Method and system for real-time controls on credit check requests

A system for determining real-time authorization of a credit check, comprising:

• an account database of a processing server configured to store a plurality of account profiles, wherein each account profile includes a structured data set related to a transaction account including at least an account number and communication preferences;
• a receiving device of the processing server configured to receive a transaction message related to an electronic transaction from a payment network, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store a specific account number, a second data element configured to store a credit identifier, and one or more additional data elements configured to store transaction data;
• a querying module of the processing server configured to execute a query on the account database to identify a specific account profile where the included account number corresponds to the specific account number stored in the first data element included in the received transaction message;
• and
• a transmitting device of the processing server configured to electronically transmit a data signal to a computing device associated with the identified specific account profile based on the communication preferences included in the identified specific account profile, wherein the data signal is superimposed with a credit check request including at least one data value included in the transaction data stored in the one or more additional data elements included in the received transaction message, wherein
• the receiving device of the processing server is further configured to receive a response data signal from the computing device, wherein the response data signal is superimposed with an indication of approval of a credit check associated with the electronic transaction, and
• the transmitting device of the processing server is further configured to electronically transmit a return message to the payment network, wherein the return message is formatted based on the one or more standards and includes the plurality of data elements and where the indication of approval is stored in one of:
• the second data element and a third data element.