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A Brief History of Transunion

Posted by Erica Steeves on November 14, 2017

A Brief History of TransUnion

Image result for transunion building You likely already know TransUnion as one of the “big three” credit reporting agencies. And though it’s actually the smallest of the big three behind Experian and Equifax, the Chicago, Illinois-based company has a rich 49-year history. What’s more is that unlike Equifax, it doesn’t have the baggage hanging over its head in the wake of the massive hack from summer 2017. TransUnion profiles just about every credit-active consumer in the United States, so it’s safe to assume that it knows a lot about you. But how much do you know about it? Here’s a brief history of TransUnion so that you can get better acquainted with the firm that already knows your consumer behavior so well:

A Brief History of TransUnion

  • 1968: This was the official year that TransUnion was born. Specifically, it was born as the parent holding company to the Union Tank Car Company, which practiced in the rail car industry.
  • 1969: A year after TransUnion was born, it acquired the Credit Bureau of Cook County (CBCC). The CBCC had maintained more than 3.5 million card files, making TransUnion the first in the credit reporting field to streamline consumer file updates. But its days as a credit reporting bureau were just getting started.
  • 1981: TransUnion is sold to The Marmon Group for $688 million.
  • The 90s: In addition to growing staff and expanding its facilities, TransUnion branched out to offer business-to-business services. This offering was in addition to its existing ability to maintain and update credit information on every market-active consumer in America.
  • 2002: TransUnion acquires www.TrueCredit.com, marking its entry into the direct-to-consumer market. TrueCredit.com helps consumers better understand their credit scores and outlines strategies to help improve them.
  • 2010: Goldman Sachs Capital Partners and Advent International acquire TransUnion.
  • 2013: In October 2013, TransUnion launched CreditVision, an evolution of the traditional credit score that is designed to better identify consumer trends, consumer behavior, and debt and repayment data.
  • 2014: TransUnion implements ResidentCredit, a consumer-friendly tactic that reported on rental payment data as a means of boosting credit scores. In 2014, the company also acquired TLO, which collects data on people and companies from about one hundred thousand sources of data, for $154 million.
  • 2015: In January 2015, TransUnion revamped its brand and mantra with the goal of conveying its desire to empower consumers to make smarter decisions and live better lives.
  • 2015: In June 2015, TransUnion becomes a publicly-traded company for the first time in its history. It trades under the “TRU” ticker symbol.
  • Today: Presently, TransUnion is a worldwide company with about 4,700 total employees. In 2016, it posted total revenue of about $1.7 billion. Today, TransUnion compiles and aggregates data and information on more than 1 billion consumers across more than 30 countries.
As you can see, TransUnion didn’t turn into the credit reporting giant that it is today overnight. It took nearly 50 years of strategic acquisitions, innovative product launches and diversifying. Minimally, every consumer should know that they can receive one free credit report per year from TransUnion.

Posted By : Credit Scoring Model, Finance News, History

A Brief Timeline of Financial Crisis

Posted by Erica Steeves on October 30, 2017

A Brief Timeline of Financial Crisis

If you’re not learning from the past, chances are you’re doomed to repeat it. That’s why it’s so important that we all learn from the financial crisis and the mishaps of the past, from the recent “Great Recession” of 2008 all the way back to the 1772 credit crisis. Here’s a closer look at some of the great financial crises and what we need to take out of all of them:

A Timeline of Financial Crisis

Financial Crisis History
16 Nov 1930, Chicago, Illinois, USA — Notorious gangster Al Capone attempts to help unemployed men with his soup kitchen “Big Al’s Kitchen for the Needy.” The kitchen provides three meals a day consisting of soup with meat, bread, coffee, and doughnuts, feeding about 3500 people daily at a cost of $300 per day. — Image by © Bettmann/CORBIS
  • Crisis of 1772: Originating in London and then spreading throughout Europe, the crisis stunted economic growth and led to the failure of 20 banks.
  • The Great Depression: Fueled by a drop in stock prices in September 1929 and a full-blown stock market crash less than two months later, the Great Depression had a major impact on the entire world. Worldwide GDP fell by 15 percent, trade plummeted and unemployment skyrocketed. Many economies didn’t recover until World War II began.
  • 1973 Oil Crisis: Due to perceived support of Israel during the Yom Kippur War, OPEC embargoed oil to a variety of Western nations, including the U.S. This embargo caused oil prices to skyrocket from $3 a barrel to $12 worldwide. A second crisis occurred in 1979.
  • 1997 Asian Financial Crisis: With Thailand bankrupt, crisis spread throughout much of Asia in 1997, often raising concern that it could spread worldwide. The crisis was plagued by low currency, devalued stock markets and an increase in private debt. Debt-to-GDP ratios also climbed.
  • The Great Recession: Though this recession lasted less than two years, the effects were devastating. A financial crisis and subprime mortgage crisis was the perfect double whammy for this recession, so much so that the financial sector was in great peril (that is, before the banks were bailed out). The housing market tanked and manufacturing slowed to a trickle, forcing a variety of bankruptcies and closures.
So what can we learn from the various crises of the past? Lots. For instance, don’t invest all of your money in one entity – diversify it. Secondly, it’s always a good idea to take the appropriate measures to ensure that you’re debt free. Not only does this keep your credit score and borrowing power high, but things are less likely to snowball on you in times of uncertainty. And finally, live frugally. Don’t borrow any more than what you need – and only do it when you need it.  

Posted By : History

Five Practical Methods To Build Credit

Posted by Nikitas Tsoukalis on September 20, 2017

Five Practical Methods To Build Credit It can be really difficult to build credit. Whether you are just starting out or had some bad experiences with credit cards that left you with less than stellar credit, you are probably running into the same issue – to be abl read more

Posted By : credit score

How to Freeze Your Credit After the Equifax Breach

Posted by Nikitas Tsoukalis on September 20, 2017

How to Freeze Your Credit After the Equifax Breach About half of all Americans are at risk for long-term identity theft in the aftermath of the recent Equifax data breach. In fact, the company has said that 143 million consumers are potentially at risk, as hackers swipe read more

Posted By : credit score

The Ultimate Guide to Credit Score and Repair Services

Posted by Nikitas Tsoukalis on August 4, 2017

The Ultimate Guide to Credit Score and Repair Services Introduction Numerous questions come to your mind when you think of credit score. A cleanup credit report is all you need, but the lack of knowledge about the same is one of the hindrances that can lead you to poor read more

Posted By : credit score

IRS Private Debt Collectors Accused Of Pressuring Taxpayers, Breaking The Law

Posted by Nikitas Tsoukalis on July 19, 2017

IRS Private Debt Collectors Accused Of Pressuring Taxpayers, Breaking The Law Fact: There’s a new law in effect where the Internal Revenue Service now can pass along unpaid tax bills to private debt collectors. If you know anything about debt collection at all, yo read more

Posted By : Consumer Financial Protection Bureau, Credit Repair, Fair Debt Collections Practices Act, Hot Credit & Financial news

Average Credit Score for Home Buyer Mortgage Loans: 2017 Update

Posted by Nikitas Tsoukalis on July 19, 2017

Average Credit Score for Home Buyer Mortgage Loans: 2017 Update According to Ellie Mae’s “Origination Insight Report,” that was the average credit score among home buyers that went the mortgage loan route in April of 2017. Any credit score of read more

Posted By : Credit Repair, credit score, Hot Credit & Financial news, Real Estate News, Tools & Tips

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