TransUnion - TRU STOCK NEWS

TransUnion and e2Value have partnered to enhance property insurance valuations, addressing underinsurance risks. Their Pronto® solution allows clients to access real-time data on replacement costs, crucial due to ongoing pandemic-related volatility in labor and materials pricing. This collaboration aims to provide carriers with better risk assessment tools for new and existing policies, ultimately protecting consumers from potential underinsurance. The integration leverages TransUnion's existing solutions to deliver comprehensive insights for effective portfolio management.

TransUnion announces a $400,000 donation to Credit Builders Alliance to aid underrepresented communities in building credit. This initiative targets the over one billion individuals globally categorized as ‘credit invisible.’ The aim is to improve credit health, especially in the Black community, where 45% have subprime scores. The funds will support nonprofit lenders in providing small dollar loans, enhancing credit reporting capacity. TransUnion strengthens its commitment to financial inclusion, having previously contributed to educational efforts earlier in 2021.

TransUnion's new study reveals a significant opportunity in the mortgage market for low-to-moderate income (LMI) consumers, who make up about 50% of the credit-active U.S. population. With a potential of ~$300 billion in refinance and purchase originations, 95% of LMI consumers are credit eligible for mortgages. The study underscores a 38% lower likelihood for LMI consumers to secure refinancing compared to non-LMI, indicating an urgent need for lenders to bridge this gap.

Sezzle Inc. (ASX: SZL) announced an expansion of its partnership with TransUnion (NYSE: TRU) on October 14, 2021. This collaboration introduces 'Sezzle Up', allowing users to build credit by reporting repayment history to TransUnion. The initiative aims to empower users with thin or no credit history, facilitating financial well-being. Sezzle's CEO stated this step supports their mission to democratize financial freedom by aiding underserved communities. The program allows users to increase spending limits based on responsible repayment practices.

TransUnion (NYSE: TRU) appoints Bill Shields as the new Chief Information Security Officer (CISO), effective immediately. Shields brings over 22 years of experience in information security, previously serving at Visa, Citadel, and Fidelity Investments. His role will involve leading a global team to enhance TransUnion's information security efforts and risk-based programs. Shields' extensive background includes developing cybersecurity strategies and overseeing significant security projects. This appointment aims to support TransUnion's rapid growth in a secure manner.

TransUnion's recent study reveals that 18.7 million U.S. consumers in financial hardship programs saw an increase in their VantageScore 4.0 credit risk scores in 2020, which represents 58% of this population. The study highlights that credit risk varies based on when consumers exited hardship status, with consumers who left these programs demonstrating better performance on new bankcard originations compared to their non-hardship counterparts. It suggests that lenders can better assess risks by applying alternative credit scores.

On October 6, 2021, TransUnion (NYSE: TRU) announced its investment in U.K.-based fintech Monevo. This partnership aims to enhance credit offer delivery to consumers through advanced technology and analytics. Monevo specializes in personal credit platforms and APIs, operating in markets including the U.K., U.S., Poland, and Australia. The collaboration is expected to improve financial inclusion and responsible lending by utilizing granular data and predictive modeling. TransUnion will join Monevo's board to support long-term growth and innovation in the consumer credit sector.

TransUnion (NYSE: TRU) has appointed Susan Muigai as Executive Vice President and Chief Human Resources Officer, effective October 4, 2021. Muigai brings extensive experience in global HR strategy and management, focusing on organizational transformation and fostering a high-performance culture at TransUnion. Previously, she held senior roles at Walmart, overseeing 550,000 employees in 23 countries. Her expertise aims to align with TransUnion’s mission of creating trust in global commerce.

TransUnion’s Financial Services Summit highlighted the need for innovation in the banking sector to adapt to changing consumer preferences and a more competitive landscape. Key insights from the panelists emphasized leveraging cloud computing to reduce credit invisibility and enhance access for unbanked populations. With 244.3 million credit-active consumers in the U.S. as of Q2 2021, financial firms are urged to reskill their workforce, embrace diversity, and create a culture of experimentation. TransUnion is implementing a hybrid multi-cloud strategy to support these initiatives.