System and Method for Rapid Updating of Credit Information

Abstract

According to one embodiment, the invention relates to a system and method for evaluating the creditworthiness of an account holder of a credit account comprising the steps of determining, at least once a day, whether a first data set relating to the creditworthiness of the account holder has been received from a credit reporting organization; determining, at least once a day, whether a second data set relating to transaction activity of the credit account has been received; periodically receiving from a credit reporting organization a third data set relating to the creditworthiness of the account holder; periodically receiving a fourth data set relating to the historical activity of the credit account; and using the first and second data sets, to the extent they have been received, and the third and fourth data sets to determine a measure of creditworthiness

1 . A computer implemented method, comprising:
 receiving, periodically, by at least one computer processor, one or more data sets comprising data relating to the creditworthiness of an entity wherein the one or more data sets are received from an organization;   receiving, periodically, by the at least one computer processor, one or more data sets comprising account transaction data relating to one or more accounts associated with the entity;   analyzing, by the at least one computer processor, the one or more data sets comprising data relating to the creditworthiness of the entity and the one or more data sets comprising account transaction data, to the extent they have been received, to determine the presence of a requirement for calculating a measure of creditworthiness, wherein the requirement is based on at least one triggering event; and   using the one or more data sets comprising data relating to the creditworthiness of the entity and the one or more data sets comprising account transaction data, by the at least one computer processor, to the extent they have been received, to periodically determine the measure of creditworthiness based on the requirement using a risk model wherein the periodic determination is based on the presence of a requirement for calculating the measure of creditworthiness and the risk model is associated with an account segment;   wherein the at least one computer processor is located in at least one computing device that is communicatively coupled to a network.   
     
     
         2 . The method of  claim 1 , wherein periodically receiving the one or more data sets comprising data relating to the creditworthiness comprises a pre-determined time interval. 
     
     
         3 . The method of  claim 1 , wherein periodically receiving the one or more data sets comprising account transaction data comprises a pre-determined time interval. 
     
     
         4 . The method of  claim 1 , further comprising:
 defining, by the at least one computer processor, a plurality of account holder segments based on at least one characteristic of the account holders;   defining, by the at least one computer processor, at least one risk model for each of the plurality of account holder segments.   
     
     
         5 . The method of  claim 1 , wherein the triggering event comprises one of: a receipt of payment, a transaction greater than a predetermined amount, or any significant event related to an account associated with the entity. 
     
     
         6 . The method of  claim 1 , wherein the one or more data sets comprising data relating to the creditworthiness of the entity comprise data derived from multiple creditors and accounts. 
     
     
         7 . The method of  claim 6 , wherein the multiple accounts comprise one or more of: a mortgage account, an auto loan account, a school loan account, and a credit card account. 
     
     
         8 . The method of  claim 1 , wherein the organization is a credit reporting organization. 
     
     
         9 . The method of  claim 1 , wherein the one or more data sets comprising data relating to the creditworthiness of the entity comprise data related to one or more credit accounts. 
     
     
         10 . The method of  claim 9 , wherein the one or more credit accounts are associated with the entity. 
     
     
         11 . The method of  claim 7 , wherein the multiple accounts are associated with the entity. 
     
     
         12 . The method of  claim 11 , wherein the entity comprises a customer. 
     
     
         13 . The method of  claim 1 , wherein the entity comprises a customer. 
     
     
         14 . The method of  claim 1 , wherein the one or more data sets comprising data relating to the creditworthiness are received from a credit reporting organization. 
     
     
         15 . The method of  claim 14 , wherein the one or more data sets comprising data relating to the creditworthiness further comprise a credit history data set. 
     
     
         16 . The method of  claim 15 , further comprising:
 analyzing the credit history data set;   generating a set of dependent variables using weight functions or ratios;   creating a credit history profile from the credit history data set using the set of dependent variables, wherein the credit history profile comprises a summary of the data in the credit history data set; and   transmitting the credit history data set as an input to periodically determine the measure of creditworthiness.