Credit Education System Modeled After Elements from the CARD Act Unveiled
February 18, 2010 (PRLEAP.COM) Business NewsBOSTON, MA - February 18, 2010 - Affiliate Lease, a leader in the financial transparency movement, unveils their new credit education system which is modeled after many elements of the CARD Act.
Most courses in financial literacy lack the single most important component, non-fiction. People are not interested in theoretical situations when it comes to money, especially when you add compound interest scenarios. Affiliate Lease has addressed this by developing relationships with several leading financial institutions. They in turn have provided several key pieces of data which has allowed the creation of product specific tools to add to the Affiliate Lease education program.
An example of this is a proactive minimum payment calculator. This was developed in response to Sec. 201. of the CARD Act which requires lenders to show how long it will take to pay off a credit card if only the minimum payment is made. This information is to appear on statements. Affiliate Lease feels that this is rubbing salt in the wounds. By developing offer specific calculators, consumers will be able to determine ahead of time, even before they apply for the card, what their potential debt scenario could look like by using these cards. They can calculate what the interest accrual and trail will be by paying minimum or fixed payments on particular offers.
The system also allows reviewing products and interacting with other visitors using the service, those in their community, via forums and other modules. Each system has a system administrator and is completely customizable with no background in programming.
Partner Russ Nauta states, "The reason why this type of system hasn't been created up to this point is due to the acrimonious relationships between the sides with the key components, the data and the desire to educate. We bring the two together. That is Affiliate Lease."
About Affiliate Lease - Affiliate Lease Inc. is a collaborative partnership headquartered in the state of Massachusetts. Their flagship product developed in conjunction with Blue Robin, a leader in IT innovation technology, is online financial literacy software that can be customized to stand alone or supplement an existing credit education program.