Systems and methods for electronic account certification and enhanced credit reporting

Abstract

A computer-implemented method includes providing certified financial data indicating financial risk about an individual. The method includes electronically collecting financial account data about the individual from at least one financial source. The method includes transforming the financial account data into a desired format. The method includes 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. The method includes marking the exceptions as valid exceptions when output of the algorithm engine validates the exceptions. The method includes confirming the exceptions by collecting additional data and applying the algorithm engine to the additional data

1 . A method for evaluating a borrower's loan risk, comprising:
 using a network-connected server to aggregate records of a plurality of financial transactions, wherein each record of a financial transaction comprises a unique identifier associated with the transaction;   estimating the aggregated transaction data in an algorithm the income or assets of an applicant in an evaluation of credit risk;   confirming exceptions by electronically collecting additional data and iteratively applying the algorithm;   providing the evaluation of the borrower's loan risk to a recipient that is considering whether to extend a loan to the borrower; and   electronically and graphically reporting the lending risk to the user in real time.   
     
     
         2 . The method of  claim 1 , further comprising auditing the evaluation of the borrower's loan by confirming the plurality of financial transactions using their unique identifiers. 
     
     
         3 . The method of  claim 1 , wherein the trade line of the borrower comprises financial information selected from the group consisting of: rent payment history; mortgage payment history; and utility payment history. 
     
     
         4 . The method of  claim 1 , wherein the unique identifier comprises a financial institution transaction identifier established according to the open financial exchange specification. 
     
     
         5 . The method of  claim 1 , further comprising receiving a request for the evaluation of the borrower's creditworthiness. 
     
     
         6 . The method of  claim 1 , wherein the records of the plurality of financial transactions are aggregated on a continual basis, whereby the evaluation of the borrower's creditworthiness is prepared using previously obtained and stored records of at least a portion of the plurality of financial transactions. 
     
     
         7 . The method of  claim 1 , further comprising the records of the plurality of financial transactions are assigned unique identifiers. 
     
     
         8 . The method of  claim 1 , wherein the exception is duplication within the plurality of data. 
     
     
         9 . The method as claimed in  claim 1 , wherein the aggregated transaction data 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. 
     
     
         10 . The method as claimed in  claim 1 , wherein the aggregated transaction data comprises at least one of asset data, debt data, income data, expense data, credit report data, employment data, or identity data. 
     
     
         11 . The method of  claim 1 , wherein providing the evaluation of the borrower's creditworthiness comprises transmitting the evaluation over a network to a recipient computer system selected from a loan originator computer system. 
     
     
         12 . A computer-implemented method for providing certified aggregated transaction data from a certifying entity indicating lending risk about a borrower, comprising:
 (a) receiving, at a computer, a request for the certified aggregated transaction data from a user over a computer network, wherein the request is received by the certifying entity that executes instructions independently from the user on a remote server;   (b) electronically collecting records of a plurality of financial transactions connected with the borrower from at least one financial source over the computer network and the Internet, wherein (i) the data is collected through the computer network and is asset data, debt data, income data, expense data, credit report data, employment data, or identity data and (ii) the data is collected by the certifying entity;   (c) transforming the financial account data into a desired format;   (d) validating the plurality of financial transactions by applying an algorithm to the plurality of financial transactions to identify exceptions, wherein the exceptions indicate incorrect data or lending risk, wherein (i) the algorithm validates the data using a pattern of risk and is a plurality of financial rules: and (ii) the certifying entity defines the algorithm to assess a borrower's creditworthiness;   (e) confirming the exceptions by electronically collecting additional data and iteratively applying the algorithm to the additional data, wherein the additional data is financial data specific to the borrower, wherein the algorithm applies additional rules to the additional data to confirm the exception;   (f) marking the exceptions, after step as valid exceptions when output of the algorithm validates the exceptions; and   (g) electronically and graphically reporting the lending risk to the user in real time.   
     
     
         13 . The method of  claim 12 , wherein the trade line of the borrower comprises financial information selected from the group consisting of: rent payment history; mortgage payment history; and utility payment history. 
     
     
         14 . The method as claimed in  claim 13 , wherein the aggregated transaction data comprises at least one of asset data, debt data, income data, expense data, credit report data, employment data, or identity data. 
     
     
         15 . The method of  claim 14 , further comprising the records of the plurality of financial transactions are assigned unique identifiers. 
     
     
         16 . The method of  claim 15 , wherein the records of the plurality of financial transactions are aggregated on a continual basis, whereby the evaluation of the borrower's creditworthiness is prepared using previously obtained and stored records of at least a portion of the plurality of financial transactions. 
     
     
         17 . A method performed in a server system for providing an accurate evaluation of a borrower's creditworthiness using verified financial transaction records stored across disparate financial institution computer systems, comprising:
 using a network-connected aggregation server operatively connected to a plurality of network-connected financial institution servers to utilize a borrower's access information to log in to multiple of the network-connected financial information servers and to aggregate records on a continual basis, of a plurality of financial transactions from the multiple of the network-connected financial institution servers, wherein each aggregated record of a financial transaction provided by a first one of the financial institution servers comprises a unique transaction identifier associated with the transaction, wherein each aggregated record of a financial transaction provided by a second one of the financial institution servers also comprises a unique transaction identifier associated with the transaction and wherein at least one of the aggregated records provided by the second one of the financial institution servers comprises a record of a financial transaction corresponding to a record of a financial transaction provided by the first one of the financial institution servers, the unique transaction identifier for each aggregated record of a financial transaction being identical between records of the same transaction stored on more than one financial institution server;   storing the aggregated records of the plurality of financial transactions on a storage medium of the network-connected aggregation server;   receiving a request for an evaluation of a borrower's creditworthiness at the network-connected aggregation server;   using, at the network-connected aggregation server, the stored aggregated records of the plurality of financial transactions to estimate the income or assets of an applicant in an evaluation of a borrower's creditworthiness in an algorithm that evaluates the aggregated transaction data relative to spending habits of an average person having a set income or a set amount of assets, whereby the evaluation of the borrower's creditworthiness is prepared using previously obtained and stored records; and   providing the evaluation of the borrower's creditworthiness to a recipient that is considering whether to extend a loan to the borrower within at most one day of a request for the evaluation of the borrower's creditworthiness.