Digital Identity Network for Secure Credit Report Authentication
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Solution Overview
Problem
Existing online authentication systems lack security, consistency, and ease of use, and accessing credit information is cumbersome, with unauthorized users able to obtain credit fraudulently.
Innovation Solution
A system for an authenticated, universal digital identity that uses an identity network to authenticate users through trusted identity providers, such as banks, and provides secure access to credit reports by brokering authentication and information exchange between relying parties and credit reporting agencies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional piecemeal authentication is used by each company, then implementation simplicity is maintained, but security and consistency deteriorate
Solution Approach 1:
The patent introduces an identity network as an intermediary between users and companies. This network issues digital identities and authentication credentials that multiple companies can trust, eliminating the need for each company to implement its own complex authentication system while significantly improving security and consistency across all participating companies.
Solution Approach 2:
The digital identity system provides a universal authentication mechanism that works across multiple companies and platforms. A single digital identity issued by the identity network can be used to authenticate with any participating company, replacing the need for separate authentication systems at each company while maintaining security standards.
2Reliability
If centralized identity verification is implemented, then authentication consistency is improved, but system complexity increases
Solution Approach 1:
The identity network serves as a centralized intermediary that issues and manages digital identities. Companies interact with this single intermediary rather than implementing their own complex verification systems, achieving authentication consistency across all companies while keeping individual company systems simple.
3Ease of operation
If credit access is freely available, then ease of obtaining credit is maintained, but fraudulent access increases
Solution Approach 1:
The system performs preliminary authentication using the digital identity before allowing credit access. The identity network verifies the user's identity and issues authentication credentials in advance, enabling companies to quickly and securely grant credit without cumbersome verification processes while preventing fraudulent access through robust preliminary identity verification.
Data Source
AI summary
Described herein is an identity network for authenticating a user for a relying party and providing access to the user's credit report. The identity network may receive an unlock request for the digital identity and credit report of a user from a relying party. In response, the identity network may provide an identity provider link for accessing the identity provider application. The user may login to the identity provider application and provide consent for obtaining the user's credit report. The identity provider provides the identity network with verification of the digital identity of the user and the consent response from the user. The identity network can request access from a credit reporting agency and receive a credit report key in response. The identity network can provide the credit report key to the relying party, which can use the key to access the user's credit report from the credit reporting agency.