CHAPTER ONE

INTRODUCTION

A method for loan application and credit correction comprising: assembling and scanning supporting documents from a borrower for a loan to create an electronic copy of the supporting documents; completing an electronic loan application form on a loan application terminal, the loan application terminal connected to a loan application server; requesting a credit report via the loan application terminal; receiving the credit report comprising credit references and parsing the credit references in a user-configurable manner; creating a loan package comprising the electronic loan form, the credit report, and the electronic copy of the supporting documents; and submitting the loan package electronically to a plurality of lenders; further comprising: the borrower deciding to dispute a credit reference; the borrower designating electronically those credit references to be disputed; the borrower designating to the loan application server electronically the reason for disputing the credit reference; and the loan application server automatically generating a dispute communication relating to the credit reference. The method for loan application and credit correction comprising: the loan application server adding any response to the dispute communication to the loan package; and the server submitting the loan package to said plurality of lenders for review. A method for reviewing credit information and automatically generating a dispute communication comprising: a borrower or broker requesting credit information from at least one credit bureau; receiving credit information electronically from the at least one credit bureau; parsing the credit information into categories in a database; configuring the credit information in the database according to user definable parameters; the borrower deciding to dispute a credit reference; the borrower or broker designating electronically those credit references to be disputed; the borrower or broker designating electronically the reason for disputing the credit reference; and automatically generating a dispute communication relating to the credit reference. A system for loan application and credit correction comprising: a loan application terminal comprising a loan application form to be completed by a borrower and further comprising an electronic request form for requesting credit bureau information about the borrower; a network connected to the loan application terminal; a loan application server connected to the loan application terminal over the network for receiving the loan application form and the request for credit information; the server further comprising instructions for requesting the credit information electronically from at least one credit bureau and receiving the credit information over the network; the server further comprises instructions for parsing the received credit information into a database and for displaying the parsed credit information according to user-definable parameters; the server further comprises instructions for permitting the borrower to identify credit references of interest; the server further comprises instructions for allowing the borrower to designate those credit references that the borrower wishes to dispute; the server further comprises instructions for presenting to the borrower options for explaining and disputing the inaccurate credit references, and for automatically generating a communication to an appropriate credit bureau based upon the dispute option selected by the borrower; and the server further comprising instructions for assembling the loan application form together with the credit information to form a loan package and for submitting the loan package to a plurality of lenders over the network. Computer programmers have gone ahead to write a program to assist in Customer Credit Report.

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