The Credit Bureau Business Gives TransUnion a Wide Moat

TransUnion is one of the Big Three US consumer credit bureaus, along with Equifax and Experian. TransUnion's core business is selling credit reports to US lenders, but as this business is the most mature, the company has sought other avenues of growth. One avenue has been expanding beyond financial institutions into verticals such as insurance, rental screening, collections, and other sectors. The emerging verticals business was 29% of the firm's revenue in 2024, up from 21% in 2009. We believe this will help TransUnion weather a downturn as this revenue is diversified across industries and less macro-sensitive.