Preferred credit information data collection method
OwnerMichael G. Nathans, Marcia A. Goldstein-Nathansinventors
Life of this patent
Estimating the term…
Abstract
A creditor creates a lock box at a financial institution. The lock box includes an escrow provision. A consumer makes regularly scheduled payments to the financial institution and designates the payment either for the creditor's lock box or for the escrow account. The financial institution reports all payments and escrow events to the creditor and to credit payment data repository. All credit payment data maintained in the credit data repository is maintained securely and will not be released without the consent of the consumer. The credit data maintained in the repository is used to report a credit score, which occurs only when the consumer authorizes the release of the data.
Claims16
A system for collecting and distributing credit information comprising:
- a repository database having stored therein credit information related to credit payments made by a plurality of consumers;
- a repository management computer connected to the repository database, the repository management computer being configured to input credit payment data pertaining to a plurality of consumers from a payment processor computer and to store the credit payment data in the repository, the repository management computer being further configured to release credit information from the repository database for a particular consumer to an authorized credit provider upon receiving a request from the authorized credit provider and a corresponding authorization from the particular consumer.
A method for processing payments comprising the steps of:
- accepting credit payments at a financial institution lock box;
- crediting the payments to a credit provider;
- and
- reporting, by the financial institution, the payments to a credit repository.
A method for collecting and distributing credit payment data comprising the steps of:
- accepting credit payments at the creditor's financial institution lock box from a consumer;
- crediting the payments to a creditor or to an escrow account in response to an indication by the consumer;
- reporting the payments to a credit payment repository and the creditor;
- maintaining a credit payment database at the repository, the database containing credit payment data for a plurality of consumers;
- reporting the credit payment data for a particular consumer to a potential creditor only if the particular consumer authorizes the repository to release the credit payment data to the potential creditor.
A method for collecting and reporting credit information comprising the steps of:
- collecting credit terms from creditors;
- collecting actual payment data from financial institution lock boxes;
- making a comparison of the actual payment data to the credit terms;
- and
- reporting credit information based on the comparison.
Dependencies are inferred from the claim text.