System and method for efficiently processing multiple credit applications

• US 7,996,305 B2
• Filed: 12/17/2010
• Issued: 08/09/2011
• Est. Priority Date: 09/24/2003
• Status: Active Grant

• Current Assignee: Routeone LLC
• Original Assignee: Routeone LLC
• Inventors: Rogers, Brad, Seibert, Richard, Jurecki, Michael, Christensen, Mark David
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): Ojiaku; Chika
• Application Number:
  US12/972,146
• Publication Number:
  US 20110087588A1
• Time in Patent Office: 235 Days
• Field of Search: 705/38, 705/14.64, 715/234, 709/29, 382/181
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/3674 involving authentication
• 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

Abstract

A system and method for forwarding multiple credit applications to multiple potential lenders. A user computer or a credit management server sends queries to potential lenders inquiring about the respective information fields used in the potential lenders'"'"' respective credit applications. The queries also request information relating to the desired format and transmission method of the respective credit applications. With this information, a dynamic credit application is generated which includes all of information fields from all potential lenders. A credit applicant enters credit information into the dynamic credit application. The system then generates tailored credit applications for each lender and forwards these tailored applications to the respective potential lenders. The lenders process the tailored applications and provide results to the user.

Claims

1. A computer implemented method for generating an electronic credit application, the method comprising:

sending from a computer a first query to a first potential lender, the first potential lender effective to process a first credit application with first information fields, the first query requesting a first response including the first information fields;

sending from the computer a second query to a second potential lender, the second potential lender effective to process a second credit application with second information fields, the second query requesting a second response including the second information fields;

generating at the computer a dynamic credit application, the dynamic credit application including all of the first and second information fields including at least one field included in the first information fields but not included in the second information fields;

receiving at the computer credit information for a consumer corresponding to the dynamic credit application; and

generating at the computer respective fourth and fifth credit applications for the first and second potential lenders respectively based on the credit information received for the first credit application, the fourth credit application including the first information fields and fifth credit application including the second information fields.

2. The method as recited in claim 1, wherein the credit information is received at a user computer.

3. The method as recited in claim 1, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by a vendor.

4. The method as recited in claim 1, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by the credit applicant.

5. The method as recited in claim 1, further comprising storing the first and second information fields in the database.

6. The method as recited in claim 1, wherein the first and second queries include a request for the respective type of financial transactions and credit applications available from the first and second lenders to produce financial transaction and available credit application data;

and the first and second information fields are based on the financial transaction and available credit application data.

7. The method as recited in claim 1, wherein the dynamic credit application is generated by a server;

and the credit applicant views the dynamic credit application on a user computer connected to the server through a network.

8. A method for forwarding multiple credit applications to multiple potential lenders, the method comprising:

receiving at a computer a selection of a first potential lender and a second potential lender;

generating at the computer a dynamic credit application, the dynamic credit application including fields corresponding to the first potential lender and the second potential lender;

receiving at the computer credit information for a consumer;

entering at the computer the credit information into the dynamic credit application at the server;

generating at the computer a first and second credit application based on the credit information in the dynamic credit application at the server, wherein the first and second credit applications have at least one distinct field;

forwarding from the computer the first credit application to a first potential lender; and

forwarding from the computer the second credit application to a second potential lender.

9. The method as recited in claim 8, wherein the credit information is received at a user computer.

10. The method as recited in claim 8, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by a vendor.

11. The method as recited in claim 8, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by the credit applicant.

12. The method as recited in claim 8, further comprising storing the first and second information fields in the database.

13. The method as recited in claim 8, wherein the first and second queries include a request for the respective type of financial transactions and credit applications available from the first and second lenders to produce financial transaction and available credit application data;

and the first and second information fields are based on the financial transaction and available credit application data.

14. The method as recited in claim 8, wherein the dynamic credit application is generated by a server;

and the credit applicant views the dynamic credit application on a user computer connected to the server through a network.

15. A method for forwarding multiple credit applications to multiple potential lenders, the method comprising:

sending from a computer a first query to a first potential lender, the first potential lender effective to process a first credit application with first information fields, the first query requesting a first response including the first information fields;

sending from the computer a second query to a second potential lender, the second potential lender effective to process a second credit application with second information fields, the second query requesting a second response including the second information fields;

generating at the computer a dynamic credit application based on the first and second information fields;

receiving at the computer credit information for a consumer corresponding to the dynamic credit application; and

generating at the computer respective fourth and fifth credit applications for the first and second potential lenders respectively based on the credit information received for the first credit application, the fourth credit application including the first information fields and the fifth credit application including the second information fields.

16. The method as recited in claim 15, wherein the credit information is received at a user computer.

17. The method as recited in claim 15, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by a vendor.

18. The method as recited in claim 15, wherein:

the dynamic, first, and second credit applications are produced by a credit management server connected through a network to a user computer; and

wherein the user computer is operated by the credit applicant.

19. The method as recited in claim 15, further comprising storing the first and second information fields in the database.

20. The method as recited in claim 15, wherein the first and second queries include a request for the respective type of financial transactions and credit applications available from the first and second lenders to produce financial transaction and available credit application data;

and the first and second information fields are based on the financial transaction and available credit application data.