Method and apparatus for a verifiable on line rejection of an applicant for credit

US7505939B2 · 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
• Dermot Gately · San Bruno, US

Key dates

• Filing date: Oct 5, 2006
• Grant date: Mar 17, 2009
• Expiry date: Oct 5, 2026

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q50/188
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and method are disclosed for presenting a reason for the rejection of a credit application from an applicant is disclosed. The method includes obtaining a factor from a credit bureau identified as a factor that influences the FICO score assigned to the application by the credit bureau. The factor identified by the credit bureau is mapped to an internal rejection code. A rejection reason is provided that corresponds to the internal rejection code to the applicant.