Abstract:
There is provided a method that includes (a) presenting, via a communications network, a first interface that enables a creditor to access a credit application template, to create a customized credit application, and (b) presenting, via the communications network, a second interface that enables a credit applicant to access the customized credit application and provide information required by the customized credit application. There is also provided a system that executes the method.

Description:
BACKGROUND OF THE INVENTION 
       [0001]    1. Field of the Invention 
         [0002]    The present disclosure relates to credit applications, and, more particularly, to a credit application that a credit applicant accesses online, e.g., via the Internet. 
         [0003]    2. Description of the Related Art 
         [0004]    It is not uncommon for a person or a business to either borrow money from a lender for general purposes, or to seek credit for a purchase of goods or services from a seller. In such situations, the person or business seeking the loan or the credit is a credit applicant, and the lender or the seller extending the credit is a creditor. 
         [0005]    Systems and methods presently exist in which the credit applicant can access a credit application on line, e.g., via the Internet. A conventional approach is for a credit applicant to complete the credit application, and then send the completed credit application to the creditor. The creditor, in turn, receives the credit application, and often engages a credit evaluation service provider, e.g., Dun and Bradstreet, that evaluates business credentials of the credit applicant and renders a report as to the credit applicant&#39;s credit worthiness. The creditor thereafter considers the report when making a decision as to whether to extend the loan or the credit to the credit applicant. 
         [0006]    A drawback of the conventional approach is that credit applications typically supplied by would-be creditors to would-be borrowers are not easily customizable. Credit applications having limited and non-customized features may not allow a creditor to extract the most pertinent lending-related data from a credit applicant. This is a disadvantage that propagates, in turn, to the credit evaluation service provider retained by the creditor. Accordingly, the quality of a credit-extension decision may be less than optimal. 
         [0007]    Another drawback of the conventional approach is that the creditor must engage in an extra step of transmitting a received credit application to a selected credit evaluation service provider. This extra step represents additional overhead, and opportunity for errors. 
       SUMMARY OF THE INVENTION 
       [0008]    In order to address the foregoing disadvantages, there is provided a method that includes (a) presenting, via a communications network, a first interface that enables a creditor to access a credit application template, to create a customized credit application, and (b) presenting, via the communications network, a second interface that enables a credit applicant to access the customized credit application and provide information required by the customized credit application. There is also provided a system that executes the method. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0009]      FIG. 1  is a block diagram of a system that enables a creditor to customize a credit application, and enables a credit applicant to access and submit the credit application. 
           [0010]      FIG. 2  is a flowchart of a process for a creditor to access and customize a credit application. 
           [0011]      FIG. 3  is a flowchart of a process in which a credit applicant provides information about itself on a credit application. 
           [0012]      FIG. 4  is a flowchart of a process in which a credit evaluation service provider processes a credit application. 
           [0013]      FIGS. 5-8  are several views of an interface that enables a creditor to access a credit application template to create and customize a credit application. 
           [0014]      FIG. 9  is a view of an interface that enables a credit applicant to access and provide information required by a credit application. 
           [0015]      FIGS. 10 and 11  are views of an interface that enables a creditor to review data relating to completed credit applications. 
           [0016]      FIG. 12  is a view of an interface that allows a creditor to view credit application data entered by a credit applicant, alongside information that a credit evaluation service provider has accumulated about the credit applicant. 
       
    
    
     DESCRIPTION OF THE INVENTION 
       [0017]      FIG. 1  is a block diagram of a system  100  that enables a lender, i.e., a creditor, to customize a credit application, and enables a borrower, i.e., a credit applicant, to access and submit the credit application. 
         [0018]    A credit applicant  105 , a creditor  110 , and a credit evaluation service provider  120  participate in system  100 . Credit applicant  105  is an entity that may be, for example, a person or a business that either desires to borrow money from a lender for general purposes, or desires to seek credit for a purchase of goods or services from a seller. Creditor  110  may be a seller of goods or services to be bought on credit by credit applicant  105 . Credit evaluation service provider  120  serves credit applicant  105  and creditor  110 , by assisting creditor  110  in making a decision of whether to extend credit to credit applicant  105 . 
         [0019]    A network  115  provides connectivity between and among credit applicant  105 , creditor  110 , credit evaluation service provider  120 , and a computer  121 . Network  115  can be, for example, a telephone network, the Internet, a virtual private network, a wired network, or a wireless network. 
         [0020]    Computer  121  includes a processor  122  and a memory  123 . Memory  123  can be, for example, a random access memory device. Memory  123  contains instructions, such as a software module, that when executed by processor  122 , cause processor  122  to instantiate a credit application  125 , or indeed to perform any of the methods disclosed herein. The term “module” is used herein to denote a functional operation that may be embodied either as a stand-alone component or as an integrated configuration of a plurality of subordinate components. Although computer  121  is represented herein as a standalone system, it is not limited to such, but instead can be coupled to or distributed across other computer systems (not shown) via network  115 . 
         [0021]    Credit application  125  is a data structure through which credit applicant  105  applies for credit from creditor  110 . That is, credit applicant  105  accesses credit application  125 , for example, via a browser, and provides information about itself, so that creditor  110  can decide whether to extend credit to credit applicant  105 . 
         [0022]    Credit application  125  is, initially, a template, and is customized by creditor  110 . Credit application  125  includes a creditor customizable area  130 , and an area for credit applicant information  140 . Creditor  110  accesses credit application  125  via a graphical user interface, e.g., a browser, and is permitted to modify the look and feel of credit application  125 , and modify credit application  125  with regard to the type of information that creditor  110  requires from credit applicant  105 . The graphical user interface can be instantiated within memory  123  of computer  121 , or within a memory of a separate computer, and presented on a display. Creditor  110  can customize creditor customizable area  130  for example, by adding, deleting, or modifying data fields, or by including a logo or other content that creditor  110  wishes to present on credit application  125 . Creditor customizable area  130  includes creditor information  135 , where creditor  110  can include a brand logo and contact information, and include questions that are pertinent to creditor  110 &#39;s credit policy. Credit applicant information  140  is an area in which credit applicant  105  provides information about itself. 
         [0023]    Credit application  125  can be hosted by credit evaluation service provider  120 , and made available to credit applicant  105  via a weblink. For example, in a case where network  115  is the Internet, creditor  110  can install link on a web page, or send the link to credit applicant  105  via email. Thus, creditor  110  can invite its customer, i.e., credit applicant  105 , to a web-based application branded as that of creditor  110 , but hosted and maintained by credit evaluation service provider  120 . 
         [0024]    Credit application  125  has (A) a SAVE button  141  and a save process  142  associated therewith, and (B) a SUBMIT button  145  and a submission process  150  associated therewith. The operations of SAVE button  141 , save process  142 , SUBMIT button  145  and submission process  150  are described in greater detail below, in association with process  300 . 
         [0025]    Although system  100  is described herein as having credit application  125  instantiated in memory  123 , the instructions can be tangibly embodied on an external computer-readable storage media  133  for subsequent loading into memory  123 . Storage media  133  can be any conventional storage media, including, but not limited to, a magnetic storage medium, an optical storage medium, a magneto-optical storage medium, a flash memory, or a ROM. The instructions could also be embodied in a random access memory, or other type of electronic storage, located on a remote storage system and coupled to memory  123 . 
         [0026]    Moreover, although instructions for credit application  125  are described herein as being installed in memory  123 , and therefore being implemented in software, they could be implemented in any of hardware, firmware, software, or a combination thereof. 
         [0027]    Also, although credit application  125  is shown as residing in computer  121 , credit application  125  can reside on any device that can be accessed via network  115 . For example, credit application  125  could reside in a computer associated with creditor  110  that is accessed by credit applicant  105 . Alternatively, credit application  125  could be copied from memory  123 , and installed on a computer associated with credit applicant  105 . 
         [0028]    Via network  115 , processor  122  presents an interface to creditor  110  that enables creditor  110  to access a credit application template to create a customized version of credit application  125 . The interface, which is provided by a software module accessed by creditor  110 , enables creditor  110  to create a form. The input of creditor  110  into the form is used to construct credit application  125 , to suit particular needs of creditor  110 . The particular needs of creditor  110  may call for selection of particular questions and logos for inclusion on credit application  125 . 
         [0029]    Also via network  115 , processor  122  presents an interface that enables credit applicant  105  to access credit application  125  and provide information required by credit application  125 . Credit applicant  105  provides credit applicant information  140  and completes credit application  125  by using a browser to answer questions, and select menu items. 
         [0030]    Credit evaluation service provider  120  receives credit application  125  after it is completed by credit applicant  105 . Credit evaluation service provider  120  evaluates credit applicant information  140  to yield a credit report regarding credit applicant  105 , and appends to credit application  125  data regarding credit applicant  105 &#39;s credit status. Such data may include information such as credit applicant  105 &#39;s revenues, number of employees, and number of years in business. Credit evaluation service provider  120 , in evaluating credit applicant information  140 , accesses a database to store credit applicant information  140 , and to obtain or produce supplemental information, such as an automated credit score or a decision recommending that credit applicant  105  be extended a given amount of credit, for evaluating credit applicant information  140 . Credit evaluation service provider  120  may also append the supplemental information to credit application  125 . 
         [0031]    Creditor  110  is able to consult a repository, such as a database, wherein a completed version of credit application  125  is stored. Creditor  110  reviews the completed credit application  125  and the data appended thereto by credit evaluation service provider  120 , and makes a decision of whether to extend credit to credit applicant  105 . Creditor  110  may undertake such review by accessing completed credit application  125  from credit application service provider  120 , via network  115 . The supplemental data appended to the completed credit application  125  may include a credit limit amount that credit application service provider  120  recommends to be extended to credit applicant  105  by creditor  110 . 
         [0032]      FIG. 2  is a flowchart of a process  200  in which creditor  110  configures credit application  125 . As mentioned above, via network  115 , processor  122  presents an interface to creditor  110  that enables creditor  110  to access the credit application template to create a customized version of credit application  125 . Process  200  commences with step  205 . 
         [0033]    In step  205 , creditor  110  accesses and customizes credit application  125 . Generally, creditor  110  is permitted to customize the look and feel of credit application  125 , so that credit application  125  takes on a particular appearance when presented on a display. Creditor  110  is also permitted to modify credit application  125  with regard to the type of information that creditor  110  requires from creditor  105 . That is, creditor  110  can configure credit application  125  to dynamically respond to how credit applicant  105  fills out credit application  125 , with conditional questions, to maximize a chance that credit applicant  105  can obtain an automated approval by entering the least amount of detail. For example, a smaller company may be required to fill out a bank and trade section, whereas a larger company may not be required to do so. Process  200  next proceeds to step  210 . 
         [0034]    In step  210 , creditor  110  makes credit application  125  available for credit applicant  105 . That is, creditor  110  stores credit application  125  in system  100  in a manner that allows credit applicant  105  to access credit application  125 . As mentioned above, credit application  125  can be hosted by credit evaluation service provider  120 , and made accessible via network  115  to credit applicant  105  via a weblink provided on a web page accessible to credit applicant  105 , or provided to credit applicant  105  via an email. The weblink leads credit applicant  105  to, e.g., a web page for accessing credit application  125 . Process  210  next proceeds to step  215 . 
         [0035]    Instep  215 , process  200  ends. 
         [0036]      FIG. 3  is a flowchart of a process  300  in which credit applicant  105  provides information about itself on credit application  125 . As mentioned above, via network  115 , processor  122  presents an interface that enables credit applicant  105  to access credit application  125  and provide information required by credit application  125 . Process  300  commences with step  305 . 
         [0037]    In step  305 , credit applicant  105  accesses credit application  125 . Process  300  next proceeds to step  310 . 
         [0038]    In step  310 , credit applicant  105  enters credit applicant information  140  on credit application  125 . Process  300  next proceeds to step  315 . 
         [0039]    In step  315 , credit applicant  105  indicates whether to (A) save credit application  125 , so that it can be submitted at a later time, or (B) presently submit credit application  125 . If credit applicant  105  wishes to save credit application  125 , then credit applicant  105  activates SAVE button  141 , and process  300  proceeds to step  318 . If credit applicant  105  wishes to presently submit credit application  125 , then credit applicant  105  activates SUBMIT button  145 , and process  300  proceeds to step  320 . 
         [0040]    In step  318 , save process  142  saves information that credit applicant  105  has entered into credit application  125 , obtains an application ID, and presents the application ID to credit applicant  105 . The data can be saved in a storage device hosted by credit evaluation service provider  120 , for some period of time, for example, for  30  days, and can be accessed by credit applicant  105  using the application ID. Process  300  next proceeds to step  325 . 
         [0041]    In step  320 , submission process  150  transmits data from credit application  125 , over network  115 , to credit evaluation service provider  120  for evaluation of credit applicant  105 &#39;s credit. Process  300  next proceeds to step  325 . 
         [0042]    In step  325 , process  300  ends. 
         [0043]      FIG. 4  is a flowchart of a process  400  in which credit evaluation service provider  120  processes credit application  125 . Process  400  commences with step  405 . 
         [0044]    In step  405 , credit evaluation service provider  120  receives information from credit application  125 . Process  400  next proceeds to step  410 . 
         [0045]    In step  410 , credit evaluation service provider  120  evaluates credit applicant  105  for credit worthiness and prepares a credit report and/or an automated credit decision. In evaluating credit applicant  105 , credit evaluation service provider  120  consults a store of business information  415 . Business information  415  may be stored in any suitable data structure, which need not be local to credit evaluation service provider  120 . 
         [0046]    Business information  415  includes metrics for assessing a risk of extending credit to credit applicant  105 . These metrics may include models or trade data. For example, credit evaluation service provider  120  may use statistical models to predict the likelihood that credit applicant  105  will default on a loan. In practice, business information  415  can include thousands of sources of data, as well as scores based on statistical models that assign general risk classification of a business, credit rating, likelihood of bankruptcy, and payment behaviors. 
         [0047]    From step  410 , process  400  proceeds to step  420 . 
         [0048]    In step  420 , creditor  110  accesses the credit report and/or the automated credit decision via network  115 . Creditor  110  has the ability to view credit application  125  data entered by credit applicant  105 , alongside information that credit evaluation service provider  120  has accumulated about credit applicant  105 , to automatically apply decision rules that creditor  110  has previously specified, based on creditor  110 &#39;s own credit policy, preferably, without any human intervention. If creditor  110  chooses not to set up specific credit rules, creditor  110  can simply evaluate the information entered by credit applicant  105  along data on credit applicant  105  provided by credit evaluation service provider  120 . Process  400  next proceeds to step  425 . 
         [0049]    In step  425 , process  400  ends. 
         [0050]      FIGS. 5-8  are several views of an interface  500  that enables creditor  110  to access the credit application template to create and customize credit application  125 . The creation and customization is accomplished in three general steps, namely steps  502 ,  504  and  506 . 
         [0051]    Referring to  FIG. 5 , in step  502 , creditor  110  interacts with a branding customization area  510 . Branding customization area  510  provides fields for entry of data such as company name and address, and provides a facility whereby creditor  110  may upload a logo. 
         [0052]    Referring to  FIG. 6 , in step  504 , creditor  110  interacts with a question customization area  520 . Question customization area  520  in turn offers creditor  110  a plurality of preselected questions for inclusion on credit application  125 . Questions may be selected from categories such as company information, company financials, trade and bank references, account information, guarantor information, and terms and conditions.  FIG. 6  depicts questions relating to company information. The preselected questions may also be edited. Additionally, creditor  110  may include questions other than the preselected questions. Question customization area  520  further provides creditor  110  with a capability to change and rearrange the order in which questions appear. 
         [0053]    In  FIG. 7 , question customization area  520  shows a selection of questions relating to company financials. 
         [0054]    Referring to  FIG. 8 , in step  506 , creditor  110  is presented with an application finalization area  525 . Application finalization area  525  provides creditor  110  with a weblink from which credit application  125  may be accessed. Further, application finalization area  525  provides creditor  110  with a facility for printing credit application  125 . 
         [0055]      FIG. 9  is a view of an interface  900  that enables credit applicant  105  to access and provide information required by credit application  125 . View  900  provides a logo area  910 , and a question area  920 . Logo area  910  is used to display a logo, graphic, or other identifier, that was provided by creditor  110  during customization of credit application  125 . In question area  920 , credit applicant  105  views and supplies answers to the questions specified by creditor  110  in step  504  (see  FIGS. 6 and 7 ). 
         [0056]      FIGS. 10 and 11  are views of an interface  1000  that enables creditor  110  to review data relating to completed credit applications  125 . Interface  1000  may be implemented, for example, as a webpage. 
         [0057]    Referring to  FIG. 10 , interface  1000  includes a menu tab area  1005  that provides for a selection of a plurality of high-level functions.  FIG. 10  depicts a selected “Credit Application” menu tab. When the “Credit Application” menu tab is selected, view  1000  provides a search area  1010 , a directory selection area  1020 , and a results area  1030 . 
         [0058]    Search area  1010  provides a facility whereby creditor  110  may search for particular data. That is, creditor  110  can search for a particular credit application  125 , completed by a particular credit applicant  105 . 
         [0059]    Directory selection area  1020  provides an alternate facility to search area  1010 . In this regard,  FIG. 10  depicts a menu for browsing by company name, alphabetically. 
         [0060]    Results area  1030  presents a representation of, e.g., a weblink to, credit applications  125  that were retrieved in response to a search initiated via either search area  1010  or directory selection area  1020 . 
         [0061]      FIG. 11  is a view of interface  1000  when the “Companies” tab of menu tab area  1005  is selected. When the “Companies” tab of menu tab area  1005  is selected, interface  1000  presents an area  1110 , and an area  1120 . Area  1110  presents general information concerning a selected credit applicant  105 . Area  1120  allows creditor  110  to select from a plurality of company-related menu functions.  FIG. 11  depicts a selected “Submitted Credit Application” menu tab. When the “Submitted Credit Application” menu tab is selected, interface  1000  presents data relevant to a submitted credit application  125  of the selected credit applicant  105 . Such data include details such as company details, contact information, and a company profile. 
         [0062]      FIG. 12  is a view of an interface  1200  that allows creditor  110  to view credit application  125  data entered by credit applicant  105 , alongside information that credit evaluation service provider  120  has accumulated about credit applicant  105  (see  FIG. 4 , process  400 , step  420 ). Interface  1200  provides a risk data area  1210 , and an application history area  1215 . Application history area  1215  is populated by a list of credit applications  125  that have been completed by credit applicants  105 . Risk data area  1210  is populated by data, computed or abstracted from a particular credit application  125 , that communicate to creditor  110  the creditworthiness of credit applicant  105 , i.e., the risk of extending credit to credit applicant  105 . 
         [0063]    It should be understood that various alternatives, combinations and modifications could be devised by those skilled in the art. Also, the techniques described herein are exemplary, and should not be construed as implying any particular limitation on the present invention. For example, steps associated with processes described herein can be preformed in any order, unless otherwise specified or dictated by the steps themselves. The present invention is intended to embrace all such alternatives, modifications and variances that fall within the scope of any appended claims.