<PAGE>   1
                                                                   EXHIBIT 10.23




                     SECOND AMENDMENT TO CREDIT AGREEMENT

      THIS SECOND AMENDMENT TO CREDIT AGREEMENT (the "Second Amendment") is
entered into to be effective as of August 30, 1996, by and among F.Y.I.
Incorporated, a Delaware corporation ("F.Y.I."), Imagent Acquisition Corp., a
Delaware corporation ("Imagent"), Researchers Acquisition Corp., a Delaware
corporation ("Researchers"), Recordex Acquisition Corp., a Delaware
corporation ("Recordex"), DPAS Acquisition Corp., a Delaware corporation
("DPAS"), Leonard Archives Acquisition Corp., a Delaware corporation
("Leonard"), Deliverex Acquisition Corp., a Delaware corporation
("Deliverex"), Permanent Records Acquisition Corp., a Delaware corporation
("Permanent"), Deliverex Sacramento Acquisition Corp., a Delaware corporation
("Sacramento"), (F.Y.I., Imagent, Researchers, Recordex, DPAS, Leonard,
Deliverex, Permanent and Sacramento are collectively referred to as the
"Original Borrowers"), B&B (Baltimore-Washington) Acquisition Corp., a
Delaware corporation ("B&B"), Premier Acquisition Corp., a Delaware
corporation ("Premier"), Robert A. Cook Acquisition Corp., a Delaware
corporation ("Cook"), Peninsula Record Management, Inc., a California
corporation ("Peninsula"), RAC (California) Acquisition Corp., a Delaware
corporation ("RAC"), California Medical Record Service Acquisition Corp., a
Delaware corporation ("California Medical"), Minnesota Medical Record Service
Acquisition Corp., a Delaware corporation ("Minnesota Medical"), Texas Medical
Record Service Acquisition Corp., a Delaware corporation ("Texas Medical"),
ZIA Information Analysis Group, Inc., formerly known as ZIA Acquisition Corp.,
a Delaware corporation ("Zia") and Recordex Services, Inc., a Pennsylvania
corporation ("Recordex Services") (B&B, Premier, Cook, Peninsula, RAC,
California Medical, Minnesota Medical, Texas Medical, Zia and Recordex
Services are referred to collectively as the "New Borrowers") (the Original
Borrowers and the New Borrowers are referred to collectively as the
"Borrowers"), Banque Paribas, a bank organized under the laws of the Republic
of France, as Agent (the "Agent"), and the Lenders (as such term is defined in
the Credit Agreement, as hereinafter defined) which are parties hereto.

                                   RECITALS

      A. The Original Borrowers, the Agent and the Lenders entered into
that certain Credit Agreement dated as of April 18, 1996 (the "Original Credit
Agreement"), pursuant to which, among other things, the Lenders agreed to make
certain loans available to the Original Borrowers upon the terms and
conditions set forth therein;

      B. The Borrowers, certain of the New Borrowers, the Agent and the
Lenders entered into that certain First Amendment to Credit Agreement dated as
of June 26, 1996 (the Original Credit Agreement, as amended, is hereinafter
referred to as the "Credit Agreement").

      C. The Borrowers, the Agent and the Lenders desire to amend the Credit
Agreement in certain respects as more fully set out herein.


SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 1





<PAGE>   2



                                   AGREEMENT

         NOW, THEREFORE, for and in consideration of the premises and other
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrowers, the Lenders, and the Agent hereby agree as
follows:

         1. Terms. All terms used herein which begin with an initial capital
letter shall, unless otherwise expressly defined herein, have the same
definitions assigned to such terms in the Credit Agreement, as modified by
this Second Amendment.

         2. Amendment to Definition of "EBITDA." Effective as of the date
hereof, the definition of "EBITDA" contained in Section 1.1 of the Credit
Agreement is hereby amended and restated to read in its entirety as follows:

                  "EBITDA" means, for any period, without duplication, the sum
         of the following for F.Y.I. and its Subsidiaries (or other applicable
         Person) for such period determined on a consolidated basis in
         accordance with GAAP: (a) Consolidated Net Income, plus (b)
         Consolidated Interest Expense, plus (c) income and franchise taxes to
         the extent deducted in determining Consolidated Net Income, plus (d)
         depreciation and amortization expense and other non-cash, non-tax
         items to the extent deducted in determining Consolidated Net Income,
         minus (e) non-cash income to the extent included in determining
         Consolidated Net Income. For purposes of calculating the EBITDA of
         F.Y.I. and its consolidated Subsidiaries for any period of four
         consecutive fiscal quarters including, without limitation, the four
         consecutive fiscal quarter period used in determining compliance with
         the twelve month trailing EBITDA requirement in clause (e) of the
         definition of Permitted Acquisition, the EBITDA associated with any
         Person or assets acquired in a Permitted Acquisition during such
         period of four consecutive fiscal quarters shall be added, without
         duplication, in accordance with the following procedures: (a) if the
         Permitted Acquisition and the EBITDA of the Person or assets acquired
         were approved in writing by Required Lenders, that EBITDA will be
         included for such period, and (b) if the Permitted Acquisition was
         not required to be approved in writing by Required Lenders, (i) for
         any calculation of EBITDA which takes place at the end of the fiscal
         quarter in which the Permitted Acquisition took place, only the
         actual EBITDA generated by the acquired Person or assets following
         the Permitted Acquisition will be included in the calculation of
         EBITDA for such period, (ii) for any calculation of EBITDA which
         takes place at the end of the fiscal quarter following the fiscal
         quarter in which the Permitted Acquisition took place, the actual
         EBITDA generated by the acquired Person or assets following the
         Permitted Acquisition in the most recent two fiscal quarters will be
         multiplied by two and the result will be included in the calculation
         of EBITDA for such period, (iii) for any calculation of EBITDA which
         takes place at the end of the second fiscal quarter following the
         fiscal quarter in which the Permitted Acquisition took place, the
         actual EBITDA generated by the acquired Person or assets following
         the Permitted Acquisition in the most recent

SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 2
                                          

<PAGE>   3




         three fiscal quarters will be multiplied by four-thirds (4/3) and the
         result will be included in the calculation of EBITDA for such period,
         and (iv) for any calculation of EBITDA which takes place at the end
         of the third fiscal quarter following the fiscal quarter in which the
         Permitted Acquisition took place, the actual EBITDA generated by the
         acquired Person or assets following the Permitted Acquisition in the
         most recent four fiscal quarters will be included in the calculation
         of EBITDA for such period.

         3. Amendment to Definition of "Permitted Acquisition." Effective as
of the date hereof, the definition of "Permitted Acquisition" contained in
Section 1.1 of the Credit Agreement is hereby amended and restated to read in
its entirety as follows:

                  "Permitted Acquisition" means any Acquisition which has been
         approved in writing by the Agent and Required Lenders or any other
         Acquisition which satisfies each of the following requirements: (a)
         the acquiror (or surviving corporation if the acquisition is by means
         of a merger) is (i) F.Y.I. or any other Borrower (subject to the
         limitations of Section 9.18), or (ii) any Acquisition Subsidiary
         which becomes a Borrower prior to or concurrently with the
         Acquisition pursuant to Section 5.3 (unless disapproved by the Agent,
         which disapproval shall be conclusively presumed by the failure of
         the Agent for any reason to execute the appropriate Borrower Addition
         Agreement in the space provided for acceptance by the Agent), (b) the
         assets to be acquired in connection with such Acquisition are assets
         that are to be used in the existing businesses of the acquiror as
         such business is presently conducted, (c) such Acquisition has been
         approved by the Board of Directors of the acquired entity, (d) the
         acquired entity shall have generated positive EBITDA during the
         twelve-month period preceding the Acquisition, as audited or reviewed
         by an accounting firm acceptable to the Agent, after adjusting for
         excess owners' compensation and other pro forma charges as validated
         by the Agent, (e) Loans to fund such Acquisition will be permitted
         only if the aggregate outstanding principal amount of the Loans after
         giving effect to such Acquisition and (including any Loans required
         in connection with such Acquisition) do not exceed 2.5 times EBITDA
         for the four fiscal quarters most recently completed of F.Y.I. and
         its Subsidiaries (and including the acquired entity's trailing twelve
         month EBITDA, if audited or reviewed by an accounting firm acceptable
         to the Agent) (EBITDA may include proforma adjustments to an acquired
         entity's earnings acceptable to the Agent), (f) the highest possible
         amount of Seller Earn Out to be paid in cash by any Borrower in
         connection with an Acquisition shall not exceed $3,000,000 without
         Required Lenders' approval, (g) from and after October 29, 1996, no
         single Acquisition shall exceed $4,000,000 in total consideration
         (including any Debt assumed or guaranteed in connection therewith),
         without Required Lenders' approval, provided that all proposed
         Acquisitions placed under contract or consummated in the same
         calendar year and involving acquired entities each of which are more
         than 50% owned by the same individuals or entities shall be
         considered a single Acquisition for purposes of this clause (g), (h)
         from and after October 29, 1996, the aggregate

SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 3

<PAGE>   4



         amount of all such Acquisitions closed without Required Lenders'
         approval shall not exceed $4,000,000, in total consideration
         (including any Debt assumed or guaranteed in connection therewith) in
         any twelve month period without Required Lenders' approval, (i) prior
         to and after giving effect to the Acquisition, no Default shall
         exist, (j) after giving effect to such Acquisition, F.Y.I. will not
         violate any financial covenant, (k) no material part of the Property
         or business operations to be acquired is located outside the U.S. or
         Canada, and (l) the Borrower shall have complied with Sections 6.5
         and 8.15; provided, however, that up to $2,000,000 (valued at total
         purchase consideration including any Debt assumed or guaranteed in
         connection therewith) in Acquisitions made during the term of this
         Agreement will be deemed to satisfy the requirements of items (d) or
         (k) preceding so long as (i) all other elements of a Permitted
         Acquisition have been satisfied, (ii) no such acquired entity or
         entities shall have annual sales in excess of $4,000,000 or
         cumulative EBITDA losses (individually for any one such acquired
         entity or in the aggregate for all such acquired entities) in excess
         of $300,000 incurred in the twelve-month period preceding the
         respective dates of acquisition, and (iii) Mexico is the only
         jurisdiction outside the U.S. or Canada where any material part of
         the Property or business operations of the entity or entities to be
         acquired is located.

         4. Amendment to Definition of "Restricted Payment." Effective as of
the date hereof, the definition of "Restricted Payment" contained in Section
1.1 of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

                  "Restricted Payment" means (a) any dividend or other
         distribution (whether in cash, Property or obligations), direct or
         indirect, on account of (or the setting apart of money for a sinking
         or other analogous fund for) any shares of any class of Capital Stock
         of F.Y.I. or any of its Subsidiaries now or hereafter outstanding,
         except a dividend payable solely in equity securities of F.Y.I.; (b)
         any redemption, conversion, exchange, retirement, sinking fund or
         similar payment, purchase or other acquisition for value, direct or
         indirect, of any shares of any class of Capital Stock of F.Y.I. or
         any of its Subsidiaries now or hereafter outstanding (except that
         California Medical may own the 36,670 shares of F.Y.I. common stock
         acquired by California Medical by virtue of the merger of Texas
         Medical Records Service, Inc. into Texas Medical); (c) any loan,
         advance or payment (pursuant to a tax sharing agreement or otherwise)
         to F.Y.I.; and (d) any payment made to retire, or to obtain the
         surrender of, any outstanding warrants, options or other rights to
         acquire shares of any class of Capital Stock of F.Y.I. or any of its
         Subsidiaries now or hereafter outstanding.

         5. Amendment to Definition of "Seller Earn Out." Effective as of the
date hereof, the definition of "Seller Earn Out" contained in Section 1.1 of
the Credit Agreement is hereby amended and restated to read in its entirety as
follows:

            "Seller Earn Out" means any obligation incurred by a Borrower in 
         connection with an Acquisition so long as such obligation either (a) 
         is approved in

SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 4



<PAGE>   5




         writing by the Agent and the Required Lenders as being Seller Earn
         Out or (b) meets the following requirements: (i) is only payable by
         the Borrower for performance by a seller, or a shareholder, officer
         or director of a seller, of obligations over the passage of time
         (e.g., non-compete payments) or in the event certain future
         performance goals are achieved with respect to the assets or business
         acquired, excluding any noncompete payments in excess of 15% of the
         purchase price and excluding performance-based payments which are
         greater than 750% of the earnings or cash flow on which they are
         based and (ii) provides that the maximum potential liability of the
         Borrower with respect thereto is limited.

         6. Amendment to Section 9.5 of the Credit Agreement. Effective as of
the date hereof, Section 9.5 of the Credit Agreement is hereby amended by
deleting the last word of clause (i), "and", by adding the word "and" at the
end of clause (j), and adding the following new clause (k) as follows:

            (k) California Medical may own the 36,670 shares F.Y.I. common
         stock acquired by California Medical by virtue of the merger of Texas 
         Medical Records Service, Inc. into Texas Medical.

         7. Amendment to Section 10.1 of the Credit Agreement. Effective as of
the date hereof, Section 10.1 of the Credit Agreement is hereby amended and
restated to read in its entirety as follows:

           Section 10.1 Consolidated Net Worth. F.Y.I. will at all times 
         maintain Consolidated Net Worth in an amount not less than the sum
         of (a) $18,000,000 plus (b) 75% of cumulative Consolidated Net
         Income, if positive for any fiscal quarter, i.e., exclusive of
         negative Consolidated Net Income for any fiscal quarter, after the
         Closing Date, plus (c) all Net Proceeds of each Equity Issuance
         after the Closing Date minus the amount of any stock repurchase
         consummated under the terms of Section 9.4(c).

         8. Amendment to Section 10.2 of the Credit Agreement. Effective as of
the date hereof, Section 10.2 of the Credit Agreement is hereby amended and
restated to read in its entirety as follows:

            Section 10.2  Ratio of Total Senior Debt to EBITDA.

                    (a) F.Y.I. will not permit the ratio, calculated as of the
            end of each fiscal quarter of F.Y.I. commencing with the fiscal 
            quarter ended June 30, 1996, of (i) Total Senior Debt to (ii) 
            EBITDA for the four fiscal quarters then ended for F.Y.I. and its 
            Subsidiaries to exceed the ratio set forth below for the period 
            during which such fiscal quarter end occurs:

                                                   
SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 5


<PAGE>   6



<TABLE>
<CAPTION>
                   Period                                          Ratio
                   ------                                          -----
          <S>                                                      <C>
          From April 1, 1996, through September 30, 1997           2.75 to 1.00
          From October 1, 1997, through March 31, 1998             2.50 to 1.00
          From April 1, 1998, through March 31, 1999               2.25 to 1.00
          From April 1, 1999, through March 31, 2000               1.75 to 1.00
          From April 1, 2000 and at all times thereafter           1.25 to 1.00
</TABLE>

              (b) F.Y.I. will not permit the ratio, calculated as of the end of
          each fiscal quarter of F.Y.I. commencing with the fiscal quarter
          ended June 30, 1996, of (i) the sum of (A) Total Senior Debt, plus
          (B) the highest possible amount of all unpaid Seller Earn Out
          payable pursuant to an Acquisition contract in cash over any period
          of time, whether the payment of such Seller Earn Out is contingent
          or otherwise, to (ii) the sum of (A) EBITDA for the four fiscal
          quarters then ended for F.Y.I. and its Subsidiaries plus (B) the
          EBITDA or EBIT required by the applicable Acquisition contract(s) to
          generate the amount of Seller Earn Out set forth in (i)(B) above to
          exceed the ratio set forth below for the period during which such
          fiscal quarter end occurs:

<TABLE>
<CAPTION>
                   Period                                          Ratio
                   ------                                          -----
          <S>                                                      <C>
          From April 1, 1996, through September 30, 1997           2.75 to 1.00
          From October 1, 1997, through March 31, 1998             2.50 to 1.00
          From April 1, 1998, through March 31, 1999               2.25 to 1.00
          From April 1, 1999, through March 31, 2000               1.75 to 1.00
          From April 1, 2000 and at all times thereafter           1.25 to 1.00
</TABLE>

       9. Amendment to Section 10.3 of the Credit Agreement. Effective as of
the date hereof, Section 10.3 of the Credit Agreement is hereby amended and
restated to read in its entirety as follows:

          Section 10.3 Ratio of Total Debt to EBITDA.

              (a) F.Y.I. will not permit the ratio, calculated as of the end of
          each fiscal quarter of F.Y.I. commencing with the fiscal quarter
          ended June 30, 1996, of (i) Total Debt to (ii) EBITDA for the four
          fiscal quarters then ended for F.Y.I. and its Subsidiaries to exceed
          the ratio set forth below for the period during which such fiscal
          quarter end occurs:

                                                                        
SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 6


<PAGE>   7



<TABLE>
<CAPTION>
                   Period                                          Ratio
                   ------                                          -----
          <S>                                                      <C>
          From April 1, 1996, through September 30, 1997           3.25 to 1.00
          From October 1, 1997 through March 31, 1998              3.00 to 1.00
          From April 1, 1998, through March 31, 1999               2.75 to 1.00
          From April 1, 1999, through March 31, 2000               2.25 to 1.00
          From April 1, 2000, and at all times thereafter          1.75 to 1.00
</TABLE>

              (b) F.Y.I. will not permit the ratio, calculated as of the end of
          each fiscal quarter of F.Y.I. commencing with the fiscal quarter
          ended June 30, 1996, of (i) the sum of (A) Total Debt, plus (B) the
          highest possible amount of all unpaid Seller Earn Out payable
          pursuant to an Acquisition contract in cash over any period of time,
          whether the payment of such Seller Earn Out is contingent or
          otherwise, to (ii) the sum of (A) EBITDA for the four fiscal
          quarters then ended for F.Y.I. and its Subsidiaries plus (B) the
          EBITDA or EBIT required by the applicable Acquisition contract(s) to
          generate the amount of Seller Earn Out set forth in (i)(B) above to
          exceed the ratio set forth below for the period during which such
          fiscal quarter end occurs:

<TABLE>
<CAPTION>
                   Period                                          Ratio
                   ------                                          -----
          <S>                                                      <C>
          From April 1, 1996, through September 30, 1997           3.25 to 1.00
          From October 1, 1997 through March 31, 1998              3.00 to 1.00
          From April 1, 1998, through March 31, 1999               2.75 to 1.00
          From April 1, 1999, through March 31, 2000               2.25 to 1.00
          From April 1, 2000, and at all times thereafter          1.75 to 1.00
</TABLE>

      10. Representations and Warranties. The representations and
warranties made by the Borrowers in the Loan Documents, as the same are
amended hereby, are true and correct at the time this Second Amendment is
executed and delivered, except to the extent that such representations and
warranties are expressly by their terms made only as of the Closing Date or
another specified date.

      11. Costs. The Borrowers jointly and severally agree to pay all costs
incurred in connection with the negotiation, preparation, execution and
consummation of this Second Amendment and the transactions preceding and
contemplated by this Second Amendment including, without limitation, the fees
and expenses of counsel to the Agent and the Lenders.

      12. Miscellaneous.

          (a) Headings. Section headings are for reference only, and shall not
      affect the interpretation or meaning of any provision of this Second
      Amendment.


SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 7


<PAGE>   8



              (b) No Waiver. No failure on the part of the Agent or the Lenders 
          to exercise, and no delay in exercising, and no course of dealing 
          with respect to, any right, power, or privilege under the Loan
          Documents shall operate as a waiver thereof, and no single or
          partial exercise of any right, power, or privilege under the Loan
          Documents shall preclude any other or further exercise thereof or
          the exercise of any other right, power, or privilege.

              (c) Effect of this Second Amendment. The Credit Agreement, as 
          amended by this Second Amendment, shall remain in full force and
          effect except that any reference therein, or in any other Loan
          Document, referring to the Credit Agreement, shall be deemed to
          refer to the Credit Agreement, as amended by this Second Amendment.

               (d) Governing Law.  EXCEPT TO THE EXTENT THAT THE CREDIT
          AGREEMENT EXPRESSLY PROVIDES OTHERWISE, THIS SECOND AMENDMENT SHALL
          BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
          STATE OF TEXAS.

               (e) Counterparts. This Second Amendment may be executed by the 
          different parties hereto on separate counterparts, each of which,
          when so executed, shall be deemed an original, but all such
          counterparts shall constitute but one and the same Second Amendment.

               (f) NO ORAL AGREEMENTS. THE CREDIT AGREEMENT, AS AMENDED BY THIS
          SECOND AMENDMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS
          THE ENTIRE AGREEMENT AMONG THE PARTIES, AND MAY NOT BE CONTRADICTED
          BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
          OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
          PARTIES.

          IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be executed by their respective duly authorized officers as of
the date first above written.

                                  BORROWERS:

                                  F.Y.I. INCORPORATED


                                  By:   /s/ David Lowenstein
                                      -----------------------
                                        David Lowenstein
                                        Executive Vice President


SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 8


<PAGE>   9



               IMAGENT ACQUISITION CORP. RESEARCHERS ACQUISITION CORP.
               RECORDEX ACQUISITION CORP. DPAS ACQUISITION CORP. LEONARD
               ARCHIVES ACQUISITION CORP. DELIVEREX ACQUISITION CORP.
               PERMANENT RECORDS ACQUISITION CORP. DELIVEREX SACRAMENTO
               ACQUISITION CORP. B&B (BALTIMORE-WASHINGTON) ACQUISITION CORP.
               PREMIER ACQUISITION CORP. ROBERT A. COOK ACQUISITION CORP.
               PENINSULA RECORD MANAGEMENT, INC. RAC (CALIFORNIA) ACQUISITION
               CORP. CALIFORNIA MEDICAL RECORD SERVICE ACQUISITION CORP.
               MINNESOTA MEDICAL RECORD SERVICE ACQUISITION CORP. TEXAS
               MEDICAL RECORD SERVICE ACQUISITION CORP. ZIA INFORMATION
               ANALYSIS GROUP, INC. RECORDEX SERVICES, INC.


               By:   /s/ David Lowenstein
                  ------------------------------------------------
                     David Lowenstein
                     Executive Vice President, acting on behalf of
                     each of the above

               AGENT:

               BANQUE PARIBAS, as Agent


               By:  /s/ Clark C. King III
                  ------------------------------------------------
               Name:  Clark C. King III
                    ----------------------------------------------
               Title: Vice President
                     ---------------------------------------------


               By:  /s/ Mark A. Radzik
                  ------------------------------------------------
               Name:  Mark A. Radzik
                    ----------------------------------------------
               Title: Vice President
                     ---------------------------------------------



SECOND AMENDMENT TO CREDIT AGREEMENT                                      Page 9


<PAGE>   10


               LENDERS:

               BANQUE PARIBAS


               By:  /s/ Clark C. King III
                  ------------------------------------------------
               Name:  Clark C. King III
                    ----------------------------------------------
               Title: Vice President
                     ---------------------------------------------


               By:  /s/ Mark A. Radzik
                  ------------------------------------------------
               Name:  Mark A. Radzik
                    ----------------------------------------------
               Title: Vice President
                     ---------------------------------------------




               FIRST SOURCE FINANCIAL LLP

               By:  FIRST SOURCE FINANCIAL, INC., its
                    Agent/Manager


                    By: /s/ John Walding
                       -------------------------------------------
                    Name:   John Walding
                          ----------------------------------------
                    Title:  Vice President
                          ----------------------------------------


               IBJ SCHRODER BANK & TRUST COMPANY


               By: /s/ DeVer G. Warner
                  ------------------------------------------------
               Name:   DeVer G. Warner
                    ----------------------------------------------
               Title:  Vice President
                     ---------------------------------------------



SECOND AMENDMENT TO CREDIT AGREEMENT                                     Page 10