Method and apparatus for real time on line credit approval

US6405181B2 · kind B2 · utility

Assignee

• NEXTCARD, LLC · US

Inventors

• Jeremy R. Lent · Corte Madera, US
• Mary Lent · Corte Madera, US
• Eric R. Meeks · San Francisco, US
• Yinzi Cai · Fremont, US
• Timothy J. Coltrell · Danville, US
• David W. Dowhan · Mountain View, US

Key dates

• Filing date: Nov 3, 1998
• Grant date: Jun 11, 2002
• Expiry date: Nov 3, 2018

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/08
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and method are disclosed for providing real time approval of credit over a network. The method includes obtaining applicant data from an applicant. The applicant data is analyzed into a form suitable for directly obtaining a credit report from a credit bureau for the applicant. A credit report having credit report data is obtained from a credit bureau for the applicant. It is then determined whether to accept the applicant using the credit report data and it is communicated to the applicant that the applicant has been approved.