Method and apparatus for a verifiable on line rejection of an application for credit

• US 6,567,791 B2
• Filed: 11/03/1998
• Issued: 05/20/2003
• Est. Priority Date: 11/03/1998
• Status: Expired due to Term

• Current Assignee: NextCard LLC
• Original Assignee: NextCard, Inc.
• Inventors: Cai, Yinzi, Coltrell, Timothy J., Dowhan, David W., Lent, Jeremy R., Lent, Mary, Meeks, Eric R.
• Primary Examiner(s): FISCHER, ANDREW J
• Application Number:
  US09/185,878
• Publication Number:
  US 20020052833A1
• Time in Patent Office: 1,659 Days
• Field of Search: 705/38, 705/39, 705/42, 705/35, 705/26, 705/70, 705/80
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• 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
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A system and method are disclosed for presenting a reason for the rejection of a credit application from an applicant. The method includes obtaining a factor from a credit bureau identified as a factor that influences the FICO score assigned to the application by the credit bureau. The factor identified by the credit bureau is mapped to an internal rejection code. A rejection reason is provided that corresponds to the internal rejection code to the applicant.

Claims

1. A method of presenting a reason for the rejection of a credit application from an applicant comprising:

obtaining a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;

mapping the factor identified by the credit bureau to an internal rejection code;

determining whether the internal rejection code corresponds to a specific code or a general code;

if the internal rejection code corresponds to a general code, checking a result of an attribute test to determine whether the result corresponds to an appropriate rejection reason;

if the attribute test result corresponds to an appropriate rejection reason, then changing the internal rejection code to correspond to the appropriate rejection reason; and

providing a rejection reason corresponding to the internal rejection code to the applicant.

2. A method of presenting a reason for the rejection of a credit application as recited in claim 1 further comprising:

if the attribute test result does not correspond to an appropriate rejection reason, then allowing the internal rejection code to remain a general code.

3. A method of presenting a reason for the rejection of a credit application from an applicant as recited in claim 1 wherein providing a rejection reason corresponding to the internal rejection code to the applicant further includes providing a web page to the applicant that includes the rejection reason and providing an applet that communicates automatically that the web page has been downloaded without requiring affirmative acknowledgement by the applicant.

4. A computer program embodied on a carrier wave for presenting a reason for the rejection of a credit application from an application comprising:

program code operative to obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;

program code operative to map the factor identified by the credit bureau to an internal rejection code;

program code operative to determine whether the internal rejection code corresponds to a specific code or a general code;

program code operative to check a result of an attribute test, if the internal rejection code corresponds to a general code, to determine whether the result corresponds to an appropriate rejection reason;

program code operative to change the internal rejection code to correspond to the appropriate rejection reason if the attribute test result corresponds to an appropriate rejection reason; and

program code operative to provide a rejection reason corresponding to the internal rejection code to the applicant.

5. A computer program embodied on a carrier wave for presenting a reason for the rejection of a credit application as recited in claim 4 further comprising:

program code operative to allow the internal rejection code to remain a general code if the attribute test result does not correspond to an appropriate rejection reason.

6. A computer program embodied on a carrier wave for presenting a reason for the rejection of a credit application in claim 4 further comprising:

program code operative to provide a web page to the applicant that includes the rejection reason; and

program code operative to provide an applicant that communicates automatically that the web page has been downloaded without requiring affirmative acknowledgement by the applicant.

7. A computer readable medium having program code embodied therein for presenting a reason for the rejection of a credit application from an applicant comprising:

program code operative to obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau;

program code operative to map the factor identified by the credit bureau to an internal rejection code;

program code operative to determine whether the internal rejection code corresponds to a specific code for a general code;

program code operative to check a result of an attribute test, if the internal rejection code corresponds to a general code, to determine whether the result corresponds to an appropriate rejection reason;

program code operative to change the internal rejection code to correspond to the appropriate rejection reason if the attribute test result corresponds to an appropriate rejection reason; and

program code operative to provide a rejection reason corresponding to the internal rejection code to the applicant.

8. A computer readable medium having program code embodied therein for presenting a reason for the rejection of a credit application as recited in claim 7 further comprising:

program code operative to allow the internal rejection code to remain a general code if the attribute test result does not correspond to an appropriate rejection reason.

9. A computer readable medium having program code embodied therein for presenting a reason for the rejection of a credit application as recited in claim 7 further comprising:

program code operative to provide a web page to the applicant that includes the rejection reason; and

program code operative to provide an applet that communicates automatically that the web page has been downloaded without requiring a affirmative acknowledgement by the applicant.