TRU 8-K
TransUnion (TRU)
8-K
2025-01-16
For: 2025-01-16
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April 07, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date Earliest Event Reported): January 16, 2025
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (312 ) 985-2000
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Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On January 16, 2025, TransUnion announced that it entered into a definitive agreement, through its wholly owned subsidiary, TransUnion Reverse Exchange, S. de R.L. de C.V., to acquire majority ownership of Trans Union de Mexico, S.A., S.I.C., the consumer credit business of Buró de Crédito (the “Transaction”). A copy of the press release is attached as Exhibit 99.1 hereto and incorporated by reference herein.
In addition, TransUnion is providing supplemental information regarding the Transaction in connection with a presentation to analysts and investors to be held on January 16, 2025. A copy of the investor presentation is attached as Exhibit 99.2 hereto and incorporated by reference herein.
The information furnished pursuant to Item 7.01 of this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall it be incorporated by reference into future filings by TransUnion under the Securities Act of 1933, as amended, or under the Exchange Act, unless TransUnion expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | ||||||||||
Press release of TransUnion, dated January 16, 2025 (furnished pursuant to Item 7.01). | |||||||||||
Investor Presentation, dated January 16, 2025 (furnished pursuant to Item 7.01). | |||||||||||
| 104 | Cover page Interactive Data File (embedded within the inline XBRL file). | ||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
| TRANSUNION | |||||||||||
Date: January 16, 2025 | By: | /s/ Todd M. Cello | |||||||||
| Name: | Todd M. Cello | ||||||||||
| Title: | Executive Vice President, Chief Financial Officer | ||||||||||
Exhibit 99.1
Press Release
TransUnion Announces Agreement to Acquire Majority Ownership of the Consumer Credit Business of Buró de Crédito
Chicago, January 16, 2025 – TransUnion (NYSE:TRU) has signed a definitive agreement to acquire majority ownership of Trans Union de Mexico, S.A., S.I.C., the consumer credit business of the largest credit bureau in Mexico, Buró de Crédito. TransUnion currently owns approximately 26% of Trans Union de Mexico, has held seats on its board of directors for over two decades, and serves as one of its technology providers. TransUnion has agreed to acquire an additional 68% from selling shareholders, including several of the largest banks operating in Mexico. Cash consideration for the transaction is approximately MXN 11.5 billion, or $560 million using a USD/MXN exchange rate of 20.53 as of January 14, 2025 based on an enterprise value of MXN 16.8 billion, or $818 million at the previously mentioned exchange rate. With this transaction, TransUnion’s ownership would increase to approximately 94%. Buró de Crédito’s commercial credit business is excluded from the transaction.
“Our expansion in Mexico continues our commitment to making trust possible in global commerce,” said Chris Cartwright, President and CEO of TransUnion. “Credit bureaus are a catalyst for financial inclusion, and we are excited for the opportunity to bring the benefits of our state-of-the art technology, innovative solutions and industry expertise to Mexican consumers and businesses. We also look forward to supporting the country’s digital transformation objectives to empower consumers with increased economic opportunity.”
Mexico is the 12th largest global economy and second largest in Latin America, with a growing population and emerging middle class. Consumer credit in Mexico is rapidly expanding, and over half of Mexican adults have at least one financial product. While credit penetration remains lower in Mexico than other Latin American countries, it has significantly increased in the past decade, from 34% to 42% of GDP between 2013 and 20231. After the transaction closes, TransUnion intends to leverage its global operating model to strengthen Trans Union de Mexico’s services to the Mexican market, including additional efforts to drive financial inclusion.
“We anticipate that our planned acquisition of Buró de Crédito’s consumer credit business will strengthen our leadership position in Latin America and will make TransUnion the largest credit bureau in Spanish-speaking Latin America,” said Carlos Valencia, Regional President of TransUnion Latin America. “We see substantial opportunity to introduce global products like trended and alternative credit data, fraud mitigation solutions and consumer engagement tools. We also plan to expand beyond traditional financial services into adjacencies such as FinTech and insurance.”
TransUnion operates in over 30 countries and intends to leverage a proven playbook for scaling businesses internationally. Its innovative solutions include products that promote financial inclusion, mitigate fraud and empower consumers to access credit and manage their financial health. Its global technology and operating model support a best-in-class customer experience, cybersecurity and data governance. TransUnion plans to increase the number of associates in Mexico over the next several years to support the execution of the transaction and to further strengthen the company’s capabilities within the region.
“We anticipate integrating the Buró de Crédito consumer credit business into our strong global operating model as part of our International segment,” said Todd Skinner, President, International of TransUnion. “We expect to deliver strong growth over the long term, supported by favorable market dynamics and execution against our growth playbook.”
The target acquisition is expected to generate approximately $145 million2 of revenue and $70 million2 of Adjusted EBITDA3 in 2024. Based on current foreign exchange and financing assumptions, the acquisition is expected to be accretive to Adjusted Diluted Earnings per Share3 in the first year of majority ownership.
The transaction is expected to close by the end of 2025, subject to the satisfaction of regulatory approvals and customary closing conditions. TransUnion anticipates funding this transaction through a combination of debt and cash on hand.
TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the transaction agreement and certain forward-looking information. The session and accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.
1 Source: IMF
2 Estimated total 2024 revenue and Adjusted EBITDA of Trans Union de Mexico based on 20.53 USD/MXN exchange rate as of 1/14/25.
3 Adjusted EBITDA and Adjusted Diluted EPS are non-GAAP measures which should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. TransUnion has not provided a reconciliation of non-GAAP measures to the most comparable GAAP financial measures because the non-GAAP measures are presented on a forward-looking basis, and due to the uncertain nature of acquisition-related expenses, purchase accounting fair value adjustments and other information related to the acquisition, a reconciliation could not be prepared without unreasonable effort. This information could be material to TransUnion’s results computed in accordance with GAAP.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business
About Buró de Crédito
Buró de Crédito is the leading company in Mexico that manages the most complete and secure credit database for individuals and businesses. Buró de Crédito is comprised of two credit bureaus: Trans Union de México, S.A. (credit bureau for individuals) and Dun & Bradstreet, S.A. (credit bureau for individuals with business activities and corporations). With 29 years in the market, Buró de Crédito provides services on the collection, management, delivery or forwarding of information related to the credit history of individuals and companies. Its other complementary products and services are also essential for individuals, companies and credit grantors as they facilitate the management and analysis of financial risks. In this way, Buró de Crédito helps to streamline and facilitate decision making for the generation of business and the healthy expansion of credit, thus contributing to the economic development of the country. http://www.burodecredito.com.mx
TransUnion Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning anticipated benefits of the transaction, including strategic, business and to our results of operations, the expected timeline for completing the transaction, expected sources of funding for the acquisition, and descriptions of our business plans, prospects and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in the forward-looking statements include: failure to realize the synergies and other benefits expected from the proposed acquisition of Trans Union de Mexico; the risk that required regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated; the failure of any of the closing conditions in the definitive purchase agreement to be satisfied on a timely basis or at all; delay in closing the proposed acquisition; the possibility that the proposed acquisition, including the integration of Trans Union de Mexico, may be more costly to complete than anticipated; business disruption during the pendency of the proposed acquisition and following the acquisition closing; risks related to disruption of management time from ongoing business operations and other opportunities due to the proposed acquisition; the effects of pending and future legislation and regulatory actions and reforms; macroeconomic and industry trends and adverse developments in the debt, consumer credit and financial services markets and other macroeconomic factors beyond TransUnion’s control; risks related to TransUnion’s indebtedness, including our ability to make timely payments on principal and interest and our ability to satisfy covenants in the agreements governing our indebtedness; and other one-time events and other factors that can be found in our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on TransUnion’s website (www.transunion.com/tru) and on the Securities and Exchange Commission’s website (www.sec.gov). Many of these factors are beyond our control. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.
TransUnion to Acquire Mexico’s Leading Consumer Credit Bureau January 16, 2025 Chris Cartwright, President and CEO Todd Cello, CFO Exhibit 99.2
2@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Financial InformationForward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning the anticipated benefits of the proposed transaction discussed herein, including strategic, business and to our results of operations, the impact of the proposed transaction on certain of our non-GAAP financial measures, the expected timeline for completing the proposed transaction and expectations regarding future acquisitions, expected sources of funding for the acquisition, our expected ownership of the target company following the proposed transaction, the future revenue and revenue growth of the target company and descriptions of our business plans, prospects and strategies. Factors that could cause TransUnion’s actual results to differ materially from those described in the forward-looking statements include: macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate; our ability to provide competitive services and prices; our ability to retain or renew existing agreements with large or long-term customers; our ability to maintain the security and integrity of our data; our ability to deliver services timely without interruption; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment; litigation or regulatory proceedings; our ability to effectively manage our costs; our efforts to execute our transformation plan and achieve the anticipated benefits and savings; our ability to remediate existing material weakness in internal control over financial reporting and maintain effective internal control over financial reporting and disclosure controls and procedures; economic and political stability in the United States and international markets where we operate; our ability to effectively develop and maintain strategic alliances and joint ventures; our ability to timely develop new services and the market’s willingness to adopt our new services; our ability to manage and expand our operations and keep up with rapidly changing technologies; our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions; our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property; geopolitical conditions and other risks associated with our international operations; the ability of our outside service providers and key vendors to fulfill their obligations to us; further consolidation in our end-customer markets; the increased availability of free or inexpensive consumer information; losses against which we do not insure; risks related to our indebtedness, including our ability to make timely payments on principal and interest; our ability to satisfy covenants in the agreements governing our indebtedness; our ability to maintain our liquidity; share repurchase plans; our reliance on key management personnel; and other one-time events and other factors that can be found in our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on TransUnion’s website (www.transunion.com/tru) and on the Securities and Exchange Commission’s website (www.sec.gov). TransUnion undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this presentation. This investor presentation includes certain non-GAAP measures, specifically Adjusted EBITDA, Adjusted Diluted EPS and Leverage Ratio that are more fully described in Exhibit 99.1, “Press release of TransUnion dated October 23, 2024, announcing results for the quarter ended September 30, 2024,” under the heading ‘Non-GAAP Financial Measures,’” furnished to the Securities and Exchange Commission on October 23, 2024. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. TransUnion has not provided a reconciliation of non-GAAP measures to the most comparable GAAP financial measures because the non-GAAP measures are presented on a forward-looking basis, and due to the uncertain nature of acquisition-related expenses, purchase accounting fair value adjustments and other information related to the acquisition, a reconciliation could not be prepared without unreasonable effort. This information could be material to TransUnion’s results computed in accordance with GAAP.
3@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Acquiring Trans Union de Mexico, S.A., the consumer credit business of Buró de Crédito – TransUnion currently owns ~26% of the business – Acquiring additional ~68% ownership from selling shareholders, including several of the largest banks operating in Mexico – Post-transaction, TransUnion would own ~94% of the business • Cash consideration of $560 million1 based on enterprise value of $818 million1 – or 11.5x 2024 Adjusted EBITDA – Funding in Mexican pesos with cash-on-hand and debt financing – Anticipate close by the end of 2025, subject to regulatory approval and customary closing conditions • Expected to be accretive2 to Adjusted Diluted EPS in Year 1 Expanding leading Latin America presence with acquisition of largest consumer credit bureau in Mexico 1 Transaction will be settled in Mexican pesos. Cash consideration for transaction is MXN 11.5 billion based on enterprise value of MXN 16.8 billion. USD-equivalent is based on USD/MXN exchange rate of 20.53 as of 1/14/25. 2 Based on current foreign exchange and financing assumptions.
4@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Largest player in growing $300 million+ Mexican market; leader in credit risk with emerging presence in fraud and consumer solutions • Strong growth profile with high-single digit revenue CAGR over the last decade • Serves leading Mexican financial institutions and other key telco and retailers, with majority of revenue tied to credit reports and scores • Established in 1996, currently owned by TransUnion (~26%), the largest banks in Mexico and other minority investors – TransUnion has deep knowledge of business as founding shareholder, board member and technology provider Acquiring high-quality, fast-growing bureau with strong customer relationships ~$145M1 of revenue in 2024F . Financial Services ~70% Other2 ~30% Vertical Mix Credit (largely reports and scores) ~85% Fraud / Other ~15% Solutions Mix 1 Estimated total 2024 revenue of Trans Union de Mexico based on 20.53 USD/MXN exchange rate as of 1/14/25. 2 Other verticals include Retail, Telco, and Public Sector
5@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Mexico boasts attractive demographics in an increasingly digital economy Attractive demographics ► 129 million people, expected to grow to 138 million by 2027 ► Over 60% of population under the age of 35; almost 30% under the age of 15 ► Online banking penetration expected to nearly double by 2027 (to ~40% from ~20% in 2022) ► Increased digital adoption driving demand for fraud mitigation solutions Accelerating digitalizationImproving credit sophistication ► Significant underbanked population: 50% of adults have at least one financial product (80%+ in Brazil and 90%+ in Colombia) ► Credit card penetration grew from 16% in 2017 to 23% in 2022; still ~1/3rd of U.S. penetration ► Second largest Latin American economy; #12 globally ► Largest trading partner with the U.S.; beneficiary of near-shoring and increasing government investment Large and growing economy Source: IMF & World Bank 2023, Bank of America, Oxford Economics, Statista
6@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Existing verticals Retail Telecommunications Emerging opportunities Fintech Insurance Consumer Interactive Credit CreditVision Affordability solutions TruIQ analytics suite Offers-as-a-service Fraud TruValidate device risk Digital onboarding …and much more. Trusted advisor engagement strategy Leading market position with opportunity for share gains beyond top banks and financial sector GDP: ~2% CAGR Credit: ~7% CAGR Adjacencies Product Innovation Client Engagement Market Growth* Proven global playbook to drive growth in Mexico TransUnion global operating model Best-in-class technology, operations, and information security *Source: Oxford Economics
7@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. $23M ~$50M 2017 2024F Financial Services Adjacencies • Gained share with top accounts and strengthened ‘trusted advisor’ role • Introduced and scaled new solutions, including trended data and fraud products • Penetrated verticals such as fintech, public sector, insurance, and telecommunications • Implemented global operations and technology - Improved governance, optimized processes, and simplified development and delivery - Colombia is being evaluated for next OneTru bureau migration following U.S. and India Growth playbook drove significant value in Colombia; same leadership team for Mexico integration Colombia Revenue Growth Playbook All growth rates in constant currency basis, which assumes exchange rates are consistent between years. Adjacencies defined as other verticals including Public Sector, Fintech, Insurance, Telco and Retail; Growth CAGRs in organic constant-currency. Note: In 2016, TransUnion acquired CIFIN, one of two Colombian credit bureaus. Adjacencies now ~2/3rds of revenue (from ~50% in 2017)Mid-teens % CAGR Mid-single digit % CAGR ~11% CAGR
8@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Financial inclusion is expanding but lags other Latin America countries • Offer enhanced solutions beyond traditional reports to support credit access (trended data, alternative data, advanced analytics) and ID verification (biometrics, device risk) • Drive increased consumer awareness of credit scores • Empower credit-active and new-to-credit consumers with education tools • Introduce CreditView to banking partners, improving consumer relationships and expanding financial literacy • Establish industry standard for data accuracy, cybersecurity and privacy • Leverage global operating model to improve data quality and service levels Enable financial inclusion Support credit education Mexico acquisition continues our commitment to make trust possible in global commerce Enhance data security
9@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Revenue: $153M (+13% growth) Revenue: $133M (+9% growth) Mexico expected to be ~$145M1 (2024F) Canada Latin America Mexico is highly complementary to our leading global portfolio and grants us leadership in Spanish-speaking LatAm Revenue is last twelve months ending Q3 2024 and growth rates are on an organic constant currency basis. 1 Estimated total 2024 revenue of Trans Union de Mexico based on 20.53 USD/MXN exchange rate as of 1/14/25. Asia Pacific IndiaAfrica Revenue: $64M (+11% growth) Revenue: $260M (+28% growth) Revenue: $101M (+14% growth) United Kingdom Revenue: $225M (+1% growth)
10@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved.@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Financial Expectations • ~$145 million1 of 2024F revenue – ~10% constant currency growth in 2024 driven by strong credit volumes with largest banks – Anticipate high-single digit growth in early years of ownership, assuming no benefit from revenue synergies • ~$70 million2 of 2024F Adjusted EBITDA – High 40s Adjusted EBITDA margins is higher than International and total company margins – Anticipate one-time investments in the first year of ownership to integrate into global operating model and accelerate growth – Strongly accretive to company margins over the long term • Expected to be accretive3 to Adjusted Diluted EPS in Year 1 1 Estimated total 2024 revenue of Trans Union de Mexico based on 20.53 USD/MXN exchange rate as of 1/14/25. 2 Estimated total 2024 Adjusted EBITDA of Trans Union de Mexico based on 20.53 USD/MXN exchange rate as of 1/14/25. TransUnion currently accounts for its ~26% ownership in Trans Union de Mexico using the equity method of accounting, resulting in an Adjusted EBITDA benefit from equity earnings with no associated revenue. 3 Based on current foreign exchange and financing assumptions.
11@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved.@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Deal Overview • Increasing ownership from ~26% to ~94% for cash consideration of ~$560 million1 • Funding in Mexican pesos with cash-on-hand and debt financing – Anticipating closing by end of 2025, subject to regulatory approval and customary closing conditions – Expected to add ~0.3x to Leverage Ratio2 at closing Capital Allocation • Expect Leverage Ratio of ~3x by year-end 2024 and further de- levering in 2025 • Expect flexibility from strong free cash flow in 2025 for debt prepayment, cash build for acquisition, and shareholder returns • Plan to provide update on capital allocation strategy during Q4 2024 conference call on February 13th 1 Transaction will be settled in Mexican pesos. Cash consideration for transaction is MXN 11.5 billion based on enterprise value of MXN 16.8 billion. USD-equivalent is based on USD/MXN exchange rate of 20.53 as of 1/14/25. 2 Leverage Ratio inclusive of twelve months of Adjusted EBITDA for Trans Union de Mexico. Deal Overview and Capital Allocation
12@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Mexico enhances our ambitious global growth strategy Mexico Leadership position in highly attractive market Proven International growth playbook to deliver significant value to customers and consumers Expected to be accretive to revenue growth, margins and earnings over the long-term
13@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Q&A