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Press Release
Household Completes Nationwide Settlement With Attorneys General and Regulatory Agencies
As of today, consent decrees have been entered in 41 states, including the District of Columbia, representing more than 80 percent of Household's non-prime real estate secured branch consumer lending business. All 50 states and the District of Columbia have agreed to participate in the program.
Household believes this action will facilitate the ultimate resolution of many litigation issues related to the company's Household Finance Corporation and Beneficial Corporation non-prime real estate secured branch consumer lending business.
The agreement covers real estate loans made through the company's HFC and Beneficial consumer lending branches from January 1, 1999 through September 30, 2002.
"The consumer protection and compliance measures endorsed by this agreement will establish a new standard for the consumer lending industry," said Household CEO William F. Aldinger. "We believe they will make Household an even stronger and more responsive company in the future."
About Household
Household's businesses are leading providers of consumer loans, credit cards, auto finance and credit insurance products in the United States, United Kingdom and Canada. In the United States, Household's largest business, founded in 1878, operates under the two oldest and most recognized names in consumer finance - HFC and Beneficial. Household is also one of the nation's largest issuers of private label and general-purpose credit cards, including The GM Card® and the AFL-CIO's Union Plus® card. For more information, visit the company's website at www.household.com
Contact:
Craig A. Streem,Vice President - Corporate Relations and Communications:847-564-6053
Celeste M. Murphy, Director - Investor Relations:
847-564-7568
