ONLINE LOAN APPLICATION SYSTEM USING BORROWER PROFILE INFORMATION THROUGH A BACKGROUND SEARCH PROCESS
Embodiments of an online credit application system are described. The online credit application system displays a solicitation page requesting user credit score information and a selection of desired loan products. Embodiments include means for receiving a request by the user to purchase an item through an online application form, the request including identification information of the user; means for determining whether financing is available for at least part of the purchase request; means for transmitting the identification information to a second server, wherein the second server is configured to obtain a measure of the user's qualification to obtain the financing through a below-the-line credit check from a credit bureau; means for receiving from the second server the measure of the user's qualification and comparing it to the requirements of the financing; and means for notifying the user that the financing is available if the measure of the user's qualification satisfies the requirements of the financing.
1 . A method comprising:
on a first server computer coupled to a client computer operated by a user, receiving a request by the user to purchase an item through an online application form, the request including identification information of the user;
determining whether financing is available for at least part of the purchase request;
transmitting the identification information to a second server, wherein the second server is configured to obtain a measure of the user's qualification to obtain the financing through a below-the-line credit check from a credit bureau;
receiving from the second server the measure of the user's qualification and comparing it to the requirements of the financing; and
notifying the user that the financing is available if the measure of the user's qualification satisfies the requirements of the financing.
2 . The method of claim 1 wherein the identification information comprises the user name, address and at least a portion of the user's social security number.
3 . The method of claim 2 wherein the measure of the user's qualification comprises a credit score provided by a credit rating authority.
4 . The method of claim 2 wherein the request includes financial information comprising a credit history information of the user, and wherein the method further comprises:
evaluating the financial information;
evaluating the selected loan qualification requirements as defined by a provider of the selected loan;
making a provisional qualification determination based on the evaluation of the financial information and the selected loan qualification requirements; and
transmitting the provisional qualification determination to the user.
5 . The method of claim 4 further comprising, if the qualification determination is negative:
transmitting a message to the user stating that the user is not qualified for the selected loan; and
displaying a list of other possible financing options available to the user.
6 . The method of claim 3 wherein the measure of the user's qualification comprises a descriptive characterization selected from a range of possible characterizations.
7 . A system including a first server computer coupled to a client computer operated by a user, the system comprising:
means for receiving a request by the user to purchase an item through an online application form, the request including identification information of the user;
means for determining whether financing is available for at least part of the purchase request;
means for transmitting the identification information to a second server, wherein the second server is configured to obtain a measure of the user's qualification to obtain the financing through a below-the-line credit check from a credit bureau;
means for receiving from the second server the measure of the user's qualification and comparing it to the requirements of the financing; and
means for notifying the user that the financing is available if the measure of the user's qualification satisfies the requirements of the financing.
8 . The system of claim 7 wherein the identification information comprises the user name, address and at least a portion of the user's social security number.
9 . The system of claim 7 wherein the measure of the user's qualification comprises a credit score provided by a credit rating authority.
10 . The system of claim 9 wherein the request includes financial information comprising a credit history information of the user, and wherein the system further comprises:
means for evaluating the financial information;
means for evaluating the selected loan qualification requirements as defined by a provider of the selected loan;
means for making a provisional qualification determination based on the evaluation of the financial information and the selected loan qualification requirements; and
means for transmitting the provisional qualification determination to the user.
11 . The system of claim 10 further comprising, if the qualification determination is negative:
means for transmitting a message to the user stating that the user is not qualified for the selected loan; and
means for displaying a list of other possible financing options available to the user.
12 . The system of claim 8 wherein the measure of the user's qualification comprises a descriptive characterization selected from a range of possible characterizations.