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 approval of credit over a network, comprising:
 receiving 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, determining 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 previous applicants;   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 applicant 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 the credit report data from a credit bureau for the applicant; and 
 determining, 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; and 
   if it is determined to approve the applicant for credit, communicating electronically to the applicant that the applicant has been approved for credit.   
   
   
       2 . The method of  claim 1 , wherein the determination of whether to approve the applicant for credit occurs in real time. 
   
   
       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 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, 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 whether to accept the applicant using the credit report data; and, 
 communicate, 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 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 determining, 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 . The computer system of  claim 6 , wherein the decisions means makes the determination in real time.