Company Reports

On Oct. 1, Bloomberg reported, citing an unnamed source, that the Federal Housing Finance Agency is moving toward a bi-merge requirement, under which government-conforming mortgages would need only two credit files, from the current three. TransUnion, Equifax, and Fair Isaac shares fell after hours.

On the evening of Sept. 28, 2026, Bill Pulte posted on X that VantageScore will move to the existing Classic FICO grid, effectively removing the 20-point haircut on loan-level price adjustment (LLPA) grids. Shares of Fair Isaac tumbled 20%.

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 2025, 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.

With Fair Isaac's Direct License Program delayed and a wider range of outcomes for mortgage bureau and score usage, we lower our fair value estimate on Fair Isaac.

On Sept. 3, 2026, Federal Housing Finance Agency Director William Pulte sent a series of x.com posts criticizing the pricing of Fair Isaac and the credit bureaus. He also suggested eliminating the tri-merge requirement for conforming mortgages and encouraged more lenders to adopt VantageScore.

TransUnion reported second-quarter organic revenue growth of 10%, roughly steady with 11% in the first quarter, and adjusted earnings per share growth of 13%. It also modestly increased its full-year adjusted EPS outlook. Shares rose 10% intraday on July 28.

After reviewing Equifax's and TransUnion’s moat ratings, we are downgrading our ratings to narrow from wide.

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 2025, 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.

We’ve recalibrated our cost of capital assumptions across our coverage universe.

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 2025, 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.

TransUnion is off to a decent start for 2026 with 11% organic revenue growth and 12% adjusted EPS growth. While first-quarter revenue and EPS beat the FactSet consensus estimates, the firm maintained its 2026 organic revenue outlook. Shares traded sideways during April 28 intraday trading.

At midday April 22, the government-sponsored enterprises of Fannie Mae and Freddie Mac announced that they would begin accepting VantageScore 4.0. Shares of Fair Isaac, Equifax, and TransUnion closed 6%, 7%, and 4% lower respectively, with Fair Isaac shares down as much as 15% during the session.

As of midday April 10, Fair Isaac shares were down as much as 14% in intraday trading. Shares of credit bureaus TransUnion and Equifax were down as much as 5% and 4%, respectively.

Fair Isaac shares fell 21% between March 9 and March 11, underperforming peers TransUnion (down 7%) and Equifax (down 8%) as well as the Morningstar US Market Index (up 1%) over the same period.

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.

TransUnion reported a solid fourth quarter, with 12% organic revenue growth and 10% adjusted earnings per share growth. However, its 2026 profit outlook for $1.77 billion in adjusted EBITDA at the midpoint was 2% below the FactSet consensus. Shares went sideways in Feb. 12 intraday trading.

In intraday trading on Feb. 3, a broad group of information-services companies, such as rating agencies, data providers, index providers, credit bureaus, and others, are seeing share price declines of 5% or more.

On the evening of Jan. 5, 2026, Bill Pulte, who serves as the director of the Federal Housing Finance Agency, or FHFA, wrote on x.com that “I do not understand what the credit bureaus are doing with their pricing—they are inviting a lot of scrutiny that is only intensifying by the day.”

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.

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.