Credit/financing process

US 20030036995A1
Filed: 05/06/2002
Published: 02/20/2003
Est. Priority Date: 08/16/2001
Status: Active Grant

First Claim

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1. A method for a borrower to obtain and/or evaluate desired financial services, comprising:

obtaining and recording financing evaluation information based on pre-established and objective criteria used by at least one established financial institution that provides financing of the type sought by the borrower; and

determining a credit grading for the borrower based on the financing evaluation information, the credit grading being determined by a third party that will not provide the financing to the borrower.

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Abstract

A method for a borrower to obtain and/or evaluate desired financial services is disclosed. Personal information from the borrower is obtained and recorded. The personal information includes reasons that the borrower wants to obtain the financing. Financing evaluation information based on pre-established and objective criteria used by at least one established financial institution that provides financing of the type sought by the borrower is obtained and recorded. A credit grading for the borrower is determined based on the personal information, and the financing evaluation information. The credit grading is determined by an independent entity that will not provide the financing to the borrower. The financing may be a loan, such as a mortgage loan or an auto loan or the financing may be the issuance of a credit card or a line of credit.

184 Citations

37 Claims

1. A method for a borrower to obtain and/or evaluate desired financial services, comprising:
- obtaining and recording financing evaluation information based on pre-established and objective criteria used by at least one established financial institution that provides financing of the type sought by the borrower; and
  
  determining a credit grading for the borrower based on the financing evaluation information, the credit grading being determined by a third party that will not provide the financing to the borrower.
- View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 23)
- - 2. The method of claim 1, further comprising:
    - obtaining and recording personal information comprising reasons that the borrower wants to obtain the financing; and
      
      wherein determining a credit grading for the borrower is based on the personal information and the financing evaluation information.
  - 3. The method of claim 1, wherein the financing is a loan.
  - 4. The method of claim 3, wherein the loan is a mortgage loan.
  - 5. The method of claim 3, wherein the loan is a personal loan.
  - 6. The method of claim 3, wherein the loan is an auto loan.
  - 7. The method of claim 3, wherein the loan is a student loan.
  - 8. The method of claim 1, wherein the financing is a credit card.
  - 9. The method of claim 1, wherein the financing is a line of credit.
  - 10. The method of claim 1, further comprising providing the credit grading to the borrower.
  - 11. The method of claim 1, further comprising providing the credit grading information to the at least one established financial institution that provides financing of the type sought by the borrower.
  - 12. The method of claim 11, wherein the at least one established financial institution evaluates potential financing to the borrower based on the credit grading information.
  - 13. The method of claim 1, further comprising incurring a legal obligation to pay the third party for determining the credit grading.
  - 23. The method of claim 4, further comprising incurring a legal obligation to pay the third party for determining the credit grading.

14. A method for a borrower to obtain and/or evaluate a desired loan, comprising:
- obtaining and recording loan evaluation information based on pre-established and objective criteria used by at least one established lender that may provide the loan to the borrower; and
  
  determining a credit grading for the borrower based on the loan evaluation information, the credit grading being determined by a third party that will not provide the loan to the borrower.
- View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22)
- - 15. The method of claim 14, further comprising:
    - obtaining and recording personal information comprising reasons that the borrower wants to obtain the loan; and
      
      wherein determining a credit grading for the borrower is based on the personal information and the financing evaluation information.
  - 16. The method of claim 14, wherein the loan is a mortgage loan.
  - 17. The method of claim 14, wherein the loan is a personal loan.
  - 18. The method of claim 14, wherein the loan is an auto loan.
  - 19. The method of claim 14, wherein the loan is a student loan.
  - 20. The method of claim 14, further comprising providing the credit grading to the borrower.
  - 21. The method of claim 14, further comprising providing the credit grading information to the at least one established lender that provides loans of the type sought by the borrower.
  - 22. The method of claim 14, wherein the at least one established lender evaluates potential loans to the borrower based on the credit grading information.

24. A method for a borrower to obtain and/or evaluate credit cards, comprising:
- obtaining and recording credit evaluation information based on pre-established and objective criteria used by at least one established financial institution that issues credit cards to applicants; and
  
  determining a credit grading for the applicant based on the credit evaluation information, the credit grading being performed by a third party that is not issuing the credit card to the applicant.
- View Dependent Claims (25, 26, 27, 28, 29)
- - 25. The method of claim 24, further comprising:
    - obtaining and recording personal information comprising reasons that the borrower wants to obtain the credit card; and
      
      wherein determining a credit grading for the borrower is based on the personal information and the financing evaluation information.
  - 26. The method of claim 24, further comprising, providing credit grading information to the applicant.
  - 27. The method of claim 24, further comprising providing the credit grading information to at least one financial institution.
  - 28. The method of claim 24, wherein the financial institution evaluates issuing a credit card to the borrower based on the credit grading information.
  - 29. The method of claim 24, further comprising incurring a legal obligation to pay the third party for determining the credit grading.

30. A method for a person to obtain and/or evaluate desired financial services, comprising:
- providing financial information to a third party who records that information and compares at least a portion of that information with financial qualification criteria used by at least one financial provider of the services and then generates financial evaluation information that rates how well the criteria is met;
  
  incurring a legal obligation to pay the third party for the evaluation; and
  
  providing the financial evaluation information to the person.
- View Dependent Claims (31, 32, 33, 34, 35, 36, 37)
- - 31. The method of claim 30, further comprising providing configuration information to the third party relating to the reasons for seeking the financial services.
  - 32. The method of claim 31, wherein the person provides the financial evaluation information to another person who provides the desired financial services coupled with a request for the desired financial services.
  - 33. The method of claim 32, wherein the financial service comprises a home mortgage.
  - 34. The method of claim 31, wherein the financial service comprises a home mortgage.
  - 35. The method of claim 31, further comprising providing at least some of the configuration information to providers of goods and services related to the person'"'"'s reason for seeking the financial services.
  - 36. The method of claim 30, wherein the person provides the financial evaluation information to another person who provides the desired financial services coupled with a request for the desired financial services.
  - 37. The method of claim 36, wherein the financial service comprises a home mortgage.

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Current Assignee
Mortgage Grader Incorporated
Original Assignee
Mortgage Grader Incorporated
Inventors
Lazerson, Jeffrey M.

Granted Patent

US 7,680,728 B2
Time in Patent Office

Days
Field of Search
US Class Current

705/38
CPC Class Codes

G06Q 30/02   Marketing; Price estimation...

G06Q 40/00   Finance; Insurance; Tax str...

G06Q 40/03   Credit; Loans; Processing t...

G06Q 40/08   Insurance

Credit/financing process

First Claim

1 Assignment

0 Petitions

Accused Products

Abstract

184 Citations

37 Claims

Specification

Solutions

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Credit/financing process

First Claim

1 Assignment

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Subscription Required

0 Petitions

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Accused Products

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Abstract

184 Citations

37 Claims

Specification

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Solutions

Use Cases

Quick Links