TransUnion - TRU STOCK NEWS

TransUnion (NYSE: TRU) reported a 31% increase in data breach severity in Q1 2024 compared to Q1 2023. These findings were presented at the 2024 FinovateSpring conference, where TransUnion also showcased its new enhanced identity threat intelligence technology, TruEmpower™. This technology features BreachIQ, an AI-driven tool that assesses personalized identity risk and provides actionable steps for consumers to protect themselves. The Breach Risk Score (BRS) increased to 4.6 in Q1 2024 from 3.5 in Q1 2023, primarily due to a spike in Social Security number exposures, which appeared in 78% of reported breaches. The Identity Theft Resource Center (ITRC) also reported a 90% rise in data compromises in Q1 2024. TruEmpower's innovative approach aims to help consumers take proactive measures against identity theft, shifting consumer behavior towards improved identity safety.

TransUnion (NYSE: TRU) announced that senior executives will present at three investor conferences. Chris Cartwright, President and CEO, will present at the Bernstein Strategic Decisions Conference on May 29, 2024, at 9:00 a.m. CT (10:00 a.m. ET). Todd Cello, EVP and CFO, will present at the Baird Global Consumer, Technology and Services Conference on June 4, 2024, at 8:40 a.m. CT (9:40 a.m. ET). Both executives will present at the William Blair Growth Stock Conference on June 6, 2024, at 8:40 a.m. CT (9:40 a.m. ET). Live webcasts and replays will be available on TransUnion’s Investor Relations website.

The number of U.S. consumers shopping for auto insurance reached a five-year Q1 high in Q1 2024, rising 6% YoY, according to TransUnion (NYSE: TRU). This growth is significant in the West and Midwest regions, driven by increased living costs and inflation. Despite this growth in auto insurance shopping, property insurance shopping remained flat at 0% YoY, affected by high mortgage rates around 8%. TransUnion anticipates a potential decrease in mortgage rates to 6.4% in 2024, which might boost property insurance shopping. The report suggests that as insurers see improved profitability, they may increase investments in customer acquisition, focusing on demographics like Gen Z and Millennials. This is supported by TransUnion's TruAudience® solution, which aids in identifying and reaching the best consumer audiences.

The Q1 2024 TransUnion Credit Industry Insights Report (CIIR) highlights resilience in the consumer credit market despite persistent high interest rates. Key findings include a growth of 20 million bankcards YoY, totaling 543 million. Average new bankcard account credit lines increased by 3.8% to $5,628. Unsecured personal loan balances grew 9% YoY to $245 billion, with a 5% increase in the number of consumers holding these loans. However, delinquencies have risen across several products, with a notable decrease in unsecured personal loan delinquencies. Mortgage originations were down 11% YoY, with high interest rates continuing to dampen the market. Auto loan originations remained stable with higher delinquencies. Despite challenges, the credit market remains resilient with hopes pinned on stable unemployment rates.

TransUnion's recent report reveals that over one-third of American consumers have faced fraud on gig economy platforms, marking a 21% increase since July 2023. Interestingly, while less than half of the respondents were concerned about fraud, 75% indicated they would abandon a platform if compromised. The study also highlights that Millennials are most frequently targeted, comprising 32% of single-time victims and 40% of repeated victims. Fraud types primarily include identity theft and payment fraud. Moreover, consumers expect gig platforms to enhance security measures, including biometric verification, to protect their data. The report also notes a decline in consumer spending on gig services, urging platforms to improve operational efficiencies for competitive pricing.

TransUnion's study reveals that Gen Z consumers are using credit more and differently than Millennials did at the same age. Gen Z faces challenges from the pandemic and inflation, leading to higher credit card and auto loan usage. The study found higher debt levels and delinquency rates among Gen Z borrowers compared to Millennials at the same age.

TransUnion (NYSE: TRU) has declared a cash dividend of $0.105 per share for the first quarter of 2024. The dividend will be payable on June 3, 2024, to shareholders of record on May 17, 2024.

TransUnion (TRU) will have Todd Cello, CFO, present at the 2024 Barclays Americas Select Franchise Conference on May 7. The webcast will be available on the Investor Relations website.

TransUnion's analysis reveals that U.S. consumers' median minimum monthly debt payments increased by 32% from 2020 to 2023, exceeding inflation rates. The study explores ways for government agencies to assist constituents facing rising debt obligations, highlighting disparities among different demographic groups. It identifies three core consumer groups - those experiencing hardship, feeling pinched, and expecting the worst - and offers recommendations for agencies to enhance outreach, service access, and program integrity.