TransUnion - TRU STOCK NEWS

TransUnion (NYSE: TRU), alongside Equifax and Experian, announced a significant change in credit reporting regarding medical collection debts. As of April 11, 2023, nearly 70% of medical collection tradelines recorded under $500 have been removed from U.S. consumer credit reports. This adjustment reflects a commitment made by the National Credit Reporting Agencies (NCRAs) to reduce the impact of medical debt on consumers’ credit scores. Previously, as of July 1, 2022, any medical collection debt that was fully paid was also excluded from reports, and the reporting period for unpaid debts extended from six months to one year. Additionally, the NCRAs are providing free weekly credit reports until the end of 2023 to help consumers manage their financial health.

TransUnion (NYSE: TRU) has partnered with Union Credit, a fintech startup, to enhance credit union offerings. This collaboration allows credit unions to provide firm, one-click credit offers at the point of purchase, targeting consumers outside their existing member base. Union Credit aims to facilitate more informed lending decisions using data and automation, thereby improving financial opportunities for individuals. Sean Flynn from TransUnion emphasized that this partnership is crucial for enhancing consumer access to credit, while Dave Buerger, CEO of Union Credit, noted the innovative data solutions provided by TransUnion will help lenders assess creditworthiness more effectively. The initiative positions credit unions to compete better in the digital marketplace, offering local, competitive, and advantageous credit options.

Over 60 million U.S. adults face challenges in accessing credit, highlighted at TransUnion's inaugural Financial Inclusion Forum in April 2023. This event gathered leaders from financial and insurance industries to discuss solutions for underserved consumers. Steve Chaouki emphasized that financial inclusion is pivotal for economic growth, and innovative strategies are needed to engage traditionally unscorable individuals. A recent study revealed that 5.85 million consumers opened their first credit product in 2022, with 61% being Gen Z. Utilizing alternative data sources can help lenders evaluate risks and improve loan access, with significant successes reported in scoring applicants previously deemed unscoreable.

Rently has partnered with TransUnion, a subsidiary of TRU, to launch a new automated leasing application aimed at enhancing tenant screening for single-family property managers. This '3-in-1' solution combines identity, income, and credit verification using advanced AI technology, allowing for fraud elimination and improved operational efficiency. The application can pre-fill information, connect directly to bank accounts, and provide approvals within hours. Rently's CEO, Merrick Lackner, emphasizes the product's value in identifying quality tenants, while TransUnion's resident scoring aims to reduce bad debts in the rental housing market.

TransUnion (NYSE: TRU) and the NAACP launched a credit education website, Connecting to Our Financial Future, aimed at enhancing financial inclusion for underrepresented communities.

Over 45 million U.S. consumers are credit unserved or underserved, especially within Black communities that face systemic barriers in accessing credit. The initiative includes tools from MoCaFi to assess financial health. The collaboration underscores the importance of credit education for achieving economic empowerment.

TransUnion (NYSE: TRU) will release its Q1 financial results for the period ending March 31, 2023, on April 25, 2023, at 6:00 a.m. CT. A conference call will follow at 8:30 a.m. CT on the same day to discuss the results. Investors can access the press release and the live webcast through the TransUnion Investor Relations website.

TransUnion operates globally with over 12,000 employees in more than 30 countries, providing crucial consumer data and insights to foster economic opportunity and personal empowerment.

TransUnion (NYSE: TRU) has expanded its TruAudience marketing solutions, integrating capabilities from Neustar to enhance audience targeting and measurement for marketers. The updated TruAudience allows clients to leverage expansive consumer data and advanced identity resolution to improve marketing effectiveness.

Notably, clients reported a 40% reduction in duplicate CRM records and a 30% increase in conversions. The suite offers closed-loop marketing measurement and credit-informed solutions, enhancing data quality and audience insights. TransUnion's identity graph now covers over 200 data sources, improving targeting across diverse channels.

TransUnion (NYSE: TRU) reported a 122% surge in digital fraud attempts in the U.S. between 2019 and 2022, paralleling a global increase of 80%. The 2023 State of Omnichannel Fraud Report highlights that 4.6% of digital transactions were deemed fraudulent, consistent with pre-pandemic levels. Major sectors impacted include gaming and retail, with credit card fraud remaining the most prevalent at 6.5%. Notably, losses linked to synthetic identities reached a staggering $4.6 billion in 2022. The report emphasizes the necessity for organizations to enhance fraud protection to maintain consumer trust amidst rising digital transactions.

TransUnion (NYSE: TRU) has announced that Chris Cartwright, President and CEO, will present at the BofA Securities 2023 Information & Business Services Conference on March 16, 2023. The presentation is set to begin at 7:10 a.m. CT (8:10 a.m. ET) and will be accessible via a live webcast on the TransUnion Investor Relations website. A replay will also be available post-presentation.

TransUnion operates globally with over 12,000 associates in more than 30 countries, focusing on creating trust through reliable consumer representation and innovative solutions across various sectors.