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E-LOAN, Inc., Once Again Gives Consumers Credit Scores for Free

Consumers Can Use the Free Service to Help Them Optimize Their Credit Score To Ultimately Lower Their Overall Cost of Borrowing and Take More Control Over Their Debt

DUBLIN, Calif., April 23 -- E-LOAN, Inc. (Nasdaq: EELN) a leading online lending company, today launched a free service to provide consumers with a credit score and a credit score analysis that helps them identify and understand actions they can take to improve their score. Consumers receive personalized guidance to help them interpret their score, including the factors that are most significantly impacting their score. Armed with this knowledge, consumers can improve their score and ultimately lower their overall cost of borrowing and better manage their debt. In addition to this free service, when the consumer applies for a loan they receive a more detailed report that recommends very specific actions they can take and the potential score increase associated with taking those actions. E-LOAN has partnered with CreditXpert, Inc., the leading provider of personalized consumer credit management tools and content, to make these credit scores and analyses available.

"Credit scores are one of the most significant factors used by lenders to determine whether an applicant gets a loan and the interest rate they pay on a loan," said Chris Larsen, E-LOAN's Chairman and CEO. "It's absolutely necessary for people to know their score, what it means, what factors influence it, and how they can improve it. By providing people with access to the tools and advice they need to take control over their credit, we improve their ability to get lower loan rates and better loan terms."

As a staunch advocate of full disclosure, including consumer access to credit scores, E-LOAN started providing FICOSM credit scores in February 2000 free of charge to consumers via its website. It was the first time consumers ever had ready access to these scores. More than 25,000 borrowers logged onto the site to access their scores before credit reporting agencies -- under intense pressure from the creator of the scores -- forced an end to the practice.

Because credit scores have become so profoundly important in determining a consumer's participation in the credit markets, E-LOAN has actively lobbied and testified at the national and state level in favor of guaranteeing consumers' right to access credit scores used for lending, employment and insurance decisions. While E-LOAN's efforts helped pass the Figueroa bill in California, the company continues to lobby for legislation at the national level.

"Since last year there has been some good progress in opening the black box surrounding credit scores, but unless they live in California, consumers still won't have a guaranteed right to know their score even if they were turned down for a loan or job because of it," said Larsen. "One reason often cited by the credit industry in refusing full disclosure of credit scores and the factors that comprise them is that once consumers know and better understand what impacts their score, consumers will 'game' the system by engaging in activities that result in better scores. E-LOAN believes this is precisely why all credit scores and all the factors that go into them need to be readily disclosed: so consumers can improve their financial health through knowledge and action. We believe it's a matter of responsible borrowing and effective consumer debt management, not credit score gaming."

By logging onto http://www.eloan.com, clicking on the "Free Credit Scores" link and answering a brief series of questions, consumers can access their credit score and credit score analysis online. The confidentiality and security of all personal information is protected through advanced encryption technology, password protection, and E-LOAN's stringent privacy policy and practices, which are independently audited by PriceWaterhouse Coopers. E-LOAN does not sell consumer data to any third parties and will not share consumer data with any third parties without their consent except for the express purpose of completing a loan transaction or obtaining credit score information.


About E-LOAN, Inc.
E-LOAN, Inc., a leading online lending company, offers consumer loans and debt management services online at http://www.eloan.com. E-LOAN has reinvented the consumer loan process by offering a broad choice of products from many lenders for mortgages, home equity loans, auto loans, credit cards and small business loans in a secure online environment, combined with comprehensive personal service from dedicated loan consultants. Through the fourth quarter of 2000, E-LOAN originated over $3.7 billion in consumer loans. The company's loan processing centers are located in Dublin, CA and Jacksonville, FL. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.

About CreditXpert Inc.
CreditXpert Inc. is the first provider of personalized credit analyses and credit scores that help consumers educate themselves about their creditworthiness and understand the credit decision process. CreditXpert(TM) offers e-finance sites and lenders powerful new ways to attract, engage, and retain customers by creating a more interactive lending experience. By powering their products and services with CreditXpert(TM), e-finance sites and lenders offer unique, personalized content and tools for consumer credit management, including the CreditXpert Credit Score(TM) and the CreditXpert Credit Analysis(TM), which are customized to meet the unique needs of CreditXpert Inc.'s B2B partners. For more information, visit http://www.creditxpert.com.

This news release contains forward-looking statements based on current expectations that involve risks and uncertainties. E-LOAN actual results may differ from the results described in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, general conditions in the mortgage and auto industries, interest rate fluctuations, and the impact of competitive products. These and other risk factors are detailed in E-LOAN's periodic filings with the Securities and Exchange Commission.

CONTACT: Laurie Logan of Cosmo Public Relations, Inc., 415-652-3385, or [email protected], for E-LOAN, Inc.; or Tiffany Kelley, Public Relations Manager of E-LOAN, Inc., 925-560-2614, or [email protected]; or Jen Kellar, Account Executive of Weber Shandwick Worldwide, 410-558-2100, or [email protected], for CreditXpert Inc.; or William C. Warren, Jr., Communications Manager of CreditXpert Inc., 410-239-9000, ext. 250, or [email protected]

SOURCE E-LOAN, Inc.
Web Site: http://www.eloan.com

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