First Advantage Acquires Mortgage Credit Business From Experian
ST. PETERSBURG, Fla., Nov. 7 /PRNewswire-FirstCall/ -- First Advantage Corporation (Nasdaq: FADV), a global risk mitigation and business solutions provider, today announced that it 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), 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."
About First Advantage Corporation
First Advantage Corporation (Nasdaq: FADV) combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of business credit information in the transportation industry; consumer credit information in the mortgage, automotive and subprime markets; motor vehicle record reports; supply chain security consulting; employment background verifications; occupational health services; applicant tracking systems; business tax consulting services; insurance fraud, corporate and litigation investigations; surveillance; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software; renters insurance and consumer location services. First Advantage ranks among the top three companies in all of its major business lines. First Advantage is headquartered in St. Petersburg, Fla., and has more than 3,700 employees in offices throughout the United States and abroad. More information about First Advantage can be found at www.FADV.com.
First Advantage is a majority-owned subsidiary of The First American Corporation (NYSE: FAF), a Fortune 500 company that traces its history to 1889. First American is the nation's largest data provider, supplying businesses and consumers with information resources in connection with the major economic events of people's lives. Additional information about the First American Family of Companies can be found at www.firstam.com.
Certain statements in this press release, including those related to the increased market share and cross sell opportunities, are forward-looking. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: general volatility of the capital markets and the market price of the company's Class A common stock; the company's ability to successfully raise capital; the company's ability to identify and complete acquisitions and successfully integrate businesses it acquires; changes in applicable government regulations; the degree and nature of the company's competition; increases in the company's expenses; continued consolidation among the company's competitors and customers; unanticipated technological changes and requirements; the company's ability to identify suppliers of quality and cost-effective data, and other risks identified from time-to-time in the company's SEC filings. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Investors are advised to consult the company's filings with the SEC, including its 2004 Annual Report on Form 10-K, for a further discussion of these and other risks.
First Advantage Contacts: Renee Svec Cindy Williams Director - Marketing & Communications Manager - Investor Relations 727.214.3411, ext. 212 727.214.3411, ext. 260 rsvec@FADV.com clwilliams@FADV.com
SOURCE First Advantage Corporation
CONTACT: Renee Svec, Director, Marketing & Communications, +1-727-214-3411, ext. 212, rsvec@FADV.com, or Cindy Williams, Manager, Investor Relations, +1-727-214-3411, ext. 260, clwilliams@FADV.com, both of First Advantage Corporation -0- Nov/07/2005 18:00 GMT