System and method for providing a credit account for debt recovery
US7720757B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Nov 12, 2003 |
| Grant date | May 18, 2010 |
| Priority date | — |
| Expiry date | Apr 22, 2028 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/03
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The invention includes systems and methods for providing a credit account for debt recovery. A recovery credit account is provided for a customer with an existing charged-off debt. Some of the customer's charged-off debt may be forgiven as part of a settlement when the customer enrolls in the recovery credit account, but the opening balance of the recovery credit account will represent the entire debt obligation of the customer going forward. The recovery credit account includes a credit limit that is lower than the opening balance. Reducing the account balance to less than the credit limit triggers open-to-buy status, issuance of a credit card, and activation of over the limit fees for future balances over the credit limit.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.