Core Insights - TransUnion and Zenbase have partnered to enhance the credit reporting ecosystem by including rental payment information, allowing renters to improve their credit reports and access better financial opportunities [1][2][4] Company Overview - TransUnion is a global information and insights company with over 13,000 associates in more than 30 countries, recognized as a leading credit bureau in Canada [5] - Zenbase is a Canadian financial health platform that offers automated rent reporting and flexible rent payment solutions, focusing on economic inclusion for renters [7] Financial Inclusion - The integration of rental payment data into credit reports represents a significant advancement in financial inclusion, enabling approximately five million Canadian households to showcase responsible payment behavior [1][2] - By treating rental payments as a distinct category, this initiative allows timely rent payments to enhance credit files without being classified as debt [1][2][4] Technological Integration - Zenbase's direct integration with property management systems allows for seamless rent reporting, minimizing administrative overhead for property managers [3] - This technological advancement facilitates the delivery of rental data to TransUnion, ensuring that residents are recognized for their rent payment history [3] Economic Impact - The initiative aims to improve the financial health of renters by transforming their largest monthly expense into a tool for building credit and unlocking capital [4][8] - Zenbase currently supports over 200,000 homes across Canada, contributing to a more inclusive financial ecosystem [9]

Group 1: Investment Performance - Vulcan Value Partners reported positive results across all strategies in Q4 2025, with the Large Cap Composite returning -1.5% in Q4 and 7.9% YTD, and the Small Cap Composite gaining 3.2% in Q4 and 9.5% YTD [1] - The Focus Composite and Focus Plus Composite both returned 0.1% in Q4, with YTD returns of 7.1% and 6.2% respectively, while the All-Cap Composite returned 1.3% in Q4 and 10.7% YTD [1] - The firm improved its price-to-value ratios despite overvalued markets, emphasizing safety and long-term gains over short-term performance [1] Group 2: TransUnion Overview - TransUnion (NYSE:TRU) is one of the three leading credit bureaus in the U.S., collecting consumer borrowing and payment data from over 95,000 financial institutions [3] - The company has diversified its offerings beyond credit reports and scores, providing tools for consumers to manage personal finances and shop for financial products [3] - TransUnion operates in an oligopoly with competitors like Experian and Equifax, and has historically grown organically in the high single digits with a 30% operating margin [3] Group 3: TransUnion Stock Performance - TransUnion's stock traded between $66.38 and $101.19 over the past 52 weeks, closing at $85.80 on January 22, 2026 [2] - The one-month return for TransUnion was -1.77%, while it gained 0.23% over the last three months [2] - The market capitalization of TransUnion is $16.714 billion [2]

Core Viewpoint - The investment strategies have shown positive returns for the year, with a focus on long-term performance over short-term results [2][5]. Performance Summary - Large Cap Composite (Gross) returned -1.4% QTD, 8.5% YTD, and 10.4% annualized since inception [3][22]. - Small Cap Composite (Gross) returned 3.4% QTD, 10.3% YTD, and 8.3% annualized since inception [3][31]. - Focus Composite (Gross) returned 0.2% QTD, 7.5% YTD, and 14.3% annualized since inception [3][36]. - All Cap Composite (Gross) returned 1.5% QTD, 11.5% YTD, and 11.1% annualized since inception [3][53]. Market Environment - The current market resembles the late 1990s, with concerns about overvaluation and a focus on AI-related stocks [5][6][7]. - AI is seen as a transformative technology, similar to the Internet, but caution is advised regarding valuations [7][9]. Investment Strategy - The company emphasizes buying only those companies with stable values, often waiting for them to become discounted enough for investment [10][12]. - The portfolio has shifted towards more healthcare and insurance-related businesses, with a focus on smaller companies outside the top 10 largest market capitalizations [11][12]. Notable Holdings - Medpace (MEDP) has shown significant growth, with a stock price increase of over 73% for the year, driven by strong free cash flow and share repurchases [13][14]. - Ryan Specialty Holdings Inc. is highlighted for its robust growth and stable margins, despite facing a short-term pricing cycle [24][25][38]. - TransUnion is recognized for its strong operating margins and successful diversification beyond credit reports [26][38]. Performance Contributors and Detractors - Alphabet Inc. and Salesforce Inc. were significant contributors to performance, while CoStar Group and Microsoft Corporation were notable detractors [37][46]. - Fiserv Inc. was a material detractor due to downward guidance and strategic shifts in its business model [30][46]. Market Trends - The small-cap sector has lagged behind large-cap returns, presenting potential opportunities for investment as it is often overlooked [15]. - The dominance of large-cap stocks in market returns continues, with the top 10 S&P 500 stocks accounting for over 50% of its return in 2025 [16].

Core Insights - The concept of "death line" metaphorically represents the financial vulnerability of American households, where a single unexpected expense can lead to financial collapse [1] - The underlying causes of this phenomenon include economic imbalance, increasing wealth disparity, and ineffective social governance [1] Economic Imbalance and Wealth Disparity - Approximately 67% of Americans are classified as "living paycheck to paycheck," and 59% report being unable to cover unexpected expenses [2] - Despite recent economic growth data exceeding expectations, the reality for most Americans is rising living costs and stagnant wage growth, with real purchasing power declining [2] - The Consumer Price Index (CPI) rose by 2.7% year-on-year as of December 2025, while wage growth for middle-income families was only 2.3% and for low-income families just 1.4% [2] - The K-shaped economic recovery indicates that while some groups are improving, others, particularly low-income households, are facing worsening conditions [3] - About 87% of households earning over $100,000 hold financial assets, while approximately 42.3 million Americans carry a total of $1.8 trillion in student loan debt [3] Financial Fragility: Insufficient Savings and High Debt - Many American households lack emergency savings, making them vulnerable to financial shocks from minor expenses [4] - Only 63% of American adults could cover a $400 unexpected expense in cash or equivalents from 2022 to 2024, with a personal savings rate of just 4.0% as of September 2025 [5] - Total household debt reached a record high of $18.59 trillion by the third quarter of 2025, with credit card debt exceeding $1.23 trillion [5] - The average credit card debt per person was $6,523, with high-interest rates exacerbating the financial strain on households [6] Insufficient Social Safety Nets and Governance Failures - The U.S. welfare system has a "welfare cliff" effect, where slight income increases can lead to significant reductions in benefits, worsening financial conditions for low-income families [7] - Government spending is heavily skewed towards military expenditures, with a defense budget of approximately $895 billion for fiscal year 2025, while social welfare budgets are being cut [7] - Tariffs imposed by the government have increased import prices, contributing to inflation that disproportionately affects ordinary consumers [7] - The decline in social mobility makes it increasingly difficult for lower-income groups to improve their financial situations, leading to a persistent "death line" [7]

Core Insights - The TransUnion report reveals that gig workers are increasingly renting or selling access to their accounts to boost income amid financial pressures, particularly affecting those in the lower end of the K-shaped economy [1][2] Gig Worker Trends - One in four gig workers have rented their accounts, with younger generations (Gen Z and Millennials) being more likely to engage in this practice [2][3] - 20% of gig workers reported selling their accounts, with the percentage being higher among Millennials (27%) compared to Baby Boomers (7%) [3] Risks and Concerns - Renting and selling accounts pose risks to consumers, workers, and platforms, as unverified users can lead to fraud and physical danger [3] - Less than half (45%) of gig workers believe that gig platforms have effective ID verification processes, highlighting a gap in security measures [4] Fraud Experiences - 34% of gig workers reported being defrauded by consumers while working, indicating a significant issue with safety and trust on these platforms [6] - Workers expect platforms to enhance identity verification processes, including checks on identities, devices, delivery addresses, and biometrics [6] Solutions and Strategies - Gig platforms are utilizing identity verification and device intelligence solutions to combat fraud and ensure that workers are who they claim to be [5][7] - These solutions aim to detect and block suspicious activities early, thereby maintaining trust and protecting both workers and customers [5][7]

Core Insights - The collaboration between TransUnion and Actable has led to a 10% improvement in AI-driven marketing predictions by integrating TransUnion's TruAudience® Marketing Solutions dataset into Actable's machine learning models [1][2] - The project aimed to address the challenge of re-engaging customers for a major retailer, resulting in a 19.5% reduction in false positives, thereby enhancing audience targeting and marketing efficiency [2][4] Data Importance - High-quality data is essential for effective AI performance, with TransUnion's identity graph covering over 98% of the U.S. population and providing more than 700 demographic attributes and 15,000 behavioral signals [3] Business Impact and Future Applications - The enhanced AI model allows for more efficient marketing resource allocation, particularly in costly win-back campaigns, and identifies future use cases as AI adoption increases [4]

Group 1 - The article discusses the importance of managing tax payments to avoid penalties, emphasizing that paying at least 90% of the current year's tax or 100% of the previous year's tax can help avoid penalties [1] - It highlights the necessity of reviewing credit reports for errors, advising individuals to contact credit bureaus to dispute inaccuracies [2][3] - The article suggests budgeting for "this year-only" expenses and maintaining an emergency savings account to cover unexpected life events [4][5] Group 2 - It outlines a timeline for financial planning throughout the year, including key dates for tax payments and retirement contributions [7][13][14] - The article emphasizes the importance of reviewing financial allocations and beneficiaries mid-year to ensure they align with current circumstances [20][22] - It encourages individuals to consider education savings plans and charitable contributions as part of their financial strategy [23][25]

Group 1 - TransUnion will release its financial results for Q4 2025 on February 12, 2026, at 6:00 a.m. Central Time [1] - A conference call to discuss the financial results will take place on the same day at 8:30 a.m. Central Time [1] - The press release and live webcast will be available on the TransUnion Investor Relations website [1] Group 2 - TransUnion is a global information and insights company with over 13,000 associates in more than 30 countries [2] - The company focuses on providing a reliable representation of individuals in the marketplace through actionable consumer insights [2] - TransUnion has expanded its services beyond core credit into marketing, fraud, risk, and advanced analytics through acquisitions and technology investments [2]

Core Insights - Canadians' financial optimism is declining due to rising living costs, with 53% stating their household income is not keeping pace with inflation [1][5] - A significant portion of Canadians (31%) are pessimistic about their financial situation in the next year, despite 20% reporting an income increase in the last three months [1][5] - Economic uncertainty is prompting Canadians to adjust their spending habits, with 67% seeking sales and discounts more frequently [4][5] Financial Strain - 25% of Canadians are unable to pay at least one current bill or loan in full, with credit card payments (63%) and personal loans (55%) being the most affected [2][3] - Over half (51%) of Canadians have cut back on discretionary spending, while 19% plan to reduce contributions to retirement funds [4][5] Recession Sentiment - 27% of Canadians believe the country is currently in a recession, and 32% expect one within the next year, leading 84% to prepare for potential economic downturns [3][4] Spending Adjustments - Canadians are increasingly prioritizing essential goods, with 85% changing shopping habits in response to economic conditions [5] - Common adjustments include reducing spending (61%), building savings (38%), and shopping at more affordable retailers (44%) [6] Credit Access and Intentions - 82% of Canadians view access to credit as essential for achieving financial goals, but only 56% feel they have sufficient access [7][10] - 21% plan to apply for new credit or refinance existing credit, with younger generations (47% of Gen Z and 31% of Millennials) leading this trend [8][9] Fraud Concerns - Nearly half (46%) of Canadians reported being targeted by fraud in the past three months, with younger Canadians being the most vulnerable [12][13] - Despite the risks, 36% of Canadians took no action to address cybersecurity concerns, highlighting a need for better education on fraud prevention [13]

Core Insights - TransUnion has launched a revised mortgage pricing model featuring VantageScore® 4.0, aimed at enhancing the mortgage market's safety and cost-effectiveness [1][3] - The new model offers a significant pricing advantage, with VantageScore 4.0 available for $4 per score in 2026, representing a 60% discount compared to FICO scores [1][3] - The introduction of VantageScore 4.0 is expected to lower costs for lenders and consumers while maintaining underwriting costs at 2025 levels [1][3] Company Overview - TransUnion is a global information and insights company with over 13,000 employees operating in more than 30 countries, focusing on providing reliable consumer representations in the marketplace [7] - The company aims to empower consumers and businesses through innovative solutions that extend beyond core credit services into marketing, fraud, risk, and advanced analytics [7] Industry Context - The mortgage industry has historically been constrained by FICO's monopoly, which has led to increased lending costs due to significant royalty hikes from FICO [3] - TransUnion's approach of bundling credit data with VantageScore 4.0 is designed to reduce costs and provide lenders with a more manageable pricing structure [3][5] - The new model is expected to enhance access to loans for qualified homebuyers while ensuring the safety and soundness of the U.S. mortgage market [5]