SYSTEMS AND METHODS OF CREDIT INFORMATION REPORTING
The present invention generally relates to monitoring and advising consumers of their outstanding credit balance by category of debt (i.e. including, but not limited to, the category of all credit cards, all real estate loans, all automotive loans, all revolving credit loans, etc.) and all minimum payments due by category of debt, and more particularly to an on-line method and system for monitoring and reporting total credit used by category of debt, total minimum payments due by category of debt and total unused available credit by category of debt, and alerting the consumer on a periodic basis via email. Since the credit report is the basis of most credit scores this invention is meant to provide the consumer with debt categories that are used in calculating their credit score, which is critical to future borrowing especially when the borrowing is approved or disapproved based only on the user's credit score.
This application is a continuation of U.S. patent application Ser. No. 13/252,097, filed Oct. 3, 2011, which is a continuation of U.S. patent application Ser. No. 12/265,249, filed Nov. 5, 2008, which is hereby incorporated by reference in its entirety as if set forth herein.
BACKGROUNDThe present invention generally relates to monitoring and advising consumers of their outstanding credit balance by category of debt, and more particularly to an on-line method and system for monitoring and reporting unused available credit by category of debt.
Traditionally the typical method for obtaining one's credit information was to request a credit report from a credit reporting bureau through various sources, and provide identifying proof of identity. However, credit reports do not analyze, calculate, summarize and compile the total debts owed for each debt category, the total amount of unused available credit for each debt category and the total minimum payments due for a given time period for each debt category. Also, determining and compiling these amounts manually is a time consuming process that requires an individual to obtain an amount from each particular credit grantor, for example an amount from each credit card company, mortgage lender, etc. To monitor changes in the amounts of unused available credit manually as reported to a credit bureau requires an individual to periodically purchase additional credit reports and manually determine the amounts of unused available credit for each subsequent credit report or contact each credit grantor individually. Moreover, the content within the credit report can be difficult to understand as it is not summarized and thus is not in the most presentable format for an individual to quickly understand the amount of unused credit that is available. Nor is a credit report provided automatically on a periodic basis such as a bank account or even credit card statements, thus not keeping the consumer informed of total credit debts owed by debt category or amounts available by debt category.
SUMMARYThis application describes an on-line method and system for monitoring, reporting and summarizing the amount of unused available credit for each debt category. The method and system also monitors, reports and summarizes the total debt associated with each debt category as reported to the credit bureau, and the minimum payments due for a given time period for each debt category, as reported to the credit bureau. The total amount of unused credit available for each debt category, the total debt associated with each debt category, and the minimum payment due for a given time period for each debt category is reported in a single communication so that the user can more easily determine his or her financial needs and requirements, and how this information can potentially affect the user's credit score.
In one embodiment, a method for on-line monitoring, reporting and summarizing an amount of unused available credit is provided. The method includes providing an on-line system that allows an end user to access the system by means of a computer. The method also includes the system requesting and retrieving credit information of the end user from a credit bureau. Further, the method includes the system presenting the unused credit available for each debt category, the total debt associated with each debt category and the minimum payments due for a given time period for each debt category to the end user in a summarized, easily readable and understandable format. The method and system also monitors, reports and summarizes the total debt associated with each debt category as reported to the credit bureau, and the minimum payments due for a given time period for each debt category, as reported to the credit bureau.
In another embodiment, an on-line system for monitoring, reporting and summarizing unused available credit information is provided. The system includes an enrollment component, a data request component, and a data presentation component. The enrollment component allows an end user to access the system by means of a computer. The data request component requests and retrieves credit information of the end user from a credit bureau. Also, the data presentation component presents a summary of the total debt owed for each debt category, the total amount of unused available credit for each debt category and the total minimum payments due for a given time period for each debt category in an easily readable and understandable format.
In the following detailed description, reference is made to the accompanying drawings that form a part hereof, and in which is shown by way of illustration specific illustrative embodiments in which the invention may be practiced. These embodiments are described in sufficient detail to enable those skilled in the art to practice what is claimed, and it is to be understood that other embodiments may be utilized without departing from the spirit and scope of the claims. The following detailed description is, therefore, not to be taken In a limiting sense.
The embodiments presented herein are directed to an on-line method and system for monitoring and reporting unused available credit information to an individual. As described herein, the method and system for monitoring and reporting unused available credit provides the total amount of unused credit available for each debt category. The embodiments herein also provide the user with the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category. Each debt category, as defined herein, may contain multiple credit lines. For example, a credit card debt category may include a number of different credit cards each from a different credit grantor. Examples of debt categories include, but are not limited to, credit cards, auto loans, home mortgages, term loans etc. As the credit report is the basis of most credit scores the embodiments herein are meant to provide the consumer with credit information grouped by debt categories that are used in calculating their credit score, which is critical to future borrowing, especially when the borrowing is approved or disapproved based only on the user's credit score.
The enrollment component 210 provides an enrollment process that allows an end user, accessing the system 105 by using the computer 120, to provide end user personal identity data to the system 105 and to grant the system 105 permission to request end user credit information from the credit bureau 160. Once the enrollment process is complete, the system 105 also grants the end user access to the components of the membership portion 204.
At step 320, the system 105 receives the request from the end user via the sales channel 130 and the system 105 provides an input questionnaire to the sales channel 130 to get necessary personal identity data from the end user. The personal identity data includes, for example, name, address, employment, social security number etc. The flowchart 300 then proceeds to step 330.
At step 330, the system 105, via the sales channel 130, provides the input questionnaire to the end user. The system 105 then waits for the end user, using the computer 120, to provide personal identity data in response to questions included in the input questionnaire. The flowchart 300 then proceeds to step 340.
At step 340, the system 105, via the sales channel 130, requests the end user to grant permission for the system 105 to request end user credit information from the credit bureau 160. Once permission is granted by the end user, the personal identity data is stored in the database 110. Once step 340 is completed, the end user can access the membership portion 204 and a data request process provided by the data request component 220 begins.
The data request component 220 provides the data request process whereby the system 105 submits personal identity data to the credit bureau 160 and requests end user credit information from the credit bureau 160.
The data presentation component 230 provides the data presentation process whereby the system 105 receives and stores credit information from the credit bureau 160 in the database 110. Once the credit information is received, the system 105 presents the total amount of unused available credit for each debt category, the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category to the end user in a summarized, easily readable and understandable format. In some embodiments, the credit information received from the credit bureau 160 does not include the total amount of unused credit available for each debt category, the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category. In these embodiments, the system 105 reconfigures the credit information to provide the end user the total amount of unused credit available for each debt category, the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category in a summarized, easily readable and understandable format. Reconfiguring the credit information includes grouping particular credit information for each credit line into its respective debt category (i.e. grouping all credit cards in a credit card debt category, grouping term loans in a term loan debt category, etc.), determining the total amount of debts owed for each debt category, determining the total credit limit allowed for each debt category and based on these amounts determining the total amount of unused available credit for each debt category. Reconfiguring the credit information further includes determining the total minimum payments due for a given time period for each debt category.
At step 520, the system 105 uses the credit information obtained from the credit bureau 160 and reconfigures the credit information into unused available credit information for presentation to the end user in a summarized, easily readable and understandable format. The system 105 also reconfigures the credit information to provide the end user the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category. The flowchart 500 then proceeds to step 530.
At step 530, the system 105 determines whether the data request submitted at step 410 of the data request process was sent as a periodic update by the alert and monitoring component 240. If the data request was not sent as a periodic update by the alert and monitoring component 240, the flowchart proceeds to step 540. If the data request was sent as a periodic update by the alert and monitoring component 240, the flowchart proceeds to a monitoring and alert process of the alert and monitoring component 240.
At step 540, the system 105 waits for a request from the end user for a presentation of the unused available credit information. Once a request is received by the end user the flowchart 500 then proceeds to step 550.
At step 550, the system 105 presents the unused available credit information into a summarized, easily readable and understandable format for the end user. This includes providing the unused available credit information in a graphical or tabular presentation format. The system 105 also presents the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category in a similar graphical or tabular presentation format.
The alert and monitoring component 240 provides custom settings to an end user to modify how the system 105 provides unused available credit information to the end user. These custom settings include setting periodic status updates and setting migration of credit balance alerts to the end user. Migration of credit balance, as defined herein, are any changes with an end user's outstanding balance, the available credit limit and the range between these values. The alert and monitoring component 240 configures the system 105, including the data request component 220 and the data presentation component 230, based on the custom settings determined by the end user and stores these settings in the database 110. Also, the alert and monitoring component 240 allows the system 105 to monitor the end user's amount of unused available credit and to send an alert and notify the end user of the amount of unused available credit based on the end user's configuration of the custom settings and to monitor the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category. The alert and monitoring component 240 also allows an end user access to the system 105 at any time to monitor the end user's amount of unused available credit, the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category. This information is presented based on the end user's configuration of the custom settings.
The alert and monitoring component 214 provides a monitoring and alert process that provides an end user periodic status updates of the unused available credit information and provides an alert to the end user when there are any changes to the end user's unused available credit information.
At step 620, the system 105 proceeds to step 410 of the data request process to send a data request to the credit bureau 160. The flowchart 620 then proceeds to step 630. At step 630, the system 105 waits until the system 105 returns from step 530 of the data presentation process. When the system 105 returns from step 530, the flowchart 600 proceeds to step 640.
At step 640, the system 105 determines whether there is any migration of credit balance. If the system 105 determines there is a migration of credit balance, the flowchart 600 proceeds to step 650. If the system 105 determines there is not a migration of credit balance, the flowchart 600 proceeds to step 660.
At step 650, the end user is notified that a migration of credit balance has occurred to the end user's credit. The end user is notified of the migration of credit balance via email.
At step 660, the system 105 determines whether a status time period has passed. The status time period is an amount of time between providing the end user with the current status of the end user's unused available credit information. The status time period is a custom setting that can be modified by the end user. Typically, the status time period is set for one month. If the status time period has passed, the flowchart 600 proceeds to step 670. If the status time period has not passed, the flowchart 600 proceeds back to step 610.
At step 670, the end user is notified of the current status of the end user's unused available credit information. The end user is notified of the current status of the unused available credit information via email and the current status of the total debts owed for each debt category and the total minimum payments due for a given time period for each debt category. The flowchart then proceeds back to step 610.
The embodiments disclosed in this application are to be considered in all respects as illustrative and not limitative. The scope of the invention is indicated by the appended claims rather than by the foregoing description; and all changes which come within the meaning and range of equivalency of the claims are intended to be embraced therein.
Claims
1. (canceled)
2. A computer-implemented method comprising:
- receiving one or more custom settings of an individual indicating conditions of credit balance changes relating to at least one of: an outstanding balance, an available credit limit, or percentage of available credit used, wherein the conditions are used to trigger alerts to the individual;
- continuously monitoring credit information of the individual to determine whether the conditions are met, the credit information indicating a plurality of credit card accounts associated with the individual; and
- in response to determining that at least one condition of the conditions in the one or more custom settings is met, automatically: identifying one or more credit card accounts that are associated with a credit card category of a plurality of categories; determining amounts of unused available credit for the one or more credit card accounts associated with the credit card category; and transmitting a notification including the determined amounts of unused available credit for the one or more credit card accounts.
3. The computer-implemented method of claim 2, wherein the notification comprises a warning for at least one of the determined amounts of unused available credit for the one or more credit card accounts, wherein the warning is generated based at least in part on a determined percentage of available credit used by the individual.
4. The computer-implemented method of claim 2, wherein the monitored credit information does not include the amount of unused available credit for the corresponding credit card account.
5. The computer-implemented method of claim 2, wherein the method further comprises: in association with the continuously monitoring the credit information of the individual, transmitting personal identifiable information of the individual to a credit bureau to retrieve the credit information as stored in a database maintained by the credit bureau.
6. The computer-implemented method of claim 2, wherein the method further comprises: accessing the credit information from an internal database.
7. The computer-implemented method of claim 2, wherein the method further comprises: transmitting, to the individual, the available unused credit for the credit card category upon request by the individual.
8. The computer-implemented method of claim 2, wherein the method further comprises: determining a total amount of unused available credit for the one or more credit card accounts associated with the credit card category, wherein the condition comprises the total amount of unused available credit meeting a threshold, and the notification further includes the total amount of unused available credit.
9. The computer-implemented method of claim 2, wherein the method further comprises: determining a total outstanding balance for the one or more credit card accounts associated with the credit card category, wherein the condition comprises the total outstanding balance meeting a threshold, and the notification further includes the total outstanding balance.
10. A system comprising:
- memory; and
- one or more physical processors configured with processor-executable instructions that cause the one or more physical processors to: receive one or more custom settings of an individual indicating conditions of credit balance changes relating to at least one of: an outstanding balance, an available credit limit, or percentage of available credit used, wherein the conditions are used to trigger alerts to the individual; continuously monitor credit information of the individual to determine whether the conditions are met, the credit information indicating a plurality of credit card accounts associated with the individual; and in response to determining that at least one condition of the conditions in the one or more custom settings is met, automatically: identify one or more credit card accounts that are associated with a credit card category of a plurality of categories; determine amounts of unused available credit for the one or more credit card accounts associated with the credit card category; and transmit a notification including the determined amounts of unused available credit for the one or more credit card accounts.
11. The system of claim 10, wherein the credit information includes an outstanding balance, an available credit limit, or percentage of available credit used for a corresponding credit card account.
12. The system of claim 10, wherein the notification includes a graphical or tabular format including the determined amounts of unused available credit for the one or more credit card accounts.
13. The system of claim 10, wherein the notification includes a hyperlink that when selected by the individual, routes the individual to a user interface that requests additional information from the individual.
14. The system of claim 13, wherein the additional information includes the individual's income.
15. A non-transitory computer storage medium storing computer-executable instructions that, when executed by one or more processors, cause the one or more processors to at least:
- receive one or more custom settings of an individual indicating conditions of credit balance changes relating to at least one of: an outstanding balance, an available credit limit, or percentage of available credit used, wherein the conditions are used to trigger alerts to the individual;
- continuously monitor credit information of the individual to determine whether the conditions are met, the credit information indicating a plurality of credit card accounts associated with the individual; and
- in response to determining that a first condition of the conditions in the one or more custom settings is met, automatically: identify one or more credit card accounts that are associated with a credit card category of a plurality of categories; determine amounts of unused available credit for the one or more credit card accounts associated with the credit card category; and transmit a first notification including the determined amounts of unused available credit for the one or more credit card accounts.
16. The non-transitory computer storage medium of claim 15, wherein the custom settings include setting periodic updates to the individual for the monitoring of credit information.
17. The non-transitory computer storage medium of claim 15, wherein the instructions further cause the one or more processors to at least:
- continuously monitor trade line information of the individual as stored in a credit bureau database to determine whether the conditions are met;
- in response to determining that a second condition of the conditions in the one or more custom settings is met, automatically: identify trade lines associated with respective debt categories of a plurality of debt categories; determining amounts of unused available credit for individual debt categories; and transmitting a second notification including the determined amounts of unused available credit for the individual debt categories.
18. The non-transitory computer storage medium of claim 17, wherein at least one of the debt category categories includes at least one of: an auto loan debt category, a home mortgage debt category, or a term loan debt category.
19. The non-transitory computer storage medium of claim 17, wherein the credit information includes at least one of: a total amount of debt; a revolving credit balance, limit or minimum monthly payment for the revolving credit balance; credit card balance, limit and minimum monthly payment for a credit card; mortgage and bank line of credit balance, limit and minimum monthly payment for a mortgage or bank line; or other line of credit balance, limit and minimum monthly payment for the other line of credit.
20. The non-transitory computer storage medium of claim 17, wherein the second notification includes a graphical or tabular format including the determined amounts of unused available credit for the one or more credit card accounts.
21. The non-transitory computer storage medium of claim 17, wherein the second notification includes a hyperlink that when selected by the individual, routes the individual to a user interface that requests additional information from the individual.
Type: Application
Filed: Apr 10, 2020
Publication Date: Oct 29, 2020
Inventor: Sheldon Kasower (Canoga Park, CA)
Application Number: 16/845,717