Patent ID: 8224753

Claim:
A processor-based system for verifying an identity of a user in a transaction, comprising: a data storage device, wherein at least one of personal information and financial information of the user is stored in the data storage device, wherein the total identification score is associated with the at least one of personal information and financial information of the user; a processor, the processor being operatively coupled to the data storage device and a plurality of modules, each module being configured to carry out at least one operation; an identification score assignment module operatively coupled to the processor, wherein the identification score assignment module is configured to receive at least one source of identification of the user, and wherein the identification score assignment module is configured to assign an identification score to each of the at least one source of identification; a total identification score generation module operatively coupled with the identification score assignment module, wherein the total identification score generation module is configured to generate a total identification score of the user from the identification scores of each of the at least one source of identification and a predetermined function, wherein the total identification score of the user is associated with a level of verification of the identity of the user, wherein the total identification score of the user is compared to a minimum identification score associated with a transaction, wherein the transaction is performed when the total identification score of the user is greater than or equal to the minimum identification score, and wherein additional sources of identification of the user are received before performing the transaction when the total identification score is less than the minimum identification score; a log module operatively coupled to the processor, wherein the log module records accesses associated with the total identification score of the user by the third party; an access code generation module operatively coupled to the processor, wherein the access code generation module is configured to generate a unique identity access authorization code associated with the user for use by a third party to access information associated with the user; and a data transmission module operatively coupled to the processor, wherein the data transmission module is configured to transmit at least the total identification score of the user to a third party.