant data predates a duplication cutoff date;

program code operative to obtain a credit report having credit report data from a credit bureau for the applicant in the event it is determined based on the applicant data to process the applicant;

program code operative to determine whether to accept the applicant using the credit report data; and

program code operative to communicate to the applicant whether the applicant has been approved.

4. A computer readable medium having program code embodied therein for providing real time approval of credit over a network, comprising:

program code operative to obtain applicant data from an applicant;

program code operative to analyze the applicant data into a form suitable for directly obtaining a credit report from a credit bureau for the applicant;

program code operative to determine whether to continue to process, or reject, the applicant based on the applicant data prior to obtaining a credit report from a credit bureau for the applicant, said program code operative to determine whether to continue to process comprising program code operative to check based on the applicant data entered by the applicant and prior to obtaining a credit report whether the applicant data is a duplicate of applicant data previously entered by the applicant and permit the applicant, in the event it is determined that the applicant data is a duplicate of applicant data previously entered by the applicant, to re-apply using the current applicant data only if the previously entered applicant data predates a duplication cutoff date;

program code operative to obtain a credit report having credit report data from a credit bureau for the applicant in the event it is determined based on the applicant data to process the applicant;

program code operative to determine whether to accept the applicant using the credit report data; and

program code operative to communicate to the applicant whether the applicant has been approved.