US 11,989,775 B2
Systems and methods for electronic account certification and enhanced credit reporting
Brent A. Chandler, Athens, GA (US)
Assigned to Formfree Holdings Corporation, Athens, GA (US)
Filed by Formfree Holdings Corporation, Johns Creek, GA (US)
Filed on Sep. 7, 2020, as Appl. No. 17/013,827.
Application 17/013,827 is a continuation of application No. 15/639,087, filed on Jun. 30, 2017, granted, now 10,769,723.
Application 15/639,087 is a continuation of application No. 15/009,316, filed on Jan. 28, 2016, abandoned.
Application 15/009,316 is a continuation of application No. 14/311,724, filed on Jun. 23, 2014, abandoned.
Application 14/311,724 is a continuation of application No. 13/354,411, filed on Jan. 20, 2012, granted, now 8,762,243, issued on Jun. 24, 2014.
Application 13/354,411 is a continuation of application No. 12/211,599, filed on Sep. 16, 2008, abandoned.
Claims priority of provisional application 61/079,761, filed on Jul. 10, 2008.
Claims priority of provisional application 61/008,997, filed on Dec. 26, 2007.
Prior Publication US 2020/0402166 A1, Dec. 24, 2020
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/03 (2023.01); G06Q 40/00 (2023.01); G06Q 40/04 (2012.01); G06Q 20/10 (2012.01); G06Q 40/06 (2012.01)
CPC G06Q 40/03 (2023.01) [G06Q 40/00 (2013.01); G06Q 40/04 (2013.01); G06Q 20/10 (2013.01); G06Q 40/06 (2013.01)] 13 Claims
OG exemplary drawing
 
1. A system for providing certified financial data from a certifying entity indicating financial risk about an individual, the system comprising:
a network interface;
a processor coupled in communication with the network interface;
computer-readable storage media having computer-executable instructions stored thereon, wherein when executed by the processor, the computer executable instructions cause the process to:
(a) receive, by the network, a request for the certified financial data from a user over the network interface, wherein the request is received by the certifying entity that executes instructions independently from the user on a remote server;
(b) electronically by the network, collect financial account data connected with the individual from at least one financial source over the computer network and the Internet, wherein (i) the data is collected through the computer network and is asset data, debt data, income data, expense data, credit report data, employment data, or identity data, (ii) the data is collected by the certifying entity, (iii) the financial data is collected through one or more application programming interfaces (APIs) provided by the financial institution computing system;
(c) transform the financial account data into a desired format;
(d) validate the financial account data by applying an algorithm to the financial account data to identify exceptions, wherein the exceptions indicate incorrect data or lending risk, wherein (i) the algorithm validates the data using a pattern of risk and is a plurality of financial rules: (ii) and the pattern of risk is selected from the group consisting of not-sufficient funds instances, direct deposits, deposit transactions, transaction velocity, purchase history, and combinations thereof, (iii) the certifying entity defines the algorithm to assess an ability of repaying a loan and (iv) the operation of validating the financial account data of the individual comprises the computer-executable instructions that cause the processor to estimate one or more of the following: a cash flow stream, an income stream, and assets;
(e) confirm the exceptions by electronically collecting additional data and iteratively applying the algorithm to the additional data, wherein the additional data is financial data specific to the individual, wherein the algorithm applies additional rules to the additional data to confirm the exception, wherein the additional data is automatically selected from the most reliable source;
(f) mark the exceptions, after step as valid exceptions when output of the algorithm validates the exceptions; and
(g) electronically and graphically displaying a report of the financial account data, the valid exceptions, and the lending risk to the user in real time.