Here are 1-3 brief analogies to describe TransUnion:

• It's like **Moody's** for individual creditworthiness.
• Think of it as **Carfax** for people's financial history.
• It's essentially **LexisNexis** for consumer identity and risk data.

• Credit Information & Scoring: Provides comprehensive credit reports and scores for consumers and businesses, enabling risk assessment for lending, insurance, and other industries.
• Risk Management Solutions: Offers data-driven tools and platforms to help businesses make informed decisions regarding credit risk, loan originations, and portfolio management.
• Fraud & Identity Solutions: Delivers advanced analytics and verification services to detect and prevent fraud, authenticate identities, and secure digital transactions.
• Marketing & Analytics Solutions: Provides insights and targeting capabilities to help businesses acquire, retain, and optimize their marketing strategies through data-driven approaches.
• Consumer Services: Offers direct-to-consumer products like credit monitoring, identity theft protection, and access to personal credit reports and scores.

TransUnion (TRU) primarily sells its data, analytics, and information solutions to other companies (B2B).

Due to the nature of its business as a global information and insights company serving a vast and diverse client base across numerous industries, TransUnion does not publicly disclose the names of specific "major customer companies." Its revenue is typically derived from thousands of clients, none of which individually account for a significant portion of its total revenue (e.g., typically less than 10% as per SEC reporting requirements for major customers).

Instead, TransUnion's major customers are found across key industry verticals. The primary categories of companies that utilize TransUnion's services include:

• Financial Services Providers: This category encompasses a wide range of institutions such as banks, credit unions, credit card issuers, mortgage lenders, auto finance companies, and emerging fintech firms. They use TransUnion's credit reports, scores, and analytics for lending decisions, risk assessment, fraud prevention, and customer acquisition.
• Insurance Providers: Property & casualty, life, and health insurance companies leverage TransUnion's data for underwriting, claims management, fraud detection, and customer segmentation.
• Rental Screening and Real Estate Companies: Landlords, property managers, and real estate agencies use TransUnion's tenant screening services to assess applicant risk, verify identities, and manage properties.
• Utilities and Telecommunications Companies: These companies utilize TransUnion's solutions for identity verification, fraud prevention, and risk assessment when opening new accounts or managing existing customer relationships.
• Retail and Marketing Companies: Retailers, e-commerce platforms, and marketing agencies use TransUnion's data for identity verification, fraud prevention, targeted marketing campaigns, and customer insights.

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Chris Cartwright President & Chief Executive Officer

Chris Cartwright has served as President & Chief Executive Officer of TransUnion since May 2019, having joined the company in August 2013. He previously held the role of Executive Vice President, U.S. Information Services, where he was instrumental in transforming TransUnion into a global information and insights company. Prior to joining TransUnion, Mr. Cartwright was the Chief Executive Officer of Decision Insight Information Group, a group of independent businesses providing real property information, software, and services across the United States, Canada, and Europe. He also spent nearly 14 years at Wolters Kluwer, a global information services and workflow solutions company, where he held various executive positions, including CEO of the Corporate and Financial Services Division and Shared Services, North America. Before Wolters Kluwer, he was Senior Vice President, Strategic Planning & Operations for Christie's Inc. and a Strategy Consultant for Coopers and Lybrand.

Todd M. Cello Executive Vice President, Chief Financial Officer

Todd M. Cello has served as Executive Vice President, Chief Financial Officer of TransUnion since August 2017, having joined the company in October 1997. Before his current role, he was Senior Vice President and International CFO from August 2015 to August 2017, overseeing financial operations for the International segment. From January 2009 to August 2015, Mr. Cello served as Vice President, Financial Planning and Analysis, where he played a pivotal role in TransUnion's two leveraged buyouts in 2010 and 2012, and its initial public offering in 2015. These leveraged buyouts indicate a pattern of managing companies backed by private equity firms through his significant involvement in the transactions that brought Goldman Sachs Capital Partners and Advent International as acquirers in 2010.

Heather Russell Executive Vice President, Chief Legal Officer

Heather Russell joined TransUnion in 2018 as Executive Vice President, Chief Legal Officer. She brings over 25 years of diverse experience from the global financial services and technology sectors. Prior to TransUnion, she held significant legal leadership roles, including Executive Vice President, Chief Legal Officer and Corporate Secretary at Fifth Third Bank; Managing Director and Global Head of Public Policy and Regulatory Affairs at Bank of New York Mellon; and Senior Vice President and Associate General Counsel at Bank of America. Ms. Russell also spent eight years at Skadden, Arps, focusing on banking regulation, financial services, corporate finance, and mergers and acquisitions.

Venkat Achanta Executive Vice President, Chief Technology, Data & Analytics Officer

Venkat Achanta has served as Executive Vice President, Chief Technology, Data & Analytics Officer for TransUnion since July 2023, a role he assumed following TransUnion's acquisition of Neustar, Inc. in December 2021, where he previously served as Executive Vice President and Chief Data & Technology Officer. In his role at Neustar, he led data science, data strategy, and technology teams, and helped create the OneID platform. Before joining Neustar in 2016, Mr. Achanta was Chief Data Officer and Head of Data and Analytics at Walmart, and Global Head of Analytics and Big Data at AIG. He also held senior leadership positions in data and analytics at Capital One and Experian.

Tiffani Chambers Executive Vice President, Chief Operations Officer

Tiffani Chambers has served as Executive Vice President, Chief Operations Officer since February 2025. In this role, she oversees consumer relations, customer delivery, relationship management, and TransUnion’s Global Capability Center network, among other functions. Prior to joining TransUnion, Ms. Chambers was the Chief Operating Officer of the Retail Banking Division at Bank of America from October 2021 until December 2024. Her experience also includes serving as Chief Operating Officer of Global Banking and Markets, Risk, Finance, and Infrastructure Technology at Bank of America, and as Managing Director of Global Client Strategy and Operations for the Operations Division of Goldman Sachs. She has also held roles at JP Morgan Chase, Lehman Brothers, and American Express.

The key risks to TransUnion's business are:

1. Data Security and Cybersecurity Incidents: As a major custodian of sensitive consumer data, TransUnion faces significant and ongoing risks from cybersecurity breaches and data theft. A recent data breach affected approximately 4.4 million customers, highlighting the potential for substantial legal costs, regulatory fines, and severe reputational damage, which could negatively impact its financial performance and market valuation.
2. Concentration in U.S. Financial Services and Consumer Credit Industries: A substantial portion of TransUnion's revenue is derived from the U.S. financial services and consumer credit sectors. This concentration exposes the company to adverse effects during downturns in these specific industries or the broader financial markets, potentially impacting demand for its services and overall revenues.
3. Evolving Regulatory Landscape and Compliance Challenges: TransUnion operates within a complex and dynamic regulatory environment, particularly concerning data privacy, consumer protection, and emerging technologies like AI. Increased regulatory scrutiny, including from bodies like the CFPB, presents ongoing compliance challenges that can lead to higher operational costs, potential enforcement actions, and significant legal risks.

TransUnion (TRU) operates in several significant addressable markets globally and within the United States.

• The company's total addressable market (TAM) is estimated to be approximately $109.59 billion globally as of 2024, with a projected compound annual growth rate (CAGR) of 11.78% through 2029.
• For the U.S. credit agency market, which encompasses both consumer and corporate ratings, the estimated value is $18.63 billion by 2025. This market is anticipated to grow at a CAGR of 5.9% over the next five years, with consumer ratings constituting roughly half of this volume.
• TransUnion's Communications and Trusted Call Solutions (TCS) targets an addressable market of over $1 billion in the U.S. This solution also presents long-term global scalability, with opportunities for expansion in regions such as Canada and Brazil.

TransUnion (TRU) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in Financial Services and Emerging Verticals: TransUnion has demonstrated robust performance in its Financial Services and Emerging Verticals segments. In the third quarter of 2025, Financial Services revenue increased by 19%, while Emerging Verticals saw a 7.5% growth rate. This sustained momentum in core and developing areas, including insurance and communications, is a significant contributor to overall revenue expansion.
2. Technology Modernization and the "OneTru" Platform: The company's ongoing two-year transformation program, nearing completion, involves optimizing its organizational model and modernizing technology through the "OneTru" platform. This initiative is expected to enhance operational efficiencies, deliver structural cost savings, and accelerate new product innovation, including AI-driven developments, which will support growth through 2027 and beyond.
3. Expansion and Adoption of New Products and Solutions: Specific solutions like Trusted Call Solutions (TCS) are slated as key growth drivers. TCS is projected to generate $150 million in revenue by 2025, a substantial increase from $50 million in 2022, with an ambitious target of nearly $250 million by 2028. The company is also leveraging its OneTrue platform for advanced fraud detection capabilities.
4. International Market Expansion: TransUnion is actively expanding its presence and strengthening its performance in international markets. The International segment grew 6% organically in Q3 2025, with strong contributions from regions such as India, Canada, Africa, and the UK. Furthermore, the acquisition of Mexico's largest credit bureau is anticipated to close by early 2026, which will further consolidate international revenue.
5. Recovery in the Mortgage Sector and VantageScore Adoption: Although the mortgage sector has presented challenges, TransUnion anticipates significant latent earnings power with a potential recovery in mortgage volumes. The company's strategy includes emphasizing VantageScore 4.0, which, contingent on changes by Government-Sponsored Enterprises (GSEs) and increased lender adoption, could amplify revenue growth in this sector.

Share Repurchases

• TransUnion announced a new $500 million share repurchase program in February 2025. This program replaces all previous authorizations and does not obligate the company to repurchase any specific amount.
• In the third quarter of 2025 and October, TransUnion repurchased $160 million in shares, bringing the year-to-date total to $200 million, and increased its share repurchase authorization to $1 billion.
• The company's capital allocation strategy shows an increased bias toward share repurchases going forward, balanced against de-levering and managing capital for acquisitions like TransUnion de Mexico.

Share Issuance

• As of December 31, 2024, 201.5 million shares were issued, compared to 200.0 million shares issued as of December 31, 2023.
• Proceeds from the issuance of common stock and exercise of stock options were $23.1 million in 2023 and $18.7 million in 2022.

Outbound Investments

• TransUnion signed an agreement in January 2025 to acquire majority ownership of Trans Union de Mexico, S.A., S.I.C., the consumer credit business of Buró de Crédito, for approximately $560 million. This acquisition is expected to close by the end of 2025 and will increase TransUnion's ownership to approximately 94%.
• In December 2021, TransUnion acquired Neustar for $3.1 billion, which provides a scalable OneID platform for tracking users across devices and underpins TransUnion's identity, marketing, and anti-fraud solutions.
• Also in December 2021, the company acquired Sontiq, a digital identity monitoring and cybersecurity specialist, for $638 million, strengthening its Consumer Interactive vertical.

Capital Expenditures

• Capital expenditures as a percent of revenue were 8% for both 2024 and 2023. For the first six months of 2024, capital expenditures were $131 million, compared to $144 million in the same period of 2023, representing 6% and 8% of revenue, respectively.
• TransUnion expects capital expenditures to be about 9% of revenue for 2024, with a projected reduction to 6% of revenue by 2026, representing $70 million to $80 million in annual cash savings.
• The primary focus of capital expenditures includes technology modernization and product investments, with the company completing the migration of its first U.S. credit customers to the OneTru platform, and all U.S. migrations expected by mid-2026.