Method and apparatus for real time online credit approval

Abstract

A system and method are described for providing real time approval of credit over a network. The method includes obtaining applicant data from an applicant. The applicant data is analyzed into a form suitable for directly obtaining a credit report from a credit bureau for the applicant. A credit report having credit report data is obtained from a credit bureau for the applicant. It is then determined whether to accept the applicant using the credit report data and it is communicated to the applicant that the applicant has been approved.

1 . A method implemented on one or more computers for providing real time approval of credit over a network, comprising:
 receiving with a computing system comprising one or more computers, via a computer network, applicant data from an applicant for a credit application;   prior to obtaining credit report data from a credit bureau for the applicant, automatically determining with the computer system compliance of the applicant with one or more one or more requirements, the one or more requirements comprising a duplicate check comprising comparing one or more elements of the applicant data with data previously submitted by applicants in prior applications, the duplicate check being failed by the credit application if less than a predetermined period of time has passed since submission of any of the prior applications of which the credit application is determined to be a duplicate, and otherwise being passed;   transmitting electronically to applicant a determination to decline approval for credit to the applicant if the applicant data fails to meet one or more of the one or more requirements;   if the credit application is not declined:   processing one or more elements of the applicant data into a predetermined electronic form;   electronically transmitting the one or more elements of applicant data in the predetermined electronic form to a credit bureau for obtaining a credit report from a credit bureau for the applicant;   receiving electronically with the one or more computers the credit report data from a credit bureau for the applicant; and   causing an automated underwriting process executing on the computer system to decide in real time, without intervention of a human, whether to approve or reject the applicant based for credit based at least in part on the credit report data, the automated underwriting processing comprising comparing a FICO score contained in the credit report data to an acceptance threshold; and   communicating electronically via the computer network to the applicant the decision of whether to approve or disapprove the applicant for credit.   
     
     
         2 . The method of  claim 1 , further comprising causing in real time automated generation using the one or more computers a plurality of offers of credit in response to a determination to approve credit. 
     
     
         3 . A system for providing approval of credit over a network implemented on one or more computer processors, comprising:
 an application engine configured to obtain applicant data from an applicant;   an address parser configured to format the applicant data into a form suitable for directly obtaining a credit report from a credit bureau for the applicant; and   an underwriter module configured to:
 determine automatically whether to continue to process or to reject the applicant based on the applicant data prior to obtaining a credit report from a credit bureau for the applicant, said determining whether to continue to process comprising:
 checking based on the applicant data entered by the applicant and prior to obtaining a credit report whether some or all of the applicant data is a duplicate of applicant data previously entered by the applicant; and 
 declining the applicant, in the event it is determined that the applicant data is a duplicate of applicant data previously entered by the applicant after a predetermined duplication cutoff date; and 
 
 obtain automatically, in the event it is determined based on the applicant data to process the applicant, a credit report having credit report data from a credit bureau for the applicant; 
 determine automatically whether to accept the applicant using the credit report data and the applicant data; and, 
 communicate automatically, if it is determined to accept the applicant for credit, to the applicant that the applicant has been approved for credit. 
   
     
     
         4 . The system of  claim 3 , wherein the determination of whether to accept the applicant for credit occurs in real time. 
     
     
         5 . A computer readable medium, excluding transitory signals, having program code embodied therein for providing approval of credit over a network, which, when read by a computer, causes the computer to perform a process, the program code comprising:
 program code for receiving via a computer network applicant data from an applicant for a credit application;   program code for determining, prior to obtaining credit report data from a credit bureau for the credit application, compliance of the applicant data with one or more one or more requirements, the one or more requirements comprising a duplicate check comprising comparing automatically one or more elements of the applicant data with data previously submitted by applicants;   program code for declining approval for credit to the applicant if the applicant data fails to meet one or more of the one or more requirements;   program code for, if the applicant is not declined:
 processing automatically one or more elements of the applicant data into a predetermined electronic form; 
 electronically transmitting the one or more elements of applicant data in the predetermined electronic form to a credit bureau for obtaining a credit report from a credit bureau for the applicant; 
 receiving electronically a credit report having credit report data from a credit bureau for the applicant; and 
 determining automatically, without intervention of a human, whether to accept or reject the applicant for credit based at least in part on the credit report data; and 
   program code for communicating, if it is determined to accept the applicant for credit, to the applicant that the applicant has been approved for credit.   
     
     
         6 . A computer system, the computer system comprising:
 means for receiving via a computer network applicant data from an applicant for a credit application;   means for determining, prior to obtaining a credit report from a credit bureau for the credit application, compliance of the applicant with one or more requirements, the means for determining compliance with one or more requirements including means for determining whether applicant has previously made application for credit within a predetermined period of time;   means for processing automatically, if the applicant is in compliance with the one or more requirements, one or more elements of the applicant data into a predetermined electronic form and automatically electronically transmitting to a credit bureau for obtaining a credit report from a credit bureau for the applicant;   means for receiving electronically a credit report having credit report data from a credit bureau for the applicant;   decision means for automatically determining in real time, without intervention of a human, whether to accept or reject the applicant for credit based at least in part on the credit report data; and   means for communicating automatically with the applicant the determination of the decision means.   
     
     
         7 . A computer readable medium of  claim 5 , further comprising program code for automatically generating in real time a plurality of offers of credit in response to a determination to approve credit. 
     
     
         8 . Computer program product stored and executing on a computer system for causing the computer system to evaluate without human intervention an on-line electronic application for credit received from the application through a computer network, the evaluation comprising:
 receiving by the computer system over a computer network applicant data for an application for credit;   prior to obtaining credit report data from a credit bureau for the applicant, determining, based on the applicant data, whether the application is a duplicate application by comparing one or more elements of the applicant data with data previously submitted by applicants;   if the application is determined to be a duplicate of a previous application submitted after a predetermined cut-off date, transmitting electronically, via the computer network, to the applicant a determination to decline approval for credit to the applicant, and otherwise electronically transmitting the one or more elements of applicant data in the predetermined electronic form to a credit bureau for obtaining a credit report from a credit bureau for the applicant;   in response to receiving electronically the credit report data from a credit bureau for the applicant, determining automatically in real time, without intervention of a human, whether to approve or reject the applicant for credit based at least in part on the credit report data; and   if the applicant is approved, deriving an offer for credit based on the credit report and applicant data and communicating the offer of credit; otherwise, communicating the rejection to the applicant.   
     
     
         9 . Computer program product according to  claim 8 , wherein determining whether the application is a duplicate application comprises checking a plurality of predefined criteria for matches, the application being determined a duplicate application based on matching of a predetermined number of the criteria. 
     
     
         10 . Computer program product according to  claim 9 , wherein the plurality of predefined criteria comprise social security numbers, names and addresses of applicants. 
     
     
         11 . Computer program product according to  claim 9 , wherein, if the application is determined to be a duplicate of a previous application submitted after a predetermined cut-off date, an option is communicated over the computer network to the applicant to resume an on-line credit application process using the previously submitted application. 
     
     
         12 . A computing system for providing approval of credit over a network comprising on one or more computer processors and memory for storing instructions, the computing system in communication with an applicant computer over a computer network, the one more computer processors executing the instructions, the computing system executing the instructions stored in memory, the instructions comprising:
 an application engine configured for receiving applicant data over a computer network from an applicant;   an address parser configured to format the applicant data into a form suitable for directly obtaining a credit report from a credit bureau for the applicant; and   an underwriter module for automatically determining whether or not to offer credit to the applicant without human intervention, the underwrite module being configured for testing the application, the testing including determining whether the application is a duplicate application; the underwriter module being further configured for
 declining the applicant in the event it is determined that the application is a duplicate application, and 
 otherwise obtaining a credit report from a credit bureau using the applicant data from the address parser and determining whether to offer or decline credit to the applicant using the credit report data without human intervention. 
   
     
     
         13 . The computing system of  claim 12 , wherein the underwriter module is further configured for deriving an offer of credit based on the credit report and applicant data if the applicant is not declined and communicating over the computer network to the applicant the offer of credit; and otherwise communicating to the applicant over the network a decision to decline credit. 
     
     
         14 . The computing system of  claim 12 , wherein the underwrite module is further configured for determining and communicating to the applicant, in the event of a rejection of the applicant, a reason for the rejection based on the a FICO factor. 
     
     
         15 . A computerized system for providing approval of credit over a network implemented on one or more computer processors, comprising,
 means for validating applicant data received from an applicant for an application credit through a computer network;   means for parsing predetermined elements of the applicant data into format for obtaining a credit report on the applicant;   means for performing pre-credit bureau tests, the pre-credit bureau tests comprising a test for determining whether the application is a duplicate of an application previously presented by the applicant before termination of a predetermined duplicate period and generating a failed status if the pre-credit bureau tests are failed; and   means for performing a credit bureau test, the means for performing a credit bureau test configure for performing the credit bureau test only if the pre-credit bureau test is not failed, and the means for performing configured for obtaining a credit report using the predetermined elements of the applicant data from the means for parsing, and for generating a failed status if the credit bureau test is failed;   means for underwriting for determining whether to offer credit to the applicant automatically in real time without human intervention based on the credit bureau test and applicant data.   
     
     
         16 . The computerized system of  claim 15 , wherein the means for performing a credit bureau test obtains credit reports from at least two credit bureaus. 
     
     
         17 . The computerized system of  claim 15 , wherein the test for determining whether an application is a duplicate is comprised of comparing predetermined elements of applicant data to stored data previously submitted by applicants. 
     
     
         18 . The computerized system of  claim 15 , further comprising means for automatically generating in real time a plurality of offers of credit in response to a determination to approve credit. 
     
     
         19 . A method implemented on one or more computers for providing real time approval of credit over a network, comprising:
 receiving with a computing system comprising one or more computers, via a computer network, applicant data from an applicant for a credit application;   prior to obtaining credit report data from a credit bureau for the applicant, automatically determining with the computer system compliance of the applicant with one or more one or more requirements, the one or more requirements comprising a duplicate check, the duplicate check comprising comparing one or more elements of the applicant data with data previously submitted by applicants in prior applications; the duplicate check being failed by the credit application if less than a predetermined period of time has passed since submission of any of the prior applications of which the credit application is determined to be a duplicate, and otherwise the duplicate check being passed;   transmitting electronically to applicant a determination to decline approval for credit to the applicant if the applicant data fails to meet one or more of the one or more requirements;   if the credit application is not declined:
 processing one or more elements of the applicant data into a predetermined electronic form; 
 electronically transmitting the one or more elements of applicant data in the predetermined electronic form to a credit bureau for obtaining a credit report from a credit bureau for the applicant; 
 receiving electronically with the one or more computers the credit report data from a credit bureau for the applicant; and 
   determining automatically in real time in response to receiving the credit report data, using the one or more computers without intervention of a human, whether to approve or reject the applicant based for credit based at least in part on the credit report data;   if the applicant is approved, automatically deriving using the one or more computers one or more offers of credit using at least in part on the credit report data, and communicating to the applicant the one or more offers of credit via the computer network; and otherwise not communicating the one or more offers.   
     
     
         20 . The method of  claim 19 , wherein determining automatically in real time in response to receiving the credit report data, using the one or more computers without intervention of a human, whether to approve or reject the applicant based for credit based at least in part on the credit report data, comprises comparing a FICO score contained in the credit report data to an acceptance threshold. 
     
     
         21 . The method of  claim 20 , wherein automatically deriving using the one or more computers one or more offers comprises deriving a plurality of offers of credit based at least in part on the credit report data, and wherein communicating the one or more offers of credit comprises communicating the plurality of offers of credit to the applicant via the computer network.