Fiserv sells mortgage credit reporting unit to First Advantage
03 January 2008 | 2299 views | 0
Source: First Advantage Corporation
First Advantage Corporation (Nasdaq: FADV), a global risk mitigation and business solutions provider, and Fiserv (Nasdaq: FISV), a leading provider of information technology services to the financial industry, today announced that First Advantage has purchased the assets of CredStar, Fiserv's mortgage credit reporting business unit.
The purchase of CredStar expands First Advantage's market leadership in the U.S. mortgage credit reporting industry, where it already services 19 of the top 20 lenders. Terms of the acquisition were not disclosed.
"CredStar represents a carefully chosen strategic fit that will help us expand the market share of our Lender Services segment," said First Advantage President and Chief Executive Officer Anand Nallathambi. "Combined with our market presence and scale, this acquisition helps us with consolidation benefits and will provide an excellent opportunity to work with Fiserv as a strategic alliance partner in the credit union and banking industries."
"At Fiserv, we are committed to focusing on businesses where we have market leadership. In reviewing our portfolio, we determined that First Advantage has the ability to take CredStar to a new level of success. Our clients will be well-served through this acquisition," said Tom Warsop, president of Fiserv's Financial Institutions Group.
CredStar is based in Los Angeles and operates satellite offices in Arlington Heights, Ill., Phoenix and Philadelphia. It provides credit information solutions to its mortgage lender clients via WebStar, a Web-based platform that delivers credit reports in an average response time of less than five seconds. The system also provides custom connectivity to most major loan originating systems.