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Experian Buys Calabasas-Based Mighty Net for $207.5M

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Experian Buys Calabasas-Based Mighty Net for $207.5M
24 September, 2010  |  No comments  |  credit news

Ireland-based Experian, the world’s biggest credit information provider, is acquiring its smaller Calabasas-based rival, Mighty Net, in a $207.5-million deal.

Mighty Net, a privately owned company founded in 1996, operates three websites: CreditReport.com, CreditScore.com and MyCreditScore.com, and charges about $14.95 a month for its services.

“There will be no changes in the work force as a result of this acquisition,” said Bruce Cornelius, Mighty Net spokesperson.

Though a statement from Experian said “certain channels and lines of business at Mighty Net will be discontinued post acquisition,” Cornelius said he was not aware of any planned changes to his company’s products or service prices after the deal closes.

Experian said the deal would help consolidate its market position and bring Mighty Net’s popular credit score brands under Experian’s brand name.

Experian expects to save approximately $4 million a year through March 31, 2012, and $5 million to $6 million in the next year by cutting technology, infrastructure and administrative costs.

Experian also said it would use its marketing expertise to sell additional products to Mighty Net’s 680,000 U.S. subscribers and improve customer retention.

Cornelius said the services offered by his company are important to consumers.

“Though it’s true you can get a credit report once a year for free from looking up government mandated websites, but your credit score can change all the time. A lot of people are realizing how important it is to have a credit score for getting a loan, a car or a job,” he said.

Mighty Net has a Better Business Bureau rating of B. According to the BBB website, this is a high rating.

“The company would generally have demonstrated good business-consumer relations, and we would expect any consumer complaints not to be of a serious nature and to be satisfactorily handled by the company,” the website said.

According to statistics on the BBB site, over the last 36 months Mighty Net had 2,014 complaints against it, of which 748 were related to refunds.

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