System and method to performing on-line credit reviews and approvals

US6088686A · kind A · utility

Assignee

• CITIBANK, N.A. · US

Inventors

• Darcy Walker · Buffalo Grove, US
• Lawrence Sussman · Old Westbury, US
• Mona Mayr · Naperville, US
• Charles G. Dean, Jr. · Villa Park, US
• Dennis Seib · Saint Peters, US
• Richard Musci · Raleigh, US
• Glenn J. Marino · Victor, US

Key dates

• Filing date: Dec 3, 1996
• Grant date: Jul 11, 2000
• Expiry date: Dec 3, 2016

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/03
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A user-friendly on-line computerized system operates in real-time thus streamlining the processing of applications for products and services offered by a financial institution. The system automates many steps in the credit and liability review and approval process, performs background credit worthiness evaluations based upon a applicant's credit score, financial information and new or existing relationship with the financial institution, recommends to those applicants who exceed the initial criteria for credit consideration specific credit products with predetermined credit qualified offer amounts, and ensures the required operating (credit/liability) policies are appropriately completed. The system immediately analyzes an applicant's credit bureau history and automated credit scoring, and provides these results to the LBR. The system also takes into account information relating to the applicant's new or existing relationship with the financial institution, if any, into the credit decision request. This enables the system to provide applicants with an up-front conditional approval (based on systematic evaluation of credit bureau history, credit score, debt burden, and applicant's n…