Methods of establishing credit
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United States of America Patent
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Oct 27, 2009
Issued Date -
N/A
app pub date -
May 7, 2004
filing date -
Oct 2, 2002
priority date (Note) -
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status (Latency Note)
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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.
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