|Factual Data Corp.
5200 Hahns Peak Drive
Loveland, CO 80538
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Factual Data to Launch CreditScansm Fraud Detection for Mortgage Loans Nationwide
LOVELAND, Colo., Septembert 19, 2000
Today, Factual Data Corp., (Nasdaq: FDCC, FDCCW),
www.factualdata.com, a leading e-business provider of information solutions to businesses, government sponsored enterprises and business customers nationwide, announced today that it has launched CreditScansm, a new high-powered fraud detection product sold exclusively through www.factualdata.com. Using the repository credit information and proprietary technology Factual Data Corp. will be able to help instantly identify potential fraud prior to funding a loan and using factualdata.com mitigate early payment defaults, repurchases, and indemnification requests. The CreditScansm results are included with a standard 1, 2, or three bureau credit report. CreditScansm has been used by several major lenders as a Quality Control tool for several years to identify fraudulent loans in portfolios that were purchased or are being evaluated for purchase. These lenders indicated that they saw a great need to perform this fraud prevention at application to stop these fraudulent loans from being funded in the first place.
"This is a very exciting product for Factual Data Corp. and the lending industry. According to a recent article in the National Mortgage News the FBI is seeing a huge increase in mortgage fraud. CredititScansm is the product that will help identify fraud and reverse the current trend," said Dave Vinson, Factual Datas Chief Sales Officer. "This product is the type of visionary web based solutions that will continue to be added to our industry leading web application. For a very minimal cost, Factual Data Corp. could save hundreds of thousands of dollars for a lending institution." Vinson continued.
Factual Data Corp. is a Loveland, CO-based information services provider to the mortgage and consumer lending industries, employers, landlords and other business customers located throughout the United States. The company markets its services through its website, www.factualdata.com, and nationally through 44 combined locations, including 9 franchisees and 13 licensees. Factual Data's common stock and warrants trade on the NASDAQ National Market under the symbols FDCC and FDCCW. For more information visit www.factualdata.com.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future of the company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in interest rates; the effectiveness of the companys marketing campaign; the response of the mortgage industry; strength of market demand for the companys services; the effects of seasonality in the housing market; competition; the success of the companys consolidation plan; the companys ability to manage growth; and the companys ability to successfully develop and market new report services.