The Credit Store Retains Grant Thornton as Auditors

Business Wire, July 27, 1998

SIOUX FALLS, S.D.--(BUSINESS WIRE)--July 27, 1998--The Credit Store, Inc. (EBB:PLCR) said today that it has named the accounting firm Grant Thornton LLP as its independent auditors, effective immediately. Grant Thornton succeeds Tanner+Co. of Salt Lake City, which served as auditors for the Company through its first fiscal year. The Credit Store began its current operations in Oct. 1996.

"The Credit Store sought an auditor with a recognizable nationwide practice and well-known expertise in the financial services industry," said Martin J. Burke, chairman and chief executive officer of The Credit Store. "We found these qualities in Grant Thornton and are very pleased they have agreed to audit our work. At the same time, we are grateful to Tanner+Co. for the high quality and expertise they demonstrated. They guided us through our start-up year with great skill and we thank them."

It is planned that audited results for The Credit Store, Inc. for FY 1998, which ended May 31, 1998, will be released by the end of September, the Company said.

The Credit Store Inc. is a nationwide financial services company that markets credit cards to consumer who previously had an interruption in repayment of their debts and may be excluded from the more traditional sources of consumer finance. The Company uses sophisticated methods to analyze, value and purchase portfolios of non-performing consumer debt from major financial institutional lenders at substantial discounts. The Company then uses its direct marketing expertise to contact and negotiate settlements with the consumer, most of the time placing settlement on the new unsecured credit cards. The Company offers an innovative and practical way for the consumer to rebuild their creditworthiness and gain access to an unsecured credit card. Credit Store Inc.'s stock trades on the Electronic Bulletin Board under the symbol "PLCR".

This press release contains forward-looking statements that involve uncertainties, including, but not limited to, risks and uncertainties related to financing, timing and management of growth, historic and future default and delinquency rates and losses, the market for and the market value of the Company's credit card receivables, the competitive environment and other risks. Future trends, results and events may differ materially from disclosures contained in this release.

    CONTACT: Clark & Weinstock, New York
              Gary Ginsberg or Gene Donati
              212/953-2550