Charter One Bank Teams Up With The Credit Network.

Business Editors

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Dec. 7, 2000

TCNLink technology, consistency and accuracy edge out competitors

The Credit Network (TCN), a Framingham, Mass.-based mortgage credit reporting company that provides a national program of service, support and reports from the three major repositories announced today the formation of a partnership with Charter One Bank, a subsidiary of the multi-billion dollar financial group, Charter One Financial (NYSE:CF).

This relationship stems from a 1994 agreement between TCN and First Federal Bank of Michigan, which later merged into Charter One, in which TCN was the sole provider of three file merged credit reports.

"Since the beginning of our relationship with TCN, we have always felt confident with their ability to deliver mortgage credit reports in an accurate and timely manner," said Bruce Baxter, vice president of residential underwriting corporate at Charter One Bank. "TCN has consistently kept its technology on the cutting-edge, and that is why we have selected them as one of two vendors that we use to obtain credit reports from our laptop originating system."

The Credit Network has customized electronic credit system interfaces with all leading loan origination systems providers for automated loan origination and tracking system users. These programs provide access to a complete array of mortgage credit products including certified Residential Mortgage Credit Reports, Business Credit Reports and SST Merged and Blended Reports for pre-qualification and low documentation loan programs.

"We feel confident that our product, TCNLink, will continue to meet the needs of loan officers working with Charter One," said Richard Downing, Jr., president of The Credit Network. "Our software offers a reverse link wherein the credit report populates the 1003 form. This eliminates the need to duplicate data input, effectively saving time for the originators."

About Charter One Bank

Charter One has approximately $32 billion in total assets, making it one of the 30 largest bank holding companies in the country. The bank has more than 400 branch locations in Ohio, Michigan, New York, Illinois, Massachusetts and Vermont. The company's diverse product set includes: consumer banking, indirect auto finance, commercial leasing, business lending, commercial real estate lending, mortgage banking, and retail investment products.

For additional information, including press releases, investors are directed to Charter One's Web site: www.charterone.com. Charter One Mortgage Corp., headquartered in Richmond, Va., is a wholly owned subsidiary of Charter One Bank, F.S.B., Cleveland, Ohio. With a combined $6 billion in annual retail mortgage originations, Charter One Mortgage and Charter One Bank rank among the largest retail mortgage lenders nationwide.

About The Credit Network

With more than 600 clients nationally, The Credit Network has been serving the needs of credit grantors and mortgage lenders since 1926. Their clients include Chase Manhattan Mortgage Corp., Principal Residential Mortgage Corp., North American Mortgage Corp., and Quicken Loans. The Credit Network specializes in the delivery of credit information and related services to the residential and equity lending industry through customized interface programs and links to over 20 mortgage loan origination and tracking systems.

For more information about The Credit Network, or to speak to a sales representative, call [phone].

Forward-Looking Statement Disclosure

With the exception of historical matters, the matters discussed in this news release are forward-looking statements that involve risks and uncertainty. Forward-looking statements include, but are not limited to, statements relating to the development and pace of sales of the Company's products, expected trends and growth in the Company's results of operations, projections concerning the Company's available cash flow and liquidity, anticipated penetration in new and existing markets for the Company's products and the size of such markets, anticipated acceptance of the Company's products by existing and new customers, the ability of the Company to sustain any growth in sales and revenue and the increase in sales representatives and other personnel. The Company's actual results could differ in such forward-looking statements. There can be no assurance that the Company will achieve the results set forth herein.