Cambridge Credit Counseling Corp. Announces Major Achievements

Business Wire, Feb 26, 2002

Business Editors

AGAWAM, Ma.--(BUSINESS WIRE)--Feb. 26, 2002

Cambridge Credit Counseling Corp. ("Cambridge Credit"), one of the nation's largest independent and most reputable not-for-profit, nation-wide credit counseling organizations, is proud to announce the following achievements:

- Cambridge Credit has been issued the "Certificate of Registration to ISO
9001:2000". Receipt of this certification confirms that Cambridge's Quality
Management System complies with the international quality management standards
established by the International Organization for Standardization (ISO). ISO is
a worldwide federation of national standards recognized by approximately 120
countries. In order to obtain this particular certification, companies must
submit to a rigorous auditing process by a company accredited by the Registrar
Accreditation Board (RAB) along with continuing assessment to ensure compliance
with the ISO 9001 standard.

- Cambridge Credit has implemented "Counselor Certification" to ensure that all
of their consumers receive qualified and professional counseling.

- Cambridge Credit developed a unique educational package in conjunction with
Deborah McNaughton, who is an accomplished author and speaker on the subject of
credit, debt and finances. This comprehensive educational guide, entitled "Your
Financial Future: Understanding Credit, Debt and Planning for Tomorrow"
consists of a workbook and a two hour video series, which is distributed to all
consumers who enroll in Cambridge Credit's Debt Management Program (the
"Program"), free of charge.

- Cambridge Credit has been licensed as a debt management company in the States
of Connecticut and Wisconsin and has been authorized to conduct its business
specifically within the States of Massachusetts, Florida and Colorado.
Cambridge Credit provides its services on a nation-wide basis to U.S. consumers
through its Massachusetts office as provided under the U.S. Constitution's
Interstate Commerce clause. As an advocate of increased state regulatory
authority, Cambridge Credit is subject to the supervisory authority of the
Massachusetts State Attorney General's Office, the Colorado State Attorney
General's Office, the Florida State Attorney General's Office and the banking
departments in the States of Michigan and Connecticut. Moreover, the United
States Federal Trade Commission has supervisory authority over not-for-profit
credit counseling organizations. California Dental Association v. Federal Trade
Commission, 119 S.Ct. 1604 (1999).

Important Facts About Cambridge Credit:

As one of America's largest independent not-for-profit credit counseling organizations, Cambridge Credit has counseled more than 4 million consumers since its inception in 1996. Cambridge Credit currently manages approximately 105,000 individual unsecured debt portfolios. It is Cambridge Credit's philosophy to educate consumers on how best to use credit wisely. In noting the importance of educating the consumer before, during and after the Program process, Cambridge Credit developed its "Education Center", which is available to all consumers who visit the Cambridge Credit website. Consumers who receive a counseling session and choose not to enroll in the Program are in turn instructed by their respective counselor to visit the website. Of the approximately 40,000 consumers per month which Cambridge Credit's counsels, roughly 6,000 enroll in the Program.

Unlike some large "Debt Mill" type organizations currently being scrutinized by the media, banks and the consumer groups, Cambridge Credit offers cash back to its clients, who remain committed to repaying their unsecured debt through Cambridge Credit's Program. This unique Program, called the "Good Payer Program", offers clients who pay their bills on time and in the required amount, fifty percent of any "Fair Share" contributions Cambridge Credit receives from the client's creditors on the clients' behalf. As stated by John Puccio, President of Cambridge Credit: "Fair Share is a major source of revenue that credit counseling organizations receive from banks or financial institutions. Cambridge Credit is the only not-for-profit credit counseling organization that shares Fair Share contributions with its clients, thus providing them with an incentive to repay their debts to their creditors while avoiding bankruptcy. Our dynamic Program has enabled us to achieve one of the highest client retention rates in the industry". To date, Cambridge Credit has rebated in excess of 2 Million Dollars to clients who have shown their commitment to repaying their debts through the unique Cambridge Credit Program. Cambridge Credit is continuing to issue rebates at an unprecedented level of approximately $150,000.00 per month to clients.

What also differentiates Cambridge Credit from the "Debt Mills" is that from its inception in 1996, it has adopted a pro-consumer business model and a "Zero Tolerance" policy regarding consumer complaints. Cambridge Credit's philosophy is to completely resolve to our client's satisfaction any and all complaints, even where there is no legal requirements to do so. Upon Cambridge Credit's formation, it immediately established a "Quality Control/Risk Management Department" to mediate problematic client situations, thus ensuring that all complaints were resolved in an expeditious manner.