System and method for rapid updating of credit information

1. A computer implemented method for evaluating current creditworthiness of a current account holder of a credit account comprising the steps of:

determining, by at least one computer processor, at least once a day, whether a first data set relating to the current creditworthiness of the current account holder has been received from a credit reporting organization;

determining, by the at least one computer processor, at least once a day, whether a second data set relating to transaction activity of the credit account has been received;

periodically receiving, by the at least one computer processor, from a credit reporting organization a third data set relating to the creditworthiness of the account holder;

periodically receiving, by the at least one computer processor, a fourth data set relating to the historical activity of the credit account;

using the first and second data sets, by the at least one computer processor, to the extent they have been received, and the third and fourth data sets to determine a measure of creditworthiness;

defining, by the at least one computer processor, a plurality of account holder segments based on at least one characteristic of the account holders; and

defining, by the at least one computer processor, at least one risk model for each of the plurality of account holder segments;

wherein the at least one computer processor is located in at least one computing device, the computing device being communicatively coupled to a network;

wherein determining a subsequent measure of creditworthiness is carried out based on the at least one risk model associated with the plurality of account holder segments by calculating a risk score.

2. The method of claim 1 , wherein the third data set is received on a bi-monthly basis, and the fourth data set is received on a monthly basis.

3. The method of claim 1 , further comprising the steps of:

evaluating, by the at least one computer processor, at least one parameter in the first, second, third, or fourth data sets to determine whether a triggering event has taken place; and

conditioning the step of determining the measure of creditworthiness on the occurrence of the triggering event.

4. The method of claim 3 , wherein the triggering event comprises one of: (a) a receipt of payment, and (b) a transaction greater than a predetermined amount, or (c) any event reported in the first data set.

5. The method of claim 1 , further comprising the steps of:

creating, by the at least one computer processor, an account transactions profile based on the second data set;

creating, by the at least one computer processor, a credit history profile based on the third data set;

creating, by the at least one computer processor, an account history profile based on the fourth data set; and

inputting, by the at least one computer processor, the account transactions profile, the credit history profile, and the account history profile into a scoring engine to determine the measure of creditworthiness.

6. The method of claim 1 , further comprising the steps of:

representing, by the at least one computer processor, a plurality of values in the fourth data set as a single value; and

using, by the at least one computer processor, the single value in determining the measure of creditworthiness.

7. The method of claim 6 , wherein the step of representing is carried out using a weighted average.

8. A computer implemented system for evaluating current creditworthiness of a current account holder of a credit account comprising:

a computer based network;

at least one server, wherein the at least one server is communicatively coupled to the computer based network and the at least one server comprises:

means for determining, at least once a day, whether a first data set relating to the current creditworthiness of the current account holder has been received from a credit reporting organization;

means for determining, at least once a day, whether a second data set relating to transaction activity of the credit account has been received;

means for periodically receiving from a credit reporting organization a third data set relating to the creditworthiness of the account holder;

means for periodically receiving a fourth data set relating to the historical activity of the credit account;

means for determining a measure of the creditworthiness using the first and second data sets, to the extent they have been received, and the third and fourth data sets;

means for defining a plurality of account holder segments based on at least one characteristic of the account holders; and

means for defining at least one risk model for each of the plurality of account holder segments;

wherein determining a subsequent measure of creditworthiness is carried out based on the at least one risk model associated with the plurality of account holder segments by calculating a risk score.

9. A computer implemented method of determining current creditworthiness of a current account holder comprising the steps of:

receiving, by at least one computer processor, a credit history data set from a credit reporting organization on a periodic basis;

receiving, by the at least one computer processor, an account history data set on a periodic basis;

receiving, by the at least one computer processor, a significant events data set from a credit reporting organization at least once a day;

receiving, by the at least one computer processor, an account transactions data set at least once a day; and

determining, by the at least one computer processor, a measure of creditworthiness based on the credit history data set, the account history data set, the significant events data set, and the account transactions data set;

wherein the at least one computer processor is located in at least one computing device, the computing device being communicatively coupled to a network.

10. A computer implemented method of determining current creditworthiness of a current account holder comprising the steps of:

receiving, by at least one computer processor, a credit history data set from a credit reporting organization on a periodic basis;

receiving, by the at least one computer processor, an account history data set on a periodic basis;

determining, by the at least one computer processor, at least once a day, whether a third data set relating to the creditworthiness of the account holder has been received;

using, by the at least one computer processor, the credit history data set, the account history data set, and the third data set to determine a measure of the creditworthiness of the account holder;

defining, by the at least one computer processor, a plurality of account holder segments based on at least one characteristic of the account holders; and

defining, by the at least one computer processor, at least one risk model for each of the plurality of account holder segments;

wherein the at least one computer processor is located in at least one computing device, the computing device being communicatively coupled to a network;

wherein determining a subsequent measure of creditworthiness is carried out based on the at least one risk model associated with the plurality of account holder segments by calculating a risk score.

11. The method of claim 10 , wherein the third data set comprises an account transactions data set.

12. The method of claim 10 , wherein the third data set comprises a significant events data set received from a credit reporting organization.

13. A computer implemented method of determining current creditworthiness of a current account holder comprising the steps of:

receiving, by at least one computer processor, a credit history data set from a credit reporting organization on a periodic basis;

receiving, by the at least one computer processor, an account history data set on a periodic basis;

determining, by the at least one computer processor, at least once a day, whether a third data set relating to the creditworthiness of the account holder has been received;

using, by the at least one computer processor, the credit history data set, the account history data set, and the third data set to determine a measure of the creditworthiness of the account holder; and

defining, by the at least one computer processor, at least one risk model that is run on a periodic basis;

wherein the at least one computer processor is located in at least one computing device, the computing device being communicatively coupled to a network;

wherein determining a subsequent measure of creditworthiness is carried out based on the at least one risk model associated by calculating a risk score;

wherein the third data set comprises an account transactions data set; and

wherein the third data set comprises a significant events data set received from a credit reporting organization.