Efficient market for financial products

• US 8,457,995 B1
• Filed: 09/14/2012
• Issued: 06/04/2013
• Est. Priority Date: 10/24/1998
• Status: Expired due to Fees

• Current Assignee: Goknown LLC
• Original Assignee: Marketscore.com Incorporated
• Inventors: Erlanger, Michael David
• Primary Examiner(s): Trammell, James P
• Assistant Examiner(s): GREENE, DANIEL LAWSON
• Application Number:
  US13/619,828
• Time in Patent Office: 263 Days
• Field of Search: 705/4
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• 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: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A data processing system is disclosed that provides an efficient market for financial products in which a plurality of stored data records containing financial product data and financial product participant data is stored in a data storage device, then made available to a data processing system participant, and the price to the financial product participant for that financial product is reduced based on the financial product participant'"'"'s disclosure of financial product participant data.

Claims

1. Apparatus for providing a financial products market, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of financial product data records specifying data regarding one or more financial products;

a plurality of participant disclosure data records specifying data disclosed by financial product participants regarding one or more financial product participants or regarding one or more properties which are a subject of the financial product;

said plurality of financial product data records and plurality of participant disclosure data records being stored in said data storage device;

computer programs executing on said data processing system for;

receiving financial product data records from said data storage device;

receiving participant disclosure data records from said data storage device;

providing the financial product data records or the participant disclosure data records from said data processing system to a data processing system participant; and

calculating a price to be charged to the financial product participant in which said price is in part determined by the financial product participant'"'"'s disclosure of data which is specified in the participant disclosure data records.

2. The apparatus of claim 1 wherein one said financial product data record specifies data regarding one or more terms of a loan.

3. The apparatus of claim 1 wherein one said financial product data record specifies data regarding one or more terms of a line of credit.

4. The apparatus of claim 1 wherein one said financial product data record specifies data regarding one or more terms of an insurance policy.

5. The apparatus of claim 1 wherein said financial product data records relate to pooled groups of financial products.

6. The apparatus of claim 1 wherein said price is a price for obtaining a compilation of said data records.

7. The apparatus of claim 1 wherein said price is a price for obtaining a statistics regarding said financial product.

8. The apparatus of claim 1 wherein said price is a price for access to financial product purchase offer statistics data records.

9. The apparatus of claim 1 wherein said price is an interest rate.

10. The apparatus of claim 1 wherein said price is a financial product origination fee.

11. Apparatus for providing market for loans and lines of credit, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of loans and lines of credit data records specifying data regarding one or more loans and lines of credit;

a plurality of participant disclosure data records specifying data disclosed by loan and line of credit participants regarding the participants or regarding property which is a subject of a loan or line of credit;

said plurality of loans and lines of credit data records and plurality of participant disclosure data records being stored in said data storage device;

computer programs executing on said data processing system for;

receiving loans and lines of credit data records from said data storage device;

receiving participant disclosure data records from said data storage device;

providing the loans and lines of credit data records or the participant disclosure data records from said data processing system to a data processing system participant; and

calculating a price to be charged to the loan and line of credit participants in which said price is in part determined by the loan and line of credit participants'"'"' disclosure of data which is specified in the participant disclosure data records.

12. The apparatus of claim 11 wherein said price is a price for obtaining a compilation of said loans and lines of credit data records.

13. The apparatus of claim 11 wherein said price is a price for obtaining statistics regarding said loans and lines of credit.

14. The apparatus of claim 11 wherein said price is a price for access to loans and lines of credit purchase offer statistics data records.

15. The apparatus of claim 11 wherein said price is an interest rate.

16. The apparatus of claim 11 wherein said price is a loans and lines of credit origination fee.

19. The apparatus of claim 11 wherein said price is a price for obtaining statistics regarding said insurance policies.

17. Apparatus for providing market for insurance, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of insurance data records specifying data regarding one or more insurance policies;

a plurality of participant disclosure data records specifying data disclosed by insurance participants regarding the participants or regarding property which is a subject of an insurance policy;

said plurality of insurance data records and plurality of participant disclosure data records being stored in said data storage device;

computer programs executing on said data processing system for;

receiving insurance data records from said data storage device;

receiving participant disclosure data records from said data storage device;

providing the insurance data records or the participant disclosure data records from said data processing system to a data processing system participant; and

calculating a price to be charged to the insurance participants in which said price is in part determined by the insurance participants'"'"' disclosure of data which is specified in the participant disclosure data records.

18. The apparatus of claim 17 wherein said price is a price for obtaining a compilation of said insurance data records.

20. The apparatus of claim 17 wherein said price is a price for access to insurance policy statistics data records.

21. The apparatus of claim 17 wherein said price is an insurance premium.