Systems and methods for electronic account certification and enhanced credit reporting

Abstract

Systems and methods are provided for electronically certifying financial account data and providing enhanced credit reporting capabilities. The systems and methods may include electronically receiving a certification request from a requesting computer, wherein the request is associated with a financial account requiring certification, collecting financial data from at least one financial data provider, where the financial data provider is associated with at least one financial account requiring certification.

The following is claimed: 
     
         1 . A computer-implemented method for providing certified financial data indicating financial risk about an individual, comprising:
 (a) electronically collecting financial account data about the individual from at least one financial source,   (b) transforming the financial account data into a desired format;   (c) validating the financial account data by applying an algorithm engine to the financial account data to identify exceptions wherein the exceptions indicate incorrect data or financial risk;   (d) marking the exceptions as valid exceptions when output of the algorithm engine validates the exceptions; and   
       wherein the algorithm engine identifies a pattern of financial risk; and the method is computer implemented. 
     
     
         2 . The method as claimed in  claim 1 , further comprising confirming the exceptions by collecting additional data and applying the algorithm engine to the additional data. 
     
     
         3 . The method as claimed in  claim 1 , wherein the pattern of risk is selected from the group consisting of not-sufficient funds instances, direct deposits, deposit transactions, transaction velocity, purchase history, and combinations thereof. 
     
     
         4 . The method as claimed in  claim 1 , wherein the algorithm engine provides indicators of the risk associated with the individual. 
     
     
         5 . The method as claimed in  claim 1 , wherein at least a portion of the financial data is real-time data. 
     
     
         6 . The method as claimed in  claim 1 , wherein the steps (b) through step (d) are continually updated in real time. 
     
     
         7 . The method as claimed in  claim 1 , wherein the financial source is selected from a group consisting of employers, financial institutions, mortgage lenders, credit card bureaus, credit reporting bureaus, financial aggregators, securities firms, and investment firms. 
     
     
         8 . The method as claimed in  claim 1 , further comprising:
 transmitting the certified financial data to an authorized recipient.   
     
     
         9 . The method as claimed in  claim 1 , wherein the confirmation step comprises the steps of:
 querying the specific individual for permission to access one of the financial sources for additional financial data related the exceptions;   collecting the financial data subsequent to receiving authorization to access the Financial data; and   applying algorithm engine to the additional financial data.   
     
     
         10 . The method as claimed in  claim 1 , further comprising electronically collecting financial data from one or more financial data providers via one or more computer readable media. 
     
     
         11 . The method as claimed in  claim 1 , wherein the financial account data comprises at least one of asset data, debt data, income data, expense data, credit report data, employment data, or identity data. 
     
     
         12 . The method as claimed in  claim 1 , wherein electronically collecting the financial account data comprises periodically collecting the financial data, and further comprising the step of:
 updating the financial data once the additional financial data is collected; and   continuously updating the financial data at a specified time period.   
     
     
         13 . The method as claimed in  claim 1 , wherein the financial data and the report is not modifiable by the individual. 
     
     
         14 . The method as claimed in  claim 1 , wherein the algorithm engine implements one or more of rules associated with financial analysis, rules associated with financial reporting, rules associated with risk analysis, rules associated with risk reporting, and rules associated with financial scoring. 
     
     
         15 . The method as claimed in  claim 1 , wherein the algorithm engine implements neural networks, genetic algorithms, and pattern matching algorithms. 
     
     
         16 . A computer-implemented method for providing certified financial data indicating financial risk about an individual, comprising:
 (a) electronically collecting financial account data about the individual from at least one financial source selected from a group consisting of employers, financial institutions, mortgage lenders, credit card bureaus, credit, reporting bureaus, financial aggregators, securities firms, and investment firms,   (b) transforming the financial account data into a desired format;   (c) validating the financial account data by applying an algorithm engine to the financial account data to identify exceptions, wherein the exceptions indicate incorrect data or financial risk;   (d) marking the exceptions as valid exceptions when output of the algorithm engine validates the exceptions; and   (e) reporting the financial account data and the valid exceptions,   wherein the algorithm engine provides indicators of the risk associated with the individual and the method is computer implemented.   
     
     
         17 . The method as claimed in  claim 16 , wherein the confirmation step comprises the steps of:
 querying the specific individual for permission to access one of the financial sources for additional financed data related the exceptions;   collecting the financial data subsequent to receiving authorization to access the financial data; and   applying algorithm engine to the additional financial data.   
     
     
         18 . The method as claimed in  claim 17 , wherein the algorithm engine implements one of more of rules associated with financial analysis, rules associated with financial reporting, rules associated with risk analysis, rules associated with risk reporting, and rules associated with financial scoring.