Systems and methods for determining a financial health indicator

US8412622B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Kazi M. Ariff · Quincy, US
• Carol A. Smith · Edgartown, US
• Shane Anthony Johnson · Charlotte, US
• Russell W. Tipper · Boston, US
• Yicong Li · Lexington, US
• Sean M. O'Connor · Scituate, US
• Thomas D. Kelley · Hingham, US
• Susan Smith Thomas · Gastonia, US
• William F. Borowski · Millbury, US
• William J. Aheron · Charlotte, US
• Judith M. Anderson · Crestline, US
• Steven K. Hayes · Bemus Point, US
• Neal G. Wolfson · Lexington, US
• Jeffrey P. Judd · Boston, US
• James P. Kirkman · Acton, US
• Jeffrey H. Bierer · Charlotte, US

Key dates

• Filing date: Mar 30, 2009
• Grant date: Apr 2, 2013
• Expiry date: Jan 16, 2030

Classification

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

Abstract

Systems, methods, and computer program products are provided for a financial health indicator. The financial health indicator provides a dynamic indication of a user's financial health in terms of their current credit worthiness and their current ability to save in relation to a budget. In this regard, the financial health indicator is based on a user's credit report score, such as one or more FICO type credit scores and the user's savings as indicated by a budget tracking system. In embodiments of the invention in which the financial health indicator is implemented in conjunction with a budget tracking system, the financial health indicator provides necessary feedback to the user that serves to inform the user as to how they are performing in terms of staying on track to their individual budget allocations. Additionally, in certain embodiments, the provider of the budget tracking system may provide for awards based on achieving a predefined financial health indicator level and/or score.