TransUnion

{{Infobox company

| name = TransUnion LLC

| logo = TransUnion_logo.svg

| trading_name = TransUnion

| former_name = TransUnion Holding Company, Inc.

| type = Public

| traded_as = {{ubl|class=nowrap|{{NYSE|TRU}}|Russell 1000 component}}

| industry = Information technology

| founded = {{Start date and age|1968|2|8}}

| location = Chicago, Illinois, U.S.

| area_served = Worldwide

| key_people = Christopher Cartwright (president & CEO)

| products = Credit reports

| services = Credit information

| revenue = {{increase}} {{US$|4.18 billion|link=yes}} (2024)

| operating_income = {{increase}} US$667 million (2024)

| net_income = {{increase}} US$284 million (2024)

| assets = {{decrease}} US$10.9 billion (2024)

| equity = {{increase}} US$4.32 billion (2024)

| num_employees = 13,400 (2024)

| website = {{Official URL}}

| footnotes = {{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1552033/000155203325000015/tru-20241231.htm |title=US SEC: Form 10-K TransUnion (FY 2024) |publisher=U.S. Securities and Exchange Commission |date=February 13, 2025 |access-date=February 14, 2025}}{{cite web|url=https://www.sec.gov/Archives/edgar/data/1552033/000119312518326080/d652710d8k.htm |title=US SEC: Form 8-K TransUnion – Departure of James M. Peck as CEO |publisher=U.S. Securities and Exchange Commission |date=November 14, 2018 |access-date=December 7, 2018}}{{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1552033/000155203320000014/transunion-20191231x10k.htm |title=US SEC: Form 10-K TransUnion (Fiscal Year 2019) |publisher=U.S. Securities and Exchange Commission |access-date=May 21, 2020}}

}}

TransUnion LLC is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active consumer in the United States".{{Cite web|url=https://www.transunion.com/solution/customer-credit-check|title=Customer Credit Check {{!}} TransUnion|website=TransUnion|access-date=2017-09-23}} Its customers include over 65,000 businesses.{{Cite web|url=https://www.transunion.com/global-presence|title=Global Presence {{!}} A Powerful, Global Force {{!}} TransUnion|website=TransUnion|access-date=2017-09-23}} Based in Chicago, Illinois, TransUnion's 2014 revenue was US$1.3 billion.{{cite web|url=https://www.sec.gov/Archives/edgar/data/1552033/000119312515112386/d867590ds1.htm|title=TransUnion SEC Filing (2014)|website=SEC|access-date=13 May 2015}} It is the smallest of the three largest credit agencies, along with Experian and Equifax (known as the "Big Three").{{cite news|title=How to protect yourself against the theft of your identity|url=https://www.economist.com/news/finance-and-economics/21728955-top-tip-keep-eye-your-bank-and-credit-card-statements-how-protect|access-date=15 September 2017|newspaper=The Economist|date=14 September 2017}}

TransUnion also markets credit reports and other credit and fraud-protection products directly to consumers. Like all credit reporting agencies, the company is required by U.S. law to provide consumers with one free credit report every year.{{Cite news|url=https://www.consumer.ftc.gov/articles/0155-free-credit-reports|title=Free Credit Reports|date=2013-03-26|work=Consumer Information|access-date=2017-09-23}}

Additionally a growing segment of TransUnion's business is its business offerings that use advanced big data, particularly its deep AI-TLOxp product.{{cite web | url=https://digital.hbs.edu/platform-digit/submission/transunion-competing-with-data-giants/ | title=TransUnion - Competing with Data Giants }}

History

TransUnion was originally formed in 1968 as a holding company for Union Tank Car Company, making TransUnion a descendant of Standard Oil through Union Tank Car Company.{{Cite book|last=Gupta|first=Rohit|url=https://books.google.com/books?id=l7R9DwAAQBAJ&q=TransUnion+was+originally+formed+in+1968&pg=PT99|title=Reward and Donation Crowdfunding: A Complete Guide for Emerging Startups|date=2018-12-06|publisher=Notion Press|isbn=978-1-68466-089-6|language=en}} The following year, it acquired the Credit Bureau of Cook County, which possessed and maintained 3.6 million credit accounts.{{Cite web|last=O'Connell|first=Brian|title=What Are the Three Credit Bureaus and Why Do They Matter?|url=https://www.thestreet.com/personal-finance/education/three-credit-bureaus-14878504|access-date=2020-06-09|website=TheStreet|date=13 March 2019 |language=en-us}} In 1981, a Chicago-based holding company, The Marmon Group, acquired TransUnion for approximately $688 million.Marmon Group{{cite book|last1=Cunningham|first1=Lawrence|title=Book: All One." Berkshire beyond Buffett: The Enduring Value of Values, .|date=21 October 2014|publisher=New York Columbia Business School|isbn=978-0231170048|ref=Search: Marmon}}

In 2010, Goldman Sachs Capital Partners and Advent International acquired it from Madison Dearborn Partners.{{cite web|title=Advent and Goldman to buy TransUnion in $3B Deal|url=https://dealbook.nytimes.com/2012/02/17/advent-and-goldman-to-buy-transunion-in-3-billion-deal/?_r=1|work=New York Times| date=17 February 2012 |access-date=13 May 2015}} In 2014, TransUnion acquired Hank Asher's data company TLO.{{Cite web|title=TransUnion buys TLO - South Florida Business Journal<|url=https://www.bizjournals.com/southflorida/print-edition/2013/11/29/transunion-buys-tlo.html|access-date=2020-06-09|website=www.bizjournals.com}} On June 25, 2015, TransUnion became a publicly traded company for the first time, trading under the symbol TRU.

TransUnion eventually began to offer products and services for both businesses and consumers. For businesses, TransUnion updated its traditional credit score offering to include trended data that helps predict consumer repayment and debt behavior. This product, referred to as CreditVision, launched in October 2013.{{Cite book|last=Gupta|first=Rohit|url=https://books.google.com/books?id=l7R9DwAAQBAJ&q=transunion+Credit+Vision%2C+launched+in+October+2013&pg=PT99|title=Reward and Donation Crowdfunding: A Complete Guide for Emerging Startups|date=2018-12-06|publisher=Notion Press|isbn=978-1-68466-089-6|language=en}}

Its SmartMove™ service facilitates credit and background checks for landlords. The service also provides credit and background checks for partner companies, such as RentSpree.

In September 2013, the company acquired eScan Data Systems of Austin, Texas, to provide post-service eligibility determination support to hospitals and healthcare systems. The technology was integrated into TransUnion's ClearIQ platform, which tracks patients demographic and insurance related information to support benefit verification.{{Cite web|title = TransUnion acquires Austin's eScan Data Systems – Austin Business Journal|url = https://www.bizjournals.com/austin/news/2013/09/24/transunion-acquires-austins-escan.html|website = Austin Business Journal|access-date = 2015-12-14}}

In November 2013, TransUnion acquired TLO LLC, a company that leverages data in support of its investigative and risk management tools. Its TLOxp technology aggregates data sets and uses a proprietary algorithm to uncover relationships between data. TLOxp also allows licensed investigators and law enforcement professionals to access personally identifiable information from credit header data.{{Cite web|title = Court gives approval for TransUnion-TLO merger|url = http://www.vcpost.com/articles/18598/20131123/court-gives-approval-transunion-tlo-merger.htm|website = Venture Capital Post|date = 2013-11-23|access-date = 2015-12-14}}

In 2014, a TransUnion analysis found that reporting rental payment information to credit bureaus can positively affect credit scores. As a result, TransUnion initiated a service called ResidentCredit, making it easy for property owners to report data about their tenants on a monthly basis. These reports include the amount each tenant pays, the timeliness of their last payment, and any remaining balance the tenant currently owes. As a result, some companies have started reporting rent payment information to TransUnion.

In 2015, TransUnion acquired Trustev, a digital verification company specializing in online fraud for $21 million, minus debts.{{Cite web|title=Form 8-K|url=https://www.sec.gov/Archives/edgar/data/1552033/000155203319000010/transunion-20181231x10k.htm|date=2015-12-09|website=www.sec.gov|language=en|access-date=2020-08-29}}

In 2017, TransUnion acquired FactorTrust, a consumer reporting agency specializing in alternative credit data.{{Cite web|title=TransUnion acquires FactorTrust|url=https://www.autoremarketing.com/subprime/transunion-acquires-factortrust|date=2017-11-15|website=Auto Remarketing|language=en|access-date=2020-05-21}}{{Cite web|title=Document|url=https://www.sec.gov/Archives/edgar/data/1552033/000155203319000010/transunion-20181231x10k.htm|website=www.sec.gov|access-date=2020-05-21}}

In mid-April 2018, TransUnion announced it intended to buy UK-based CallCredit Information Group for $1.4 billion,{{Cite news|title = TransUnion to buy UK-based Callcredit for $1.4 billion|url = https://www.reuters.com/article/us-callcredit-m-a-transunion/transunion-to-buy-uk-based-callcredit-for-1-4-billion-idUSKBN1HR1MB|website = Reuters|date = 20 April 2018|access-date = 2018-04-20}} subject to regulatory approval.

In December 2021, TransUnion completed the acquisitions of Neustar,{{cite press release | title=TransUnion and Neustar Announce Transaction Close | url=https://www.globenewswire.com/news-release/2021/12/01/2344146/0/en/TransUnion-and-Neustar-Announce-Transaction-Close.html | website=GlobeNewswire | date=2021-12-01 | accessdate=2023-04-15}} initially announced in September 2021 for $3.1 billion,{{cite web | title=TransUnion to buy Neustar for $3.1bn | url=https://www.pehub.com/transunion-to-buy-neustar-for-3-1bn/ | website=PE Hub | date=2021-09-13 | accessdate=2023-04-15}} and Sontiq which included IdentityForce,{{cite press release | title=TransUnion Completes Acquisition of Sontiq | url=https://www.globenewswire.com/news-release/2021/12/01/2344558/0/en/TransUnion-Completes-Acquisition-of-Sontiq.html | website=GlobeNewswire | date=2021-12-01 | accessdate=2023-04-15}} initially announced in October 2021 for $638 million.{{cite web | title=TransUnion Acquires Identity Security Company Sontiq for $638 Million | url=https://www.securityweek.com/transunion-acquires-identity-security-company-sontiq-638-million/ | website=SecurityWeek | date=2021-10-27 | accessdate=2023-04-15}}

In February 2023, TransUnion announced it was rebranding its "thousands of existing B2B products into seven business lines."{{cite press release | title=TransUnion Announces Rebrand of its Business Solutions with Focus on Providing a Tru™ Picture of Consumers | url=https://www.globenewswire.com/en/news-release/2023/02/21/2612088/0/en/TransUnion-Announces-Rebrand-of-its-Business-Solutions-with-Focus-on-Providing-a-Tru-Picture-of-Consumers.html/ | website=GlobeNewswire | date=2022-02-21 | accessdate=2023-04-15}} These include: TruAudience, TruValidate, TruContact (all based on former offerings from Neustar), TruVision, TruIQ, TruEmpower, and TruLookup.{{cite web | title=TransUnion Rebrands Business Solutions | url=https://finovate.com/transunion-rebrands-business-solutions/ | website=Finovate | date=2022-02-21 | accessdate=2023-04-15}}

In January 2025, TransUnion has been observed in buying a majority stake in its Mexican arm in a deal worth around $560 million. TransUnion's stake in Trans Union de Mexico is said to be shot up around 94%, from a current 26%. {{Cite news |date=January 16, 2025 |title=TransUnion buys out banks in Mexican credit bureau arm in $560 million deal |url=https://www.reuters.com/markets/deals/banco-santander-mexico-sell-stake-transunion-mexico-2025-01-16/}}

Legal and regulatory issues

In 2003, Judy Thomas of Klamath Falls, Oregon, was awarded $5.3 million in a successful lawsuit against TransUnion. The award was made on the grounds that it took her six years to get TransUnion to remove incorrect information in her credit report.Block, Sandra. [https://www.usatoday.com/money/perfi/credit/2005-09-27-credit-report-usat_x.htm "Fixing errors in credit report is no small task"], USA Today, 2005-08-27.

In 2006, after spending two years trying to correct erroneous credit information that resulted from being a victim of identity theft, a fraud victim named Sloan filed suit against all three of the US's largest credit agencies. TransUnion and Experian settled out of court for an undisclosed amount. In Sloan v. Equifax, a jury awarded Sloan $351,000. "She wrote letters. She called them. They saw the problem. They just didn't fix it," said her attorney, A. Hugo Blankingship III.Baldas, Tresa. [http://www.law.com/jsp/article.jsp?id=1155648410038 "Consumer Lawsuits Against Credit Bureaus Are Multiplying"], The National Law Journal, 2006-08-16.

TransUnion has also been criticized for concealing charges. Many users complained of not being aware of a $17.95/month charge for holding a TransUnion account.{{cite web|url=http://www.consumeraffairs.com/privacy/transunion.html|title=Top 604 Reviews and Complaints about TransUnion|website=ConsumerAffairs|access-date=13 October 2017}}

In March 2015, following a settlement with the New York Attorney-General, TransUnion, along with other credit reporting companies, Experian and Equifax, agreed to help consumers with errors and red flags on credit reports. Under the new settlement, credit-reporting firms are required to use trained employees to respond when a consumer flags a mistake on their file. These employees are responsible for communicating with the lender and resolving the dispute.{{cite web|title=Agencies have to address credit report complaints|url=https://money.cnn.com/2015/03/09/pf/credit-reporting-agencies-settlement/|access-date=13 May 2015|website=CNN Money|date=9 March 2015|publisher=CNN}}

In January 2017, TransUnion was fined $5.5 million and ordered to pay $17.6 million in restitution, along with Equifax, by the Consumer Financial Protection Bureau (CFPB). The federal agency fined the companies "for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers". The CFPB also said the companies "lured consumers into costly recurring payments for credit-related products with false promises".{{Cite web|url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-transunion-and-equifax-pay-deceiving-consumers-marketing-credit-scores-and-credit-products/|title=CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products|date=3 January 2017 }}

In June 2017, a California jury ruled against TransUnion with a $60 million verdict in the largest Fair Credit Reporting Act (FCRA) verdict in history.{{cite news|title=TransUnion hit with $60 million jury verdict over blacklist alerts|url=https://www.reuters.com/article/transunion-verdict-idUSL1N1JI1ZA|website=Reuters|date=21 June 2017}}

The San Francisco federal court jury awarded $60 million in damages to consumers who were falsely reported on a government list of terrorists and other security threats. The plaintiffs' team of attorneys at Francis & Mailman, P.C. partnered with another California-based firm in the class action.

Credit bureaus had the most complaints of all companies filed with the CFPB by consumers in 2018, with 34% of all complaints directed at TransUnion, Equifax, and Experian that year.{{cite web |url=https://www.cbsnews.com/amp/news/credit-bureaus-draw-the-most-consumer-complaints-to-the-cfpb/ |title = Credit bureaus draw the most consumer complaints to the CFPB - CBS News|website = CBS News| date=9 May 2019 }} Following up on the 2017 FCRA ruling, in April 2022, the Consumer Financial Protection Bureau (CFPB) said TransUnion is "incapable of operating its businesses lawfully".{{cite web | url=https://www.finextra.com/newsarticle/40072/cfpb-says-transunion-incapable-of-operating-its-businesses-lawfully | title=CFPB says TransUnion "incapable of operating its businesses lawfully" | date=13 April 2022 }}

Security issues

On 13 October 2017, the website for TransUnion's Central American division was reported to have been redirecting visitors to websites that attempted drive-by downloads of malware disguised as Adobe Flash updates.{{cite web|url=https://arstechnica.co.uk/information-technology/2017/10/equifax-rival-transunion-also-sends-site-visitors-to-malicious-pages/|title=Equifax rival TransUnion also sends site visitors to malicious pages|website=arstechnica.co.uk|date=12 October 2017|access-date=15 April 2018}}{{cite web|date=12 October 2017|title=Equifax website showed you ads full of malware, expert finds|url=https://www.cnet.com/news/equifax-website-ads-served-adware-malware-expert-finds/|access-date=15 April 2018|website=cnet.com}} The attack had been performed by hijacking third-party analytics JavaScript from Digital River brand FireClick.{{cite web|url=http://www.securityweek.com/malicious-redirects-equifax-transunion-sites-caused-third-party-script|title=Malicious Redirects on Equifax, TransUnion Sites Caused by Third-Party Script – SecurityWeek.Com|website=www.securityweek.com|date=13 October 2017 |access-date=15 April 2018}}

On 17 March 2022, TransUnion South Africa disclosed that hackers breached one of their servers and allegedly stole data of 54 million customers, demanding a ransom to not release it, the group N4ughtysecTU claims responsibility.{{cite web|url=https://www.bleepingcomputer.com/news/security/hackers-claim-to-breach-transunion-south-africa-with-password-password/|title=Hackers claim to breach TransUnion South Africa with 'Password' password|website=bleepingcomputer.com|access-date=18 March 2022}}