CreditScore.com Sold For “More Than Toys.com” & Becomes The Top Sale Of 2010

by 35 Comments

The domain name CreditScore.com was just purchased by Mighty Net, Inc. which owns CreditReport.com.

Although the exact amount of the sale was not disclosed, I was informed by a party to the deal, that the purchase price exceeded the amount that Toys.com sold for last year.

Toys.com was sold at a bankruptcy auction for $5.1 Million last year.

That would make this domain, the top domain sale for 2010 by far, and one of the most expensive domain names ever sold.

(The domain MyCreditScore.com was included in this sale).

The domain was owned by Eric Wagner, who was the original owner.

Mr. Wagner is quoted as saying:

“I had a feeling when he registered CreditScore.com, and MyCreditScore.com back in 1997, that someday these would be valuable.”

“I feel relief that it is done and am very satisfied with the price.”

“Over the years CreditReport.com will benefit many times over the sales price through the type-in traffic and increased conversion rates.  In addition, the cross selling opportunities and related conversions will increase as well.  So much of our daily life is significantly influenced/determined by our credit score.  When we type creditscore.com or mycreditscore.com we have a legitimate and important purpose to help ourself and our families.  I think CreditReport.com can satisfy that purpose better than I can.  So ultimately I think the biggest winner in this deal is the American Consumer.”

Surprising that the domain was first registered in 1997 as you would have thought it would have gone years earlier.

We congratulate the buyer and the seller and the broker handling the sale, Derek Giordano & Associates.

Here is the official press release:

“”””CreditReport.com, a leading provider of independent consumer credit information, announced today that it has acquired the domain CreditScore.com.

“”The company plans to distribute millions of free credit scores to consumers and educate them on how best to manage the factors affecting their score.  Knowing their credit score can arm consumers with the information to “see themselves as lenders do” to better manage and protect their credit and derive those benefits that can ultimately improve their personal finances.

The acquisition builds upon CreditReport.com’s consumer advocacy philosophy.  For more than 20 years, the company has been on the forefront of helping millions of consumers learn about their credit profile, uncover credit report inaccuracies and quickly act upon possible situations of identity theft by daily monitoring their credit reports and tracking of their credit score.

“We want every single American to know their credit score because it can affect their everyday life and major life events,” said Bruce Cornelius, chief marketing officer, CreditReport.com.  “During this economic downturn, many banks have unilaterally closed customer accounts, reduced available credit lines, raised interest rates and fees on consumers –  astonishingly, even on their best customers.  We believe those actions by lenders have contributed to the nation’s declining credit scores, further exacerbating efforts by consumers to recover from the economic downturn.   Credit scores have far-reaching effects on consumers beyond loans and credit; they are used in assessing a consumer as an insurance risk and thus can increase or decrease the insurance premiums they pay.  Credit scores can even be one factor used that could affect the ability to secure new employment, which consequently could directly undermine the economic recovery of the nation.  By knowing their score, consumers are better able to challenge these seemingly arbitrary changes and get the credit they deserve and the best terms available.”

“We’re delighted to see CreditScore.com become a part of the CreditReport.com brand,” said Eric Wagner, a Lenexa, KS-based private investor and the original owner of CreditScore.com.  “CreditReport.com and CreditScore.com share the common goal of empowering consumers with taking control of their credit score through affordable and easy-to-use credit management tools.”

CreditReport.com’s service tells consumers what their credit score is, when it changes and what factors affect it.  One of the innovations offered by CreditReport.com for the benefit of consumers is credit score tracking — rapid email alerts to subscribers if there is a material credit score change and details on the top factors affecting the credit score.  With credit score tracking, consumers can more proactively manage their credit for their own benefit and be alerted to data which may indicate that identity theft has occurred.  With the acquisition of CreditScore.com, the company will further innovate upon its credit information management tools that empower consumers to protect their credit and directly derive the benefits of building or maintaining the best score possible.

The transaction was managed by Derek Giordano & Associates.”

Comments

  1. Would this be considered a “reported sale” or “not reported” since the actual purchase price was not disclosed?

    Just want to hear what you think…

    Reply

  2. Jamie

    I would have to say unreported at this point since we have no idea if the domain sold for $5.2M or $20M.

    However I will leave this call up to Ron Jackson as he in my book is the “official” keeper of reported sales

    Reply

  5. Congrats to buyer, seller, and Derek.

    I’ve only had the chance to talk with Derek a few times online,
    but he always has seemed to be a sharp guy – very nice as well.

    Very happy for him that he was able to put this together…
    Congrats Derek!

    Great day for domains — big sales like this propel everything forward.

    Aron

    Reply

  8. Derek is a great guy, He has done really well selling these and owns some great domains also.

    Congrats to all involved.

    Guess I should really develop MyCreditScore.us in more detail and turn it into some serious cash….

    Reply

  12. Credit Score

    Esitbot like any automatic tool is not going to give you an accurate value for most domains. I will help you determine which domains have some value to others that has little to none.

    Reply

  15. RegFee/Wang and Robbie-UK,

    Since, the both of you continously keep shamelessly promoting your domains on other peoples’ blogs, you did me a favor.

    I was looking for ideas how I was going to develop a few of my domains.
    Now, I’m going to duplicate your ideas and sites.
    Thank you for doing the work for me.

    Do you want to promote some other domains?
    I need some more ideas how I want to develop my prime domains.

    Wang and Robbie, keep the ideas coming.
    Thanks.

    Reply

  17. “it estimates it to be 800K. Why is it so far off?”

    Automated domain valuations has the same validity as asking a guy off the street how much a domain is worth.

    Reply

  22. @domain owner

    It’s just a similar domain compare to MyCreditScore.com in the article so I posted it. And actually Derek is my friend. I really had no intention to promote my own domain. Feel free to copy my idea (if there’s any unique idea that you can benefit from. lol) and site. And hopefully you can get a decent domain for your copywork.

    Good luck with your project. 🙂

    @MHB

    If you have the same opinion with ‘domain owner’ then I apologize.

    Reply

  24. The FTC has issued new standards regarding the marketing of Free Credit Reports that may affect your business. These regulations will be effective on April 1, 2010. For more information please consult http://www.ftc.gov/opa/2010/02/facta.shtm.

    As of April 1, all marketers must stop using any creative, email subject lines, or other marketing content that contains the words “free credit report,” without the following notice:
    If “free credit report” is used in the advertisement, the advertisement must include a large and prominent disclosure across the top of the page, in plain text parallel to the other text of the advertisement, and inside a box with a solid color background with high contrast from the original webpage.
    The text of the disclosure must read as follows, with both FTC.gov and AnnualCreditReport.com as live hyperlinks:

    THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV. You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.

    Reply

  25. “Credit score” is a strong tld keyword combination, and appears to have a long life ahead of it.

    As far as keeping the sale a secret, that is most advisable for a variety of reasons. Publicizing domain sales is counter-productive in many situations and damages bargaining position on future acquisitions.

    Must reiterate too that “automated domain appraisals” are not only worthless for upper echelon domains, but actually misguide & misrepresent the domain market.

    Reply

  27. @Jarred

    Maybe that was the the bottom line reason why they bought the domain CreditScore.com
    AnnualCreditReport.com doesn’t offer a credit score.

    Smart in my opinion. Everyone will have to shift their advertising to offer something more then just credit report and credit score is first on the list.

    Reply

  28. @ Phil
    They of course knew this was coming. For sure it had something to do with their decision and their positioning strategy, long term. Well done by all parties involved.

    Reply

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