165 results about "Credit history" patented technology

In some embodiments, systems and methods are disclosed for generating filters to determine whether a consumer is likely to have a scoreable credit record based on non-credit data, and to determine a potential risk level associated with an unscoreable credit record based on non-credit data. Existing scoreable and unscoreable records are compared to determine factors correlated with having an unscoreable record, and a multi-level filter is developed. Unscoreable records having at least one entry are compared to determine whether they are “good” or “bad” risks, factors correlated with either condition are determined, and a filter is developed. The filters can be applied to records comprising demographic data to determine consumers that are likely to have unscoreable records but represent good risks.

Embodiments of the disclosure are directed to providing unique loan identifiers to track loans involved in Asset-Backed Securities (ABS) throughout the life-cycle of the individual loans. In one embodiment, a unique loan identifier, for example, a loan number, may be appended to loan data at initiation of each loan, for example, at the application stage, to and / or beyond the retirement of the loan. The unique loan identifiers may allow disparate financial data sources such as the credit histories of the borrowers to be associated with the individual loans, even as the loans are repackaged and resold as ABS in the secondary markets. Thus, market participants such as loan servicers and investors can access current and historical data associated with the loans. Other embodiments are directed to analyzing the data associated with the underlying loans and providing the analysis to the market participants including servicers, investors, and underwriters.

Systems, methods, and apparatus are provided for instant decisioning and remote dispensing of credit cards. In accordance with one implementation the system for instantly issuing a credit card includes means for receiving a credit card application from an applicant, means for instantly decisioning the credit card application, if declined, means for instantly notifying the applicant of that decision, and if approved, means for instantly issuing the credit card. The instant issuance credit card system can also receive a security deposit from the applicant where a determination is made that the applicant may need to remit a security deposit in order to secure the credit card. A decision to require security deposit may be based on the credit history of the applicant. A method for instantly issuing a credit card is also provided. Additionally, an apparatus for remotely dispensing a credit card is provided. The remote dispensing apparatus includes: an input device; a security deposit acceptor; a remote dispensing module, wherein the remote dispensing module communicates with a central real-time decisioning platform; a credit card dispenser; and a display.

The invention discloses a credit recording system and method based on a block chain. The credit recording system comprises a plurality of user terminals which are connected to the block chain and used for acquiring and verifying credit data, wherein each user terminal is installed with an encryption module for encrypting target credit data to be transmitted to form encrypted credit data, a communication module for transmitting the encrypted credit data together with the block chain, and a storage module for storing the target credit data of the user terminal and other encrypted credit data transmitted by the block chain. The credit data are wide in sources, independent, reliable and real; the cleaning and sieving complexity of the credit data are lowered greatly; and the credit recording system and method have flexible and diverse application scenes and high extensibility.

A method for building credit may include providing an authorized user of a pre-paid card issued by a service provider. The service provider may charge the authorized user a fee for the pre-paid card and establish a loan loaning the authorized user an amount equal to the fee under loan terms specifying a repayment schedule. The repayment schedule may include periodic installments and a minimum amount due for each of the periodic installments, where the loan may be independent from the load applied to the pre-paid card. The authorized user repays the loan in accordance with the loan terms so as to create a credit history. The service provider may report the credit history to a credit bureau to improve a credit score of the authorized user.

A computer system creates and maintains an index for tracking information relating to individuals. Such information can include, but is not limited to, social security numbers, names, address information, credit bureau identification numbers, and credit history information on individuals. The invention employs logical rules to this information in order to create and maintain a set of files for each individual. The logical rules can include social security rules, geography rules, and address ranking rules. The invention is designed to evaluate slight variations in information very carefully in order to insure that appropriate files are assigned the same index identification number or that appropriate records are assigned separate and different index identification numbers as a situation warrants. The present invention is designed to maintain numerous files for each individual being tracked instead of merging and purging files as is done in the conventional art.

Disclosed is a computer-implemented method (100) of rating a consumer in connection with a transaction initiated by the consumer and requesting credit from a credit issuer (28). The method (100) includes the steps of: providing a merchant-based consumer / transaction data set (16) to a central credit issuer database (20); providing a third party credit history data set (24) to the central credit issuer database (20); providing a credit issuer credit history data set (30) to the central credit issuer database (20); determining a consumer rating index variable (12) based upon a scoring formula (34) utilizing at least one data field from the provided data sets; and presenting the consumer rating index variable (12) to the credit issuer (28). A system (10) and apparatus (50) for rating the consumer in connection with this transaction is also disclosed.

Provided is an automated process for producing accurate statistical models from sample data tables. The process solves for the optimal parameters of each statistical model considered, computes test statistics and degrees of freedom in the model, and uses these test statistics and degrees of freedom to establish a complete ordering of the statistical models. In cases where the sample data table is sufficiently small, the process constructs and analyzes all reasonable statistical models that might fit the data table provided. In cases where the number of possible models is prohibitively high, the process begins by constructing and solving more general models and then constructs and solves those more detailed models that are similar to those general models that achieved the highest ordering. In either of these two cases, the process arrives at a statistical model that is highest in the ordering and is thus deemed most suitable to model the sample data table. The result of this process is a statistical model deemed to be most suitable to model the sample data table and a set of average table values produced by this resulting model. This resulting table may include modeled values for table entries for which no initial data was supplied. This invention finds application in the area of credit scoring, where covariates such as age, profession, gender, and credit history are used to determine the likelihood that an individual will default on a loan. It also finds application in analyzing the effectiveness of many types of tools as they are used in various environments (e.g., the effectiveness of radar when used in different weather conditions). It also finds application in the area of insurance, where one wishes to estimate the future number of claims against a specific insurance policy based on a database of past insurance claims.

Embodiments of systems and methods are disclosed that manage transactions and communication between car dealers and lenders. In one embodiment, the system lessens risks for lenders and makes relationships with dealers safer and easier to administer. In one embodiment, a dealer may utilize the system to manage its inventory, obtain and manage credit history information about potential customers, help customers apply for credit, transact credit applications and credit approvals with various lenders, submit applications to multiple lenders, select from among the accepting lenders, and manage forms used to complete a transaction.