Credit One Financial Services, New Debt Consolidation Company, Launches in Newark

Business Wire, May 21, 2007

Former MBNA Execs Target Responsible Consumers with Debt

Gov. Ruth Ann Minner Attends Ribbon-Cutting; Touts Economic Health of State

NEWARK, Del. -- Credit One Financial Solutions (www.creditonefs.com), a new financial services company formed by five former MBNA executives, held a Grand Opening today attended by Gov. Ruth Ann Minner. The new company, which already employs 51, offers debt consolidation solutions to responsible consumers with prime credit.

At a ribbon-cutting ceremony today, the company said market demand for its products would result in a doubling of its workforce by the end of next year.

"We see a real need among financially responsible consumers who want to consolidate their debt in a way that saves them money and enables them to pay off their debt faster," said Joseph DePaulo, Chief Executive Officer of Credit One Financial Solutions. "Unlike many traditional debt consolidation providers, Credit One can grant an immediate loan approval over the phone, allowing a customer to have his or her debt consolidated into a Personal Line of Credit by the time they hang up the phone."

DePaulo said a Credit One Personal Line of Credit had two advantages over the better known method of transferring debt to a new credit card. "With a Personal Line of Credit, consumers usually find they have more money available to them at the end of the month, and unlike credit cards, which can take forever to pay off, a Line of Credit can get a consumer out of debt faster."

In addition to the Personal Line of Credit, Credit One will soon introduce a unique feature that includes a home equity option. "We plan to combine the Personal Line of Credit with a home equity loan to allow customers to meet their immediate cash flow needs as well as their long-term debt consolidation goals," said DePaulo.

DePaulo said Credit One would be distinguished from its competitors by a guiding principle that improves the customer's position. "We will not lend money to a consumer unless our solution will leave them in a better place financially," he said.

The consumer-centric focus also guides Credit One's hiring practices, DePaulo added. Individual Credit Planners - which he considers to be among the best in the nation - all have five to ten years' experience and are trained to help consumers make financial decisions that are in their best, long-term interests.

Credit One is actively recruiting for additional Credit Planners and also expects to build out its Marketing, Operations and Risk staffs, DePaulo said. "We are building an organization where every employee is accountable and will be rewarded for outstanding performance and results."

About Credit One Financial Solutions

Credit One Financial Solutions (www.creditonefs.com) is a consumer lending business that delivers debt consolidation in the prime credit market. Headquartered in Newark, DE, Credit One Financial Solutions offers a suite of debt consolidation products, led by an unsecured personal line of credit, to a wide range of qualified customers.