Methods of establishing credit

Details Methods of establishing credit Methods of establishing credit

2004-05-07

2009-10-27

St. Cyr, Daniel (Department: 2876)

Registers

Systems controlled by data bearing records

C235S382000

Reexamination Certificate

active

07607570

ABSTRACT:
A method for building credit may include providing an authorized user of a pre-paid card issued by a service provider. The service provider may charge the authorized user a fee for the pre-paid card and establish a loan loaning the authorized user an amount equal to the fee under loan terms specifying a repayment schedule. The repayment schedule may include periodic installments and a minimum amount due for each of the periodic installments, where the loan may be independent from the load applied to the pre-paid card. The authorized user repays the loan in accordance with the loan terms so as to create a credit history. The service provider may report the credit history to a credit bureau to improve a credit score of the authorized user.

REFERENCES:
patent: 5025372 (1991-06-01), Burton et al.
patent: 5537314 (1996-07-01), Kanter
patent: 5852811 (1998-12-01), Atkins
patent: 5878405 (1999-03-01), Grant et al.
patent: 6009415 (1999-12-01), Shurling et al.
patent: 6571290 (2003-05-01), Selgas et al.
patent: 6739506 (2004-05-01), Constantine
patent: 2002/0198825 (2002-12-01), Jentoft

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