U.S. patent application number 12/856242 was filed with the patent office on 2010-12-02 for credit approval monitoring system and method.
This patent application is currently assigned to TransUnion LLC.. Invention is credited to Kent Lefner, Susan Zabran.
Application Number | 20100306101 12/856242 |
Document ID | / |
Family ID | 34316615 |
Filed Date | 2010-12-02 |
United States Patent
Application |
20100306101 |
Kind Code |
A1 |
Lefner; Kent ; et
al. |
December 2, 2010 |
Credit Approval Monitoring System and Method
Abstract
A credit approval monitoring system comprises a database system
storing credit files for consumers. A monitoring processing system
monitors credit reports of subscribing consumers and transmits
messages indicative of changes in a subscribers credit report. A
screening processing system screens credit reports to determine if
credit applicants satisfy select criteria. A watch processing
system is operatively associated with the monitoring processing
system and the screening processing system for periodically
requesting the screening processing system to determine if the
credit report of a select consumer satisfies the select criteria
and sending the determination to the monitoring processing system
to notify the select consumer if the screening processing system
determines that the credit report of the select consumer satisfies
the select criteria.
Inventors: |
Lefner; Kent; (Dyer, IN)
; Zabran; Susan; (Villa Park, IL) |
Correspondence
Address: |
WOOD, PHILLIPS, KATZ, CLARK & MORTIMER
500 W. MADISON STREET, SUITE 3800
CHICAGO
IL
60661
US
|
Assignee: |
TransUnion LLC.
|
Family ID: |
34316615 |
Appl. No.: |
12/856242 |
Filed: |
August 13, 2010 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
10944606 |
Sep 17, 2004 |
|
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12856242 |
|
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60504242 |
Sep 18, 2003 |
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Current U.S.
Class: |
705/38 |
Current CPC
Class: |
G06Q 40/025 20130101;
G06Q 40/00 20130101; G06Q 40/02 20130101 |
Class at
Publication: |
705/38 |
International
Class: |
G06Q 40/00 20060101
G06Q040/00 |
Claims
1. A credit approval monitoring system comprising: a database
storing credit files for consumers; a monitoring processing system
monitoring credit files of subscribing consumers and transmitting
messages indicative of changes in a subscriber consumers credit
file; a screening processing system screening credit files to
determine if subscribing consumers satisfy select credit criteria;
and a watch processing system operatively associated with the
monitoring processing system and the screening processing system,
the watch processing system being programmed to periodically
request the screening processing system to determine if the credit
file of a select subscribing consumer satisfies the select credit
criteria and sending the determination to the monitoring processing
system to notify the select subscribing consumer if the screening
processing system determines that the credit file of the select
subscribing consumer satisfies the select credit criteria.
2. The credit approval monitoring system of claim 1 wherein the
watch processing system periodically requests screening of credit
files for the select subscribing consumer after the subscribing
consumer has been denied credit and subscribed to the monitoring
processing system.
3. The credit approval monitoring system of claim 1 wherein the
watch processing system transmits daily screening requests to the
screening processing system.
4. The credit approval monitoring system of claim 1 wherein the
monitoring processing system is operative to notify the select
subscribing consumer if the screening determines that the select
subscribing consumer satisfies the select credit criteria
comprising transmitting an email message to the select subscribing
consumer including a link to a credit bureau network site providing
a marketing message to the select subscribing consumer.
5. The credit approval monitoring system of claim 4 wherein the
credit bureau network site directs the select subscribing consumer
to a credit grantor network site if the select consumer responds to
the marketing message.
6. The credit approval monitoring system of claim 1 wherein the
screening processing system determines if the select subscribing
consumer satisfies select credit criteria of a credit grantor by
determining a credit score for the select subscribing consumer and
comparing the credit score to the select credit criteria.
7. A credit approval monitoring system comprising: a database
storing credit files for consumers; a screening processing system
programmed to screen credit files to determine if consumers satisfy
select credit criteria; and a watch processing system operatively
associated with the monitoring processing system and the screening
processing system, the watch processing being programmed to
periodically request the screening processing system to determine
if the credit file of a select consumer satisfies the select credit
criteria and to notify the select consumer if the screening
processing system determines that the credit file of the select
consumer satisfies the select credit criteria.
8. The credit approval monitoring system of claim 7 further
comprising a monitoring processing system operatively associated
with the database and being programmed to monitor credit files of
subscribing consumers and wherein the watch processing system
periodically requests screening of credit files for the select
consumer after the select consumer has been denied credit and
subscribed to the monitoring processing system.
9. The credit approval monitoring system of claim 7 wherein the
watch processing system transmits daily screening requests to the
screening processing system.
10. The credit approval monitoring system of claim 8 wherein the
monitoring processing system is operative to notify the select
consumer if the screening determines that the select consumer
satisfies the select criteria comprising transmitting an email
message to the select consumer including a link to a credit bureau
network site providing a marketing message to the select
consumer.
11. The credit approval monitoring system of claim 7 wherein the
screening processing system determines if the select consumer
satisfies select criteria of a credit grantor by determining a
credit score for the select consumer and comparing the credit score
to the select credit criteria.
12. A credit approval monitoring system comprising: a database
storing credit files for consumers; monitoring processing means for
notifying subscribing consumers of changes in the subscribing
consumers credit file; screening processing means for screening
credit files to determine if subscribing consumers satisfy select
criteria; and watch processing means operatively associated with
the monitoring processing means and the screening processing means,
the watch processing means for periodically requesting the
screening processing means to determine if the credit file of a
select subscribing consumer satisfies the select criteria and
sending the determination to the monitoring processing means to
notify the select subscribing consumer if the screening processing
means determines that the credit file of the select subscribing
consumer satisfies the select criteria.
13. The credit approval monitoring system of claim 12 wherein the
watch processing means periodically requests screening of credit
files for a consumer after the consumer has been denied credit and
subscribed to the monitoring processing means.
14. The credit approval monitoring system of claim 12 wherein the
watch processing means transmits daily screening requests to the
screening processing means.
15. The credit approval monitoring system of claim 12 wherein the
monitoring processing means is operative to notify the select
subscribing consumer if the screening determines that the select
subscribing consumer satisfies the select criteria comprising
transmitting an email message to the select subscribing consumer
including a link to a credit bureau network site providing a
marketing message to the select consumer.
16. The credit approval monitoring system of claim 15 wherein the
credit bureau network site directs the consumer to a credit grantor
network site if the select subscribing consumer responds to the
marketing message.
17. The credit approval monitoring system of claim 12 wherein the
screening processing means determines if the select subscribing
consumer satisfies select criteria of a credit grantor by
determining a credit score for the select subscribing consumer and
comparing the credit score to the select criteria.
Description
CROSS REFERENCE
[0001] This application is a continuation of Utility application
Ser. No. 10/944,606, filed Sep. 17, 2004, which claims priority of
Provisional Ser. No. 60/504,242, filed Sep. 18, 2003.
FIELD OF THE INVENTION
[0002] This invention relates to credit monitoring and screening
and, more particularly, to a credit approval monitoring system and
method.
BACKGROUND OF THE INVENTION
[0003] Simply stated, credit is borrowed money. Credit signifies
the amount of trust a creditor has in the fact that a debtor will
repay borrowed funds pursuant to an agreement. The amount of trust
a creditor has directly translates into the amount of money that
will be provided to the customer and which must be repaid.
[0004] To facilitate credit transactions, a credit bureau acts as a
clearinghouse for credit history information. Credit grantors
provide credit bureaus with factual information on how their credit
customers pay their bills. Credit grantors can obtain credit
reports about consumers who wish to open accounts with them.
[0005] Recently, credit bureaus have provided services to consumers
allowing the consumer to monitor changes to their personal credit
information. These monitoring systems can provide notices any time
a change is made to the consumer's credit report to ensure that the
credit information used by the credit bureau is accurate and up to
date. Moreover, the information can be used by the consumer to
ascertain the likelihood of obtaining credit. However, the consumer
will not know if the changes are sufficient to allow them to obtain
credit without actually applying for the same.
[0006] Only businesses or individuals with a permissible purpose
can access a consumer's credit report. An example of a permissible
purpose includes accessing a credit report in connection with a
credit transaction involving the consumer. Because of these
restrictions, a credit grantor cannot on its own access credit
information to determine the credit worthiness of any particular
consumer.
[0007] The present invention is directed to enhancements in current
systems and method for managing relationships between credit
grantors and consumers.
SUMMARY OF THE INVENTION
[0008] In accordance with the invention there is provided a credit
approval monitoring system and method.
[0009] There is disclosed in accordance with one aspect of the
invention, a credit approval monitoring method comprising:
continually monitoring a credit report of a consumer; notifying the
consumer when any changes are made to the consumer's credit report;
periodically screening the credit report to determine if the
consumer satisfies select criteria of a credit grantor; and
notifying the consumer if the screening determines that the
consumer satisfies the select criteria.
[0010] It is a feature of the invention that periodically screening
the credit report to determine if the consumer satisfies select
criteria of a credit grantor comprises screening the consumer after
the consumer has been denied credit.
[0011] It is another feature of the invention that periodically
screening the credit report to determine if the consumer satisfies
select criteria of a credit grantor comprises making a daily
determination that the consumer satisfies the select criteria.
[0012] It is still a further feature of the invention that
notifying the consumer if the screening determines that the
consumer satisfies the select criteria comprises transmitting an
email message to the consumer including a link to a network site
providing a marketing message to the consumer.
[0013] It is still another feature of the invention that the
consumer is directed to a network site of the credit grantor if the
consumer responds to the marketing message.
[0014] It is yet another feature of the invention that periodically
screening the credit report to determine if the consumer satisfies
select criteria of a credit grantor comprises determining a credit
score for the consumer and comparing the credit score to the select
criteria.
[0015] There is disclosed in accordance with another aspect of the
invention a credit approval monitoring method comprising: providing
a notification of adverse action to a credit applicant responsive
to the credit applicant not satisfying select criteria; subsequent
to the adverse action notification monitoring a credit report of
the credit applicant; periodically screening the credit report to
determine if the credit applicant satisfies the select criteria;
and notifying the credit applicant if the screening determines that
the credit report satisfies the select criteria.
[0016] There is disclosed in accordance with yet another aspect of
the invention a credit approval monitoring system. The system
comprises a database system storing credit files for consumers. A
monitoring processing system monitors credit reports of subscribing
consumers and transmits messages indicative of changes in a
subscribers credit report. A screening processing system screens
credit reports to determine if credit applicants satisfy select
criteria. A watch processing system is operatively associated with
the monitoring processing system and the screening processing
system for periodically requesting the screening processing system
to determine if the credit report of a select consumer satisfies
the select criteria and sending the determination to the monitoring
processing system to notify the select consumer if the screening
processing system determines that the credit report of the select
consumer satisfies the select criteria.
[0017] Further features and advantages of the invention will be
apparent from the specification and the drawings.
BRIEF DESCRIPTION OF THE DRAWINGS
[0018] FIG. 1 is a block diagram of a credit approval monitoring
system in accordance with the invention;
[0019] FIG. 2 is a flow diagram illustrating a sale cycle and set
up routine of a credit approval monitoring method in accordance
with the invention implemented using the system of FIG. 1;
[0020] FIG. 3 is a flow diagram illustrating a credit monitoring
routine for the credit approval monitoring method in accordance
with the invention;
[0021] FIG. 4 is a flow diagram illustrating a wait routine of the
credit approval monitoring method in accordance with the invention;
and
[0022] FIG. 5 is a flow diagram illustrating an e-mail routine of
the credit approval monitoring method in accordance with the
invention.
DETAILED DESCRIPTION OF THE INVENTION
[0023] In accordance with the invention, a credit approval
monitoring system and method provides a gateway for businesses to
market credit related products to consumers by using combined
information, architecture and technology of credit monitoring
products and decisioning or screening products that analyze a
consumer's credit file using credit attributes and the like.
[0024] Conventional credit monitoring products facilitate consumer
analysis of changes to their personal credit information. Likewise,
current decisioning products provide a pre-screen tool that
facilitates the cross sell of credit products and services. The
credit approval monitoring system and method in accordance with the
invention combines and enhances these two products for businesses
to use in managing consumer relationships. The system and method
provides a new product relationship with a consumer by matching
consumers who participate in a credit monitoring service with
offers from businesses when changes in the consumer's credit
profile meets criteria pre-defined by the business. Particularly,
the credit approval monitoring system and method supports promoting
credit monitoring services to businesses for consumer usage. The
system and method develops the e-commerce capabilities targeting
directly to consumers and to manage and grow consumer relationships
while allowing promotion of credit monitoring to businesses.
[0025] As a consumer's credit profile changes, credit monitoring
services continue to inform the consumer. In accordance with the
invention decisioning or screening services evaluate opportunities
to present the consumer with marketing offers from the business
responsible for the use of the credit monitoring service. These
marketing offers are packaged and displayed when the consumer
returns to the credit monitoring service to check status.
[0026] Referring to FIG. 1, a block diagram illustrates an
exemplary system for implementing the credit approval monitoring
system and method. A cloud 10 represents a communication network
for providing electronic communications. The network 10 may
comprise any available network such as a telephone network, the
internet, or any other means of providing electronic
communications. Connected to the network 10 are a consumer PC 12, a
business customer host 14 and a credit approval monitoring system
16. The credit approval monitoring system 16 comprises a credit
monitoring system 18, a credit screening system 20 and a credit
watch system 22, each connected to the network 10. Also, the credit
watch system is operatively connected to the credit monitoring
system 18 and the credit screening system 20. Particularly, the
credit monitoring system 18 is also a stand alone product, as
described above, which facilitates consumer analysis of changes to
personal credit information and uses a monitor database 24. The
credit screening system 20 also operates as a stand alone product,
as a pre-screen tool that facilitate the sale of credit products
and services. This credit screening system 20 uses a screening
database 26. The credit watch system 22 functions with the credit
monitoring system 18 and the credit screening system 20, as
discussed above, and uses a general credit database 28 that stores
credit history information for consumers, as discussed above.
[0027] As is apparent, FIG. 1 is illustrative of an environment in
which the credit approval monitoring system 16 can be implemented.
However, the invention is not intended to be limited to any
particular hardware implementation. Each block may represent a
computer processing system or systems or a network of computer
processing systems, servers, or the like, as necessary to implement
the invention. The blocks are intended to represent functionality
implemented using one or more conventional processing systems, as
will be apparent to those skilled in the art.
[0028] FIGS. 2-5 comprise flow diagrams illustrating routines for a
credit approval monitoring method in accordance with the invention
implemented using the exemplary credit approval monitoring system
16 of FIG. 1. The process is described with reference to the
exemplary system of FIG. 1. However, as is apparent, the particular
process steps could be implemented in different functional blocks
from those described herein.
[0029] Referring initially to FIG. 2, the process begins when a
business customer enters into a contract with a credit bureau at a
block 30 to purchase the credit approval monitoring service. At a
block 32, the credit bureau and the business customer determine the
particular methodology to be used for that business customer. This
methodology may include the decisioning criteria used for
determining credit worthiness. Additionally, the methodology
includes the content of credit offers in the form of marketing
messages that will be shown to consumers when an approval change is
identified and a destination landing page URL to be sent to
consumers when they respond to the business customer's marketing
message. The URL is hosted by the business customer, for example in
the host 14, see FIG. 1.
[0030] At a block 34, the business approved criteria is set up and
stored in the screening database 26. The credit monitoring system
18 uses static sub-codes for data pulls. A new sub-code is created
to identify the credit monitoring system 18 and the particular
rules for the business customer. The credit database 28 is set up
with the new sub-code at a block 36. This allows the credit
monitoring system 18, see FIG. 1, to pull data from the credit
database 28 using this special sub-code. The credit monitoring
system 18 adds the new sub-code to a newly created sub-code table
at a block 38. The new sub-code is used by the credit monitoring
system 18 on behalf of a specific business customer whenever data
is pulled. The marketing message content is also loaded into the
monitor database 24 for later retrieval. The credit monitoring
system 18 communicates to the business customer at a block 40 the
URL used in adverse action notices to consumers. This URL allows
the credit monitoring system 18 to identify which business
customer, and thus which sub-codes, to reference for decisioning
purposes. The set up process concludes at a block 42 when the
business customer is prepared to begin mailing adverse action
notices and the methodology proceeds to a credit monitoring routine
flow diagram of FIG. 3.
[0031] Referring to FIG. 3, the credit monitoring routine is
illustrated beginning at a block 44 entered from the flow diagram
of FIG. 2. The process begins at a block 46 when the business
customer communicates adverse action information to consumers in
the form of credit applicants. Advantageously, only applicants who
are defined as "gray-area declination" consumers, will receive a
letter with the credit monitoring URL messaging. These are
applicants the business customer deems close enough that a future
positive migration in credit may be enough to receive an approval
based on the decisioning criteria set up in the credit monitoring
system 18. At a block 48, the consumer, using a computer, such as
the consumer PC 12, see FIG. 1, responds to the messaging and
visits the landing page defined by the URL in the adverse action
notice. The business customer ID is captured and the credit
monitoring system 18 begins to track the business customer ID. If
the consumer elects not to subscribe to any credit monitoring
services on the website, then the entire process ends. If the
consumer purchases credit monitoring, at a block 50, then they fill
out appropriate order information and a set up process as defined
by the credit monitoring system 18 and this information is stored
in the monitor database 24. Once the service is successfully
ordered, then the credit monitoring system 18 sends watch data to
the watch system 22 using a dynamic sub-code for each entry.
Particularly, the consumer information and the business customer
specific sub-code, discussed above, are transmitted on a normal
schedule at a block 52. The watch system 22 receives the watch data
at a block 54 for processing. The credit monitoring routine then
ends when the watch service is successfully set up and the process
proceeds via a block 56 to a wait routine illustrated in FIG.
4.
[0032] Referring to FIG. 4, the wait routine is illustrated
beginning at a block 58 defining an entry point from the credit
monitoring routine of FIG. 3. The wait routine begins when the
watch system 22 processes information based on criteria established
for a given business customer sub-code. A watch database 59, as
described herein, watches a consumers credit file and takes other
actions when certain conditions occur. The actions include
notifying the consumer, as is conventional, and/or notifying the
business customer. At a block 60, the watch system 22 executes
periodically, for example nightly, using the business customer
subscriber sub-code and sends to the screening system 20 screening
indicative and permanent ID data and score data for each consumer
being monitored. This information is accepted by the screening
system 20 at a block 62 which sends a request to and receives
credit information from the credit database 28. Using criteria in
the screening database 26, the screening system 20 renders a credit
decision at a block 64 and communicates the decision back to the
block 60. Also, from a block 66 a soft inquiry is posted to the
consumer credit profile in the credit database 28.
[0033] The credit monitoring system 18 periodically receives
results from the watch system 22 and the screening system 20, from
the blocks 59 and 60, at a block 68. The results include a reasons
code for decisions. For each credit monitoring customer for which
the credit monitoring system 18 receives a yes decision from the
credit screening, as determined at a decision block 70, the
consumer profile will be flagged at a block 72 to display the
business consumer marketing message which is sent to the monitor
database 24. The process ends when the credit approval monitoring
system e-mails to consumers at a block 74 with change or no change
notifications using the existing credit monitoring system 18.
[0034] Referring to FIG. 5, a flow diagram illustrates the e-mail
routine implemented after the wait routine of FIG. 4 at a block 76.
The routine begins when the consumer responds to a received change
notification e-mail and visits the designated credit monitoring URL
website at a block 78. At the website, the consumer logs in at a
block 80 and views the standard credit monitoring page, using
information from the monitor database 24. If the customer profile
has been flagged, as discussed above, and as determined at a
decision block 82, then the credit monitoring system 18 displays
the business customer marketing message at a block 84 with links to
the business customer. If the business customer profile was not
flagged, then the routine ends at a node 86. If the consumer who is
shown the marketing message at the block 84 elects to click on the
indicated link, then the consumer will be redirected to the
previously identified business customer URL site at a block 88. The
consumer decision to transfer to the business customer website is
recorded in a reporting system at a block 90 and the consumer is
then redirected to the business customer website at a block 92. The
routine then ends at the block 86 when the consumer leaves the
credit monitoring system website.
[0035] Thus, in accordance with the invention, the integrated
credit approval monitoring system 16 allows business customers to
convert previously declined consumers. Consumers can view and
respond to pre-approval messages when a change threshold is
realized. Also, the potential consumer is more inclined to review
the marketing position given the relationship between their
personal information change and the relevance of the message.
Additionally, the system 16 allows grey-area declination consumers
to improve their financial condition. Consumers will be able to
order credit related products easily through established business
client relationships. This adds value to the proposition of resale
of monitoring products to consumers by business clients. Finally,
the credit approval monitoring system and method leverages existing
products in an integrated credit approval monitoring system and
method.
[0036] The present invention has been described with respect to
flowcharts and block diagrams. It will be understood that each
block of the flowchart and block diagrams can be implemented by
computer program instructions. These program instructions may be
provided to a processor to produce a machine, such that the
instructions which execute on the processor create means for
implementing the functions specified in the blocks. The computer
program instructions may be executed by a processor to cause a
series of operational steps to be performed by the processor to
produce a computer implemented process such that the instructions
which execute on the processor provide steps for implementing the
functions specified in the blocks. Accordingly, the illustrations
support combinations of means for performing a specified function
and combinations of steps for performing the specified functions.
It will also be understood that each block and combination of
blocks can be implemented by special purpose hardware-based systems
which perform the specified functions or steps, or combinations of
special purpose hardware and computer instructions.
* * * * *