Importance

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Abstract

A computerized method and system for automatic deferment of debt on a credit account of a customer of a financial institution includes a credit protector system of the financial institution which receives a request for enrollment for the customer and automatically marks a file for the credit account with information about enrollment for activation of deferment of debt on the account upon verification of an event such as hospitalization, unemployment, disability or family leave of the customer. The account file is also marked with a maximum fee charge date counter which automatically prompts transmittal of a fee charge paid up notice to the customer when the maximum fee charge period expires. Information about verification of the event is transmitted to the credit protector system for the customer, and the credit protector system of the financial institution automatically marks the credit account file with an indicator for activation of a deferment benefit for the credit account, including for example, zeroing the minimum payment due. Likewise, the account file is also marked with a maximum benefit duration date counter, and the maximum benefit duration date counter automatically prompts the credit protector system of the financial institution to mark the account file with a benefit deactivation indicator when the maximum benefit period expires.

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First Claim