SOURCE: Transparency Labs

Transparency Labs

September 21, 2011 10:30 ET

Transparency Labs™ Previews Solution to Uncover What's Hiding in Your Fine Print

Nation's First Organization Dedicated to Transforming Opaque Fine Print Agreements Into Clear Content

National Fine Print Repository™ Launched to Aggregate and Monitor All Consumer Legal, Regulatory and Financial Fine Print Agreements From Largest Corporations and Financial Institutions

NEW YORK, NY--(Marketwire - Sep 21, 2011) - FinovateFall -- Transparency Labs™ today launched the nation's first and only solution to help consumers translate the fine print of financial documents into clear content that can be understood at a ninth-grade reading level. Less than one in 10,000 Americans reads the fine print included in financial documents, and fewer actually understand it. The average American household spends up to $3,000 a year on fees and charges that could be reduced by reading and understanding the fine print. Transparency Labs simplifies the complex fine print into easy-to-understand content that enables better-informed financial decision-making.

Powering Transparency Labs is the National Fine Print Repository™, the first database archive devoted solely to aggregating and monitoring the thousands of consumer legal, regulatory and financial fine print agreements issued by America's largest corporations and financial institutions. By cataloguing more than $250 billion in hidden fees, the Transparency Labs team uses an empirical methodology to measure millions of fine print data points against industry-standard benchmarks.

"Everyone has a fine print story," said David Hirsch, CEO and Founder of Transparency Labs. "We've assembled a team of experts in law, personal finance, behavioral economics and simplification to help consumers figure out how they are impacted by the fine print and provide options for addressing it."

The company's "Fine Print Genome" is an unprecedented grouping of human analysis, information science and technology designed to enable transparency in fine print. This is done by aggregating thousands of pages of Terms & Conditions issued by America's largest corporations and financial institutions in a single place, using an objective and empirical methodology to analyze and simplify the most widely used standard-form-contracts, and to track ongoing changes in fine print agreements.

From credit card contracts to mutual fund prospectuses, understanding every agreement in the digital age is nearly impossible. Transparency Labs is working to create a new marketplace where companies can engage consumers with a message of transparency and trust, and attract the best customers. For consumers, Transparency Labs allows them to know the true cost and risks of contractual purchases including mobile phone plans, credit cards, airline tickets, bank accounts, health insurance and mutual funds.

Transparency Labs' experts and proven simplification strategies will guide and translate this data into an easily understood language that will help consumers make more informed decisions in the marketplace.

Understand Your Fine Print
Using the Transparency Labs platform, people will be able to securely input general information about their financial purchases, and within minutes, receive an easy-to-read report of pertinent fees and risks such as exclusions, rates, surcharges, limitations, waivers and ongoing changes in fine print agreements.

Transparency Labs helps consumers in five easy steps:

  • Asks consumers to answer simple questions about their financial product
  • Searches through and analyzes thousands of words and hundreds of pages of the fine print
  • Tells consumers what the fine print agreement actually says in plain language that makes sense
  • Shows easy ways to eliminate fees and avoid hidden fine print risks
  • Offers alerts to start monitoring fine print changes so consumers are never again caught off guard

"There's a trust deficit in today's financial services marketplace caused by years of missed opportunities to bridge the simplicity gap," said Hirsch. "We're here to create a transparent marketplace where companies can better serve loyal customers who demand clarity and reach new ones. Informed and educated consumers make better customers."

Transparency Labs will preview its solution at FinovateFall 2011 in New York today. For more information about Transparency Labs, please visit www.transparencylabs.org.

About Transparency Labs
Transparency Labs™ is the nation's first and only organization devoted to helping consumers translate the fine print of financial documents into simple, clear language that can be read and understood at a ninth grade reading level. Powering Transparency Labs is the National Fine Print Repository™ - the first database archive devoted solely to aggregating and cataloging consumer legal, regulatory and financial fine print agreements issued by America's largest corporations and financial institutions. Using a proprietary methodology, Transparency Labs transforms this opaque fine print into clear content. By unlocking the value in the "fine print economy" and elevating trust and transparency in the market place, Transparency Labs creates a win-win for consumers and financial institutions alike. For more information, please visit http://www.transparencylabs.org.

Contact Information

  • Allison Brady
    Atomic PR for Transparency Labs
    212-699-3648
    Email Contact