System and method for rapid updating of credit information
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United States of America Patent
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Mar 30, 2010
Grant Date -
Jan 23, 2003
app pub date -
Jun 7, 2002
filing date -
Jun 7, 2001
priority date (Note) -
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status (Latency Note)
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Abstract
According to one embodiment, the invention relates to a system and method for evaluating the creditworthiness of an account holder of a credit account comprising the steps of determining, at least once a day, whether a first data set relating to the creditworthiness of the account holder has been received from a credit reporting organization; determining, at least once a day, whether a second data set relating to transaction activity of the credit account has been received; periodically receiving from a credit reporting organization a third data set relating to the creditworthiness of the account holder; periodically receiving a fourth data set relating to the historical activity of the credit account; and using the first and second data sets, to the extent they have been received, and the third and fourth data sets to determine a measure of creditworthiness.
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