SYSTEM AND METHOD FOR AN ELECTRONIC CONSUMER DEBT EXTINGUISHMENT PROCESS

摘要

The “extinguishment” process and system as described herein may enable creditors, including original creditors and debt buyers, to systemically use a file containing information on multiple consumer accounts to create account-level documents along with free online consumer access to those documents, to confirm the final resolution or settlement of one or more consumer debt accounts. The automated process may protect consumers by providing account-specific evidence that can be used to demonstrate to parties such as debt collectors, creditors, credit reporting agencies or courts that a debt has been fully satisfied, e.g., paid in full, settled in full, or cancelled. This evidence is often needed in response to disputes related to attempts to collect an account that has been paid or settled due to issues such as data or timing errors by a creditor or debt collector, or is needed to challenge claims by unscrupulous or fraudulent collectors seeking to collect old debts consumers may not remember or cannot otherwise substantiate.

主权项

1. A system for debt extinguishment, comprising:
a server comprising a computer; a database accessible by the server; an account creation and registration subsystem executing on the server that permits at least one debt owner to upload account information to the database, the account information containing identifying information related to at least one debt that is extinguished including a date of extinguishment, and an identity of at least one debtor associated with the at least one debt; a confirmation document handler subsystem executing on the server that electronically conveys a document to the debt owner to electronically sign for confirmation of extinguishment of the at least one debt; a search engine subsystem executing on the server accessible by the at least one debt owner and the at least one debtor, the search engine subsystem configured to search for debt accounts including extinguished debt accounts; and a report generator subsystem executing on the server that generates a credit report or a report of extinguished debt to the at least one debt owner or the at least one debtor.