TransUnion
Encyclopedia
TransUnion is the third largest credit bureau
in the United States
, which offers credit-related information to potential creditors. Like major competitors Equifax
and Experian
, TransUnion markets credit reports directly to consumers.
as their holding company
. Its credit business began with the purchase of Credit Bureau of Cook County
(CBCC) in 1969. TransUnion was built from acquisitions of major city credit bureaus, with service agreements with local owners of bureaus which were not for sale.
In 1981, TransUnion was acquired as a subsidiary of Marmon Group
, a holding company formed by Jay Pritzker
and Robert Pritzker
. It was spun off as a separate company under Pritzker control in 2005. The wealthy Pritzker family
, most famous for owning the Hyatt hotel chain, began divesting the family's assets in late 2001 following the death of Jay Pritzker
. Notable major divestitures include Hyatt Hotels Corp. public in 2009 and selling majority stake in TransUnion in 2010.
In April 2010, the Pritzker family, with Penny Pritzker
as TransUnion Chair, sold controlling interest of TransUnion to a new majority owner, the Chicago-based private-equity firm Madison Dearborn Partners. Madison Dearborn Partners acquired 51% stake in TransUnion, and the Pritzker family maintained 49% ownership.
Today, TransUnion operates 250 offices in the U.S. and in 25 other countries. It is based in Chicago
, Illinois
.
In July 2011, TransUnion filed with the SEC to raise up to $325 million in an initial public offering
.
, was awarded $5.3 million in a suit against TransUnion. The award was made on the grounds that it took her six years to get TransUnion to remove a report.
In 2006, after spending two years trying to correct erroneous credit information due to identity theft, a fraud victim named Sloan filed suit against all three of the largest credit agencies. TransUnion and Experian
settled out of court for an undisclosed amount. In Sloan v. Equifax
, a jury awarded Sloan $351,000. "She wrote letters. She called them. They saw the problem. They just didn't fix it," said attorney A. Hugo Blankingship III of Blankingship & Associates in Alexandria, Virginia.
Credit bureau
A credit bureau , or credit reference agency is a company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses. It is an organization providing information on individuals' borrowing and bill paying habits...
in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, which offers credit-related information to potential creditors. Like major competitors Equifax
Equifax
Equifax Inc. is a consumer credit reporting agency in the United States, considered one of the three largest American credit agencies along with Experian and TransUnion. Founded in 1899, Equifax is the oldest of the three agencies and gathers and maintains information on over 400 million credit...
and Experian
Experian
Experian plc, formerly known as CCN Systems, is a global credit information group with operations in 36 countries. The company employs 15,500 people with corporate headquarters in Dublin, Ireland and operational headquarters in Nottingham, England and Costa Mesa, California, US...
, TransUnion markets credit reports directly to consumers.
History
TransUnion was created in 1968 by Union Tank Car CompanyUnion Tank Car Company
Union Tank Car Company or UTLX is a railway equipment leasing company headquartered in metro Chicago, Illinois. As the name says, they specialise in tank cars, and covered hopper cars.Founded in 1866 by J. J...
as their holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
. Its credit business began with the purchase of Credit Bureau of Cook County
Cook County, Illinois
Cook County is a county in the U.S. state of Illinois, with its county seat in Chicago. It is the second most populous county in the United States after Los Angeles County. The county has 5,194,675 residents, which is 40.5 percent of all Illinois residents. Cook County's population is larger than...
(CBCC) in 1969. TransUnion was built from acquisitions of major city credit bureaus, with service agreements with local owners of bureaus which were not for sale.
In 1981, TransUnion was acquired as a subsidiary of Marmon Group
Marmon Group
Marmon Group is a United States holding company headquartered in Chicago, Illinois.Marmon Group owns companies that produce electrical components, industrial components and transportation equipment, and provide services including construction and retail solutions.- History :In 1953 Jay Pritzker and...
, a holding company formed by Jay Pritzker
Jay Pritzker
Jay Arthur Pritzker was an American entrepreneur and conglomerate organizer.-Biography:Pritzker was born in Chicago, Illinois, the son of Fanny and A. N. Pritzker. His brother was Robert Pritzker...
and Robert Pritzker
Robert Pritzker
Robert Alan Pritzker was a member of the wealthy Pritzker family.-Biography:His parents were Fanny and A. N. Pritzker, and his brothers were Jay and Donald. Robert Pritzker received a bachelor's degree in industrial engineering from the Illinois Institute of Technology in 1946 and an honorary...
. It was spun off as a separate company under Pritzker control in 2005. The wealthy Pritzker family
Pritzker family
The Pritzker family is one of America's wealthiest families, and has been near the top of Forbes magazine's "America's Richest Families" list since the magazine began in 1982....
, most famous for owning the Hyatt hotel chain, began divesting the family's assets in late 2001 following the death of Jay Pritzker
Jay Pritzker
Jay Arthur Pritzker was an American entrepreneur and conglomerate organizer.-Biography:Pritzker was born in Chicago, Illinois, the son of Fanny and A. N. Pritzker. His brother was Robert Pritzker...
. Notable major divestitures include Hyatt Hotels Corp. public in 2009 and selling majority stake in TransUnion in 2010.
In April 2010, the Pritzker family, with Penny Pritzker
Penny Pritzker
Penny Sue Pritzker is an American business executive, and a member of the Pritzker family of Chicago, one of America's wealthiest business families...
as TransUnion Chair, sold controlling interest of TransUnion to a new majority owner, the Chicago-based private-equity firm Madison Dearborn Partners. Madison Dearborn Partners acquired 51% stake in TransUnion, and the Pritzker family maintained 49% ownership.
Today, TransUnion operates 250 offices in the U.S. and in 25 other countries. It is based in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
.
In July 2011, TransUnion filed with the SEC to raise up to $325 million in an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
.
Controversy
In 2003, Judy Thomas of Klamath Falls, OregonKlamath Falls, Oregon
Klamath Falls is a city in Klamath County, Oregon, United States. Originally called Linkville when George Nurse founded the town in 1867, after the Link River on whose falls this city sat, although no falls currently exist; the name was changed to Klamath Falls in 1892...
, was awarded $5.3 million in a suit against TransUnion. The award was made on the grounds that it took her six years to get TransUnion to remove a report.
In 2006, after spending two years trying to correct erroneous credit information due to identity theft, a fraud victim named Sloan filed suit against all three of the largest credit agencies. TransUnion and Experian
Experian
Experian plc, formerly known as CCN Systems, is a global credit information group with operations in 36 countries. The company employs 15,500 people with corporate headquarters in Dublin, Ireland and operational headquarters in Nottingham, England and Costa Mesa, California, US...
settled out of court for an undisclosed amount. In Sloan v. Equifax
Equifax
Equifax Inc. is a consumer credit reporting agency in the United States, considered one of the three largest American credit agencies along with Experian and TransUnion. Founded in 1899, Equifax is the oldest of the three agencies and gathers and maintains information on over 400 million credit...
, a jury awarded Sloan $351,000. "She wrote letters. She called them. They saw the problem. They just didn't fix it," said attorney A. Hugo Blankingship III of Blankingship & Associates in Alexandria, Virginia.
See also
- CompuscanCompuscanCompuscan is a South African credit bureau that provides consumer and commercial credit information within South Africa and other African nations....
- Credit bureauCredit bureauA credit bureau , or credit reference agency is a company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses. It is an organization providing information on individuals' borrowing and bill paying habits...
- Credit scoreCredit scoreA credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person...
- EquifaxEquifaxEquifax Inc. is a consumer credit reporting agency in the United States, considered one of the three largest American credit agencies along with Experian and TransUnion. Founded in 1899, Equifax is the oldest of the three agencies and gathers and maintains information on over 400 million credit...
- Equifax CanadaEquifax CanadaEquifax Canada Inc is one of 2 agencies providing credit bureau and information reports for businesses, including the financial sector. Owned by Equifax of Atlanta, Georgia, Equifax Canada is based in Toronto, Ontario.Services offered:* Disputes * Fraud* General* Score-External links:*...
- ExperianExperianExperian plc, formerly known as CCN Systems, is a global credit information group with operations in 36 countries. The company employs 15,500 people with corporate headquarters in Dublin, Ireland and operational headquarters in Nottingham, England and Costa Mesa, California, US...
- Identity theftIdentity theftIdentity theft is a form of stealing another person's identity in which someone pretends to be someone else by assuming that person's identity, typically in order to access resources or obtain credit and other benefits in that person's name...
- InnovisInnovisInnovis is the 4th credit bureau in the United States, the other three being Equifax, Experian and TransUnion. Currently, a much smaller number of companies use Innovis for credit reporting, one being Trade Capital Company...
- Smith v. Van GorkomSmith v. Van GorkomSmith v. Van Gorkom 488 A.2d 858 is an important Delaware Supreme Court decision, primarily because of its discussion of a director's duty of care. It is often called the "Trans Union case".-Facts:...
- TransUnion CanadaTransUnion CanadaBased in Burlington, Ontario, TransUnion Canada is one of two credit reporting agencies in Canada. Like their main competitor, Equifax Canada, they now market their credit reports directly to consumers, in addition to their core business of providing the reports to potential creditors.Services...
External links
- TransUnion Website
- TrueCredit Website – TransUnion's consumer facing property
- SmartMove Website – TransUnion's tenant screening service