Systems and methods for detecting bust out fraud using credit data

Abstract

Systems and methods are disclosed for predicting bust out fraud using credit bureau data. In one embodiment, credit bureau scoring models are created using credit bureau data to detect bust out fraud. The credit bureau scoring models may be then applied to consumer data to determine whether a consumer is involved in bust out fraud.

1 . A bust out fraud detection system, the system comprising:
 a processor configured to run software modules;   a data storage device storing a plurality of consumer records, the data storage device in electronic communication with the processor; and   a bust out module configured to:
 identify a subset of the plurality of records from the data storage device; 
 receive a credit bureau bust out model from a storage repository, the credit bureau bust out model predicting which consumer records are likely involved and created using substantially only credit bureau data; 
 apply the credit bureau bust out model to each of the subset of the plurality of consumer records to generate a credit bureau bust out score for each of the subset of the plurality of consumer records; and 
 store in a storage repository the credit bureau bust out score associated with the subset of the plurality of the consumer records; and 
   the processor able to run the bust out module.   
     
     
         2 . The bust out fraud detecting system of  claim 1 , wherein the plurality of consumer records is received in real time. 
     
     
         3 . The bust out fraud detection system of  claim 1 , wherein the plurality of consumer records relate to prospective consumers that may be approved for credit. 
     
     
         4 . The bust out fraud detection system of  claim 1 , wherein the plurality of consumer records is received in a batch. 
     
     
         5 . The bust out fraud detection system of  claim 1 , wherein the plurality of consumer records represent existing consumer accounts. 
     
     
         6 . The bust out fraud detection system of  claim 1 , wherein the credit bureau bust out model predicts fraud one to three months in advance. 
     
     
         7 . A computer implemented method for generating scores that indicate bust out fraud comprising:
 identifying a plurality of consumer records;   receiving a bust out filter from a storage repository, the bust out filter created using substantially only credit bureau data;   applying the bust out filter to each of the plurality consumer records to generate a bust out score for each of the plurality of consumer records; and   storing in a storage repository the bust out score associated with each of the consumer records.   
     
     
         8 . The computer implemented method of  claim 7 , wherein the plurality of consumer records is received in real time. 
     
     
         9 . The computer implemented method of  claim 7 , wherein the plurality of consumer records related to potential prospective customers that may be approved for credit. 
     
     
         10 . The computer implemented method of  claim 7 , wherein the plurality of consumer records is received in a batch. 
     
     
         11 . The computer implemented method of  claim 7 , wherein the plurality of consumer records represents existing consumer accounts. 
     
     
         12 . The computer implemented method of  claim 7 , wherein the bust out model predicts fraud one to three months in advance. 
     
     
         13 . A storage medium having a computer program stored thereon for causing a suitably programmed system to process computer-program code by performing the method of  claim 7  when such program is executed on the system.