Methods of establishing credit
AssigneeEufora LLC
InventorTommy Constantine
Life of this patent
Estimating the term…
Abstract
A method for enhancing credit of a cardholder of a pre-paid card may include issuing a pre-paid card to a cardholder. The cardholder may be charged a fee to establish a credit instrument associated with an account and the pre-paid card. The cardholder may be billed a portion of the credit instrument that includes the fee on a periodic basis, where the billing may be independent of billing for purchases of goods and services with the pre-paid card. A determination as to whether the cardholder timely paid the bill. If the cardholder timely paid the bill, then the payment may be recorded as being timely paid. Otherwise, a recording may be made that the bill was not timely paid. A reporting as to the timeliness of the payment may be made to affect a credit score of the cardholder.
Claims20
A method comprising:
- providing a pre-paid card to an authorized user, the pre-paid card being issued by a service provider;
- establishing an account associated with the pre-paid card;
- applying a load to the account of the pre-paid card to establish an available prepaid balance for the authorized user;
- establishing a credit instrument with a credit balance associated with the account of the pre-paid card for the authorized user;
- establishing a fee for usage of the pre-paid card for the authorized user to pay, the established fee being applied to the credit balance of the credit instrument to the pre-paid card;
- setting a periodic fee based on the credit balance of the credit instrument to be paid by the authorized user to pay on a periodic basis;
- recording receipt of payment of the periodic fee in response the authorized user paying the periodic fee;
- debiting the credit balance in response to processing the recorded payment of the periodic fee;
- and
- reporting payment of the periodic fee made by the authorized user and applied to the credit balance associated with the prepaid card, the reporting being used to alter a credit rating of the authorized user.
Dependencies are inferred from the claim text.