Computer implemented automated credit application analysis and decision routing system

• US 7,801,807 B2
• Filed: 05/20/2003
• Issued: 09/21/2010
• Est. Priority Date: 09/12/1995
• Status: Expired due to Fees

• Current Assignee: First American Bank (The PNC Financial Services Group, Inc.)
• Original Assignee: DealerTrack, Inc. (Cox Enterprises Incorporated)
• Inventors: Freiman, Scott L., Agrawal, Arvind K., DeFrancesco, James R.
• Primary Examiner(s): Felten; Daniel S
• Application Number:
  US10/441,534
• Publication Number:
  US 20040078320A1
• Time in Patent Office: 2,681 Days
• Field of Search: 705/38, 705/35, 705/39, 709/217
• 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 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A credit application and routing system includes a central processor having and executing a program. The system includes data input capabilities for selectively receiving credit application data from respective applicants at remote locations, and routing capabilities for selectively forwarding the credit application data to remote funding sources and selectively forwarding funding decision data from the funding sources to the respective applicants. The computer program includes routines for receiving a credit application from at least one remote application input and display device, for selectively forwarding a received credit application to at least one finding source, for receiving a finding decision from the at least one finding source, and for forwarding a received funding decision to the at least one remote application input and display device. The system can also obtain credit report data from credit bureaus, and analyze and summarize the credit report data. A computer readable storage medium has a substrate physically configured to represent the computer program which causes a computer to provide the credit application and routing system.

Claims

1. A credit application processing and routing system, comprising:

a database;

a central processor coupled to said database;

a plurality of credit application input terminal devices coupled to and at locations remote from said central processor;

a plurality of funding source terminal devices coupled to and at locations remote from said central processor;

said central processor configured to;

receive credit application data from plurality of credit application input terminal devices;

store credit application information associated with said credit application data in said database;

selectively forward the credit application data to at least one of said plurality of remote funding source; and

;

receive and forward funding decision data from the funding sources to at least one of said plurality of credit application input terminal devices.

2. The credit application processing and routing system according to claim 1, wherein the central processor is further configured to selectively provide statistical data regarding credit application processing.

3. The credit application processing and routing system according to claim 2, wherein the central processor is further configured to display the status of all applications.

4. The credit application processing and routing system according to claim 1, wherein the central processor is further configured to:

obtain a credit bureau report associated with a respective applicant from at least one credit bureau and for sharing the credit bureau report with a dealer; and

forward the credit application to at least one of the plurality of remote funding sources in response to selection of the at least one of the plurality of remote funding sources by the dealer based on the credit bureau report.

5. The credit application processing and routing system according to claim 4, wherein the central processor is further configured to:

provide to the dealer a systems summary and analysis of the credit bureau report.

6. The credit application processing and routing system according to claim 1, wherein the central processor is further configured to maintain user specific data which data controls access to and operation of the system.

10. The credit application processing and routing system according to claim 1, wherein in selectively forwarding the credit application data, the central processor is configured to send at least a portion of a credit application to more than one of said remote funding sources substantially at the same time.

11. The credit application processing and routing system according to claim 1, wherein in selectively forwarding the credit application data, the central processor is configured to send at least a portion of a credit application to more than one of said remote funding sources sequentially until a funding source returns a positive funding decision.

12. The credit application processing and routing system according to claim 1, wherein in selectively forwarding the credit application data, the central processor is configured to send at least a portion of a credit application to a first one of said remote funding sources, and then, after a predetermined time, send to at least one other remote funding source, until one of the funding sources returns a positive funding decision or until all funding sources have been exhausted.

17. The credit application processing and routing system according to claim 1, wherein said at least one communications medium is a wide area network.

18. The credit application processing and routing system as in claim 1, wherein in forwarding the credit application data, the central processor executes at least one of the following selected from the group consisting of:

sending at least a portion of a credit application to more than one of said a plurality of funding source terminal devices substantially at the same time;

sending at least a portion of a credit application to more than one of said a plurality of funding source terminal devices sequentially until a funding source returns a positive funding decision; and

sending at least a portion of a credit application to a first one of said a plurality of funding source terminal devices, and then, after a predetermined time after a predetermined time, send to at least one other remote funding source, until one of the funding sources returns a positive funding decision or until all funding sources have been exhausted.

7. A credit application processing and routing system, comprising:

a communications medium;

a central processor, operably coupled to said communications medium, which executes a computer program and implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for entry of at least credit application information, for display of at least funding decision information, and for sending and receiving to and from said central processor over said communications medium;

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processor, and for sending a funding decision to said at least one credit application input terminal device through said central processor over said communications medium; and

;

a database program which interacts with said central processor to receive and provide said at least a portion of a credit application and said funding decision.

8. A credit application processing and routing system, comprising:

a communications medium;

a central processor, operably coupled to said communications medium, for executing a computer program that implements and controls credit application processing and routing and tracks pending credit applications;

at least one credit application input terminal device, operably coupled to said communications medium, for entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving to and from said central processing means over said communications medium;

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium; and

;

a database program which interacts with said central processor to receive and provide said at least a portion of a credit application and said funding decision.

9. The credit application processing and routing system according to claim 8, wherein said computer program further provides for querying a status of dealer accounts including at least one of current charges and transactions processed.

13. A credit application processing and routing system, comprising:

a wide area network;

a central processor, operably coupled to said wide area network, which executes a computer program and implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said wide area network, for entry of at least credit application information, for display of at least funding decision information, and for sending and receiving to and from said central processor over said wide area network;

a plurality of funding source terminal devices, operably coupled to said wide area network, for selectively receiving at least a portion of a credit application over said wide area network from said at least one credit application input terminal device through said central processor, and for sending a funding decision to said at least one credit application input terminal device through said central processor over said wide area network; and

;

a database program which interacts with said central processor to receive and provide said at least a portion of a credit application and said funding decision.

14. A credit application processing and routing system, comprising:

a wide area network;

a central processor, operably coupled to said wide area network, which executes a computer program and implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said wide area network, for entry of at least credit application information, for display of at least funding decision information, for sending and receiving to and from said central processor over said wide area network, and for entry of additional credit application information when said credit application terminal device is enabled to send credit application information to a specific funding source terminal device;

a plurality of funding source terminal devices, operably coupled to said wide area network, for selectively receiving at least a portion of a credit application over said wide area network from said at least one credit application input terminal device through said central processor, and for sending a funding decision to said at least one credit application input terminal device through said central processor over said wide area network; and

;

a database program which interacts with said central processor to receive and provide said at least a portion of a credit application and said funding decision.

15. A credit application processing and routing system, comprising:

a wide area network;

a central processor, operably coupled to said wide area network, for executing a computer program that implements and controls credit application processing and routing and tracks pending credit applications;

at least one credit application input terminal device, operably coupled to said wide area network, for entry of at least credit application information, and for visual display of at least funding decision information;

at least one funding source terminal device, operably coupled to said wide area network, for receiving at least a portion of a credit application over said wide area network from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to at least said one credit application input terminal device through said central processing means over said wide area network; and

;

a database program which interacts with said central processor to receive and provide at least a portion of said credit application and said funding decision.

16. The credit application processing and routing system according to claim 15, wherein said computer program further provides for querying the status of dealer accounts including at least one of current charges and transactions processed.

19. A method for operating a credit application processing and routing system that includes a plurality of dealer terminal devices and a central processor, the dealer terminal devices connected to the central processor by a wide-area network, the central processor including a database that accumulates credit application data, and the central processor capable of selectively submitting at least some of said credit application data to at least three funding sources, the method comprising:

allowing a user to log into the system by entering at least a password using one of the said at least one dealer terminal devices;

allowing said logged-in user to enter credit application data using said one of said at least one dealer terminal devices;

accumulating user-entered credit application data in said database;

allowing said logged-in user to review and edit previously entered credit application data;

allowing said logged-in user to pre-set a set of funding sources to whom credit application data will be sent and the conditions under which said credit application data will be automatically sent by said central processor to said set of funding sources;

receiving, at the central processor, decision(s) on credit application data sent by said central processor; and

,

allowing said logged-in user to review decision(s) on at least said credit application data that said user directed said central processor to send.