System and methods for providing least cost data acquisition for financial decisions
AssigneeZoot Enterprises, Inc.
InventorsPeter Quinlan, Tom Johnson, Chris Nelson
Life of this patent
Estimating the term…
Abstract
Systems and methods for providing credit decisions using the least cost necessary to access data sources. A lending institution can create custom credit decisioning rules which use only the data needed to grant or deny credit. Credit decision data sources are optimized for cost or likelihood of success to provide the lowest overall cost for the credit query. Embodiments allow for early identification of denial or approval of credit and also for identification of various credit products or packages.
Claims19
A hosted computing system for credit decisioning comprising:
- one or more processors configured to receive financial applications;
- the processors further configured to acquire data from a plurality of repositories of credit histories, said credit histories corresponding to the credit risk associated with persons making said financial applications, said repositories having a cost range in using said data from low to relatively high values;
- and
- said processors further configured to identify the financial risk to persons using said data from said repositories, the processors being further configured to select a least cost risk module and said processors being configured to enable said person to make a financial decision without having to check a relatively higher cost value module.
A hosted computer implemented a method for credit decisioning, said method comprising the steps of:
- receiving loan applications at one or more computing device;
- storing data modules in said computing devices from a plurality of repositories of credit histories, said data modules corresponding to credit risk to persons making loan applications to a lending institution, said repositories having data modules being usable in evaluating the risk of making a loan and having a cost range in using said data modules from low to relatively higher cost values;
- and
- identifying credit risks applicable to said loan applications using said stored repository data and selecting a least cost data module in the credit decisioning process.
Dependencies are inferred from the claim text.