TransUnion - TRU STOCK NEWS

TransUnion has announced enhancements to its TruValidate solution to combat synthetic identity fraud. Aite Group projects the cost of this type of fraud will reach $2.42 billion by 2023, despite a temporary decline during the pandemic. The latest analysis shows outstanding balances for suspected synthetic accounts at U.S. financial institutions dropped to $855 million in Q3 2020 from a peak of $1.05 billion in Q3 2018. TransUnion's new models will integrate advanced algorithms and eCBSV capabilities to enhance fraud detection and maintain a seamless consumer experience.

On February 3, 2021, TransUnion (NYSE: TRU) announced the appointment of Jessica Hindlian as vice president of channel partnership and sales implementation for its marketing solutions and media vertical. Hindlian, formerly of Nielsen, will focus on enhancing partnerships in the media and entertainment sector, driving direct connectivity with leading media companies. Her extensive experience in video advertising and identity management is expected to advance TransUnion's capabilities in identity-enabled marketing, particularly as industry shifts away from cookie-based tracking.

TransUnion Healthcare released an analysis indicating that hospital patient visit volumes will remain below pre-COVID-19 levels in 2021 as impacts from the pandemic linger. Emergency department visits declined 30%, inpatient volumes decreased by 8%, while outpatient visits saw a slight increase of 1% as of December 2020. The ongoing volatility in hospital visits will be influenced by factors like COVID-19 case numbers, vaccine rollouts, and executive orders. The analysis aims to provide healthcare organizations insights to build trust and improve profitability.

TransUnion released its Financial Services Monthly Industry Snapshot Report on January 26, 2021, noting that 2.87% of accounts in auto, credit card, mortgage, and personal loan sectors remained in financial hardship as of December 2020. This marks a decline from a peak of 4.77% in May 2020, though the rate of decline has slowed recently. The company introduced the CreditVision® Acute Relief Suite, aiming to aid lenders in effectively managing consumer accounts and adapting to changing repayment preferences, highlighting the need for lenders to better understand their customers' situations.

TransUnion (NYSE: TRU) plans to announce its fourth quarter financial results for the period ending December 31, 2020, on February 16, 2021, at 6:00 a.m. CT. A conference call will follow at 8:30 a.m. CT, where executives will discuss the financial outcomes. Interested parties can access the press release and live webcast via the TransUnion Investor Relations website.

TransUnion, a global information provider operating in over 30 countries, emphasizes its mission of delivering Information for Good® to facilitate trust and economic opportunity.

TransUnion outlines critical trends affecting the insurance sector for 2021, emphasizing the continued impact of COVID-19 on consumer behaviors and insurance operations. Key findings from a survey of over 3,100 U.S. consumers highlight that 72% of drivers are using their vehicles less. Insurers must adapt to evolving needs, leaning into digitization and usage-based insurance models. The report predicts ongoing financial challenges and an increase in disaster-related claims due to extreme weather. Understanding individual customer needs will be crucial for insurers in the upcoming year.

TransUnion and Aite Group released a report indicating that collections balances fell by over $8 billion from 2019 to mid-2020 due to COVID-19 impacts. However, third-party collections activity is expected to increase in 2021. The report also highlighted a 15% reduction in the number of third-party collection firms from 2016 to 2020, with profit margins improving as 68% of collectors report receiving payments in full. Modernization in communication methods, including increased use of texting, is anticipated, driven by new guidelines from the CFPB.

TransUnion Healthcare has formed a partnership with Socially Determined to enhance healthcare outcomes by analyzing Social Determinants of Health (SDOH). This collaboration will apply SDOH analytics and clinical data to help healthcare organizations better understand social risks impacting communities. The use of the SocialScape platform will lead to targeted interventions, improving overall care and reducing costs. The partnership arises amidst the heightened health and economic challenges due to COVID-19, where over half of consumers reported financial impact from the pandemic.

TransUnion's 2021 consumer credit forecast anticipates a rebound in credit card and personal loan originations in the first half of the year, with Q2 expected to show significant growth. Auto loans will increasingly target lower-risk consumers, while macroeconomic factors like job growth and GDP improvements will bolster the credit market. Despite some continuing hardship in mortgage forbearance rates, overall consumer delinquency remains low. The report predicts a return to pre-COVID levels of origination activity across various credit products, with a notable focus on healthier lending practices.