First Advantage Acquires Mortgage Credit Business From Experian
|November 7, 2005|
ST. PETERSBURG, Fla., -- First Advantage Corporation (Nasdaq: FADV) has acquired the mortgage credit reporting assets of Credit Data Services (CDS) from Experian. The transaction provides additional southeastern market share to First Advantage's mortgage credit company, industry leader First American CREDCO, and is the latest acquisition in the execution of First Advantage's growth strategy.
CDS, a provider of consumer credit, business information services and mortgage services, was acquired by Experian earlier this year. Based in Maitland, Fla., the CDS mortgage business provides mortgage credit and real estate services to national lenders and mortgage brokers, with a concentration of customers in the southeast.
In support of Experian's joint venture agreement with The First American Corporation (NYSE: FAF - News), which extends to First Advantage, Experian is selling the mortgage credit reporting assets to First American CREDCO, a division of First Advantage. First American CREDCO is the preferred distributor of Experian credit reports to the mortgage finance sector.
"We are excited to continue the strategic partnership initiated by Experian and First American," said John Long, chief executive officer of First Advantage Corporation. "We're pleased to have the opportunity to add the mortgage credit business of CDS to First American CREDCO's operations and fully expect to benefit from the additional market share and cross sell opportunities that this transaction represents to our Lender Services segment."
"As we continue to focus on expanding our core credit business lines, we look forward to building our relationship with First Advantage," said Chris Callero, chief executive officer, Experian Americas. "Experian will continue to be the preferred provider of credit reporting services to First American CREDCO for the mortgage and automotive finance industries, and we also look forward to contributing to the numerous other First Advantage business lines that utilize credit information."
Source: First Advantage Corporation