Method and apparatus for a verifiable on line rejection of an applicant for credit
AssigneeNextCard, Inc.
InventorsJeremy R. Lent, Mary Lent, Eric R. Meeks, Yinzi Cai, Timothy J. Coltrell, David W. Dowhan, Dermot Gately
Life of this patent
Estimating the term…
Abstract
A system and method are disclosed for presenting a reason for the rejection of a credit application from an applicant is disclosed. The method includes obtaining a factor from a credit bureau identified as a factor that influences the FICO score assigned to the application by the credit bureau. The factor identified by the credit bureau is mapped to an internal rejection code. A rejection reason is provided that corresponds to the internal rejection code to the applicant.
Claims20
A method of presenting a reason for the rejection of a credit application from an applicant comprising:
- electronically obtaining from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;
- using a computer processor to:
- map the factor identified by the credit bureau to an internal rejection code;
- determine whether the internal rejection code corresponds to a specific code or a general code;
- and
- change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available;
- and
- providing a rejection reason corresponding to the internal rejection code to the applicant via a network.
A system for presenting a reason for the rejection of a credit application from an applicant comprising:
- a communication interface;
- and
- a processor coupled to the communication interface and configured to obtain electronically from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;
- map the factor identified by the credit bureau to an internal rejection code;
- determine whether the internal rejection code corresponds to a specific code or a general code;
- change the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available;
- and provide to the applicant via the communication interface a rejection reason corresponding to the internal rejection code.
A computer program product for presenting a reason for the rejection of a credit application from an applicant, the computer program product being embodied in a computer readable medium and comprising computer instructions for:
- obtaining from a credit bureau a factor identified as influencing the FICO score assigned to the application by the credit bureau;
- mapping the factor identified by the credit bureau to an internal rejection code;
- determining whether the internal rejection code corresponds to a specific code or a general code;
- changing the internal rejection code to correspond to a specific rejection reason if it is determined that the internal rejection code corresponds to a general code and the specific rejection reason is available;
- and
- providing a rejection reason corresponding to the internal rejection code to the applicant via a network.
Dependencies are inferred from the claim text.