QSpace Recognized In Online Banking Report's Top 20 Financial Services Innovators of 1998; QSpace's Instant Online Credit Reports An Instant Success

Business Wire, Feb 11, 1999

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 9, 1999--QSpace Inc., the first and only company to deliver secure, instant and affordable online credit reports to consumers via the Internet, was named along with Microsoft, Intuit, Wells Fargo, American Express and other highly recognized companies as one of the Top 20 Financial Services Innovators of 1998. Building on this award, the aggressive, fast-moving company recently announced an Affiliate Program designed to meet the growing demand for its services. QSpace is also extending its technology to community banks and loan-guarantee companies.

The Innovators list created by the Online Banking Report, recognizes the most important online financial services milestones in 1998. "We are pleased and honored to be acknowledged among these leaders," said QSpace co-founder and CEO, I.O.A Eze. "Our instant credit reports obtained through icreditreport.com empower consumers in a way which has never been done. All they have to do is enter our secure website with a credit card, fill out a basic form, and receive their report in less than 30 seconds ."

QSpace's proprietary technology has allowed the company to become the only Internet business that offers instant secure online credit reports. Users do not join a plan, become a member of a club or have to worry about hidden costs or marketing gimmicks.

QSpace delivered its first $8 online credit report in mid-1997 and quickly consolidated its leadership position. The company's consumer site, icreditreport.com, launched in the fall of 1998 was an instant success, delivering tens of thousands of credit reports per month.

"In the spirit of the Web, QSpace has focused its early development on simplicity and directness," continued Eze. "Anyone with access to the Web and a credit card can get their credit report before they shop for a car, a new apartment or any kind of purchase involving a credit check. Our online reports will provide consumers with the knowledge they need before they make a major purchase or investment, and the power that used to be in the hands of other decision-makers."

San Francisco attorney and early QSpace user, Stephen Joseph said, "I found an apartment I wanted, but could not secure it until the landlord had my credit report. I thought this would take days and put me in a line with a hundred other applicants. With Qspace's icreditreport.com, I got my credit report in seconds on a Sunday afternoon and landed the apartment the same day. Through QSpace and the Web, I had an advantage which accelerated the entire process of finding an apartment in less than a few hours as compared to days."

QSpace Affiliate Program

Established as the trusted and proven leader among companies which deliver credit reports online or by mail, QSpace is leveraging its success with online users to offer other Web companies the value of online credit report services through an affiliate program. The free program allows other Web businesses to co-brand QSpace's iCreditReport and participate in a revenue sharing plan. QSpace affiliates have more than tripled in the past three months.

Future Services

The Company's Web site which also features a free credit analysis service and a $29.95 combined report from all three major reporting agencies, mailed directly to the consumer, is expanding with new services that will increase its dominant position in the coming months.

First, on the consumer side, the site will soon allow consumers to correct mistakes on their credit reports. Additionally, QSpace is working with a large loan guarantee organization beorts for Yahoo! Finance users and maintains strategic relationships with leading e-commerce and credit reporting partners. The company plans continued innovation in credit and loan processing services for consumers and lending institutions. Other current QSpace services include a free credit analysis, quarterly online credit monitoring, merged credit reports from all three major credit reporting agencies and a free, revenue sharing affiliate program.

QSpace's iCreditReport, which is monitored by the Federal Trade Commission (FTC), ensures consumers' privacy and the security of their personal financial information through membership with TRUSTe, an independent, non-profit initiative dedicated to building users' trust and confidence on the Internet, and a proprietary authentication software running from its own secure servers.

The privately held company is headquartered in San Francisco. More information about QSpace is available on the World Wide Web at http://www.qspace.com.