MXPA06003339A - System and method for efficiently processing multiple credit applications - Google Patents

Abstract

A system and method for forwarding multiple credit applications to multiple potential lenders. A user computer or a credit management server sends queries to potential lenders inquiring about the respective information fields used in the potential lenders'respective credit applications. The queries also request informationrelating to the desired format and transmission method of the respective credit applications. With this information, a dynamic credit application is generated which includes all of information fields from all potential lenders. A credit applicant enters credit information into the dynamic credit application. The system then generates tailored credit applications for each lender and forwards these tailored applications to the respective potential lenders. The lenders process the tailored applications and provide results to the user.

Description

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SYSTEM AND METHOD FOR EFFICIENTLY PROCESSING MULTIPLE CREDIT APPLICATIONS This application claims priority for application No. 60 / 505,800 filed on September 24, 2003 entitled "METHOD AND SYSTEM FOR THE ADMINISTRATION OF MULTIPLE CREDIT APPLICATIONS", the entirety of which is incorporated herein by reference. Field of the Invention The present invention relates to a credit application administration system, and more particularly, to a system and method for the effective processing of multiple credit applications with multiple potential lenders. Background of the Invention It is common for consumers to use credit and financing services to make larger purchases of items such as automobiles, accessories, recreational vehicles and homes. In the past, suppliers such as automotive distributors made credit reviews of potential customers manually before providing such financial services (either through the supplier itself or through a third-party lender). Credit reviews often included filling out credit applications by hand and sending faxes or email requests to lenders, credit bureaus or other potential lenders. Some credit bureaus could receive the credit application and offer a credit report over the phone. These systems were generally slow and unreliable. Credit requests often require that much information be provided by the provider and / or the credit applicant. Errors can easily be made to communicate this large volume of information by telephone and handwritten information that has been faxed is often difficult to read. Physical mail services are also very slow. With the advent of the Internet and similar computer communication networks, as well as the penetration of personal computers, much of this process has been automated. Instead of filling out credit applications by hand, providers can now enter the data in credit applications on their personal computers and transmit these credit requests electronically to banking services or lenders through the Internet. Referring to Figure 1, a credit application system of the prior art 30 is shown, which uses a network 28, such as the Internet. A potential customer or loan applicant 20 visits a provider 22 seeking to make a larger purchase, such as a car. The purchase requires a lender 34a, 34b, 34c to provide financing for the consumer 20. The provider 22 receives the credit information of the consumer 20 and produces a credit request 26a that is in an acceptable format for, for example, the 34a lender The provider 22 can use a computer 24 to send the request 26a to the lender 34a through the network 28. The computer 24 can access the network 28 in different ways, including modulation and demodulation of data over the telephone line using frequencies of audio, which may require a modem and a connection to the Public Telephone Network through the Internet service provider. Other means of sending data over the network include cable modems and digital subscriber lines. A problem with the system 30 is that the different lenders 34a, 34b, 34c generally require different data in their credit applications, require the data to be provided in different formats, use different software interfaces and different transmission methods. If the provider 22 wants to send multiple credit requests to different lenders 34a, 34b, 34c, the provider 22 has to manually enter the credit information about the consumer 20 three times to generate these three separate requests 26a, 26b, 26c for each lender 34a, 34b, 34c and may have to transmit said request 26a, 26b, 26c in a different way. Like the manual methodologies of the past, this is still a slow and error-prone process. Therefore, there is a need in the art for a system and method which allows suppliers and consumers to send a credit request to multiple lenders in a more efficient and more reliable manner. If the above problems could be overcome, the administration of the credit application could be used in different environments. For example, sales people at car dealerships could use it to solicit car loan providers, real estate agents could use it to apply for mortgages with respect to banks, and individuals could use it to request insurance quotes. , request credit cards and perform similar tasks. Summary of the Invention One aspect of the present invention is a method of sending multiple credit applications to multiple potential lenders. The method comprises sending a first request to a first potential lender, the first potential lender to effectively process a first credit application with the first information fields, the first request requesting a first response including the first information fields. The method further includes sending a second request to a second potential lender, the second potential lender effectively processes a second credit request with the second information fields, the second credit request requesting a second response including second information fields. The method further includes generating a third credit request, including the third credit request, all the first and second information fields that include at least one field included in the first information fields but not included in the second information fields. Another aspect of the present invention is a system for sending multiple credit requests to multiple potential lenders. The system comprises a user's computer connected to and forming at least part of a network and a first computer of the lender connected to and forming at least part of a network. The system also comprises a second computer of the lender connected to and forming at least part of the network. In the system, the user's computer sends a first request to the computer of the first lender, the computer of the first lender effectively processes a first credit application with the first fields of information, requesting the first request a first response that includes the first fields of information. The first lender's computer sends the first response through the network to the user's computer. The user's computer sends a second request to a second lender's computer, the second lender's computer effectively processes a second credit request with the second information fields, requesting the second request a second response that includes the second fields of information. The second lender's computer sends the second response through the network to the user's computer. The user's computer generates a first credit request, including the first credit request, all the first and second information fields that include at least one field included in the first information fields but not in the second information fields. Yet another aspect of the present invention is a computer readable storage medium that includes computer executable codes to enable the user to send multiple credit requests to multiple potential lenders. The code performs the steps of sending a first request to a potential first lender, the first potential lender effectively processes a first credit application with the first information fields, requesting the first request a first response that includes the first information fields. The code also performs the step of sending a second request to a second potential lender and the second potential lender effectively processes a second credit request with the second information fields, the second request requesting a second response including the second fields of credit. information. The code also performs the steps of generating a third credit application, including the third credit request all the first and second fields of information including at least one field included in the first information fields but not included in the second information fields . Yet another aspect of the present invention is an application for credit produced by the steps of sending a first application to a potential first lender, the first potential lender effectively processes a first credit application with the first information fields, requesting the first credit request a first response that includes the first fields of information; send a second request to a second potential lender and the second potential lender effectively processes a second credit request with the second information fields, requesting the second credit request a second response that includes the second information fields and generating a third credit application, including the third credit application all the first and second fields of information including at least one field included in the first fields of information but not included in the second fields of information. Another aspect of the present invention is a method for sending multiple credit requests to multiple potential lenders. The method comprises receiving the credit information of a credit applicant and entering the credit information into a first credit application. The method further comprises generating a second and third credit applications based on the first application, the second and third credit applications being different. The method also includes sending the second credit request to a potential first lender and sending the third credit request to a second potential lender. Yet another aspect of the present invention is a method for sending multiple credit requests to multiple potential lenders. The method comprises sending a first request to a first potential lender, the first potential lender effectively processes a first credit application with the first information fields, the first request requesting a first response including the first information fields. The method also includes sending a second credit request to a second potential lender, the second potential lender effectively processes a second credit request with the second information fields, the second request requesting a second response including the second information fields . The method further comprises generating a third credit application based on the first and second information fields; receive the credit information of a credit applicant related to the first credit application; and generating a fourth and fifth respective credit applications for the first and second potential lenders respectively, based on the credit information received in the first credit application, with the fourth and fifth credit applications being different. BRIEF DESCRIPTION OF THE DRAWINGS These and other features of the present invention will be apparent from the following description in which reference is made to the accompanying drawings. Figure 1 is a network diagram of a credit application system of the prior art. Figure 2 is a network diagram illustrating a credit application system according to the present invention.

Figure 3 is a flow chart illustrating a process for obtaining information fields from potential lenders in accordance with the present invention. Figure 4 is a flow chart illustrating a process for handling a credit application in accordance with the present invention. Figure 5 is a diagram showing the computation hardware which can be used with the present invention. Detailed Description of the Invention Referring to Figure 2, a credit application system 80 is shown in accordance with the present Nvention As shown in Figure 2, a user 84 controls a computer 86 to send an application 102 to the lenders 92a, 92b and 92c through the network 100 which could be, for example, the Internet. The user 84 could be a credit applicant himself or a provider in communication with the credit applicant. The application 102 requests the types of the information fields 94a, 94b, 94c each lender 92a, 92b, 92c would like to see in their respective credit applications. These information fields 94a, 94b, 94c together with other transmission information related to communication with the lenders 92a, 92b, 92c, such as the application form and the transmission method are sent back to the computer 86 and are stored in a database 96. Alternatively, the request 102 may originate from a credit management server 106 and then the information fields and other transmission information 94a, 94b, 94c may be sent to the credit administration server 106 and stored in a database 110. The user 84 operating the computer 86 can communicate with the credit management server 106 through the use of, for example, a search engine so that the information generated by the administration server 106 can be seen by the user 84. By using the information fields 94a, 94b and 94c, the software of the computer 86 or server 106 generates a sun dynamic credit application 88. The dynamic credit application 88 is dynamic because it does not particularly coincide with an attached single credit application used by potential lenders 92a, 92b, 92c, but includes all the information that all potential lenders 92a, 92b, 92c may require in their respective credit application forms. The dynamic credit request 88 is displayed and completed by the user 84. If the credit administration server 106 is used, the dynamic credit request 88 may be sent from the credit management services 106 through the network 100 and the connection 108 to the computer 86. The filling of the dynamic credit request 88 can be effected by entering the credit information data in the electronic fields or in any way known in the art. Some of these fields may have default values, while other fields may have menu options to assist in the exact filling of the form. For example, a "State" or "Province" field may allow the user 84 to select from one of the States or Provinces corresponding to the country for which the user has identified 84. The data in the dynamic credit request 88 is used. then by the computer software 86, or by the credit management server 106 to generate one or more credit requests 104a, 104b, 104c designed to be adapted to the respective potential lenders 92a, 92b, 92c. The information fields and other transmission information 94a, 94b, 94c could, for example, be obtained using the request 102 even before the potential consumer indicates a desire for a loan (such as by a provider who periodically pools potential lenders) and obtained when the consumer 83 indicates his desire for financial services. Each 92a lender, 92b, 92c may have a different format, for your respective credit application, require different information and / or use a different software interface or a group of lenders may agree to use a common format. Focusing on the side of the potential lender, the lender 92a, for example, the credit application 104a designed specifically for the lender 92a is sent to the lender 92a through the network 100. The lender 92a processes the 104a credit application and provides a response to the user 84. The response can take many forms, including, for example: 1. a request for additional information; 2. a notification that the information provided appears to be wrong; 3. an approval of the loan requested in the credit application; 4. an acknowledgment that the information was received, but that a decision is pending; or 5. a conditional acceptance. Other answers are possible. The present invention is not limited by the nature of the response. Network 100 may be one of many known in the art and may comprise different networks working together, including wireless networks, such as cellular telephone networks, public telephone networks, cable television networks, the Internet, ATM networks, network relay networks, local area networks (LANs) and wide area networks (WANs). The computer 86 can be an intelligent terminal, a personal digital assistant, a ready telephone from the Internet, or another similar interface. The credit request 104a, 104b, 104c will generally be text data, but may also include: graphics, such as a photograph of the applicant's face, driver's license or other printed identification, audio files, such as passwords or fingerprints verbal voice, data files and such other means of biometric identification that include scanning of the retina or fingerprints; the electronic password, such as a public key in a PKI environment (public key infrastructure); applets that can be run or other software files. System 80 allows multiple credit requests to be sent to multiple potential lenders while only entering the applicant's credit data once. This methodology is much more effective than the systems of the prior art. There is less chance of error and much less time is required to file many credit applications. This translates into lower costs and less paperwork. The present invention provides the opportunity to produce extensive electronic reports and statistics. These reports improve the reliability and efficiency of the system. Clearly, such reports were difficult and time consuming to produce and update using the manual systems of the prior art. Because manual collection was necessary to collect the necessary data, with the invention, much or all the information used to generate a report already resides in the system. The present invention provides improved accuracy and reliability and reduces the time required to carry out the credit application processes. This time factor is important, because studies have shown that the faster the credit application processes can be made, the more likely the consumer will make the purchase. This is a great benefit for, for example, a car dealer in terms of increased sales and improved customer satisfaction. As noted above, the user 84 may communicate with the credit management server 106 using the Web Browser, such as NETSCAPE or INTERNET EXPLORER. A Web browser uses a hypertext transfer protocol ("HTTP") to make requests from Web servers throughout the Internet on behalf of the Web browser user. Currently, most of the Web's search engines are implemented as graphical interfaces of the user. When user 84 enters the file requests, either by "opening" a Web file, typing a U niform Resource Locator (U RL), or clicking on a hypertext link, the Web browser constructs an HTTP request and sends it to the address of the Internet Protocol indicated by U RL. The HTTP software of the destination server machine receives the request and after any necessary processing, the requested file is regressed, to the Hypertext Transfer Protocol (HTTP) it is a set of rules for exchanging files on the Web World . I ncluyendo, text files, graphic images, are gone, video and other media files. HTTP also allows files to include references to other files whose selection will promote additional transfer requests (hypertext links). Generally, the HTTP software of the Web server machine is designed to wait for HTTP requests and handle them when they arrive. It will now be described with reference to Figure 3, a process for obtaining information fields from the lenders in accordance with the present invention. For example, the process could be implemented using the 80 system although any other system could be used. In step S2, a system according to the present invention identifies financial sources, such as the lenders. In step S4, for each funding source, the system identifies the types of credit applications available. Typical types of credit applications can include, for example, financing, leasing and floating arrangements (a floating loan is made up of a series of similar payments to the lease with a final payment that pays the residual value of a vehicle). In step S6, the system obtains desired and optional information fields, along with other transmission information related to communication with potential lenders, such as the request form and the communication method, for each of the types of requests of credit determined in step S4. In step S8, the obtained information fields and other transmission information are stored in a database. In this way, the system has enough information to generate a dynamic credit application that includes all the information that all potential lenders may require in their respective forms of credit application. Steps S2, S4, S6 and S8 could be made before the requestor indicates a desire for financing or after such indication. Referring now to Figure 4, a method for processing a credit application according to the present invention is shown. As with the process of Figure 3, the process shown in Figure 4 could be implemented using, for example, system 80. In step S20, a system according to the present invention receives a request from a consumer or applicant of credit you want a financing. In step S22, a user (who could be, for example, consumer, credit applicant or a provider) enters the type of financial transaction (for example, leasing, financing, floating, etc.) desired by the consumer and a list of potential lenders. If the list of potential lenders is not known, the user can select from a list of suppliers or select all available lenders. In step S24, the system accesses the database of the information fields and determines the desired and optional fields of all credit requests to enter the type of financial transaction and the list of potential lenders. Alternatively, the system can implement steps S4, S6 and S8 of Figure 3 to determine the information fields. In step S26, the system creates a dynamic credit request which includes all fields used by all potential lenders to enter it in the type of financial transaction. The dynamic credit request can include desired and optional fields. The use of the dynamic credit request eliminates duplicate fields that occur in multiple credit requests, so that the information is requested and entered only once. In step S28, the system receives credit information from a credit applicant (who could be the user of the system) to fill out the dynamic credit application. In step S30, the system generates a credit application designed for the identified lender based on the credit entry information. In step S32, the designed applications are sent to the respective lenders. Different lenders may require that the request be communicated in different formats and still using different communication protocols. Multiple lenders may agree to use the same format and then each individual lender may discard multiple information that is not applicable to them. The designed applications are generated and sent to potential lenders in the format and method of transmission desired by the lender. In general, all data can be manipulated in the XML format. In step S34, the lenders receive the designed requests, process the requests and send the results. In step S36, the system user receives any results from the lenders. As noted above, the responses of the prospective lenders can take many forms, including the following: 1. a request for additional information; 2. a notification that the information provided appears to be wrong; 3. an approval of the loan application; 4. an acknowledgment that the information is received, but that the decision is pending; or 5. a conditional acceptance. Of course, other responses are also possible and could easily be implemented by those skilled in the art. The above methodology can be implemented using the following software components: 1. JAVA J2EE 2. IBM HTTP Apache Server V JMS MQSeries v5.2 3. IMB Websphere 5.x 4. SeeBeyond - Messaging and Integration Services 5. Server UNO Identity Sun 6. Server ONE of the Sun Directory 7. Oracle 9i 8. Reports - Portal and Brio Reports Of course, other software components could also be used. Referring to Figure 5, computer 86 and servers 92a, 92b, 92c and 106 may each comprise a CPU 200, a read-only memory ("ROM") 202, a random access memory ("RAM") 204, a storage device 208, a network interface (such as the ports explained above) 210 and an input device 212, all connected together by means of a bus 214. The software can implement the present invention which can be stored in the computer 86, the credit management server 106, in a storage medium 216, or in any other known way. Therefore, determining the types of information fields, format and method of communication that the prospective lenders may wish, creating a dynamic credit application based on the information fields, receiving and entering the credit information in the dynamic credit application and then send a credit application designed to potential lenders based on the dynamic credit application, a more efficient credit application method and method can be made, which overcomes the problems of the prior art.

Although the modalities of the present invention have been shown and described, it is clear that changes and modifications to said modalities can be made if the scope and real spirit of the present invention are not exceeded. For example, any of the steps performed on the user's computer 86 could be performed on the credit administration server 1 06 and vice versa. Alternatively, all the functionality of the credit management server 106 could be placed in one of the servers of the lender 92a, 92b, 92c. The steps of the method of the present invention can be incorporated into sets of executable codes by the machine when stored in a variety of formats such as object codes or source codes. Clearly, the code executable by the machine can be integrated with the code of other programs, implemented in the form of subroutines, by external invocations of the program or by means of other techniques that are known in the art. The modalities of the present invention can be executed by a computer processor or a similar device programmed in the manner described, or they can be executed by an electronic system which is provided with means to execute these steps. In a similar way, an electronic memory means such as diskettes, CD-ROMS, Random Access Memory (RAM), Read Only Memory (ROM) or software storage media can be programmed to execute said steps of the method. Similar machine known in the art,. The electronic signals representing these steps of the method can also be transmitted by means of a communication network. For example, the present invention could be applied to com puters, smart terminals, personal digital assistants and telephones ready to enter the Internet. Again, such implementations would be clear to one skilled in the art, and do not depart from the present invention.

Claims (22)

1. CLAIMS 1. A method to send multiple credit requests to multiple potential lenders, including the method: sending a first request to a potential first lender, the first potential lender effectively processes the first credit request with the first information fields, requesting the first request a first response that includes the first information fields; sending a second request to a second potential lender, the second potential lender effectively processes a second credit request with the second information fields, the second request requesting a second response including the second information fields; and generating a third credit application, including the third credit request, all the first and second information fields including at least one field included in the first information fields but not included in the second information fields. The method as described in claim 1, which further comprises: receiving credit information from a credit applicant related to a third credit application; and generating the fourth and fifth respective credit applications for the first and second potential lenders based on the credit information received from the third credit application. 3. The method as described in claim 2, characterized in that each of the fourth and fifth credit applications are designed for a respective potential lender. 4. The method as described in claim 3, characterized in that each of the fourth and fifth credit applications are designed based on the format and method of transmission. The method as described in claim 2, characterized in that the first and second requests are produced by a user's computer. 6. The method as described in claim 5, characterized in that the user's computer is operated by the credit applicant. The method as described in claim 5, characterized in that the user's computer is operated by a provider. 8. The method as described in claim 5, characterized in that the supplier is a car dealer. 9. The method as described in claim 2, characterized in that: the first and second requests are produced by a credit management server connected through a network to a user's computer; and where the user's computer is operated by a provider. The method as described in claim 2, characterized in that: the first and second requests are produced by a credit management server connected through a network to a user's computer; and where the user's computer is operated by the credit applicant. The method as described in claim 1, which further comprises storing the first and second fields of information in a database. The method as described in claim 1, characterized in that: the first and second applications include an application for the respective type of financial transaction and credit applications available from the first and second lenders to produce the financial transaction and the data of the available credit application; and the first and second fields of information are based on the financial transaction and the data of the available credit request. The method as described in claim 1, characterized in that the third credit request is generated by a server; and the credit applicant sees the third credit request on a user's computer connected to the server through a network. 14. A system for sending multiple credit requests to multiple potential lenders, the system comprising: a user's computer connected to and forming part of at least one network; a computer of the first lender connected to and forming part of at least the network; and a computer of the second lender connected to and forming part of at least the network; characterized in that the user's computer sends a first request to the computer of the first lender, the computer of the first lender effectively processes a first credit application with the first fields of information, requesting the first request a first response including the first fields of information; the first lender's computer sends a first response through the network to the user's computer; the user's computer sends a second request to a second lender's computer, processing the second lender's computer effectively a second credit request with the second information fields, requesting the second request a second response that includes the second information fields; the second lender's computer sends the second response through the network to the user's computer; and the user's computer generates a third credit request, including the third credit request, all the first and second fields of information including at least one field included in the first information fields but not in the second information fields. 15. The system as described in claim 14, characterized in that the first computer is a credit management server. 16. The system as described in claim 15, characterized in that the first computer is operated by the credit applicant. 17. A computer-readable storage medium that includes a computer-executable code to enable a user to send mult credit requests to mult potential lenders, by performing the steps of: sending a first application to a potential first lender; first potential lender effectively processes the first credit request with the first information fields, requesting the first request a first response that includes the first information fields; sending a second request to a second potential lender, the second potential lender effectively processes a second credit request with the second information fields, the second request requesting a second response including the second information fields; and generating a third credit application, including the third credit request, all the first and second information fields including at least one field included in the first information fields but not included in the second information fields. 18. An application for credit produced by the following steps: sending a first application to a potential first lender, the first potential lender effectively processes a first credit application with the first information fields, requesting the first credit application a first response that includes the first information fields; sending a second request to a second potential lender, the second potential lender effectively processes a second credit request with the second information fields, the second request requesting a second response including the second information fields; and generating a third credit application, including the third credit request, all the first and second information fields including at least one field included in the first information fields but not included in the second information fields. 19. A method for sending mult credit applications to mult potential lenders, the method comprising: receiving credit information from a credit applicant; enter the credit information in a first credit application; generate a second and third credit applications based on the first credit application, the second and third credit applications being different, sending the second credit request to a potential first lender; Send the third credit request to a potential second lender. The method as described in claim 19, characterized in that the second and third credit applications have at least one different field. 21. The method as described in claim 19, characterized in that the shipment includes sending the second and third credit applications to the first and second lenders, respectively, using different transmission methods. 22. A method to send multiple credit requests to multiple potential lenders, including the method: sending a first application to a potential first lender, the first potential lender effectively processes a first credit application with the first information fields, requesting the first request a first response that includes the first fields of information; sending a second request to a second potential lender, the second potential lender effectively processes a second credit request with the second information fields, the second request requesting a second response that includes the second information fields; generate a third credit application based on the first and second information fields; receive the credit information of a credit applicant related to a first credit application; and generating a fourth and fifth respective credit applications for the first and second potential lenders respectively based on the information received from the first credit application, with the fourth and fifth credit applications being different. RES UMEN A system and method for sending multiple loan applications to multiple potential lenders. A user's computer or a credit management server sends requests to potential borrowers by asking about the respective information fields used in the respective credit applications of the potential borrowers. The requests also request information related to the desired format and the methods of transmission of the respective credit requests. With this information, a dynamic credit application is generated which includes all the information fields of all potential lenders. A credit applicant enters credit information into a dynamic credit application. Then the system generates credit applications designed for each lender, and sends these designed requests to the respective potential lenders. The lenders process the requests designed to provide the results to the user.