Electronic commerce credit origination method and system
Number of patents in Portfolio can not be more than 2000
United States of America Patent
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Aug 29, 2006
Grant Date -
N/A
app pub date -
May 2, 2000
filing date -
May 2, 2000
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A credit origination system and method are provided. The inventive method includes the step (22) of receiving an application for credit from a customer to purchase a product. The application may include a first set of information designed to evaluate the creditworthiness of the customer. The method also includes the step (24) of processing the credit application. The processing step (24) may include substeps (26, 28, 30, 32) designed to verify and evaluate information provided by the customer and to obtain additional information from the customer. The method also includes the step (34) of communicating a second set of information to the customer. This information may include a decision on the application for credit and the terms of any credit to be extended. The method may also include the step (36) of communicating a third set of information to a dealer of the product. The third set of information may include the first and second sets of information. Finally, the method includes the step (42) wherein the lender assumes one or more obligations corresponding to credit issued under a contract to purchase the product entered into between the customer and dealer. The steps of the inventive method may be carried out over a pair of telecommunication networks (12, 18).
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