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

• US 7,143,063 B2
• Filed: 03/10/2003
• Issued: 11/28/2006
• Est. Priority Date: 11/03/1998
• Status: Expired due to Fees

• 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): Bayat, Bradley B.
• Application Number:
  US10/386,390
• Publication Number:
  US 20040039687A1
• Time in Patent Office: 1,359 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 is disclosed. 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:

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

using a computer processor to;

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

determine whether the internal rejections code corresponds to a specific code or a general code;

change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and

providing a rejection reason corresponding to the internal rejection code to the applicant via a network;

wherein the internal rejection code indicates the reason the credit application is rejected.

2. A method of presenting a reason for the rejection of a credit application as recited in claim 1 further including electronically requesting an acknowledgement of the rejection from the applicant.

3. A method of presenting a reason for the rejection of a credit application as recited in claim 2 further including electronically receiving an acknowledgement of the rejection from the applicant and recording that the acknowledgement was received.

4. A method of presenting a reason for the rejection of a credit application 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.

5. A method of presenting a reason for the rejection of a credit application as recited in claim 4 wherein providing a web page to the applicant that includes the rejection reason further includes providing an acknowledgement button to the applicant as part of the web page.

6. A method of presenting a reason for the rejection of a credit application as recited in claim 4 wherein providing a web page to the applicant that includes the rejection reason further includes providing an applet that communicates that the web page has been downloaded.

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

a communication interface; and

a processor configured to;

obtain a factor from a credit bureau identified as influencing the FICO score assigned to the application by the credit bureau, map the factor identified by the credit bureau to an internal rejection code;

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

change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available; and

provide a rejection reason corresponding to the internal rejection code to the applicant via the communication interface;

wherein the internal rejection code indicates the reason the credit application is rejected.

8. 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 corresponds to a specific code or a general code;

program code operative to change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available, and program code operative to provide a rejection reason corresponding to the internal rejection code to the applicant;

wherein the internal rejection code indicates the reason the credit application is rejected.