Patent ID: 6385594
Filing Date: 2002-05-07
Classification: G06F,G06Q

Abstract:
A method for coordinating an electronic credit qualification form between an Internet user and a plurality of lending institutions via the Internet, comprising the steps of:a) receiving selection criteria from the plurality of lending institutions; b) storing the selection criteria in a database; c) displaying a plurality of documents in a web site; d) receiving a plurality of credit data sent from the Internet user; e) applying said credit data to a filter comprising the plurality of selection criteria of the database to select without manual intervention each one of said plurality of lending institutions associated with a match of said credit data to said selection criteria; f) determining an appropriate transfer method to transmit said electronic credit qualification form to the lending institutions associated with a match of said credit data; g) transmitting said electronic qualification form comprising said credit data to said plurality of lending institutions associated with a match of said credit data via said appropriate transfer method, the transmission of said electronic qualification form comprising said credit data occurring without a delay for reception of any credit decisions from said lending institutions; h) receiving a plurality of positive credit decisions from said plurality of lending institutions associated with a match of said credit data regarding an offer of credit or a loan to the Internet user; i) simultaneously displaying the plurality of positive credit decisions to the Internet user on the web site; j) receiving via the web site at least one decision from the Internet user regarding at least one of the positive credit decisions, the Internet user's decision comprising an acceptance, denial or request for more information regarding a positive decision for one of said lending institutions associated with a match of said credit data; and k) transmitting the at least one Internet user's decision to at least one lending institution corresponding with a positive credit decision so that said Internet user can obtain credit or a loan from one of said lending institutions associated with a match of said credit data, whereby said lending institutions associated with a match of said credit data compete with each other for business with the Internet user.