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Homestore sells consumer credit site

Homestore.com is selling its consumer credit Web site to Experian in a deal worth $113 million. The Consumerinfo.com site provides online credit reports, scores and related information to consumers through annual subscriptions and on a per-report basis. Experian, a subsidiary of British retailer GUS, is a company that specializes in customer-relationship management software. Homestore CEO Mike Long said the deal will help the struggling company focus on its real estate business. However, as a result of the sale, the company no longer expects to be cash flow positive for the full year in 2002. It does expect to see positive cash flow from operations by the end of the year.

Homestore.com is selling its consumer credit Web site to Experian in a deal worth $113 million. The Consumerinfo.com site provides online credit reports, scores and related information to consumers through annual subscriptions and on a per-report basis. Experian, a subsidiary of British retailer GUS, is a company that specializes in customer-relationship management software.

Homestore CEO Mike Long said the deal will help the struggling company focus on its real estate business. However, as a result of the sale, the company no longer expects to be cash flow positive for the full year in 2002. It does expect to see positive cash flow from operations by the end of the year.