Systems and computer-implemented processes for occupational risk assessment

Abstract

Systems and methods are disclosed for determine creditworthiness based on the stability of the customer's occupation. Occupational risk scores may be used to group stable or unstable occupations and may be used in conjunction with other indicators of creditworthiness. Risk band scores may also be used to determine creditworthiness. Other aspects of the disclosed embodiments are described herein.

What is claimed is: 
     
         1 . A system for providing a creditworthiness assessment of a customer for display, the system comprising:
 one or more storage devices storing instructions; and   one or more processors configured to execute the instructions to perform the operations of:   mining data representing raw occupations and a first set of indicators of stability associated with the raw occupations using a data miner connected to a network;   creating a first set of customer occupations based on the raw occupations;   creating a second set of mutually exclusive indicators of stability of the first set of customer occupations, the second set of mutually exclusive indicators of stability being created based on the first set of indicators of stability;   generating, through natural language processing, a second set of customer occupations based on the first set of customer occupations and the second set of indicators of stability, the second set of customer occupations being associated with a third set of indicators of stability;   receiving occupation information of a customer;   associating the customer occupation information with one of the second set of customer occupations;   assigning an occupational risk score to the customer from the generated occupational risk scores based on the association;   calculating the creditworthiness assessment of the customer based on the occupational risk score assigned to the customer; and   transmitting the creditworthiness assessment of the customer to a financial account provider for display on a graphical user interface on a display screen.   
     
     
         2 . The system of  claim 1 , wherein the first set of indicators of stability comprise at least one of an average annual income for an occupation, an average highest educational level attained for the occupation, a percentage of persons with different educational histories for the occupation, an average unemployment rate for the occupation, or a stability of unemployment rate for the occupation. 
     
     
         3 . The system of  claim 1 , further comprising:
 assigning risk bands to the second set of customer occupations, wherein assigning the risk bands comprises assigning risk band values for the risk bands, a higher risk band value being associated with more risk than a lower risk band value; and   generating occupational risk scores based on an orthogonal risk splitting of the assigned risk bands.   
     
     
         4 . The system of  claim 3 , wherein:
 assigning risk bands comprises assigning weighted risk band values for the risk bands, a higher risk band value being associated with more risk than a lower risk band value; and   generating occupational risk scores comprises summing the weighted risk band values.   
     
     
         5 . The system of  claim 4 , wherein creating the first set of customer occupations further comprises at least one of:
 expanding abbreviations contained within customer occupation title information included in the customer occupation information;   removing at least one of stop words or special characters from the customer occupation title information; or   spell-checking the customer occupation title information.   
     
     
         6 . The system of  claim 5 , wherein associating the customer occupation information comprises associating the customer occupation information with one of the second set of customer occupations that meets at least one of the following criteria:
 matching title information contained in the second set of customer occupation; or   
       being related to the title information contained in the second set of customer occupation. 
     
     
         7 . The system of  claim 2 , wherein the operations further comprise:
 generating a combined occupational risk score of the customer by combining the occupational risk score assigned to the customer with a FICO score of the customer; and   calculating creditworthiness of the customer based on the combined occupational risk score.   
     
     
         8 . The system of  claim 1 , wherein:
 the system is associated with a third party business; and   the operations further comprise providing the results of the creditworthiness calculation to the financial account provider.   
     
     
         9 . The system of  claim 1 , wherein receiving the first set of indicators of stability comprises:
 retrieving indicators of stability data from at least one of a public or a private occupational database; and   formatting the indicators of stability data to create the indicators of stability.   
     
     
         10 . The system of  claim 2 , wherein the operations further comprise classifying the second set of customer occupations by grouping the second set of customer occupations with similar occupational risk scores into risk classes based on the occupational risk scores. 
     
     
         11 . A non-transitory computer-readable media comprising instructions that, when executed by one or more processors, cause operations comprising:
 mining data representing raw occupations and a first set of indicators of stability associated with the raw occupations using a data miner connected to a network;   creating a first set of customer occupations based on the raw occupations;   creating a second set of mutually exclusive indicators of stability of the first set of customer occupations, the second set of mutually exclusive indicators of stability being created based on the first set of indicators of stability;   generating, through natural language processing, a second set of customer occupations based on the first set of customer occupations and the second set of indicators of stability, the second set of customer occupations being associated with a third set of indicators of stability;   receiving occupation information of a customer;   associating the customer occupation information with one of the second set of customer occupations;   assigning an occupational risk score to the customer from the generated occupational risk scores based on the association;   calculating the creditworthiness assessment of the customer based on the occupational risk score assigned to the customer; and   transmitting the creditworthiness assessment of the customer to a financial account provider for display on a graphical user interface on a display screen.   
     
     
         12 . The non-transitory, computer-readable media of  claim 11 , wherein the first set of indicators of stability comprise at least one of an average annual income for an occupation, an average highest educational level attained for the occupation, a percentage of persons with different educational histories for the occupation, an average unemployment rate for the occupation, or a stability of unemployment rate for the occupation. 
     
     
         13 . The non-transitory, computer-readable media of  claim 11 , the operations further comprising:
 assigning risk bands to the second set of customer occupations, wherein assigning the risk bands comprises assigning risk band values for the risk bands, a higher risk band value being associated with more risk than a lower risk band value; and   generating occupational risk scores based on an orthogonal risk splitting of the assigned risk bands.   
     
     
         14 . The non-transitory, computer-readable media of  claim 13 , wherein:
 assigning risk bands comprises assigning weighted risk band values for the risk bands, a higher risk band value being associated with more risk than a lower risk band value; and   generating occupational risk scores comprises summing the weighted risk band values.   
     
     
         15 . The non-transitory, computer-readable media of  claim 14 , wherein creating the first set of customer occupations further comprises at least one of:
 expanding abbreviations contained within customer occupation title information included in the customer occupation information;   removing at least one of stop words or special characters from the customer occupation title information; or   spell-checking the customer occupation title information.   
     
     
         16 . The non-transitory, computer-readable media of  claim 15 , wherein associating the customer occupation information comprises associating the customer occupation information with one of the second set of customer occupations that meets at least one of the following criteria:
 matching title information contained in the second set of customer occupation; or   being related to the title information contained in the second set of customer occupation.   
     
     
         17 . The non-transitory, computer-readable media of  claim 12 , wherein the operations further comprise:
 generating a combined occupational risk score of the customer by combining the occupational risk score assigned to the customer with a FICO score of the customer; and   calculating creditworthiness of the customer based on the combined occupational risk score.   
     
     
         18 . The non-transitory, computer-readable media of  claim 11 , wherein:
 the system is associated with a third party business; and   the operations further comprise providing the results of the creditworthiness calculation to the financial account provider.   
     
     
         19 . The non-transitory, computer-readable media of  claim 11 , wherein receiving the first set of indicators of stability comprises:
 retrieving indicators of stability data from at least one of a public or a private occupational database; and   formatting the indicators of stability data to create the indicators of stability.   
     
     
         20 . The non-transitory, computer-readable media of  claim 12 , wherein the operations further comprise classifying the second set of customer occupations by grouping the second set of customer occupations with similar occupational risk scores into risk classes based on the occupational risk scores.