Online purchasing system supporting sellers with affordability screening
Number of patents in Portfolio can not be more than 2000
United States of America Patent
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Jun 2, 2009
Grant Date -
Nov 8, 2001
app pub date -
Mar 14, 2001
filing date -
Mar 21, 2000
priority date (Note) -
In Force
status (Latency Note)
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Abstract
An online system uses, in various embodiments of the invention, credit report information, loan affordability screening and credit approval and management functionality to facilitate the purchase and finance of products online. The online system may include both sellers of products and lenders that offer financing to buyers seeking to purchase the products. The system may automatically obtain a buyer's credit report information and use that information to determine if the buyer is pre-approved, for example, to obtain financing for a particular product or products. The system also enables use of buyer credit information to identify only those of a seller's products for which the buyer is pre-approved, for example, to finance using one or more loans. The system then enables selection of an identified product or products for purchase, and selection of a loan, for example, for financing of the selected product or products. Credit approval (or pre-approval) may be performed automatically, and along with credit processing, may be performed completely online.
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