Method and system for providing pre-approved targeted products

• US 8,239,304 B1
• Filed: 02/26/2003
• Issued: 08/07/2012
• Est. Priority Date: 07/29/2002
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Ahmad, Farhan
• Primary Examiner(s): Lemieux, Jessica
• Application Number:
  US10/373,164
• Time in Patent Office: 3,450 Days
• Field of Search: 705/35, 705/38, 705/44
• US Class Current: 705/36
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• 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

According to one embodiment, the present invention relates to a method and a system for offering a consumer an opportunity to purchase one or more targeted products and/or services with a pre-approved credit instrument where the selection of one or more products is based on consumer related profile information, which may include previous spending habits, previous transactions and/or other information. Some or all aspects of an offer for the targeted product or service, which may include product type, offer delivery, pricing and payment terms, may be determined by various factors, such as the consumer'"'"'s credit-worthiness, profile information and/or other information.

Claims

1. A computer implemented method for offering one or more targeted products with pre-approved credit to a consumer wherein the method is executed by a programmed computer processor, the computer implemented method comprising the steps of:

analyzing, by a computer processor, consumer information for determining one or more targeted products specific to the consumer using the programmed computer processor, wherein the consumer information comprises one or more of consumer related profile data, transaction data and spending habit data;

examining, by the computer processor, credit history data related to the consumer for determining a credit instrument specific to the one or more targeted products;

pre-approving, by the computer processor, the credit instrument for the one or more targeted products; and

offering, by the computer processor, the consumer the one or more targeted products with the pre-approved credit instrument;

wherein the pre-approved credit instrument is provided for financing the one or more targeted products, wherein the offering of the one or more targeted products with the pre-approved credit instrument is performed independent of consumer input and is performed prior to the consumer entering into a transaction for the one or more targeted products.

2. The method of claim 1, wherein the consumer information is retrieved in part from one or more merchants.

3. The method of claim 1, wherein the pre-approved credit instrument is associated with one or more financial institutions.

4. The method of claim 1, wherein the pre-approved credit instrument comprises a plurality of credit terms that are based on the credit history data associated with the consumer.

5. The method of claim 1, further comprising the step of:

determining, by the computer processor, one or more add-ons specific to the one or more targeted products based on the credit history data.

6. The method of claim 1, wherein the step of offering further comprises the step of determining, by the computer processor, a preferred one or more modes of communication for offering the one or more targeted products with the pre-approved credit instrument.

7. The method of claim 1, wherein the one or more targeted products comprises one or more targeted services.

8. The method of claim 1, wherein credit history data comprises data associated with delinquency of payments and timeliness of payments.

9. The method of claim 1, wherein credit history data comprises data indicating credit worthiness.

10. A computer implemented system for offering one or more targeted products with pre-approved credit, the computer implemented system comprising:

a programmed computer processor, the programmed computer processor comprising at least the following;

an analyzing module for analyzing consumer information for determining one or more targeted products specific to a consumer, wherein the consumer information comprises one or more of consumer related profile data, transaction data and spending habit data;

an examining module for examining credit history data related to the consumer for determining a credit instrument specific to the one or more targeted products;

a credit approval module for pre-approving credit for the one or more targeted products; and

an offering module for offering the consumer the one or more targeted products with the pre-approved credit instrument;

wherein the pre-approved credit instrument is provided for financing the one or more targeted products, and wherein the customer is offered the one or more targeted products with the pre-approved credit instrument independent of consumer input and prior to the consumer entering into a transaction for the one or more targeted products.

11. The system of claim 10, wherein the consumer information is retrieved in part from one or more merchants.

12. The system of claim 10, wherein the pre-approved credit instrument is associated with one or more financial institutions.

13. The system of claim 10, wherein the pre-approved credit instrument comprises a plurality of credit terms that are based on the credit history data associated with the consumer.

14. The system of claim 10, wherein the analyzing module further determines one or more add-ons specific to the one or more targeted products based on the credit history data.

15. The system of claim 10, wherein the offering module further determines a preferred one or more modes of communication for offering the one or more targeted products with the pre-approved credit instrument.

16. The system of claim 10, wherein the one or more targeted products comprises one or more targeted services.

17. The system of claim 10, wherein credit history data comprises data associated with delinquency of payments and timeliness of payments.

18. The system of claim 10, wherein credit history data comprises data indicating credit worthiness.