# Patent

## Title
Method of on-line credit information monitoring and control

## Abstract

The invention is a method of on-line credit information monitoring and control. In detail, the method includes the steps of. 1) accessing the credit information by means of a computer system in a computer network; 2) providing the information to the individual by means of the computer system in the computer network; 3) providing for the individual to request changes in the information; and 4) informing the individual of the completion of the changes in the information.

## Background
RELATED APPLICATIONS
This invention is a continuation-in-part of co-pending Provisional Application Ser. No. 60/412,355 On-Line System and Method for Credit Monitoring and Control, filed Sep. 21, 2002.


BACKGROUND OF THE INVENTION
1. Field of the Invention
The invention relates to the field of credit information monitoring and control and, in particular, to a method for monitoring and control of an individual's credit information by use of the Internet.
2. Description of Related Art
Traditionally the typical method for obtaining one's credit information was to send a written request for a credit report to each credit reporting bureau and provide identifying proof of identity which, in most cases, was a utility bill or tax bill. Recently the credit report has been available for purchase online. Once the credit report was obtained and a discrepancy or error was found in the information, the individual had to request investigation of the discrepant or erroneous credit information either through the credit bureau or directly to the offending credit grantor organization, such as a department store or bank. This was a time consuming method. An improvement to this method was to use a credit watch, or credit monitoring organization that would monitor the individual's credit reports on file at a credit bureau. The credit watch organization would send reports to the individual if certain types of information appeared in the credit history. Examples of the type of information that would trigger a report are derogatory items, change of address and whether a third party requested a credit report. While this method provided an up-to-date status of the individual's credit history, the individual was still left with the job of contacting the individual creditor or bank to report errors or discrepancies and to request appropriate investigations.
In applicant's co-pending application Ser. No. 09/846,616 “Card Management System and Method Therefor” filed on May 1, 2001, a credit card management system is disclosed and is herewith incorporated into this application by reference. This invention is a method and system for on-line card management, wherein the card is issued to a card user by a card issuing organization. The card user interfaces with a card management organization via the card user's own computer through the Internet to a computer system within the card management organization. This system is discussed in more detail in the detailed description section because it is incorporated into the subject invention.
Thus, it is a primary object of the invention to provide to provide a method of on-line credit information monitoring and control.
It is another object of the invention to provide an on-line credit information monitoring method that allows an individual to obtain the individual's credit report from the credit reporting bureaus, to challenge any discrepancies or errors in the credit report, and to initiate time and date stamped notifications to affected creditors to request remedial action.
It is a further object of the invention to provide an on-line credit information monitoring method that allows an individual who finds or suspects identity theft to initiate time and date stamped notifications to affected creditors and cognizant government agencies.
It is a further object of the system to provide an on-line credit information monitoring method which allows an individual to access time and date stamped notifications initiated by the individual to affected creditors and government agencies.
Another object of the invention is to provide an on-line credit information monitoring protocol that can determine the hypothetical interest rate that an individual should pay for a specific type of loan based on the individual's credit information.
SUMMARY OF THE INVENTION
The invention is a method of on-line credit information monitoring and control designed to provide an individual with the ability to maintain the individual's credit information for the purpose of protecting against errors and misuse, and for availing the individual of the best available credit consistent with the individual's credit information. In general, the system and method allows an individual using the individual's own computer terminal to access a computer system in a computer network, such as the Internet, to monitor, request, and record within the computer system, numerous actions initiated by the individual regarding the individual's own credit information.
In detail, a method of on-line monitoring and control of an individual's credit information, which includes the steps of:
1. The individual accesses a computer system in a computer network. This is typically accomplished by the individual accessing the Internet by use of the individual's own computer and contacting the credit management computer system.
2. Via the computer system, the individual then requests actions regarding the individual's credit information. These actions will include obtaining a copy of the individual's credit report from each of the national bureaus, or a combined copy in a merged format that shows the data from each of the national bureaus. These actions will also include notification of specific items of the credit report, such as: credit information from creditors that can have an adverse affect on the individual's credit, requests from third parties for copies of the individual's credit report, and changes of address as reported to the bureaus.

3. Contacting the appropriate organization by the computer system and requesting the organization to take appropriate remedial action. Here the computer system completes the request initiated by the individual. Through interaction with the computer system, an individual can communicate with a creditor to dispute an information item or items. The individual can also request the computer system to electronically notify the appropriate government agencies should an identity theft situation occur or appear to be imminent such as with an unauthorized address change, or application for credit that the individual did not authorize.

4. Informing the individual that the notification has been made.

The invention further includes a computer program for interpreting the individual's credit information and providing hypothetical interest rate advice.
The invention further includes a computer program to request credit bureaus to delete inaccurate information if investigation fails to begin within the 30-day period required by law. In addition, a computer program is included that date and time stamps, stores, and maintains all actions taken by the individual.
The novel features which are believed to be characteristic of the invention, both as to its organization and method of operation, together with further objects and advantages thereof, will be better understood from the following description in connection with the accompanying drawings in which the presently preferred embodiment of the invention is illustrated by way of example. It is to be expressly understood, however, that the drawings are for purposes of illustration and description only and are not intended as a definition of the limits of the invention.



BRIEF DESCRIPTION OF THE DRAWINGS
FIG. 1 is a computer terminal screen by which an individual can log-in or register as a new member
FIG. 2 is a top-level flow chart of the credit card computer program.
FIG. 3A is a computer terminal screen for registering a new member. This screen includes general information.
FIG. 3B is a computer terminal screen for registering additional information for a new member. This screen includes security information.
FIG. 3C is a computer terminal screen presenting the member with program options.
FIG. 4 is a flow chart of the computer program for requesting credit reports and credit score.
FIG. 5A is a computer terminal screen for requesting a new credit report.
FIG. 5B is a computer terminal screen displaying a credit report.
FIG. 5C is a computer terminal screen displaying a credit score.
FIG. 5D is a computer terminal screen displaying a form to report an inaccuracy in a credit report.
FIG. 5E is a computer terminal screen displaying a form letter to a creditor.
FIG. 6 is a detailed flow chart of the computer program for credit monitoring.
FIG. 7A is a computer terminal screen displaying results of trade lines of credit monitoring report.
FIG. 7B is a computer terminal screen displaying address monitoring.
FIG. 7C is a computer terminal screen displaying employment information.
FIG. 7D is a computer terminal screen displaying Inquiries information.
FIG. 7E is a computer terminal screen displaying the public record of the individual.
FIG. 8 is a detailed flow chart of the computer program for reporting and monitoring identity theft.
FIG. 9A is a computer terminal screen displaying an identity theft questionnaire, in particular, personal information.
FIG. 9B a is a computer terminal screen displaying an identity theft questionnaire, in particular, complaint overview information.
FIG. 9C is a computer terminal screen displaying an identity theft questionnaire, in particular, complaint details.
FIG. 9D is a computer terminal screen displaying an identity theft questionnaire, in particular, further complaint details.
FIG. 9E is a computer terminal screen displaying an identity theft questionnaire, in particular, problems with companies.
FIG. 9F is a computer terminal screen displaying an identity theft questionnaire, in particular, a review and submit screen.
FIG. 9G is a computer terminal screen displaying an identity theft questionnaire, in particular, reporting instructions.
FIG. 9H is a computer terminal screen displaying an identity theft questionnaire, in particular, a form letter for reporting identity theft.
FIG. 9I is a computer terminal screen displaying an identity theft questionnaire, in particular, the second page of the form letter shown in FIG. 9H.
FIG. 9J is a computer terminal screen displaying an identity theft questionnaire, in particular, status of reports on identity theft.
FIG. 9K is a computer terminal screen displaying an identity theft questionnaire, in particular, identity theft notification details.
FIG. 9L is a computer terminal screen displaying an identity theft questionnaire, in particular, identity theft notification overview screen.
FIG. 9M is a computer terminal screen displaying an identity theft questionnaire, in particular, personal Information record.
FIG. 9N is a computer terminal screen displaying an identity theft questionnaire, in particular, identity theft notification details.
FIG. 10 is a flow chart for a computer program to compute interest rates.
FIG. 11 is a computer terminal screen displaying the expected interest rates and individual should expect to pay given his or her credit rating score.
FIG. 12 is a flow chart for a computer program to record activities.
FIG. 13 is a flow chart for a computer program for providing an individual's account details.
FIG. 14 is a computer terminal screen for displaying account information.



DESCRIPTION OF THE PREFERRED EMBODIMENT
FIG. 1 is the opening computer screen for the program and FIG. 2 is a top-level flow chart for the computer program. Referring to FIGS. 1 and 2, the individual logs-in by entering their name and a password and pressing the log-in button 20. The individual can also register by clicking on the register button 22. However, the registration process is typical, involving entering ones name, address, and other pertinent information as illustrated in FIGS. 3A and 3B. Thus this process need not be discussed further. After logging-in, the computer screen shown in FIG. 3C appears and displays all the available features of the program. Additionally, an account summary automatically appears (this summary which will be discussed later).
Referring to FIGS. 2, 3C and 4, the following are the steps for obtaining a credit report:
Step 20-Log In.
Step 27—Select A Service—These include the steps of obtaining credit reports and scores 30, monitoring credit 32, credit card monitoring, including reporting lost cards 34, identity theft reporting 36, compute interest rates, archival of information 40 and account information 42. All the information generated is archived in a computerized database 43. In this instance button 30 is “clicked” on.

Step 30—Obtaining Credit Reports and Scores—It can be seen that the individual can monitor various credit reporting bureaus and have their reports and credit rating displayed. Step 30 therefore includes the steps of:

Step 44—Select Credit Reports—The three major credit reporting bureaus, Experian Corporation, Equifax Corporation and TransUnion Corporation can be contacted and a credit report purchased. The computer screen in FIG. 5A appears and the individual can then order a new report.

Step 45—Order Credit Reports—Orders for credit reports are made to the credit reporting bureaus. A typical screen to order such reports is shown in FIG. 5B.

Step 46—Compile Credit Reports—If more than one credit report is purchased, then the reports are merged.

Step 47—Archival of Credit Report—At this point the credit report is added to the database 43 and archived (Step 43A)

Step 48—Display Credit Report—The credit report(s) are presented to the individual for review via the Internet. The typical report is shown in FIG. 5B. The credit reports from step 48 can be used to develop a credit rating.

Step 50—Generate A Credit Rating—This information is useful in determining a interest rate that the individual would expect to pay when securing a loan. In this step a credit score is computed. This can be provided by the credit reporting bureau or an independent organization or an independent organization.

Step 48—Display Credit Report and Credit Score—The credit rating is provided to the individual over the Internet. The computer terminal screen for displaying a credit score is illustrated in FIG. 5C.

Step 52—Create Alert—FIG. 5B displays the Computer screen, which displays the report(s). Note that a Report Inaccuracy Button 53 appears.

Step 54—Send Notifications—Automatic inquires are made to the credit bureaus and credit by pressing Button 53.

Referring now to FIGS. 3C and 6, which is a detailed flowchart of the credit monitoring program, the individual can continuously monitor the individual's credit history. After clicking on the credit-monitoring button 32, the following program is initiated.
Step 55—Set Watch—This initiates monitoring of credit bureau reports.
Step 56—Receive Hits—The hits (changes to credit report) are gathered.
Step 58—Store Hits—in database 43
Step 60—Create Alert Message—Alert message for E-mail is prepared.
Step 61—Send Alert—E-mail message sent to individual.
Step 62—Display Alert—Alert also put on individuals web site.
Step 64—Allow Ind. To Respond—Initiate individual's notification
Step 66A—Send Notice to Credit Issuer—Individual notice sent from user to credit issuer.
Step 66B—Send Notice To Bureau—Individual notice send to credit reporting bureau(s).
FIG. 7A shows a computer screen for monitoring trade lines. FIG. 7BB is a computer screen that allows the user to monitor address changes. FIG. 7C shows the computer screen for employment history FIG. 7D shows the computer screen for monitoring inquires. FIG. 7E shows the screen for monitoring public records In FIGS. 1 and 2, the Notifications Step 34 is accomplished by the process disclosed in U.S. patent application Ser. No. 09/846,616 “Card Management System and Method Therefor” filed on May 1, 2001, a credit card management system was disclosed and is herewith incorporated into this application by reference. This invention is a method and system for on-line card management, wherein the card is issued to a card user by a card issuing organization. The card user interfaces with a card management organization via the card user's own computer through the Internet to a computer system within the card management organization. The computer system includes a computer program that processes the request concerning a card and the card issuer is informed of the card user's request via the Internet system. The computer program thereafter informs the card user that the card issuer has received notice. This invention allowed an individual to contact a card issuer about a credit card billing dispute.
Still referring to FIG. 3C and additionally to FIG. 8, which is a computer flow chart to handle Identity Theft 36. After “clicking” on Identity theft button on the Screen in FIG. 3C, the following steps are undertaken by a computer program.
Step 70—Provide Forms—A generic form for Federal, State and local law enforcement departments is provided.
Step 71—Display Selected Form—Here the form that is required is displayed as requested.
Step 72—User Fills Out Form.
Step 73—Show Printable Form and Instructions.
The following computer terminal screens are available: FIG. 9A is a computer terminal screen displaying an identity theft questionnaire, in particular, personal information. FIG. 9B is a computer terminal screen displaying an identity theft questionnaire, in particular, complaint overview information. FIG. 9C is a computer terminal screen displaying an identity theft questionnaire, in particular, complaint details. FIG. 9D is a computer terminal screen displaying an identity theft questionnaire, in particular, further complaint details. FIG. 9E is a computer terminal screen displaying an identity theft questionnaire, in particular, problems with companies. FIG. 9F is a computer terminal screen displaying an identity theft questionnaire, in particular, a review and submit screen.
FIG. 9G is a computer terminal screen displaying an identity theft questionnaire, in particular, reporting instructions. FIG. 9H is a computer terminal screen displaying an identity theft questionnaire, in particular, a customized form letter for reporting identity theft. FIG. 9I is a computer terminal screen displaying an identity theft questionnaire, in particular, the second page of the form letter shown in FIG. 9H. FIG. 9J is a computer terminal screen displaying an identity theft questionnaire, in particular, status of reports on identity theft. FIG. 9K is a computer terminal screen displaying an identity theft questionnaire, in particular, identity theft notification details. FIG. 9L is a computer terminal screen displaying an identity theft questionnaire, in particular, identity theft notification overview screen. FIG. 9M is a computer terminal screen displaying an identity theft questionnaire, in particular, personal Information record. FIG. 9N is a computer terminal screen displaying an identity theft questionnaire, in particular, identity theft notification details.
Referring to FIG. 3C and FIG. 10 which is a flow chart for the computer program to compute interest rates an individual should expect to pay based on his or hers credit score.
Step 76—Retrieve Credit Rating—The database is accessed to retrieve the rating.
Step 77—Calculate Interest Rate—Rates for a house, car, personal loan, savings or credit card are computed
Step 78—Store Interest Data
Step—79 Display Interest Rate Data. FIG. 11 is a typical report of the interest rates and individual should expect to pay given their latest credit rating.
Archives can be entered to obtain an individual's records and a flow chart for the computer to accomplish this function is provided in FIG. 12.
Step 80—Select Member Account—The data base is entered to retrieve data.
Step 82—Display Selected Archived data.
FIG. 13 a flow chart for the computer program to provide an individual's account information.
Step 84—Select Member Account Details
Step 86—Display Account Details—FIG. 14 is a printout of typical account details.
Thus it can be seen that the computer program and associated screens can obtain credit reports and scores, monitor credit, perform notifications, handle identity theft, compute interest rates, view archived data, and modify account details.
While the invention has been described with reference to a particular embodiment, it should be understood that the embodiment is merely illustrative, as there are numerous variations and modifications, which may be made by those skilled in the art. Thus, the invention is to be construed as being limited only by the spirit and scope of the appended claims.
INDUSTRIAL APPLICABILITY
The invention has applicability to the credit reporting industry.

## Claims

1. A method for on-line monitoring and on-line interaction and control of credit information from a credit report of a consumer of credit, the method comprising:
providing an on-line consumer credit information management system that allows the consumer to log onto the on-line consumer credit information management system by means of a computer; the on-line consumer credit information management system accessing and retrieving credit information from the credit report of the consumer from a database of a credit reporting bureau that contains credit information of the consumer as reported to the credit reporting bureau by one or more credit grantors, the retrieved credit information comprising a plurality of credit items, each credit item associated with a specific credit grantor; the on-line consumer credit information management system providing the retrieved credit information to the consumer in an active itemized format comprising a plurality of active links, each one of said active links being associated with a respective one of the plurality of credit items to provide the consumer the ability to interact with each credit item of the credit information via the computer; and
the on-line consumer credit information management system providing the consumer the ability to communicate directly with one of the credit grantors regarding one of the credit items by selecting the active link associated with the credit item.

2. The method as set forth in claim 1 including the on-line consumer credit information management system computing the consumers credit score based upon the credit report.

3. The method as set forth in claim 2 wherein the on-line consumer credit information management system provides the credit report and the credit score to the consumer via the computer.

4. The method as set forth in claim 2 including the on-line consumer credit information management system archiving the credit report and the credit score.

5. The method as set forth in claim 1 wherein accessing and retrieving the consumer's credit information includes the on-line consumer credit information management system accessing the database of the credit reporting bureau on a periodic basis to obtain credit reports; and the on-line consumer credit information management system determining changes in the credit reports.

6. The method as set forth in claim 5 including the on-line consumer credit information management system creating an alert based on the changes in the credit reports.

7. The method as set forth in claim 6 including the on-line consumer credit information management system providing the alert to the consumer.

8. The method as set forth in claim 5 including the on-line consumer credit information management system archiving the credit reports.

9. The method as set forth in claim 1 including:
the on-line consumer credit information management system allowing the consumer to report an identity theft via the on-line consumer credit information management system;
the on-line consumer credit information management system providing forms to the consumer for reporting identity theft to selected organizations; and
the on-line consumer credit information management system receiving completed forms from the consumer and the on-line consumer credit information management system providing the completed forms to the selected organizations.

10. The method as set forth in claim 1 comprising:
the on-line consumer credit information management system computing the expected interest rates the consumer should pay for specific types of loans based on the consumers credit score; and
the on-line consumer credit information management system providing the expected interest rates to the consumer.

11. The method as set forth in claim 1 including the on-line consumer credit information management system archiving the credit information retrieved from the credit reporting bureau database.

12. The method as set forth in claim 11 including the on-line consumer credit information management system accessing the credit information that is archived by the on-line consumer credit information management system.

13. The method of claim 1, wherein the plurality of active links are links to report inaccuracies of the credit items.

14. The method of claim 1, wherein the plurality of credit items are associated with the same credit grantor or with different credit grantors.

15. The method of claim 1, wherein selecting the active link associated with one credit item, the on-line consumer credit information management system generates a form for directly contacting the credit grantor via mail.

16. A method for on-line monitoring and control of credit information of a consumer of credit, comprising: providing an on-line consumer credit information management system that allows the consumer to log onto the on-line consumer credit information management system by means of a computer;
the on-line consumer credit information management system allowing the consumer to select at least two or more of the following services offered by the on-line consumer credit information management system: obtaining and tracking credit reports and/or scores; monitoring credit; reporting lost credit cards; identity theft reporting; calculating hypothetical interest rates that the consumer should pay for specific types of loans based on the consumer's credit information; and accessing credit information archived by the on-line consumer credit information management system; and the on-line consumer credit information management system providing the consumer the ability to communicate directly with one of the credit grantors regarding one of the credit items by selecting the active link associated with the credit item.

17. The method of claim 16, comprising the on-line consumer credit information management system accessing and retrieving credit information comprising a plurality of credit items, each credit item associated with a specific credit grantor, and storing the retrieved credit information in a credit information management database; and wherein each of the services offered by the on-line consumer credit information management system obtains credit information used by the services from the credit information management database.

18. The method of claim 17, comprising the on-line consumer credit information management system providing credit information of the consumer from the credit information management database to the consumer's computer based on one of the services selected by the consumer.

19. The method of claim 18, comprising the on-line consumer credit information management system allowing the consumer to request changes in the consumer's credit information directly with one or more credit grantors.

20. The method of claim 17, comprising the on-line consumer credit information management system retrieving the credit information from the database of a credit reporting bureau that contains credit information of the consumer as reported to the credit reporting bureau by one or more credit grantors.

21. A method for on-line monitoring, interaction and control of credit information of a consumer of credit using the consumer's credit report, the method comprising:
providing an on-line consumer credit information management system that allows the consumer to log onto the on-line consumer credit information management system by means of a computer; the on-line consumer credit information management system accessing and retrieving credit information from the consumer's credit report from a database of a credit reporting bureau that contains credit information of the consumer as reported to the credit reporting bureau by credit grantors, the retrieved credit information comprising a plurality of credit items, each credit item associated with a specific credit grantor; and the on-line consumer credit information management system providing the retrieved credit information to the consumer in an active itemized format comprising a plurality of active links, each of said active links being associated with a respective one of the credit grantors to provide the consumer the ability to initiate contact with the credit grantors regarding the credit items.