System and method for offering risk-based interest rates in a credit instrument
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United States of America Patent
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-
Nov 6, 2012
Grant Date -
Dec 2, 2004
app pub date -
May 30, 2003
filing date -
May 30, 2003
priority date (Note) -
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status (Latency Note)
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Abstract
A system and method for communicating an offer to apply for a credit instrument is provided. A processing allows for processing credit history data. A calculating step allows for calculating a first plurality of interest rates based on the credit history data. A determining step allows for determining a second plurality of interest rates based on the first plurality of interest rates, wherein the second plurality of interest rates corresponds to a plurality of credit risk scores. Finally, a communicating step allows for communicating the offer to apply for a credit instrument in an initial communication with an offeree, the offer disclosing the second plurality of interest rates. An apparatus that calculates the interest rates used in the offer is also provided.
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