1. A method for identifying items of a transaction comprising the steps of: recording transaction information to a transaction information database; retrieving at least a portion of the transaction information from the transaction information database, the at least a portion of the transaction information being specific to a single transaction and including one or more of a merchant ID, a transaction amount, and a transaction location; determining a tax rate associated with the transaction; removing taxes applied during the transaction from the transaction amount, thereby producing a pre-tax transaction amount; querying a website affiliated with a merchant involved in the transaction; determining whether one or more items each have a price identical to the pre-tax transaction amount; clustering the one or more items; profiling a consumer account affiliated with a payment device used in the transaction; generating probability values for the one or more items; retrieving an item ID from the website, the item ID being affiliated with an item of the one or more items with the highest probability value; and recording the item ID in an itemized database.