Skokie, IL, August 7, 2002 " One year after the launch of its database, PayNet, Inc. announces the unveiling of its new "Credit History Report" which greatly extends PayNet’s lead in the depth and breadth of commercial credit data available. The purpose of this new offering is three-fold: to provide virtually every type of information that would be obtained in a reference phone call, to provide greater detail than would be possible to obtain over the phone, and to provide convenient and insightful ratios and summary statistics. Standard "reference call" data fields now provided include:

• "Last Paid" and "Next Due" dates for every account
• Days past due: now, on average (over the account’s life), most past due ever, when it occurred
• Losses, litigation, bankruptcy and repossessions
• Total number of times 31-60, 61-90, and 91+, for each contract
• Exact obligor entity name, address and phone number, for each contract.

Additionally, the borrower’s overall relationship with each lender is summarized, showing that lender’s primary equipment type, the borrower’s high credit and current outstandings as a percent of the high credit, as well as how much the borrower owes each lender by delinquency category (31-60, 61-90, 91+) and how long it has been since the borrower has been in each of those delinquency categories with that particular lender.

Finally, a variety of summary analytics are provided that are indicators of leverage and rapid expansion, such as total outstandings as a percent of overall high credit, total outstandings per employee, scheduled loan and lease payments as a percent of the borrower’s revenues and the percent of all the borrower’s payments that were 31-60, 61-90 or 91+.

Pat Shannon, Vice President of Risk Management for Volvo Commercial Finance, commented that "this new report has much more detailed information than a reference call or traditional credit bureau trade-line summary provides. As a result, an applicant’s credit risk is much more quickly and clearly apparent." Thomas Butler, PayNet CEO, and former President & COO of Discover Card noted that "the new Credit History Report was developed by credit professionals from the industry working together with our member-customers with the objective of creating the kind of ‘must have’ definitive credit report that until now really only existed for consumer lending."

Like other PayNet products the new report is available via the internet or a direct CPU-CPU hook-up on an "auto-pull" basis, automatically generating a report for every application. Combining PayNet’s extensive database, the expanded detail in the new report and an auto-pull connection will certainly help lenders already doing automated approvals, but will also, for the first time, make automated approval possible in industries like transportation and construction, where comparable credit history is required to make a decision. Butler concluded "PayNet continues to help lenders make quicker, smarter decisions, based on detailed and unbiased data, and at a lower overall cost."