10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

- OR -

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to

Commission file number 333-182948

TransUnion

(Exact name of registrant as specified in its charter)

Delaware	61-1678417
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
555 West Adams, Chicago, Illinois	60661
(Address of principal executive offices)	(Zip Code)

312-985-2000

(Registrant’s telephone number, including area code)

Commission file number 333-172549

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Exchange Act (“Act”).

o  YES x  NO

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

o  YES x  NO

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.

x  YES o  NO

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232-405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

x  YES o  NO

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

¨	Large accelerated filer	¨	Accelerated filer
x	Non-accelerated filer	¨	Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

o  YES x  NO

As of June 30, 2014, there was no established public market for TransUnion's common stock, par value $0.01 per share.

As of February 28, 2015, there were 110,968,015 shares of TransUnion common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None

TRANSUNION

ANNUAL REPORT ON FORM 10-K

YEAR ENDED DECEMBER 31, 2014

TABLE OF CONTENTS

PART I	3
ITEM 1. BUSINESS	4
ITEM 1A. RISK FACTORS	20
ITEM 1B. UNRESOLVED STAFF COMMENTS	30
ITEM 2. PROPERTIES	30
ITEM 3. LEGAL PROCEEDINGS	30
ITEM 4. MINE SAFETY DISCLOSURES	33
PART II	34
ITEM  5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	34
ITEM 6. SELECTED FINANCIAL DATA	34
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	37
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	58
Consolidated Balance Sheets	61
Consolidated Statements of Income	62
Consolidated Statements of Comprehensive Income	63
Consolidated Statements of Cash Flows	64
Consolidated Statements of Stockholders’ Equity	66
Notes to Consolidated Financial Statements	70
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	98
ITEM 9A. CONTROLS AND PROCEDURES	98
ITEM 9B. OTHER INFORMATION	98
PART III	99
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	99
ITEM 11. EXECUTIVE COMPENSATION	102
ITEM  12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	120
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	123
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES	125
PART IV	126
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	126

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Cautionary Notice Regarding Forward-Looking Statements

This Annual Report on Form 10-K, including the exhibits hereto, contains “forward-looking statements” within the meaning of federal securities laws. Any statements made in this report that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions.

Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that factors affecting our actual financial results could cause actual results to differ materially from those expressed in the forward-looking statements. Factors that could materially affect our financial results or such forward-looking statements include, among others, the risks, uncertainties and factors set forth below under “Risk Factors,” and the following factors:

• macroeconomic and industry trends and adverse developments in the debt, consumer credit and financial services markets;

• our ability to provide competitive services and prices;

• our ability to retain or renew existing agreements with large or long-term customers;

• our ability to maintain the security and integrity of our data;

• our ability to deliver services timely without interruption;

• our ability to maintain our access to data sources;

• government regulation and changes in the regulatory environment;

• litigation or regulatory proceedings;

• regulatory oversight of certain “critical activities”;

• our ability to effectively manage our costs;

• economic and political stability in international markets where we operate;

• our ability to effectively develop and maintain strategic alliances and joint ventures;

• our ability to timely develop new services and the market’s willingness to adopt our new services;

• our ability to manage and expand our operations and keep up with rapidly changing technologies;

• our ability to timely complete our multi-year technology transformation;

• our ability to make acquisitions and integrate the operations of acquired businesses;

• our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;

• our ability to defend our intellectual property from infringement claims by third parties;

• the ability of our outside service providers and key vendors to fulfill their obligations to us;

• further consolidation in our end-customer markets;

• the increased availability of free or inexpensive consumer information;

• losses against which we do not insure;

• our ability to make timely payments of principal and interest on our indebtedness;

• our ability to satisfy covenants in the agreements governing our indebtedness;

• our ability to maintain our liquidity;

• our reliance on key management personnel; and

• our Sponsors controlling us.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this report speak only as of the date of this report. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements, to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

PART I

Unless the context indicates otherwise, any reference to the “Company,” “we,” “us,” and “our” refers to TransUnion (formerly known as TransUnion Holding Company, Inc.) and its direct and indirect subsidiaries, including TransUnion Intermediate Holding, Inc. "TransUnion Intermediate, formerly known as TransUnion Corp.) or to TransUnion Intermediate and its subsidiaries for periods prior to the formation of TransUnion.

2012 Change in Control Transaction

On April 30, 2012, TransUnion Intermediate was acquired by affiliates of Advent International Corporation (“Advent”) and Goldman Sachs & Co. (“GS,” and together with Advent, the “Sponsors”), for the aggregate purchase price of $1,592.7 million, plus the assumption of existing debt. As a result, TransUnion Intermediate became a wholly-owned subsidiary of TransUnion.

We financed the acquisition and paid related fees and expenses with $600.0 million of debt financing from the issuance of senior unsecured PIK toggle notes, $1,104.6 million of equity capital from the Sponsors and certain members of management and $49.2 million of available cash from operations.

We refer to these transactions collectively as the 2012 Change in Control Transaction.

ITEM 1. BUSINESS

Overview

TransUnion is a leading global risk and information solutions provider. Our mission is to help people worldwide access opportunities that lead to a higher quality of life. Businesses embed our solutions into their process workflows to optimize their risk-based decisioning and to drive better financial outcomes. Consumers use our solutions to view their credit profiles and access analytical tools that help them understand and manage their personal financial information and take precautions against identity theft. We are differentiated by our comprehensive and unique datasets, our next-generation technology and our analytics and decisioning capabilities, which enable us to deliver insights across the entire consumer lifecycle. We believe we are the only provider of scale in the United States to possess both nationwide consumer credit data and comprehensive diverse public records data, which allows us to better predict behaviors, asses risk and address a broader set of business issues for our customers. We have deep domain expertise across a number of attractive industry verticals, including financial services, insurance and healthcare, as well as a global presence in over 30 countries across North America, Africa, Latin America and Asia.

Our addressable market includes the big data and analytics market, which continues to grow as companies around the world recognize the benefits of building an analytical enterprise where decisions are based on data and insights, and as consumers recognize the importance that data and analytics play in their ability to procure goods and services and protect their identities. IDC estimates worldwide spending on big data and analytics services to be approximately $52 billion in 2014, growing at a projected compounded annual growth rate (“CAGR”) of approximately 15% from 2014 through 2018. There are several underlying trends supporting this market growth, including the creation of large amounts of data, advances in technology and analytics that enable data to be processed more quickly and efficiently to provide business insights, and growing demand for these business insights across industries and geographies. Leveraging our 47-year operating history and our established position as a leading provider of risk and information solutions, we have evolved our business by investing in a number of strategic initiatives, such as transitioning to the latest big data and analytics technologies, expanding the breadth and depth of our data, strengthening our analytics capabilities and enhancing our business processes. As a result, we believe we are well positioned to expand our share within the markets we currently serve and capitalize on the larger big data and analytics opportunity.

We believe that we have the capabilities and assets, including comprehensive datasets, advanced technology and analytic to provide differentiated solutions to our customers. We have over 30 petabytes of data, growing at an average rate of over 25% each year since 2010, representing over one billion consumers globally. We obtain financial, credit, alternative credit, identity, bankruptcy, lien, judgment, insurance claims, automotive and other relevant information from an average of 90,000 data sources, including financial institutions, private databases and public records repositories. We refine, standardize and enhance this data using sophisticated algorithms to create proprietary databases. Our next-generation technology allows us to quickly and efficiently integrate our data with our analytics and decisioning capabilities to create and deliver innovative solutions to our customers and to quickly adapt to changing customer needs. Our deep analytics expertise, which includes our people as well as tools such as predictive modeling and scoring, customer segmentation, benchmarking and forecasting, enables businesses and consumers to gain better insights into their risk and financial data. Our decisioning capabilities, which are generally delivered on a software-as-a-service platform, allow businesses to interpret data and apply their specific qualifying criteria to make decisions and take actions. Collectively, our data, analytics and decisioning capabilities allow businesses to authenticate the identity of consumers, effectively determine the most relevant products for consumers, retain and cross-sell to existing consumers, identify and acquire new consumers and reduce loss from fraud. Similarly, our capabilities allow consumers to see how their credit profiles have changed over time, understand the impact of financial decisions on their credit scores and manage their personal information as well as to take precautions against identity theft.

We leverage our differentiated capabilities in order to serve a broad set of customers across multiple geographies and verticals. We have a global customer base of over 65,000 businesses and 35 million consumers. We offer our solutions to business customers in the financial services, insurance, healthcare and other industries. Our customer base includes many of the largest companies in each of the primary industries we serve. For example, in the United States, we contract with nine of the ten largest banks, all of

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the top five credit card issuers, all of the top twenty-five auto lenders, fourteen of the fifteen auto insurance carriers, thousands of healthcare providers and federal, state and local government agencies. We have been successful in leveraging our brand, our expertise and our solutions in our global operations and have a leading presence in several high-growth international markets, including India, Hong Kong and Africa.

We believe we have an attractive business model that has highly recurring and diversified revenue streams, low capital requirements, significant operating leverage and strong and stable cash flows. The proprietary and embedded nature of our solutions and the integral role that they play in our customers’ decision-making processes have historically translated into high customer retention and revenue visibility. For example, our top ten financial institution customers have an average tenure of over ten years. We continue to demonstrate organic growth by further penetrating existing customers, innovating new solutions and gaining new customers. We have a diversified portfolio of businesses across our segments, reducing our exposure to cyclical trends in any particular industry or geography. We operate primarily on a contributory data model in which we typically obtain updated information at little or no cost and owning most of our data. We augment this data with a growing set of public record and alternative data as we expand into new solutions and adjacencies. We also directly manage and control our technology, which provides us with an efficient cost structure and allows us to benefit from economies of scale. Additionally, our technology investments enable us to grow and expand our business with low incremental cost, providing significant operating leverage.

Our total revenues increased from $1,183.2 million for the year ended December 31, 2013 to $1,304.7 million for the year ended December 31, 2014, representing year-over-year growth of 10.3%. Our Adjusted EBITDA, as defined below in Management's Discussion and Analysis of Financial Condition and Results of Operations, increased from $408.5 million for the year ended December 31, 2013 to $451.6 million for the year ended December 31, 2014, representing year-over-year growth of 10.6%.

Our Evolution

Our business has a 47-year operating history and a long track record of providing risk and information solutions to businesses and consumers while continuing to innovate to meet their changing needs. Since our founding as a provider of regional credit reporting services, we have built a comprehensive database of U.S. consumers, which created a unique and highly valuable base to build solutions that span many industry verticals and customer processes. From this base, we expanded our operations by targeting new customers, industry verticals and geographies and also entering into the consumer space. We have strengthened our analytics and decisioning capabilities and acquired complementary datasets enabling us to enhance our solutions, diversify our revenue base and expand into high-growth verticals, such as healthcare and insurance. We have grown our global presence to over 30 countries, creating credit reporting agencies in new geographies and establishing strong international footholds from which we could expand into other emerging markets. We also expanded the reach of our consumer solutions by partnering with other market leaders and innovators.

As part of our continued evolution, we have invested in a number of strategic initiatives that we believe will allow us to cater to the growing demand for data and analytics, provide differentiated solutions and better serve our customers. These initiatives include:

• Investing in our Technology: Technology is at the core of the solutions we provide to our customers. We have made significant investments since 2012 to modernize our infrastructure and to transition to the latest big data and analytics technologies which enable us to be quicker, more efficient and more cost-effective. Our next-generation technology enhances our ability to organize and handle high volumes of disparate data, improves delivery speeds, provides better availability and strengthens product development capabilities, while lowering our overall cost structure and allowing us to maintain our focus on information security. Our investment strategy has been to build capabilities leverage them across multiple geographies and verticals.

• Expanding our Data: We have continued to invest in the breadth and depth of our data. We introduced the concept of trended data to provide the trajectory of a consumer’s risk profile, used public records data to enhance the scope of business issues we can address and incorporated alternative data into our databases to better assess risk for banked and unbanked consumers. We believe we are the only provider of scale in the United States to possess both nationwide consumer credit data and comprehensive, diverse public records data. All of these initiatives improve the quality of our data, provide deeper insights into risk and allow us to create differentiated solutions for our customers.

• Strengthening our Analytics Capabilities: We have strengthened our analytics capabilities by leveraging our next-generation technology and expanded data, utilizing more advanced tools and growing our analytics team. This has allowed us to create solutions that produce greater insights and more predictive results, which help our customers make better decisions. In addition, our strengthened analytics capabilities have shortened our time-to-market to create and deliver these solutions to our customers.

• Broadening of our target Markets: We have grown our target markets by establishing a presence in attractive high-growth international markets such as India and the Philippines, entering new verticals such as government and investigative services in the United States and expanding the reach of our consumer offerings by partnering with

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traditional and emerging providers in new verticals. Our capabilities enable us to develop scalable products that we are able to deploy across new markets and verticals.

• Enhancing our Business Processes and Capabilities: We have enhanced our business processes and capabilities to support our growth. We have hired additional industry experts, which has allowed us to create and sell new vertical-specific solutions that address our customers’ needs. Our global sales force effectiveness program reallocates our sales resources more effectively and increases our sales team’s coverage of customers across our target markets. In conjunction with our other initiatives, we have also recently refreshed our company brand to reinforce our global position as a trusted, consumer-friendly company.

We believe that our ongoing focus on evolving with the market and with our customers’ needs ensures continued improvement in our overall services to businesses and consumers. Leveraging our trusted brand, global scale and strong market position in the verticals we serve will allow us to capitalize on business opportunities worldwide and contribute to our long-term growth.

Our Market Opportunity

We believe there is a long-term trend of businesses and consumers using data and analytics to make more informed decisions and manage risk more effectively, resulting in a large and rapidly growing market. According to a September 2014 report from IDC, spending on business analytics services worldwide is projected to reach approximately $52 billion in 2014 and is projected to grow at a CAGR of approximately 15% from 2014 through 2018.

Source: IDC Worldwide Business Analytics Services 2014-2018 Forecast, September 2014. Numbers have been rounded.

We believe there are several key trends in the global macroeconomic environment affecting the geographies and verticals we serve that will create increasing demand for our solutions:

• Rapid Growth in New Data Creation and Data Application. Larger and more diversified datasets are now assembled faster while the breadth of analytical applications and solutions has expanded. Companies are increasingly relying on business analytics and big data technologies to help process this data in a cost-efficient manner. In addition, non-traditional sources of structured and unstructured data have become important in deriving alternative metrics. The proliferation of smartphones and other mobile devices also generates enormous amounts of data tied to consumers, activities and locations. We believe that the demand for targeted data and sophisticated analytical solutions will continue to grow meaningfully as businesses seek real-time access to more granular views of consumer populations and more holistic views on individual consumers.

• Advances in Technology and Analytics Unlocking the Value of Data. Ongoing advances in data collection, storage and analytics technology have contributed to the greater use and value of data and analytics in decision making. As businesses have gained the ability to rapidly aggregate and analyze data, they increasingly expect access to real-time data and analytics from their information providers as well as solutions that fully integrate into their workflows. We believe this has made sophisticated technology critical for gaining and retaining business in the risk and information services industry.

• Greater Adoption of Big Data Solutions across Verticals and Adjacent Markets. With the proliferation of data, we believe companies across different verticals and adjacent markets are recognizing the value of risk information and analytical tools, particularly when tailored to their specific needs.

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◦ Financial Services Industry: The combination of increased regulatory capital, additional compliance costs and the overhang of legacy assets is pushing large segments of small-to-medium-sized business and consumer lending out of the banking sector, and resulting in the creation of new specialty finance companies, such as peer-to-peer lending platforms and online balance sheet lenders, which are actively filling the void. These technology-enabled lending platforms provide access to credit in a fast and efficient manner by utilizing sophisticated risk assessment tools that leverage data, such as behavioral data, transactional data and employment and credit information. At the same time, traditional financial services companies are also increasing the use of applications and data in order to address regulatory requirements, lower operating costs and better serve their customers.

◦ Insurance Industry: As consumers increasingly obtain quotes from multiple insurers in an effort to lower their costs, insurers are trying to improve the accuracy of their risk assessments and initial quotes. For example, insurance carriers are using driver violation data to uncover offenses that will impact pricing earlier in the quoting process so consumers have a more accurate view of the premiums they will be charged.

◦ Healthcare Industry: Greater patient financial responsibility, focus on cost management and regulatory supervision are driving healthcare providers to use data and related analytics tools to better manage their revenue cycle. For example, to reduce collection risks, healthcare providers seek information about their patients' insurance coverage and ability to pay at the time of registration. In addition, insurance discovery tools are being utilized to optimize accounts receivable management, maximize collections and minimize uncompensated care.

• Increasing Lending Activity in Emerging International Markets. As economies in emerging markets continue to develop and mature, we believe there will continue to be favorable socio-economic trends, such as an increase in the size of the middle class and a significant increase in the use of financial services by under-served and under-banked consumers. In addition, credit penetration is relatively low in emerging markets when compared to developed markets. For example, using our database of information compiled from financial institutions as a benchmark of credit activity, we estimate that less than 15% of the adult population in India is currently credit active. Furthermore, the widespread adoption and use of mobile phones in emerging markets have enabled greater levels of financial inclusion and access to banking and credit. We expect the populations in emerging markets to continue to become more credit active, resulting in increased demand for our services.

• Increased Consumer Management and Monitoring of Personal Financial Information and Identity Protection by consumers. Demand for consumer solutions is rising with higher consumer awareness of the importance and usage of their credit information, increased risk of identity theft due to data breaches and more readily available free credit information. The annual growth in the number of consumers subscribing to a credit monitoring or identify protection service has been almost 20% over the last several years. In addition, the proliferation of mobile devices, has made data much more accessible, enabling consumers to manage their finances and monitor their information in real-time. We believe these trends will continue to fuel growth for our consumer business.

• Heightened Risk Environment and Compliance Requirements for Businesses. The increasing number and complexity of regulations, including new capital requirements and the Dodd-Frank Wall Street Reform and Consumer Protection Act, make operations for businesses more challenging. The granularity of information required and the frequency and timeliness of data to fulfill compliance requirements have also increased significantly, placing an additional burden on companies’ reporting systems. Further, there is a heightened focus on reducing fraud and losses and on protecting consumer privacy, particularly given the increasing threat of cybercriminals.

Our Competitive Strengths

Comprehensive and Unique Datasets

Our long operating history and leadership in the industry have allowed us to build comprehensive and unique data assets that would be difficult for a new market entrant to replicate. We have over 30 petabytes of data, growing at an average rate of over 25% each year since 2010, representing over one billion consumers globally. We obtain financial, credit, alternative credit, identity, bankruptcy, lien, judgment, insurance claims, automotive and other relevant information from an average of 90,000 data sources, including financial institutions, private databases and public records repositories. We refine, standardize and enhance this data using sophisticated algorithms to create proprietary databases. We keep our data current by processing approximately 3.6 billion updates each month, and we continue to identify opportunities to acquire additional data. We believe that our data is unique and differentiates us from our competitors. We we own several proprietary datasets such as consumer credit information, driver violation history, healthcare eligibility information, business data and rental payment history. Internationally, our data assets also encompass alternative data, such as the voter registry in India with over 750 million records and the vehicle information database in South Africa with over 18 million vehicle records. We have also acquired public record datasets, which are time consuming and difficult for others to obtain and associate with the correct person. We believe we are the only provider of scale in the United States to

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possess both nationwide consumer credit data and comprehensive, diverse public records data, which allows us to better predict behaviors, asses risk and address a broader set of business issues for our customers.

Next-generation Technology

Our transformation to next-generation technology allows us to continually improve our overall services to business and consumers and ensures that we are well positioned to differentiate our datasets and capabilities. We believe that our strategic initiative to build next-generation technology capabilities has resulted in increased throughput, improved data matching, greater efficiency, advanced platform flexibility and lower operating costs.

• Powerful Big Data Capabilities: Our technology gives us the ability to process, organize and analyze high volumes of data across multiple operating systems, databases and file types as well as to deal with both structured and unstructured data that changes frequently. We process billions of transactions and trillions of data transformations on a daily basis.

• Enhanced Linking and Matching: Because our data matching technology is able to interrelate data across disparate sources, industries and time periods, we believe that we are able to create differentiated datasets and provide our customers with comprehensive insights that allow them to better evaluate risk. For example, our TLOxp solution leverages these data matching capabilities across various datasets to identify and investigate relationships among people, assets, locations and businesses, allowing us to offer enhanced due diligence, threat assessment, identity authentication and fraud prevention and detection solutions.

• Greater Efficiency: From ingestion of data to distribution of analytics and insights, our next-generation technology enables a faster time to market. For example, our platform now allows for data profiling, cleansing and ingestion of data ten times faster and can be done in a self-service approach by non-IT power users, allowing us to significantly reduce overall production times for new products.

• Advanced Platform Flexibility: Our technology offers a high degree of flexibility, speed and customization of our solutions, via capabilities like graphical development and business rules environments, and allows easy integration with our customers workflows. We manage and control our technology instead of outsourcing, which provides us with the flexibility to prioritize changes and to quickly implement any updates to our applications and solutions.

• Lower Operating Costs: Our technology investments have lowered our overall cost to maintain and develop our systems, allowing us to redeploy significantly more resources to support revenue generating initiatives, such as vertical expansion and new product development solutions.

Sophisticated and Flexible Analytics and Decisioning Capabilities

We have developed sophisticated and flexible analytics and decisioning capabilities by investing in technology, tools and people. Our technology allows us to quickly build sophisticated analytics and decisioning functionality that caters to our customers’ evolving needs. Our analysts leverage our next-generation technology and data matching capabilities to gain real-time access to our entire dataset across different data sources and run analysis across this data while remaining compliant with permitted data use. Our analysts are typically able to create data samples for model development, model validations and custom analysis in less than one day using self-serve data access. Our analysts are equipped with a diverse modeling and analytical toolkit, such as visualization and machine learning, which allows them to quickly build and deploy these capabilities. For example, our team was able to build a new loan consolidation model in our CreditVision solution in less than one day using our advanced tools, instead of a typical development time of four to five weeks with legacy tools and technology. We have an experienced analytics team with substantial industry experience, complemented by a deep knowledge of consumer credit data. Our team is highly qualified with advanced degrees or doctorates in statistics, math, finance or engineering, and is instrumental in understanding customer requirements, sourcing raw data and turning that data into solutions that provide insights and decisions to solve our customers’ problems.

Innovative and Differentiated Solutions

We consistently focus on innovation to develop new and enhanced solutions that meet the evolving needs of our customers. We believe our specialized data, analytics and decisioning services and collaborative approach with our customers differentiate us from our competitors. Our solutions are often scalable across different customers, geographies and verticals. Recent examples of our innovative and differentiated solutions include:

• AdSurety-AdSurety is a digital marketing solution that allows our customers to identify an audience across a network of 135 million U.S. consumers, display personalized messages to that audience and measure the effect. The network leverages our offline-to-online matching technology, which increases reach with greater targeting certainty.

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• CreditView-CreditView is a first-to-market interactive dashboard that provides consumers with credit education and information in a comprehensive, user-friendly format. Consumers are able to easily see how their credit profiles have changed over time as well as simulate the impact of financial decisions on their credit score.

• CreditVision-We continue to enhance our credit data by including new data fields, enriching values in existing data fields and expanding account history. Our enhanced credit data has been combined with hundreds of algorithms to produce CreditVision, a market-leading solution that provides greater granularity and evaluates consumer behavior patterns over time. This results in a more predictive view of the consumer, increases the total population of consumers who can effectively be scored and helps consumers gain improved pricing.

• Decision Edge-Decision Edge is a software-as-a-service decisioning offering which allows businesses to identify and authenticate customers, interpret data and predictive model results, and apply customer-specific criteria to facilitate real-time, automated decisions at the point of consumer interaction.

• Insurance Coverage Discovery-For our healthcare customers, we offer the Insurance Coverage Discovery solution, which enables the discovery of previously unidentified health insurance coverage to help our customers recover uncompensated care costs. Our proprietary technology identifies patient accounts covered by Medicaid, Supplemental Security Income, Medicare and TRICARE as well as commercial insurance benefits at the time of service and monitors and account for up to three years for retroactive eligibility that providers may have missed.

• SmartMove-Smartmove allows independent landlords to screen applicants on a real-time basis by pushing the screening information of the individual renter to the landlord, based on the consent of the renter. The solution is delivered through our mobile channel and through our partners and provides independent landlords with convenient access to the same quality information provided to large property management firms.

• TLOxp-TLOxp leverages our data matching capabilities across thousands of data sources to identify and investigate relationships among specific people, assets, locations and businesses. This allows us to offer enhanced due diligence, threat assessment, identity authentication and fraud prevention and detection solutions and to expand our solutions into new verticals such as government and law enforcement.

Deep and Specialized Industry Expertise

We have deep expertise in a number of attractive industry verticals including financial services, insurance and healthcare. Our expertise has allowed us to develop sophisticated vertical-specific solutions within these targeted industries that play an integral role in our customers’ decision-making processes and are often embedded into their workflows. Our team includes industry experts with significant experience in the verticals that we target and relationships with leading companies in those verticals. We also possess regulatory compliance expertise across the industries we serve. Together, this provides us with a comprehensive understanding of business trends and insights for customers in these verticals, allowing us to build solutions that cater to these customers’ specific requirements. We have been able to apply our industry knowledge, data assets, technology and analytics capabilities to develop new solutions and revenue opportunities within key verticals. For example, in financial services, our differentiated positioned allowed us to anticipate the increased demand for alternative consumer lending providers such as peer-to-peer lending platforms, and we created solutions that catered to these emerging providers. In insurance, we partnered with a vehicle history data provider to launch a vehicle history score that helps insurance carriers further segment risk based on the attributes of a specific automobile. In healthcare, we developed a solution that allows healthcare providers to search for additional health insurance coverage and recover additional uncompensated care costs, lowering their overall cost of operation. We also possess regulatory compliance expertise across the industries that we serve. We believe that our industry knowledge, coupled with our collaborative customer approach, has made it possible for us to provide our customers unique insights into their businesses.

Leading Presence in Attractive International Markets

We have been operating internationally for over 30 years and have strong global brand recognition. We have strategically targeted attractive markets in both developed and emerging economies and have a diversified global presence in over 30 countries and a leading presence in several attractive international markets across North America, Africa, Latin America and Asia. We have local senor management in many of our international markets, and we believe this provides us with deeper insights into these markets and stronger relationships with our customers. We have leveraged our brand, operating history, global footprint and technology infrastructure to establish new credit bureaus in several international markets, such as Canada in 1989, India in 2001 and the Philippines in 2011. Once established, our model is to expand the services we offer within these markets and then move into adjacent emerging markets. For example, we have used our operations in Hong Kong to expand into other ASEAN countries, and we have used our operations in South Africa to expand into neighboring African countries. In addition, we have been able to leverage our technology and experience from our U.S. operations to develop and grow our international operations.

Proven and Experienced Management Team

Our senior management team has a track record of strong performance and significant expertise in the markets we serve, with an average of over twenty years of industry experience. We continue to attract and retain experienced management talent for our

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businesses. Our team has deep knowledge of the data and analytics sector and expertise across the various industries that we serve. Our team has overseen our expansion into new industries and geographies while managing ongoing strategic initiatives, including our significant technology investments. As a result of the sustained focus of our management team, we have been successful in consistently driving growth, both organically and through acquiring and integrating businesses.

Our Growth Strategy

Enhance Underlying Data, Technology and Analytics Capabilities to Develop Innovative Solutions

As the demand for big data and analytics solutions grows across industries and geographies, we will continue to expand the scope of our underlying data, improve our tools and technology and enhance our analytics and decisioning capabilities to provide innovative solutions that address this demand. As the needs of businesses and consumers evolve, we plan to continue to help them meet their challenges, which our recent investments in data, technology and analytics enable us to do more quickly and efficiently. For example, we enhanced our solutions with incremental data such as rental trade lines, additional contact data and auto asset data in order to address a broader set of customer requirements. Our recent technology investments have also reduced the time to market for new solutions, in certain instances from several weeks to a few days, which allow us to react quickly to customer requirements. We also intend to continue to take advantage of strategic partnerships to develop innovative services that differentiate us from our competitors.

Further Penetrate Existing Industry Verticals with Current and New Solutions

We are a leading provider of risk and information solutions in several industry verticals today, including financial services, insurance and healthcare. We believe there is significant opportunity for further growth within these industries by expanding the number of customers to whom we sell our current solutions as well as by creating innovative new solutions that we can use to grow our presence in these industries. We focus on developing new solutions that address evolving customer needs within our industry verticals. For example, in the financial services vertical, we developed CreditVision, which provides customers with a time-based risk trend and increases the total eligible population of consumers. Similarly, in the insurance vertical, we introduced the DriverRisk solution that integrates with the Drivers History violation database to cost effectively identify drivers with ratable violations, resulting in unique insights into driver risk and reduced costs and higher returns for insurance carriers. In order to more effectively address these opportunities we have redeployed and reallocated our sales resources to focus either on new customer opportunities or on selling additional services and solutions to existing customers. With our leading market positions, existing strong relationships in financial services, insurance and healthcare verticals and with our consumer partners, we believe we have the opportunity to further penetrate our existing customer base and capture a greater proportion of their spending across the consumer lifecycle.

Establish Positions in New, Adjacent Industry Verticals

In addition to increasing penetration in industries where we have a substantial presence, we also intend to create solutions that address customer needs in attractive new industries. Our strategy is to develop new solutions for a specific application, industry vertical or geography and then deploy them to other markets where they may be applicable. We believe that our capabilities allow us to quickly create and deliver solutions to new industries and geographies where information-based analytics and decisioning capabilities are currently underutilized. For example, our strong position in financial services and insurance verticals has allowed us to establish a presence in the healthcare vertical to capitalize on the increasing demand for data and analytics solutions. We have created innovative solutions that automate the insurance and payment processes at the beginning of the revenue cycle, help payers analyze claims-related data, facilitate performance reporting and help patients make informed decisions. Similarly, we are targeting other verticals such as government, rental screening and investigative services, where we see an opportunity to leverage our existing data, analytics and decisioning capabilities.

Expand our Presence in Attractive International Markets

We believe international markets present a significant opportunity for growth, as these economies continue to develop and their populations become more credit active. We have significant scale in some of the world’s fastest growing markets, which positions us well to take advantage of the favorable dynamics in these regions. We leverage solutions developed in the United States and deploy them to international markets, after localizing them to individual market requirements. For example, after launching CreditVision in the United States, we expanded our offerings with a similar solution in Canada and Hong Kong. In markets where we have established a presence in a particular vertical, we will expand further into adjacent verticals, such as insurance and consumer solutions. We intend to expand into new geographic markets by forming alliances with financial services institutions, industry associations and other local partners, and by pursuing strategic acquisitions. Across all our international expansion initiatives, we will continue to leverage our next-generation technology to drive speed to market, scale and differentiation.

Continue to Broaden Reach in Consumer Market through Direct and Indirect Channels

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Growth in our consumer business has outpaced the market. We expect this trend to continue due to a rising . Rising consumer appetite for information and increasing demand for our solutions from existing and new partners. We currently serve over 35 million consumers in the United States directly and through indirect channels. We recognized that more consumers could be reached through multiple channels and business models. Therefore, our strategy is to enable partners by providing them with data and analytics to support their services. Our growth plans focus both on increasing our own member base as well as expanding our reach through partnerships. For our direct consumers, we continually develop new products, features and services. We will also continue to improve the consumer experience with more user-friendly interfaces, better customer service, and education. For partners, we will leverage our flexible model, technology and innovative solutions to grow with new and existing customers and enter new verticals. We believe that partnerships not only enable us to build our own business quickly and effectively, but they also expand the market and provide us access to new consumer segments.

Pursue Strategic Acquisitions

We will continue to pursue acquisitions to accelerate growth within our existing businesses and diversify into new businesses. We are focused primarily on opportunities that are strategic to us, including opportunities that expand our geographic footprint, increase the breadth and depth of our datasets, enhance our services, provide us with industry expertise in our key verticals or deepen our presence in our international markets. For example, we expanded into new countries such as Brazil and Chile and enhanced our domestic healthcare offerings through various acquisitions. Other recent examples include our December 2013 acquisition of TLO's assets, providing data solutions leveraging proprietary public records data for identity authentication, fraud prevention and debt recovery, our November 2014 acquisition of DHI, a provider of traffic violations and criminal court data, and our October 2014 acquisition of L2C, an innovator in predictive analytics using alternative data that is able to provide risk perspectives on non-traditional and non-credit active consumers. From time to time we may also seek to increase our investments in foreign entities in which we hold a minority interest, as we did with Credit Information Bureau (India) Limited ("CIBIL") in India in 2014. We have a strong track record of integrating acquisitions and driving long-term value creation, and we will continue to maintain a disciplined approach to pursuing acquisitions.

Segment Overview

We manage our business and report our financial results in three operating segments: USIS, International and Consumer Interactive. We also report expenses for Corporate, which provides shared services and conducts enterprise functions. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and note 17 to our consolidated financial statements included elsewhere in this report for further information about our segments.

USIS

USIS provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. These businesses use our services to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud.

USIS leverages our comprehensive data assets, data matching expertise and predictive analytics to develop and deliver solutions across multiple vertical markets.

• Comprehensive data assets: Our credit database contains the name and address of substantially all of the U.S. credit-active population, a listing of their existing credit relationships and their timeliness in repaying debt obligations. The information in our database is voluntarily provided by thousands of credit-granting institutions and other data furnishers. We enhance our data assets with alternative credit sources such as rental payments and utility payments. We also actively source information from courts, government agencies and other public records including suits, liens, judgments, bankruptcies, professional licenses, real property, vehicle ownership, other assets, driver violations, criminal records and contact information. Our databases are updated, reviewed and monitored on a regular basis.

• Data matching expertise: We have data matching capabilities and expertise that allow us to build and maintain comprehensive consumer credit profiles from disparate data sources, enhancing the value of our databases and resulting in better prediction of risk. We have also developed data fusion capabilities that allow us to interrelate relevant data and identify relationships among individuals, locations, assets and businesses across our datasets.

• Predictive analytics: Our predictive analytics capabilities allow us to analyze our proprietary datasets and provide insights to our customers to allow them to drive better business decisions. Our tools allow customers to investigate past behavior, reasonably predict the likelihood of future events and strategize actions based on those predictions. We have numerous tools such as predictive modeling and scoring, customer segmentation, benchmarking, forecasting, fraud modeling and campaign optimization, all of which caters to specific customer requirements. Our predictive analytics capabilities are developed by an analytics team with deep industry experience and a broad array of specialized qualifications.

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Our core capabilities leverage our next-generation technology, which has a common code base and allows us to build solutions once and deploy them multiple times across different verticals. We use varying combinations of these core capabilities and provide services to our customers through three delivery platforms, which are Online Data Services, Marketing Services and Decision Services.

Online Data Services

Online Data Services encompass services delivered in real-time, using both credit and public record datasets. These services include credit reports and predictive scores delivered to qualified businesses to help them assess the risk of prospective consumers seeking to access credit or insurance. We also provide online reports that link public record datasets for qualified businesses that seek to locate consumers or specific assets, or investigate relationships among consumers, businesses and locations. Collectively, the reports, characteristics and scores, with variations tailored for specific industries, form the basis of Online Data Services. We also provide online services to help businesses manage fraud and authenticate a consumer’s identity when they initiate a new business relationship. Our fraud database, which is updated daily, contains data elements such as addresses and Social Security numbers from multiple sources that alert businesses to identities associated with known or suspected fraudulent activity. Additionally, we provide data to businesses to help them satisfy “know your customer” compliance requirements and to confirm an individual’s identity. Revenue from Online Data Services accounted for approximately 67% of our USIS revenue in 2014.

Marketing Services

Marketing Services help businesses proactively acquire new customers, cross-sell to existing customers and monitor and manage risk in their existing portfolios. We help our customers develop marketing lists of prospects via direct mail, web and mobile. Our databases are used by our customers to contact individuals to extend firm offers of credit or insurance. We provide portfolio review services, which are periodic reviews of our customers’ existing accounts, to help our customers develop cross-selling offers to their existing customers and monitor and manage risk in their existing consumer portfolios. We also provide trigger services which are daily notifications of changes to a consumer profile. Revenue from Marketing Services accounted for approximately 16% of our USIS revenue in 2014.

Decision Services

Decision Services, our software-as-a-service offerings, include a number of platforms that help businesses interpret data and predictive model results and apply their customer-specific criteria to facilitate real-time automated decisions at the time of customer interaction. Our customers use Decision Services to evaluate business risks and opportunities, including those associated with new consumer credit and checking accounts, insurance applications, account collection, patient registrations and apartment rental requests. Revenue from Decision Services accounted for approximately 17% of our USIS revenue in 2014.

These core capabilities and delivery platforms in our USIS segment allow us to serve a broad set of customers and business issues. We offer our services to customers in the financial services, insurance, healthcare and other industries. In financial services we serve nine of the top ten banks in all facets of the customer lifecycle from acquisition through account management to collections. For example, our customers use our CreditVision solutions, which is based on 30 months of time series data and delivered across all our platforms, to bring insight to the velocity and magnitude of change in consumer risk over time, allowing them to segment risk with greater precision. We also recently introduced AdSurety digital marketing capabilities that allow banks to deliver personalized messages on the Internet, increasing reach with measurable results. In insurance, fourteen of the top fifteen auto insurance carriers use TransUnion services to improve the speed and accuracy of quoting and underwriting policies, improving the consumer shopping experience and lowering costs for the carriers. We do this by providing pre-fill services that use our data assets to populate an application once basic identity information is supplied by the consumer, then use our driver violation data, insurance and asset risk scores, and fraud detection tools to provide a quote that is more consistent with the final premium than previous methods used. In healthcare, thousands of healthcare providers and over 1,000 hospitals use our revenue cycle management solutions to verify patients' identity, check insurance eligibility and the patients' capacity to pay, estimate patient payment amounts and if needed, qualify patients for federal, state and local entitlement programs.

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International

The International segment provides services similar to our USIS segment to businesses in select regions outside the United States. Depending on the maturity of the credit economy in each country; services may include credit reports, analytics and decisioning services and other value-added risk management services. In addition, we have insurance, business and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, insurance, automotive, collections and communications, and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive segment to help consumers proactively manage their personal finances. The two market groups in the International segment are as follows:

Developed Markets

We offer online data services, marketing services and decision services in Canada and Hong Kong. Revenue from these developed markets accounted for approximately 36% of our International revenue in 2014.

Canada-We have operated in Canada since 1989 and are one of only two nationwide consumer reporting agencies in the Canadian market. We operate across multiple verticals in Canada with leading positions in insurance, collections and automotive and a growing presence in financial services. Our Canadian customer base encompasses some of the largest companies in their verticals, including two of the three largest banks, the top seven credit card issuers, seven of the top ten insurance companies and four of the top automotive manufacturers. We have recently grown our operations in Canada by acquiring new customers and we expect to continue to grow by introducing innovative new solutions, such as CreditVision and DecisionEdge, by increasing our presence with existing customers and by growing our market share with businesses and consumers.

Hong Kong-We have had a majority ownership interest in the principal consumer credit reporting company in Hong Kong since 1998. We are a primary supplier of data and value-added solutions to the top ten banks in Hong Kong. Additionally, we use our established operations in Hong Kong as a base to expand into other emerging markets in the Asia Pacific region. We expect to continue to grown and transform the Hong Kong business by offering analytics, identity management, decisioning and consumer solutions.

Emerging Markets

Together with our unconsolidated subsidiaries, we also provide online data services, marketing services and decision services in emerging markets, such as South Africa, Brazil, India and other countries in the Africa, Latin America and Asia Pacific regions. Once credit databases are established in these markets, we can introduce services that have demonstrated success in developed markets. We believe that our flexible approach to forming local partnerships has allowed us to establish a foothold in certain emerging markets where our major competitors have not, such as in India and the Philippines. We also believe that our presence in emerging markets helps foster the growth and development of economies in these markets, thereby resulting in an accelerated demand for credit information services and analytics. Revenue from emerging markets accounted for approximately 64% of our International revenue in 2014.

Africa-We launched our operations in Africa by entering South Africa in 1993. We are highly diversified and serve a variety of industries through traditional consumer credit reporting services, insurance solutions, auto information solutions, commercial credit information services and consumer solutions in South Africa.We area primary risk and information solutions provider in South Africa for the top four leading banks, the top ten retailers, the top seven dealer groups and the top five insurers. We manage the database of all personal claims, policy and vehicle information on behalf of the South African Insurance Association and offer innovative solutions throughout the policy lifecycle. We believe that our vehicle information database, which has over 18 million vehicle records and includes unique vehicle identifier codes, is the most extensive vehicle database in South Africa, and differentiates us from other providers. Our leading presence in South Africa has allowed us to expand into surrounding countries including Kenya, Namibia, Swaziland, Botswana, Mozambique, Zambia, Rwanda, Malawi and Uganda. We intend to roll out our next-generation technology to our African operations, which will make us the only provider with a big data platform in Africa and will provide us with further competitive advantages.

Latin America-We have been active in Latin America since 1985 when we entered the Puerto Rican market, and we have operations in several Central and South American countries, including a strong presence in the Dominican Republic and a 26% ownership interest in Trans Union de México, S.A., the primary credit reporting agency in Mexico. In Guatemala, we maintain a centralized database that services Guatemala, Honduras, Nicaragua and Costa Rica. We expanded our footprint in Latin America through our acquisition of majority interests in a Chilean credit reporting agency in 2010, a Brazilian decisioning services provider in 2011 and a Brazilian data enrichment and registry information services provider in 2013. In Brazil, which is our largest operation in Latin America, we are the largest provider in decisioning with over 100 customers and over 25 million transactions processed monthly across key industry verticals. Our customer base in Brazil includes two of the top four private banks, eighteen of the top

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twenty automotive insurance carriers, five of the top ten telecommunication companies and the largest Latin America online sales site. One of our differentiated capabilities in Brazil is our “data driver technology”, which allows us to access hundreds of public data sources, such as the Receita Federal (tax record information). We also own ZipCode, which is the most extensive alternative database in Brazil with information on over 190 million consumers and 29 million companies, and is a leading industry data source for collections and marketing.

India-In 2003, we partnered with prominent Indian financial institutions to create CIBIL, the first consumer and business credit reporting agency in India. In 2014, we acquired a majority interest in CIBIL and now include their results in our consolidated financial statements. We are CIBIL's sole technology, analytics and decision services provider for its consumer risk information services business. In the absence of a comprehensive national ID, we created an innovative matching algorithm that allowed us to create the most extensive consumer credit database in India. Our credit database includes information on over 200 million consumers and over 10 million business entities. In addition, we own or have access to several non-credit data sources that we use to enhance our solutions. These include the national voters registry with over 750 million records and the national ID database with over 500 million records, as well as other sources such as the confirmed and suspected fraud registry, property registry and tax ID database. We offer a suite of risk and information solutions across the credit lifecycle for banks, telecommunication companies and insurance companies. Our suite of offerings includes analytics and decisioning solutions that enable our customers to make faster decisions. We are the primary risk and information solutions provider for financial institutions in India and our customers include all of the top fifteen private banks. We developed and launched the first generic credit score for India in 2007, which is the most widely used and adopted credit score across the financial services industry in India. In addition to our business solutions, we also offer online credit scores and reports to consumers and are in the process of building additional capabilities in the consumer interactive area.

Asia Pacific-Our operations in Asia Pacific include markets such Thailand, Singapore, Malaysia, China and the Philippines. Asia Pacific is a growing market with increasing demand for credit driven by a rising middle class that offers significant growth potential in analytics and decisioning. Using Hong Kong as a base, we have leveraged our global intellectual property to expand to other countries in the Asia Pacific region. For example, we launched the first consumer credit reporting agency in the Philippines in 2011 in partnership with the top-five credit card issuers in that market. We leverage our global intellectual property to scale very quickly and our solutions are now used for lending decisions by over 25% of the major banks in the Philippines. We have built credit risk scores for the National Credit Bureau of Thailand, in which we have a 12% ownership interest, Credit Bureau of Singapore and Credit Bureau of Malaysia. We also have a presence in China, where we currently provide consulting on fraud and authentication solutions to financial institutions.

Consumer Interactive

Consumer Interactive offers solutions that help consumers manage their personal finances and take precautions against identity theft. Services in this segment include credit reports and scores, credit monitoring, fraud protection and resolution and financial management. Our products are provided through user friendly online and mobile interfaces are supported by educational content and customer support. Our Consumer Interactive segment serves over 35 million consumers through both direct and indirect channels.

Direct-We offer services directly to consumers, primarily on a subscription basis through websites including www.transunion.com and through mobile applications. Product features include credit reports, credit scores and analysis, alerts to changes in credit information, debt analysis, identity protection services, insurance scores and the ability to restrict third-party access to a consumer’s TransUnion credit report. We complement these features with educational content that explains how credit and financial data is used in various industries to evaluate consumers and how a consumer’s financial choices impact this evaluation. Our integrated, data-driven marketing strategy spans multiple channels including television, paid search, online display and email, which allows us to acquire high quality consumers cost effectively.

Indirect-We also offer our services to business partners who combine them with their own offerings and sell them to consumers and businesses in such areas as financial services, retail credit monitoring, identity protection and insurance. We have a broad suite of products and services that include many of the product features, education content and customer support offered in our direct channel. We have taken a proactive and flexible partnership approach which has resulted in many long-standing relationships with other market leaders and innovators. We currently provide services to the largest providers of free credit information, the leading identity protection provider and the leading credit monitoring retailer. Through these partnerships, we have significantly expanded the overall market as well as the reach of our business.

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Corporate

Corporate provides support services to each operating segment, holds investments and conducts enterprise functions. Certain costs incurred in Corporate that are not directly attributable to one or more of the operating segments remain in Corporate. These costs are primarily enterprise-level costs and are administrative in nature.

Markets and Customers

We have a highly diversified customer base, with our largest customer accounting for approximately 3% of revenue in 2014 and 3% of revenue in 2013. Our top ten customers accounted for approximately 20% of revenue in 2014 and 20% of revenue in 2013. Our customers include companies across multiple industries, including financial services, insurance and healthcare. A substantial portion of our revenue is derived from companies in the financial services industry.

We have a presence in over 30 countries including the United States, South Africa, Brazil, Canada, Hong Kong, India, and other countries in Africa, Asia and Latin America. The following table summarizes our revenue based on the region where the revenue was earned:

	Approximate percent of consolidated revenue
	2014		2013		2012
United States	80	%	80	%	79	%
International	20	%	20	%	21	%

The following table summarizes our assets based on the segment in which such assets are held as of the dates shown:

(in millions)	December 31,  2014		December 31,  2013		December 31, 2012
U.S. Information Services	$	2,932.8	$	2,894.7	$	2,685.3
International	1,268.1		1,166.8		1,199.0
Consumer Interactive	268.8		268.3		271.9
Corporate	196.1		162.5		164.5
Total	$	4,665.8	$	4,492.3	$	4,320.7

We market our services primarily through our own sales force. We have dedicated sales teams for our largest customers focused by industry group and geography. These dedicated sales teams provide strategic account management and direct support to customers. We use shared sales teams to sell our services to mid-size customers. These sales teams are based in our headquarters office and in field offices strategically located throughout the United States and abroad. Smaller customers’ sales needs are serviced primarily through call centers. We also market our services through indirect channels such as resellers, who sell directly to businesses and consumers. Our interactive direct-to-consumer services are sold primarily through our website.

Seasonality

Seasonality in the USIS segment is correlated to volumes of online credit data purchased by our financial services and mortgage customers, and our sales have generally been higher during the second and third quarters. Seasonality in our International segment is driven by local economic conditions and relevant macroeconomic market trends. In our Consumer Interactive segment, demand for our products is usually higher in the first half of the year, impacted by seasonality and our advertising spend.

Competition

The market for our services is highly competitive. We primarily compete on the basis of differentiated solutions, datasets, analytics capabilities, ease of integration with our customers’ technology, stability of services, customer relationships, innovation and price. We believe that we compete favorably in each of these categories. Our competitors vary based on the business segment, industry vertical and geographical market that our solutions address.

In our USIS segment, our competition generally includes Equifax, Experian and LexisNexis, in addition to certain competitors whom we only compete with in specific verticals. For example, we compete with FICO in the financial services vertical, with Solera and Verisk in the insurance vertical, with Emdeon, IMS Health, Inovalon and Trizetto in the healthcare vertical and with LifeLock in the fraud solutions market.

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In our International segment, we generally compete with Equifax and Experian directly or indirectly through their subsidiaries or investments. We also compete with other competitors that may focus on a particular vertical, country or region.

In our Consumer Interactive segment, we generally compete with Equifax, Experian, FICO and LifeLock as well as emerging businesses, some of whom offer free credit information.

In addition to these competitors, we also compete with a number of other companies that may offer niche solutions catering to more specific customer requirements.

We believe the services we provide to our customers reflect our understanding of our customers’ businesses, the depth and breadth of our data and the quality of our analytics and decisioning capabilities. By integrating our services into our customers’ workflows, we ensure efficiency, continuous improvement and long-lasting relationships.

Information Technology

Technology

The continuous operation of our information technology systems is fundamental to our business. Our information technology systems collect, refine, access, process, deliver and store the data that is used to provide our solutions. Customers connect to our systems using a number of different technologies, including secured internet connections, virtual private networks and dedicated network connections. Control and management of the technology that operates our business is critical to our success and to this end, we directly control and manage all of our technology and infrastructure. Our technology relies on several third-party best-of-breed solutions as well as proprietary software and tools which we integrate into our platforms. We control our technology and infrastructure, which allows us to prioritize any changes and control the roll-out of any upgrades or changes. We contract with various third-party providers to help us maintain and support our systems.

We have established technology Centers-of-Excellence that utilize similar tools and technology in order to provide scale and efficiency in modifying existing applications and developing new applications for our businesses. We deploy new development methodologies to enable rapid delivery of solutions and increase our speed-to-market. Our technology team includes both our own employees as well as additional resources from third-party providers.

We believe that our technology is at the core of our innovative solutions, and we have continued to invest in our technology to ensure our market leadership. We have recently made significant investments to transition our technology infrastructure to the latest big data and analytics technologies. We believe that our next-generation platform enables us to be quicker, more efficient and more cost-effective across each step of our process chain, including receiving, consolidating and updating data, implementing analytics and decisioning capabilities, creating innovative solutions, delivering those solutions to our customers and incorporating customer feedback. Our platform has significant scale and capacity and enables us to deliver high-quality solutions to our customers. Our next-generation technology infrastructure gives us the ability to organize and handle high volumes of disparate data, improves our delivery speeds, increases availability and enhances our product development capabilities, while at the same time lowering our overall cost structure.

Data Centers and Business Continuity

In order to create redundancy and increase resiliency, we utilize multiple data centers in all of our major markets. We generally employ similar technologies and infrastructures in each data center to enable the optimal sharing of technical resources across geographies.

We maintain a framework for business continuity that includes written policies requiring each business and operating unit to identify critical functions. Our businesses and operating units have processes in place that are designed to maintain such functions in case there is a disruptive event. We also have a specific disaster recovery plan that will take effect if critical infrastructure or systems fail or become disabled.

As part of our program, each business unit’s continuity plan is periodically updated and stored in a centralized database. These plans are monitored and reviewed by our compliance team. From time to time, our compliance team tests one or more of these plans using desktop exercises or in connection with actual events, for example during recent severe weather events in Chicago, Illinois. We also periodically test the state of preparedness of our most critical disaster recovery procedures. For our primary United States data center we have system redundancy plans that allow for the transfer of capacity in the event there is a failure of computer hardware or a loss of our primary telecommunications line or power source. We maintain a recovery site in Northlake, Illinois, which is designed to recover the majority of our operational capacity in a scenario which makes our primary data center inoperable.

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Security

The security and protection of non-public consumer information is one of our highest priorities. We have a written information security program based on the ISO/IEC 27001:2013 standard with dedicated personnel charged with overseeing that program. Our information security program incorporates continuous improvement methodology and evaluates threats, industry events and asset values to help us appropriately adjust security controls. We employ a wide range of physical and technical safeguards that are designed to provide security around the collection, storage, use, access and delivery of information we have in our possession. These safeguards include firewalls, intrusion protection and monitoring, anti-virus and malware protection, vulnerability threat analysis, management and testing, advanced persistent threat monitoring, forensic tools, encryption technologies, data transmission standards, contractual provisions, customer credentialing, identity and access management, data loss, access and anomaly reports and training programs for associates. We, with other global financial services organizations, including U.S. nationwide consumer credit reporting companies, share cyber threat and attack information through our participation in the Financial Information Sharing and Analysis Council (“FS-ISAC”) and other forums that may be targeted at our industry to better understand and monitor our systems and our connectivity to our customers, as well as how specific solutions that were implemented to protect against such attacks are performing. We undergo SSAE 16 reviews annually, and several of our major customers routinely audit our security controls. We conduct an annual Payment Card Industry Data Security Standard (PCI-DSS) compliance program and remain PCI certified. Additionally, we also hire third parties to conduct independent information security assessments.

Intellectual Property and Licensing Agreements

Our intellectual property is a strategic advantage and protecting it is critical to our business. Because of the importance of our intellectual property, we treat our brand, software, technology, know-how, concepts and databases as proprietary. We attempt to protect our intellectual property rights under the trademark, copyright, patent, trade secret and other intellectual property laws of the United States and other countries, as well as through the use of licenses and contractual agreements, such as nondisclosure agreements. While we hold various patents, we do not rely primarily on patents to protect our core intellectual property. Through contractual arrangements, disclosure controls and continual associate training programs, our principal focus is to treat our key proprietary information and databases as trade secrets. Also, we have registered certain trademarks, trade names, service marks, logos, internet URLs and other marks of distinction in the United States and foreign countries, the most important of which is the trademark TransUnion name and logo. This trademark is used in connection with most of the services we sell and we believe it is a known mark in the industry.

We own proprietary software that we use to maintain our databases and to develop and deliver our services. We develop and maintain business-critical software that transforms data furnished by various sources into databases upon which our services are built. We also develop and maintain software to manage our consumer interactions, including providing disclosures and resolving disputes. In all business segments, we develop and maintain software applications that we use to deliver services to our customers, through a Software-as-a-service model. In particular, we develop and maintain decisioning technology infrastructure that we host and integrate into our customers’ workflow systems to improve the efficiency of their operations.

We license certain data and other intellectual property to other companies on arms-length terms that are designed to protect our rights to our intellectual property. We generally use standard licensing agreements and do not provide our intellectual property to third parties without a nondisclosure and license agreement in place.

We also license certain intellectual property that is important for our business from third parties. For example, we license credit-scoring algorithms and the right to sell credit scores derived from those algorithms from third parties for a fee.

Employees

As of December 31, 2014, we employed approximately 4,200 employees throughout the world. Other than certain employees in Brazil, none of our employees is currently represented by a labor union or have terms of employment that are subject to a collective bargaining agreement. We consider our relationships with our employees to be good and have not experienced any work stoppages.

Properties

Our corporate headquarters and main data center are located in Chicago, Illinois, in an office building that we own. We also own a data center building in Hamilton, Ontario, Canada. As of December 31, 2014, we lease space in approximately 80 other locations, including office space and additional data centers. These locations are geographically dispersed to meet our sales and operating needs. We anticipate that suitable additional or alternative space will be available at commercially reasonably terms for future expansion.

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Legal and Regulatory Matters

Compliance with legal and regulatory requirements is a top priority. Numerous laws govern the collection, protection, dissemination and use of the non-public personal information we have in our possession. These laws are enforced by federal, state and local regulatory agencies, foreign regulatory authorities and, in some instances, through private civil litigation.

We proactively manage our compliance with laws and regulations through a dedicated legal and compliance team that is generally locally sourced and tasked to ensure that enterprise standards are followed. To that end, we have legal and compliance personnel situated at business operations in the United States, Brazil, Canada, Hong Kong and South Africa. All such personnel report directly to the functional department leaders, who are located in our corporate offices in Chicago, Illinois. Through the legal and compliance functions, we provide training to our associates, monitor all material laws and regulations, routinely review internal processes to determine whether business practice changes are warranted, assist in the development of new services, and promote regular meetings with principal regulators and legislators to establish transparency of our operations and create a means to understand and react should any issues arise. In addition, as a controlled financial company of a U.S. bank holding company, we have committed to implement certain compliance programs as directed by that bank holding company pursuant to the stockholders’ agreement entered into by the Company and our principal shareholders.

U.S. Data and Privacy Protection

Our U.S. operations are subject to numerous laws that regulate privacy, data security and the use of consumer credit or an individual’s healthcare information. Certain of these laws provide for civil and criminal penalties for the unauthorized release of, or access to, this protected information. The laws and regulations that affect our U.S. business include, but are not limited to, the following:

• FCRA-The United States Fair Credit Reporting Act (“FCRA”) applies to consumer credit reporting agencies, including us, as well as data furnishers and users of consumer reports. FCRA promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies that engage in the practice of assembling or evaluating information relating to consumers for certain specified purposes. FCRA limits what information may be reported by consumer reporting agencies, limits the distribution and use of consumer reports, establishes consumer rights to access and dispute their own credit files, requires consumer reporting agencies to make available to consumers a free annual credit report and imposes many other requirements on consumer reporting agencies, data furnishers and users of consumer report information. Violation of FCRA can result in civil and criminal penalties. The law contains an attorney fee shifting provision to provide an incentive to consumers to bring individual or class action lawsuits against a consumer reporting agency for violations of FCRA. Regulatory enforcement of FCRA is under the purview of the United States Federal Trade Commission (“FTC”), the Consumer Financial Protection Bureau (“CFPB”), and state attorneys general, acting alone or in concert with one another.

• State Fair Credit Reporting Acts-Many states have enacted laws with requirements similar to FCRA. Some of these state laws impose additional, or more stringent, requirements than FCRA. FCRA preempts some of these state laws but the scope of preemption continues to be defined by the courts.

• The Dodd-Frank Act-A central purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) is to protect consumers from abusive financial services practices, and for other purposes.” An important new regulatory body created by Title X of the Dodd-Frank Act is the CFPB. The CFPB, through rulemaking, confirmed that the Company is subject to the examination and supervision of the CFPB, and such examinations began in 2012. In addition to transferring authority under certain existing laws to the CFPB and providing it with examination and supervisory authority, the Dodd-Frank Act also prohibits unfair or deceptive acts or practices ("UDAAP") with respect to consumer finance and provides the CFPB with authority to enforce those provisions. The CFPB has stated that its UDAAP authority may allow it to find statutory violations even where a specific regulation does not prohibit the relevant product.

• The Gramm-Leach-Bliley Act (“GLBA”)-The GLBA regulates the receipt, use and disclosure of non-public personal information of consumers that is held by financial institutions, including us. Several of our datasets are subject to GLBA provisions, including limitations on the use or disclosure of the underlying data and rules relating to the technological, physical and administrative safeguarding of non-public personal information. Violation of the GLBA can result in civil and criminal liability. Regulatory enforcement of the GLBA is under the purview of the FTC, the federal prudential banking regulators, the SEC and state attorneys general, acting alone or in concert with each other.

• The Drivers Privacy Protection Act (“DPPA”)-The DPPA requires all states to safeguard certain personal information included in licensed drivers’ motor vehicle records from improper use or disclosure. Protected information includes the driver's name, address, phone number, Social Security Number, driver identification number, photograph, height, weight, gender, age, certain medical or disability information and, in some states, fingerprints, but does not include information on vehicular accidents, driving violations and driver’s status. The DPPA limits the use of this information sourced from State departments of motor vehicles to certain specified purposes, and does not apply if a driver has

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consented to the release of their data. The DPPA imposes criminal fines for non-compliance and grants individuals a private right of action, including actual and punitive damages and attorneys’ fees. The DPPA provides a federal baseline of protections for individuals, and is only partially preemptive, meaning that except in a few narrow circumstances, state legislatures may pass laws to supplement the protections made by the DPPA. Many States are more restrictive than the federal law.

• Data security breach laws-Most states have adopted data security breach laws that require notice be given to affected consumers in the event of a breach of personal information, and in some cases the provision of additional benefits such as free credit monitoring to affected individuals. Some of these laws require additional data protection measures over and above the GLBA data safeguarding requirements. If data within our system is compromised by a breach, we may be subject to provisions of various state security breach laws.

• Identity theft laws-In order to help reduce the incidence of identity theft, most states and the District of Columbia have passed laws that give consumers the right to place a security freeze on their credit reports to prevent others from opening new accounts or obtaining new credit in their name. Generally, these state laws require us to respond to requests for a freeze within a certain period of time, to send certain notices or confirmations to consumers in connection with a security freeze and to unfreeze files upon request within a specified time period.

• The Federal Trade Commission Act (“FTC Act”)-The FTC Act prohibits unfair methods of competition and unfair or deceptive acts or practices. We must comply with the FTC Act when we market our services, such as consumer credit monitoring services through our Consumer Interactive segment. The security measures we employ to safeguard the personal data of consumers could also be subject to the FTC Act, and failure to safeguard data adequately may subject us to regulatory scrutiny or enforcement action. There is no private right of action under the FTC Act.

• The Credit Repair Organizations Act (“CROA”)-CROA regulates companies that claim to be able to assist consumers in improving their credit standing. There have been efforts to apply CROA to credit monitoring services offered by consumer reporting agencies and others. CROA allows for a private right of action and permits consumers to recover all money paid for alleged “credit repair” services in the event of violation. We, and others in our industry, have settled purported consumer class actions alleging violations of CROA without admitting or denying liability.

• The Health Insurance Portability and Accountability Act of 1996, as amended by the American Recovery and Reinvestment Act of 2009 (“HIPAA”) and the Health Information Technology for Economic and Clinical Health Act (“HITECH”)-HIPAA and HITECH require companies to implement reasonable safeguards to prevent intentional or unintentional misuse or wrongful disclosure of protected health information. In connection with receiving data from and providing services to healthcare providers, we may handle data subject to HIPAA and HITECH requirements. We obtain protected health information from healthcare providers and payers of healthcare claims that are subject to the privacy, security and transactional requirements imposed by HIPAA. We are frequently required to secure HIPAA-compliant “business associate” agreements with the providers and payers who supply data to us. As a business associate, we are obligated to limit our use and disclosure of health-related data to certain statutorily permitted purposes, HIPAA regulations, as outlined in our business associate agreements, and to preserve the confidentiality, integrity and availability of this data. HIPAA and HITECH also require, in certain circumstances, the reporting of breaches of protected health information to affected individuals and to the United States Department of Health and Human Services. A violation of any of the terms of a business associate agreement or noncompliance with HIPAA or HITECH data privacy or security requirements could result in administrative enforcement action and/or imposition of statutory penalties by the United States Department of Health and Human Services or a state Attorney General. HIPAA and HITECH requirements supplement but do not preempt state laws regulating the use and disclosure of health-related information; state law remedies, which can include a private right of action, remain available to individuals affected by an impermissible use or disclosure of health-related data.

We are also subject to federal and state laws that are generally applicable to any U.S. business with national or international operations, such as antitrust laws, the Foreign Corrupt Practices Act, the Americans with Disabilities Act, state unfair or deceptive practices act and various employment laws. We continuously monitor federal and state legislative and regulatory activities that involve credit reporting, data privacy and security to identify issues in order to remain in compliance with all applicable laws and regulations.

International Data and Privacy Protection

We are subject to data protection, privacy and consumer credit laws and regulations in the foreign countries where we conduct business. These laws and regulations include, but are not limited to, the following:

• South Africa: National Credit Act of 2005 (the “NCA”)-The NCA and its implementing regulations govern credit bureaus and consumer credit information. The NCA sets standards for filing, retaining and reporting consumer credit information. The Act also defines consumers’ rights with respect to accessing their own information and addresses

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the process for disputing information in a credit file. The NCA is enforced by The National Credit Regulator who has authority to supervise and examine credit bureaus.

• Canada: Personal Information Protection and Electronic Documents Act of 2000 (“PIPEDA”)-The PIPEDA and substantially similar provincial laws govern how private sector organizations collect, use and disclose personal information in the course of commercial activities. The PIPEDA gives individuals the right to access and request correction of their personal information collected by such organizations. The PIPEDA requires compliance with the Canadian Standard Association Model Code for the Protection of Personal Information. Most Canadian provinces also have laws dealing with consumer reporting. These laws typically impose an obligation on credit reporting agencies to have reasonable processes in place to maintain the accuracy of the information, place limits on the disclosure of the information and give consumers the right to have access to, and challenge the accuracy of, the information.

• India: Credit Information Companies Regulation Act of 2005 (“CICRA”)-The CICRA requires entities that collect and maintain personal credit information to ensure that it is complete, accurate and protected. Entities must adopt certain privacy principles in relation to collecting, processing, preserving, sharing and using credit information. In addition, India has privacy legislation that would allow individuals to sue for damages in the case of a data breach, if the entity negligently failed to implement “reasonable security practices and procedures” to protect personal data.

• Hong Kong: Personal Data (Privacy) Ordinance (“PDPO”) and The Code of Practice on Consumer Credit Data (“COPCCD”)-The PDPO and the COPCCD regulate the operation of consumer credit reference agencies. They prescribe the methods and security controls under which credit providers and credit reference agencies may collect, access and manage credit data. In April 2011, the COPCCD was amended to permit credit providers to share limited positive mortgage payment data. In June 2012, the PDPO was amended to increase penalties and create criminal liabilities for repeat contravention of PDPO under which enforcement notices have been served.

We are also subject to various laws and regulations generally applicable to all businesses in the other countries where we operate.

ITEM 1.A. RISK FACTORS

You should carefully consider the following risks as well as the other information included in this report, including “Selected Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and related notes. Any of the following risks could materially and adversely affect our business, financial condition or results of operations. However, the selected risks described below are not the only risks facing us. Additional risks and uncertainties not currently known to us or those we currently view to be immaterial may also materially and adversely affect our business, financial condition or results of operations.

Our revenues are concentrated in the U.S. consumer credit and financial services industries. When these industries or the broader financial markets experience a downturn, demand for our services and revenues may be adversely affected.

Our largest customers, and therefore our business and revenues, depend on favorable macroeconomic conditions and are impacted by the availability of credit, the level and volatility of interest rates, inflation, employment levels, consumer confidence and housing demand. In addition, a significant amount of our revenues are concentrated among certain customers and in distinct geographic regions, particularly in the United States. Our product offerings are also concentrated by varying degrees across different industries, particularly the financial services and insurance industries in the United States where we derive approximately 66% of our U.S. Information Services ("USIS") segment revenues. Our customer base suffers when financial markets experience volatility, illiquidity and disruption, which has occurred in the past and which could reoccur, including as a result of concerns regarding the debt ceiling and the government spending debate in the United States. Such market developments, and the potential for increased and continuing disruptions going forward, present considerable risks to our businesses and operations. Changes in the economy have resulted, and may continue to result, in fluctuations in volumes, pricing and operating margins for our services. For example, the banking and financial market downturn that began to affect our business in 2008 caused a greater focus on expense reduction by our customers and led to a decline in their account acquisition mailings, which resulted in reduced revenues from our marketing programs. In addition, financial institutions tightened lending standards and granted fewer mortgage loans, student loans, automobile loans and other consumer loans. As a result, we experienced a reduction in our credit report volumes. If businesses in these industries experience economic hardship, we cannot assure you that we will be able to generate future revenue growth. In addition, if consumer demand for financial services and products and the number of credit applications decrease, the demand for our services could also be materially reduced. These types of disruptions could lead to a decline in the volumes of services we provide our customers and could negatively impact our revenue and results of operations.

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We are subject to significant competition in the markets in which we operate and we may face significant competition in the new markets that we plan to enter.

The market for our services is highly competitive, and we may not be able to compete successfully against our competitors, which could impair our ability to sell our services. We compete on the basis of differentiated solutions, datasets, analytics capabilities, ease of integration with our customers' technology, stability of services, customer relationships, innovation and price. Our regional and global competitors vary in size, financial and technical capability, and in the scope of the products and services they offer. Some of our competitors may be better positioned to develop, promote and sell their products. Larger competitors may benefit from greater cost efficiencies and may be able to win business simply based on pricing. We consistently face downward pressure on the pricing of our products, which could result in reduced prices for certain products, or a loss of market share. Our competitors may also be able to respond to opportunities before we do, by taking advantage of new technologies, changes in customer requirements or market trends.

Our Consumer Interactive segment experiences competition from emerging companies. For example, prior to 2008, Equifax and Experian were our top competitors for direct-to-consumer credit services, such as credit reports and identity theft protection services. In the past few years, there has been an influx of other companies offering similar services, some of whom leverage the free services mandated by law to be provided by nationwide credit reporting agencies. These developments have resulted in increased competition.

Many of our competitors have extensive customer relationships, including relationships with our current and potential customers. New competitors, or alliances among competitors, may emerge and gain significant market share. Existing or new competitors may develop products and services that are superior to ours or that achieve greater market acceptance. If we are unable to respond to changes in customer requirements as quickly and effectively as our competition, our ability to expand our business and sell our services may be adversely affected.

Our competitors may be able to sell services at lower prices than us, individually or as part of integrated suites of several related services. This ability may cause our customers to purchase from our competitors rather than from us. Price reductions by our competitors could also negatively impact our operating margins or harm our ability to obtain new long-term contracts or renewals of existing contracts on favorable terms. Additionally, some of our customers may develop products of their own that replace the products they currently purchase from us, which would result in lower revenue.

We also expect that there will be significant competition in the new markets that we plan to enter. We cannot assure you that we will be able to compete effectively against current and future competitors. If we fail to successfully compete, our business, financial condition and results of operations may be adversely affected.

Our relationships with key long-term customers may be materially diminished or terminated.

We have long-standing relationships with a number of our customers, many of whom could unilaterally terminate their relationship with us or materially reduce the amount of business they conduct with us at any time. Market competition, customer requirements, customer financial condition and customer consolidation through mergers or acquisitions also could adversely affect our ability to continue or expand these relationships. There is no guarantee that we will be able to retain or renew existing agreements, maintain relationships with any of our customers on acceptable terms or at all or collect amounts owed to us from insolvent customers. Our customer agreements relating to our core credit reporting service offered through our USIS segment are terminable upon advance written notice (typically ranging from 30 days to six months) by either us or the customer, which provides our customers with the opportunity to renegotiate their contracts with us or to award more business to our competitors. The loss of one or more of our major customers could adversely affect our business, financial condition and results of operations.

Data security and integrity are critically important to our business, and breaches of security, unauthorized access to or disclosure of confidential information, disruption, including distributed denial of service ("DDoS") attacks or the perception that confidential information is not secure, could result in a material loss of business, substantial legal liability or significant harm to our reputation.

We own and host a large amount of sensitive and confidential consumer information including financial information, personally identifiable information and protected health information. This data is often accessed through secure transmissions over public and private networks, including the internet. Despite our physical security, implementation of technical controls and contractual precautions to identify, detect and prevent the unauthorized access to and alteration and disclosure of our data, we cannot assure you that systems that access our services and databases will not be compromised or disrupted, whether as a result of criminal conduct, DDoS attacks or other advanced persistent attacks by malicious actors, including hackers, nation states and criminals, breaches due to employee error or malfeasance, or other disruptions during the process of upgrading or replacing computer software

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or hardware, power outages, computer viruses, telecommunication or utility failures or natural disasters or other catastrophic events. We must continually monitor and develop our information technology networks and infrastructure to prevent, detect, address and mitigate the risk of unauthorized access, misuse, computer viruses and other events that could have a security impact. Several recent, highly publicized data security breaches and DDoS attacks have heightened consumer awareness of this issue and may embolden individuals or groups to target our systems. Unauthorized disclosure, loss or corruption of our data or inability of our customers to access our systems could disrupt our operations, subject us to substantial legal liability, result in a material loss of business and significantly harm our reputation.

As a nationwide consumer credit reporting company in the United States and a global provider of risk and information solutions, we collect, store and transmit files on over one billion consumers. These files may contain non-public personal information, public health information and other information, and we have implemented technical and physical security policies, procedures and systems we believe are reasonably designed to protect this information from unauthorized access. However, due to the sensitive nature of the information we collect, store and transmit, it is not unusual for efforts to occur (coordinated or otherwise) by unauthorized persons to attempt to obtain access to our systems or data, or to inhibit our ability to deliver products or services to a consumer or a business customer.

In the fourth quarter of 2014, we were subjected to a DDoS attack on the network connectivity that we use to service our consumer customers and deliver products in North America. A DDoS attack is an attempt to intentionally paralyze a computer network by flooding it with data sent simultaneously from many individual computers. The impact on our business was minimal and we did not experience any loss of data as a result of the attack. In March 2013, one or more individuals illegally accessed several celebrities' individual consumer files by obtaining considerable amounts of non-public personal information about those celebrities from other sources unaffiliated with TransUnion. With that information, the perpetrators were able to successfully impersonate these celebrities in online connections and fraudulently obtained their credit reports, principally from AnnualCreditReport.com, the website maintained by TransUnion and the other nationwide consumer credit reporting agencies through which consumers may obtain their free credit report once every twelve months from each of the nationwide consumer credit reporting companies. As a result of this incident, we added additional controls that strengthened our authentication parameters.

Due to concerns about data security and integrity, a growing number of legislative and regulatory bodies have adopted consumer notification and other requirements in the event that consumer information is accessed by unauthorized persons and additional regulations regarding the use, access, accuracy and security of such data are possible. In the United States, federal and state laws provide for over 40 disparate notification regimes, all of which we are subject to. Complying with such numerous and complex regulations in the event of unauthorized access would be expensive and difficult, and failure to comply with these regulations could subject us to regulatory scrutiny and additional liability.

If we experience system failures, personnel disruptions or capacity constraints, or our customers do not modify their systems to accept new releases of our distribution programs, the delivery of our services to our customers could be delayed or interrupted, which could harm our business and reputation and result in the loss of revenues or customers.

Our ability to provide reliable service largely depends on our ability to maintain the efficient and uninterrupted operation of our computer network, systems and data centers, some of which have been outsourced to third-party providers. In addition, we generate a significant amount of our revenues through channels that are dependent on links to telecommunications providers. Our systems, personnel and operations could be exposed to damage or interruption from fire, natural disasters, power loss, war, terrorist acts, civil disobedience, telecommunication failures, computer viruses, DDoS attacks or human error. We may not have sufficient redundant operations to cover a loss or failure of our systems in a timely manner. Any significant interruption could severely harm our business and reputation and result in a loss of revenue and customers. Additionally, from time to time we send our customers new releases of our distribution programs, some of which contain security updates. Any failure by our customers to install these new releases could expose our customers to computer security risks.

We could lose our access to data sources which could prevent us from providing our services.

Our services and products depend extensively upon continued access to and receipt of data from external sources, including data received from customers, strategic partners and various government and public records repositories. In some cases, we compete with our data providers. Our data providers could stop providing data, provide untimely data or increase the costs for their data for a variety of reasons, including a perception that our systems are insecure as a result of a data security breach, budgetary constraints, a desire to generate additional revenue or for regulatory or competitive reasons. We could also become subject to increased legislative, regulatory or judicial restrictions or mandates on the collection, disclosure or use of such data, in particular if such data is not collected by our providers in a way that allows us to legally use the data. If we were to lose access to this external data or if our access or use were restricted or were to become less economical or desirable, our ability to provide services could be negatively impacted, which would adversely affect our reputation, business, financial condition and results of operations. We

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cannot provide assurance that we will be successful in maintaining our relationships with these external data source providers or that we will be able to continue to obtain data from them on acceptable terms or at all. Furthermore, we cannot provide assurance that we will be able to obtain data from alternative sources if our current sources become unavailable.

Our business is subject to various governmental regulations, laws and orders, compliance with which may cause us to incur significant expenses or reduce the availability or effectiveness of our solutions, and the failure to comply with which could subject us to civil or criminal penalties or other liabilities.

Our businesses are subject to regulation under the Fair Credit Reporting Act (together with the regulations thereunder, the "FCRA"), the Gramm-Leach-Bliley Act, the Driver’s Privacy Protection Act, the Health Insurance Portability and Accountability Act, the Dodd-Frank Wall Street Reform (the "Dodd-Frank Act"), the Federal Trade Commission Act and Consumer Protection Act and various other international, federal, state and local laws and regulations. See “Business-Legal and Regulatory Matters” for a description of select regulatory regimes to which we are subject. These laws and regulations, which generally are designed to protect the privacy of the public and to prevent the misuse of personal information available in the marketplace, are complex, change frequently and have tended to become more stringent over time. We already incur significant expenses in our attempt to ensure compliance with these laws. Currently, public concern is high with regard to the operation of credit reporting agencies in the United States, as well as the collection, use, accuracy, correction and sharing of personal information, including Social Security numbers, dates of birth, financial information, medical information, department of motor vehicle data and other behavioral data. In addition, many consumer advocates, privacy advocates, legislatures and government regulators believe that existing laws and regulations do not adequately protect privacy and have become increasingly concerned with the use of this type of personal information. As a result, they are lobbying for further restrictions on the dissemination or commercial use of personal information to the public and private sectors. Additional legislative or regulatory efforts in the United States, or an action by Executive Order of the President of the United States, could further regulate credit reporting agencies and the collection, use, communication, access, accuracy, obsolescence, sharing, correction and security of this personal information. Similar initiatives are underway in various other countries in which we do business. In addition, any perception that our practices or products are an invasion of privacy, whether or not consistent with current or future regulations and industry practices, may subject us to public criticism, private class actions, reputational harm, or claims by regulators, which could disrupt our business and expose us to increased liability.

Public concern regarding identity theft also has led to more transparency for consumers as to what is in their credit reports. We provide credit reports and scores and monitoring services to consumers for a fee, and this income stream could be reduced or restricted by legislation that requires us to provide these services to consumers free of charge. For example, under U.S. federal law today, we are required to provide consumers with one credit report per year free of charge. Legislation has been introduced from time to time that would require us to provide credit scores to consumers without charge.

The following legal and regulatory developments also could have a material adverse effect on our business, financial condition or results of operations:

• amendment, enactment or interpretation of laws and regulations that restrict the access and use of personal information and reduce the availability or effectiveness of our solutions or the supply of data available to customers;

• changes in cultural and consumer attitudes in favor of further restrictions on information collection and sharing, which may lead to regulations that prevent full utilization of our solutions;

• failure of data suppliers or customers to comply with laws or regulations, where mutual compliance is required;

• failure of our solutions to comply with current laws and regulations; and

• failure of our solutions to adapt to changes in the regulatory environment in an efficient, cost-effective manner.

Changes in applicable legislation or regulations that restrict or dictate how we collect, maintain, combine and disseminate information, or that require us to provide services to consumers or a segment of consumers without charge, could adversely affect our business, financial condition or results of operations. In the future, we may be subject to significant additional expense to ensure continued compliance with applicable laws and regulations and to investigate, defend or remedy actual or alleged violations. Any failure by us to comply with applicable laws or regulations could also result in significant liability to us, including liability to private plaintiffs as a result of individual class-action litigation, or may result in the cessation of our operations or portions of our operations or impositions of fines and restrictions on our ability to carry on or expand our operations. Moreover, our compliance with privacy laws and regulations and our reputation depend in part on our customers' adherence to privacy laws and regulations and their use of our services in ways consistent with consumer expectations and regulatory requirements. Certain of the laws and regulations governing our business are subject to interpretation by judges, juries and administrative entities, creating substantial uncertainty for our business. We cannot predict what effect the interpretation of existing or new laws or regulations may have on our business. See “Business-Legal and Regulatory Matters.”

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The Consumer Financial Protection Bureau (the “CFPB”) has supervisory and examination authority over our business and may initiate enforcement actions with regard to our compliance with federal consumer financial laws.

The CFPB, which was established under the Dodd-Frank Act and commenced operations in July 2011, has broad authority over our business. This includes authority to issue regulations under federal consumer financial protection laws, such as under FCRA and other laws applicable to us and our financial customers. The CFPB is authorized to prevent “unfair, deceptive or abusive acts or practices” through its regulatory, supervisory and enforcement authority.

In 2012, credit reporting companies like us became subject to a federal supervision program for the first time under the CFPB’s authority to supervise and examine certain nondepository institutions that are “larger participants” of the consumer credit reporting market. The CFPB conducts examinations and investigations, and may issue subpoenas and bring civil actions in federal court for violations of the federal consumer financial laws including FCRA. In these proceedings, the CFPB can seek relief that includes: rescission or reformation of contracts, restitution, disgorgement of profits, payment of damages, limits on activities and civil money penalties of up to $1.0 million per day for knowing violations. The CFPB has initiated periodic examinations of us and the consumer credit reporting industry, which could result in new regulations or enforcement actions or proceedings.

There continues to be uncertainty as to how the CFPB’s strategies and priorities, including in both its examination and enforcement processes, will impact our business and our results of operations going forward. Actions by the CFPB could result in requirements to alter or cease offering affected products and services, making them less attractive and restricting our ability to offer them.

Although we have committed resources to enhancing our compliance programs, actions by the CFPB or other regulators against us could result in reputational harm. Our compliance costs and legal and regulatory exposure could increase materially if the CFPB or other regulators enact new regulations, change regulations that were previously adopted, modify through supervision or enforcement past regulatory guidance, or interpret existing regulations in a manner different or stricter than have been previously interpreted.

Regulatory oversight of our contractual relationships with certain of our customers may adversely affect our business.

In October 2013, the Office of the Comptroller of the Currency (the "OCC") issued updated guidance to national banks and federal savings associations on assessing and managing risks associated with third-party relationships, which include all business arrangements between a bank and another entity, by contract or otherwise. The guidance requires banks to exercise comprehensive oversight throughout each phase of a bank's business arrangement with third-party service providers, and instructs banks to adopt risk management processes commensurate with the level of risk and complexity of its third-party relationships. The OCC expects especially rigorous oversight of third-party relationships that involve certain "critical activities." In light of this guidance, our existing or potential financial services customers subject to OCC regulation may continue to revise their third-party risk management policies and processes and the terms on which they do business with us, which may adversely affect our relationship with such customers.

The outcome of litigation, inquiries, investigations, examinations or other legal proceedings in which we are involved, in which we may become involved, or in which our customers or competitors are involved could subject us to significant monetary damages or restrictions on our ability to do business.

Legal proceedings arise frequently as part of the normal course of our business. These may include individual consumer cases, class action lawsuits and inquiries, investigations, examinations, regulatory proceedings or other actions brought by federal (e.g., the CFPB and the United States Trade Commission ("FTC")) or state (e.g., state attorneys general) authorities or by consumers. The scope and outcome of these proceedings is often difficult to assess or quantify. Plaintiffs in lawsuits may seek recovery of large amounts and the cost to defend such litigation may be significant. There may also be adverse publicity and uncertainty associated with investigations, litigation and orders (whether pertaining to us, our customers or our competitors) that could decrease customer acceptance of our services or result in material discovery expenses. In addition, a court-ordered injunction or an administrative cease-and-desist order or settlement may require us to modify our business practices or may prohibit conduct that would otherwise be legal and in which our competitors may engage. Many of the technical and complex statutes to which we are subject, including state and federal credit reporting, medical privacy and financial privacy requirements, may provide for civil and criminal penalties and may permit consumers to maintain individual or class action lawsuits against us and obtain statutorily prescribed damages. Additionally, our customers might face similar proceedings, actions or inquiries, which could affect their business and, in turn, our ability to do business with those customers. While we do not believe that the outcome of any pending or threatened legal proceeding, investigation, examination or supervisory activity will have a material adverse effect on our financial position, such events are inherently uncertain and adverse outcomes could result in significant monetary damages, penalties or injunctive relief against us.

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For example, in a matter captioned White, et al, v. Experian Information Solutions, Inc., the plaintiffs sought class action status against Equifax, Experian and us in connection with the reporting of delinquent or charged-off consumer debt obligations on a consumer report after the consumer was discharged in a bankruptcy proceeding. Without admitting any wrongdoing, in 2009 we agreed to a settlement of this matter by paying money damages of $17.0 million per defendant and voluntarily changing certain of our operational practices. These changes require us to update certain delinquent records when we learn, through the collection of public records, that the consumer has received an order of discharge in a bankruptcy proceeding.

See Legal Proceedings for further information regarding other material pending litigation or investigations.

We are currently implementing a multi-year technology infrastructure transformation. If we do not successfully implement this transformation, we may not achieve anticipated cost savings.

We have made significant investments since 2012 to modernize our infrastructure. In the third quarter of 2013, we began a specific strategic initiative to transform our technology to the latest big data and analytics capabilities. We may not be able to implement our strategic initiative in accordance with our expectations, which may result in an adverse impact on our business and financial results. As an organization, we may not have the capacity or ability to successfully accomplish this initiative in the timeframe we desire, or at all. This initiative is complex, will require a continued commitment to investment that we may not be willing to provide and may cost more than we currently anticipate. In addition, our expectation for future income is based in part upon our assumptions regarding our ability to achieve this strategic initiative. If we fail to complete this strategic initiative, or if it takes longer to complete than we currently expect, we may not achieve the cost savings we currently anticipate.

Our ability to expand our operations in, and the portion of our revenue derived from, markets outside the United States is subject to economic, political and other inherent risks, which could adversely impact our growth rate and financial performance.

Over the last several years, we have derived a growing portion of our revenues from customers outside the United States, and it is our intent to continue to expand our international operations. We have sales and technical support personnel in numerous countries worldwide. We expect to continue to add personnel internationally to expand our abilities to deliver differentiated services to our international customers. Expansion into international markets will require significant resources and management attention and will subject us to new regulatory, economic and political risks. Moreover, the services we offer in developed and emerging markets must match our customers’ demand for those services. Due to price, limited purchasing power and differences in the development of consumer credit markets, there can be no assurance that our services will be accepted in any particular developed or emerging market, and we cannot be sure that our international expansion efforts will be successful. The results of our operations and our growth rate could be adversely affected by a variety of factors arising out of international commerce, some of which are beyond our control. These factors include:

• currency exchange rate fluctuations;

• foreign exchange controls that might prevent us from repatriating cash to the United States;

• difficulties in managing and staffing international offices;

• increased travel, infrastructure, legal and compliance costs of multiple international locations;

• foreign laws and regulatory requirements;

• terrorist activity, natural disasters and other catastrophic events;

• restrictions on the import and export of technologies;

• difficulties in enforcing contracts and collecting accounts receivable;

• longer payment cycles;

• failure to meet quality standards for outsourced work;

• unfavorable tax rules;

• political and economic conditions in foreign countries, particularly in emerging markets;

• the presence and acceptance of varying level of business corruption in international markets;

• varying business practices in foreign countries; and

• reduced protection for intellectual property rights.

For example, in 2014 and 2013, the revenues from our International segment were negatively impacted by 6.9% and 7.6%, respectively, primarily as a result of the weakening South African rand and the Canadian dollar. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Twelve Months Ended December 31, 2014, 2013 and 2012-Revenue-International Segment.” As we continue to expand our business, our success will partially depend on our ability to anticipate and effectively manage these and other risks. Our failure to manage these risks could adversely affect our business, financial condition and results of operations.

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We depend, in part, on strategic alliances, joint ventures and acquisitions to grow our business. If we are unable to make strategic acquisitions and develop and maintain these strategic alliances and joint ventures, our growth may be adversely affected.

An important focus of our business is to identify business partners who can enhance our services and enable us to develop solutions that differentiate us from our competitors. We have entered into several alliance agreements or license agreements with respect to certain of our datasets and services and may enter into similar agreements in the future. These arrangements may require us to restrict our use of certain of our technologies among certain customer industries, or to grant licenses on terms that ultimately may prove to be unfavorable to us, either of which could adversely affect our business, financial condition or results of operations. Relationships with our alliance agreement partners may include risks due to incomplete information regarding the marketplace and commercial strategies of our partners, and our alliance agreements or other licensing agreements may be the subject of contractual disputes. If we or our alliance agreements’ partners are not successful in maintaining or commercializing the alliance agreements’ services, such commercial failure could adversely affect our business.

In addition, a significant strategy for our international expansion is to establish operations through strategic alliances or joint ventures with local financial institutions and other partners. We cannot provide assurance that these arrangements will be successful or that our relationships with our partners will continue to be mutually beneficial. If these relationships cannot be established or maintained, it could negatively impact our business, financial condition and results of operations. Moreover, our ownership in and control of our foreign investments may be limited by local law.

We also selectively evaluate and consider acquisitions as a means of expanding our business and entering into new markets. We may not be able to acquire businesses we target due to a variety of factors such as competition from companies that are better positioned to make the acquisition. Our inability to make such strategic acquisitions could restrict our ability to expand our business and enter into new markets which would limit our ability to generate future revenue growth. Additionally, given some of our equity interests in various companies, we may be limited in our ability to require or influence such companies to make acquisitions or take other actions that we believe to be in our or their best interests. Our inability to take such actions could have a material impact on our revenues or earnings.

If we are unable to develop successful new services in a timely manner, or if the market does not adopt our new services, our ability to maintain or increase our revenue could be adversely affected.

In order to keep pace with customer demands for increasingly sophisticated service offerings, to sustain expansion into growth industries and to maintain our profitability, we must continue to innovate and introduce new services to the market. The process of developing new services is complex and uncertain. Our industry solutions require extensive experience and knowledge from within the relevant industry. We must commit significant resources to this effort before knowing whether the market will accept new service offerings. Additionally, our business strategy is dependent on our ability to expand into new markets and to bring new products to market. We may not successfully enter into new markets or execute on our new services because of challenges in planning or timing, technical hurdles, difficulty in predicting market demand, changes in regulation or a lack of appropriate resources. Additionally, even if we successfully develop new products, our existing customers might not accept these new products or new markets might not adopt our products due to operational constraints, high switching costs or general lack of market readiness. Failure to successfully introduce new services to the market could adversely affect our reputation, business, financial condition and results of operations.

If we fail to maintain and improve our systems, our data matching technology, and our interfaces with data sources and customers, demand for our services could be adversely affected.

In our markets, there are continuous improvements in computer hardware, network operating systems, programming tools, programming languages, operating systems, data matching, data filtering and other database technologies and the use of the internet. These improvements, as well as changes in customer preferences or regulatory requirements, may require changes in the technology used to gather and process our data and deliver our services. Our future success will depend, in part, upon our ability to:

• internally develop and implement new and competitive technologies;

• use leading third-party technologies effectively;

• respond to changing customer needs and regulatory requirements, including being able to bring our new products to the market quickly; and

• transition customers and data sources successfully to new interfaces or other technologies.

We cannot provide assurance that we will successfully implement new technologies, cause customers or data furnishers to implement compatible technologies or adapt our technology to evolving customer, regulatory and competitive requirements. If

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we fail to respond, or fail to cause our customers or data furnishers to respond, to changes in technology, regulatory requirements or customer preferences, the demand for our services, the delivery of our services or our market reputation could be adversely affected. Additionally, our failure to implement important updates could affect our ability to successfully meet the timeline for us to generate cost savings resulting from our investments in improved technology. Failure to achieve any of these objectives would impede our ability to deliver strong financial results.

When we engage in acquisitions, investments in new businesses or divestitures of existing businesses, we will face risks that may adversely affect our business.

We may acquire or make investments in businesses that offer complementary services and technologies. Acquisitions may not be completed on favorable terms and acquired assets, data or businesses may not be successfully integrated into our operations. Any acquisitions or investments will include risks commonly encountered in acquisitions of businesses, including:

• failing to achieve the financial and strategic goals for the acquired business;

• paying more than fair market value for an acquired company or assets;

• failing to integrate the operations and personnel of the acquired businesses in an efficient and timely manner;

• disrupting our ongoing businesses;

• distracting management focus from our existing businesses;

• acquiring unanticipated liabilities;

• failing to retain key personnel;

• incurring the expense of an impairment of assets due to the failure to realize expected benefits;

• damaging relationships with employees, customers or strategic partners;

• diluting the share value of existing stockholders; and

• incurring additional debt or reducing available cash to service our existing debt.

Any divestitures will be accompanied by the risks commonly encountered in the sale of businesses, which may include:

• disrupting our ongoing businesses;

• reducing our revenues;

• losing key personnel;

• distracting management focus from our existing businesses;

• indemnification claims for breaches of representations and warranties in sale agreements;

• damaging relationships with employees and customers as a result of transferring a business to new owners; and

• failure to close a transaction due to conditions such as financing or regulatory approvals not being satisfied.

These risks could harm our business, financial condition or results of operations, particularly if they occur in the context of a significant acquisition or divestiture. Acquisitions of businesses having a significant presence outside the United States will increase our exposure to the risks of conducting operations in international markets.

We may be unable to protect our intellectual property adequately or cost-effectively, which may cause us to lose market share or force us to reduce our prices. We also rely on trade secrets and other forms of unpatented intellectual property that may be difficult to protect.

Our success depends, in part, on our ability to protect and preserve the proprietary aspects of our technology and services. If we are unable to protect our intellectual property, including trade secrets and other unpatented intellectual property, our competitors could use our intellectual property to market and deliver similar services, decreasing the demand for our services. We rely on the patent, copyright, trademark, trade secret and other intellectual property laws of the United States and other countries, as well as contractual restrictions, such as nondisclosure agreements, to protect and control access to our proprietary intellectual property. These measures afford limited protection, however, and may be inadequate. We may be unable to prevent third parties from using our proprietary assets without our authorization or from breaching any contractual restrictions with us. Enforcing our rights could be costly, time-consuming, distracting and harmful to significant business relationships. Claims that a third party illegally obtained and is using trade secrets can be difficult to prove, and courts outside the United States may be less willing to protect trade secrets. Additionally, others may independently develop non-infringing technologies that are similar or superior to ours. Any significant failure or inability to adequately protect and control our proprietary assets may harm our business and reduce our ability to compete.

We may face claims for intellectual property infringement, which could subject us to monetary damages or limit us in using some of our technologies or providing certain services.

There has been substantial litigation in the United States regarding intellectual property rights in the information technology industry. We cannot be certain that we do not infringe on the intellectual property rights of third parties, including the intellectual

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property rights of third parties in other countries, which could result in a liability to us. Historically, patent applications in the United States and some foreign countries have not been publicly disclosed until eighteen months following submission of the patent application, and we may not be aware of currently filed patent applications that relate to our products or processes. If patents are later issued on these applications, we may be liable for infringement. In the event that claims are asserted against us, we may be required to obtain licenses from third parties (if available on acceptable terms or at all). Any such claims, regardless of merit, could be time consuming and expensive to litigate or settle, divert the attention of management and materially disrupt the conduct of our business, and we may not prevail. Intellectual property infringement claims against us could subject us to liability for damages and restrict us from providing services or require changes to certain products or services. Although our policy is to obtain licenses or other rights where necessary, we cannot provide assurance that we have obtained all required licenses or rights. If a successful claim of infringement is brought against us and we fail to develop non-infringing products or services, or to obtain licenses on a timely and cost-effective basis, our reputation, business, financial condition and results of operations could be adversely affected.

If our outside service providers and key vendors are not able to or do not fulfill their service obligations, our operations could be disrupted and our operating results could be harmed.

We depend on a number of service providers and key vendors such as telecommunication companies, software engineers, data processors, software and hardware vendors and providers of credit score algorithms, who are critical to our operations. These service providers and vendors are involved with our service offerings, communications and networking equipment, computer hardware and software and related support and maintenance. Although we have implemented service-level agreements and have established monitoring controls, our operations could be disrupted if we do not successfully manage relationships with our service providers, if they do not perform or are unable to perform agreed-upon service levels, or if they are unwilling to make their services available to us at reasonable prices. If our service providers and vendors do not perform their service obligations, it could adversely affect our reputation, business, financial condition and results of operations.

There may be further consolidation in our end-customer markets, which may adversely affect our revenues.

There has been, and we expect there will continue to be, merger, acquisition and consolidation activity in our customer markets. If our customers merge with, or are acquired by, other entities that are not our customers, or that use fewer of our services, our revenue may be adversely impacted. In addition, industry consolidation could affect the base of recurring transaction-based revenue if consolidated customers combine their operations under one contract, since most of our contracts provide for volume discounts. In addition, our existing customers might leave certain geographic markets, which would no longer require them to purchase certain products from us and, consequently, we would generate less revenue than we currently expect.

To the extent the availability of free or relatively inexpensive consumer information increases, the demand for some of our services may decrease.

Public and commercial sources of free or relatively inexpensive consumer information have become increasingly available and this trend is expected to continue. Public and commercial sources of free or relatively inexpensive consumer information, including free credit information from lead generation companies and from banks, may reduce demand for our services. To the extent that our customers choose not to obtain services from us and instead rely on information obtained at little or no cost from these public and commercial sources, our business, financial condition and results of operations may be adversely affected.

If we experience changes in tax laws or adverse outcomes resulting form examination of our tax returns, it could adversely affect our results of operations.

We are subject to federal, state and local income and other taxes in the United States and in foreign jurisdictions. From time to time, the United States federal, state, local and foreign governments make substantive changes to tax rules and the application thereof, which could result in materially higher corporate taxes than would be incurred under existing tax law or interpretation and could adversely impact profitability. State and local tax authorities have strengthened their efforts to increase revenues through changes in tax law, including laws regarding nexus and apportionment for sales and income taxes.

Consequently, significant judgment is required in determining our worldwide provision for income taxes. Our future effective tax rates and the value of our deferred tax assets could be adversely affected by changes in tax laws. In addition, we are subject to the examination of our income tax returns and other tax returns by the Internal Revenue Service and other tax authorities. We regularly assess the likelihood of adverse outcomes resulting form such examinations to determine the adequacy of our provision for income taxes and reserves for other taxes. Although we believe we have made appropriate provisions for taxes in the jurisdictions in which we operate, changes in the tax laws or challenges from tax authorities under existing tax laws could adversely affect our business, financial condition and results of operations.

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We are subject to losses from risks for which we do not insure.

For certain risks, we do not maintain insurance coverage because of cost and/or availability. Because we retain some portion of insurable risks, and in some cases retain our risk of loss completely, unforeseen or catastrophic losses in excess of insured limits could materially adversely affect our business, financial condition and results of operations.

We have a substantial amount of debt which could adversely affect our financial position and prevent us from fulfilling our obligations under the debt instruments.

As of December 31, 2014, the book value of our debt was approximately $2.9 billion consisting of $1.0 billion aggregate principal amount of senior PIK toggle notes and $1.9 billion of outstanding borrowings under Trans Union LLC’s senior secured credit facility. We may also incur significant additional indebtedness in the future. Our substantial indebtedness may:

• make it difficult for us to satisfy our financial obligations, including with respect to the notes and our other indebtedness;

• limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions or other general business purposes;

• limit our ability to use our cash flow or obtain additional financing for future working capital, capital expenditures, acquisitions or other general business purposes;

• require us to use a substantial portion of our cash flow from operations to make debt service payments;

• expose us to the risk of increased interest rates as certain of our borrowings, including Trans Union LLC’s senior secured credit facility, are at variable rates of interest;

• limit our flexibility to plan for, or react to, changes in our business and industry;

• place us at a competitive disadvantage compared with our less-leveraged competitors; and

• increase our vulnerability to the impact of adverse economic and industry conditions.

In addition, the credit agreement governing Trans Union LLC’s senior secured credit facility and the indentures governing the TransUnion senior unsecured PIK toggle notes contain restrictive covenants that may limit our ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all of our debt.

Despite our current level of indebtedness, we may still be able to incur additional indebtedness. This could exacerbate the risks associated with our substantial indebtedness.

We and our subsidiaries may be able to incur substantial additional indebtedness in the future. The terms of the indentures and credit agreements governing our debt will limit, but not prohibit, us or our subsidiaries from incurring additional indebtedness, and the additional indebtedness incurred in compliance with these restrictions could be substantial. If we incur any additional debt, the priority of that debt may impact the ability of existing debt holders to share ratably in any proceeds distributed in connection with any insolvency, liquidation, reorganization, dissolution or other winding-up of us, subject to collateral arrangements. These restrictions will also not prevent us from incurring obligations that do not constitute indebtedness. In addition, the capacity under the Trans Union LLC senior secured credit facility may be increased by an additional $450.0 million plus an additional amount of indebtedness under the senior secured credit facility or separate facilities permitted by the senior secured credit facility so long as certain financial conditions are met, subject, in each case, to certain conditions and receipt of commitments by existing or additional financial institutions or institutional lenders. These additional amounts, as well as amounts outstanding under the existing senior secured credit facility, would be secured indebtedness and, therefore, effectively senior to our notes. If new indebtedness is added to our current debt levels, the related risks that we and our subsidiaries now face could intensify.

We may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.

Our ability to make scheduled payments due on our debt obligations or to refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic, industry and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond our control as discussed above. We may be unable to maintain a level of cash flow from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flow and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to implement any such

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alternative measures on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow us to meet our scheduled debt service obligations. The credit agreement governing Trans Union LLC’s senior secured credit facility and the indentures governing our senior PIK toggle notes restrict our ability to dispose of assets and use the proceeds from those dispositions and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. In addition, under the covenants of the credit agreement governing our senior secured credit facility, TransUnion Intermediate is restricted from making certain payments, including dividend payments to TransUnion.

Our inability to generate sufficient cash flow to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, would materially and adversely affect our financial position and results of operations and our ability to satisfy our obligations.

If we cannot make our scheduled debt payments, we will be in default and all outstanding principal and interest on our debt may be declared due and payable, the lenders under Trans Union LLC’s senior secured credit facility could terminate their commitments to loan money, Trans Union LLC’s secured lenders (including the lenders under Trans Union LLC’s senior secured credit facility) could foreclose against the assets securing their borrowings and we could be forced into bankruptcy or liquidation.

We may not be able to attract and retain the skilled employees that we need to support our business.

Our success depends on our ability to attract and retain experienced management, sales, research and development, analytics, marketing and technical support personnel. If any of our key personnel were unable or unwilling to continue in their present positions, it may be difficult to replace them and our business could be seriously harmed. If we are unable to find qualified successors to fill key positions as needed, our business could be seriously harmed. The complexity of our services requires trained customer service and technical support personnel. We may not be able to hire and retain such qualified personnel at compensation levels consistent with our compensation structure. Some of our competitors may be able to offer more attractive terms of employment. In addition, we invest significant time and expense in training our employees, which increases their value to competitors who may seek to recruit them. If we fail to retain our employees, we could incur significant expense replacing employees and our ability to provide quality services could diminish, resulting in a material adverse effect on our business. See “Directors, Executive Officers and Corporate Governance” for additional information.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2. PROPERTIES

Properties

Our corporate headquarters and main data center are located in Chicago, Illinois, in an office building that we own. We also own a data center building in Hamilton, Ontario, Canada. As of December 31, 2014, we lease space in approximately 80 other locations, including office space and additional data centers. These locations are geographically dispersed to meet our sales and operating needs. We anticipate that suitable additional or alternative space will be available at commercially reasonably terms for future expansion.

ITEM 3. LEGAL PROCEEDINGS

General

In addition to the matters described below, we are routinely named as defendants in, or parties to, various legal actions and proceedings relating to our current or past business operations. These actions generally assert claims for violations of federal or state credit reporting, consumer protection or privacy laws, or common law claims related to privacy, libel, slander or the unfair treatment of consumers, and may include claims for substantial or indeterminate compensatory or punitive damages, or injunctive relief, and may seek business practice changes. We believe that most of these claims are either without merit or we have valid defenses to the claims, and we vigorously defend these matters or seek non-monetary or small monetary settlements, if possible. However, due to the uncertainties inherent in litigation, we cannot predict the outcome of each claim in each instance.

In the ordinary course of business, we also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal), certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. In connection with formal and informal inquiries by these regulators, we routinely receive

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requests, subpoenas and orders seeking documents, testimony and other information in connection with various aspects of our activities. See “Legal and Regulatory Matters.”

In view of the inherent unpredictability of litigation and regulatory matters, particularly where the damages sought are substantial or indeterminate or when the proceedings or investigations are in the early stages, we cannot determine with any degree of certainty the timing or ultimate resolution of litigation and regulatory matters or the eventual loss, fines, penalties or business impact, if any, that may result. We establish reserves for litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The actual costs of resolving litigation and regulatory matters, however, may be substantially higher than the amounts reserved for those matters, and an adverse outcome in certain of these matters could have a material adverse effect on our consolidated financial statements in particular quarterly or annual periods.

On a regular basis, we accrue reserves for litigation and regulatory matters based on our historical experience and our ability to reasonably estimate and ascertain the probability of any liability. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 19, “Contingencies,” for additional information about these reserves. However, for certain of the matters described below, we are not able to reasonably estimate our exposure because damages have not been specified and (i) the proceedings are in early stages, (ii) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iii) there is uncertainty as to the outcome of similar matters pending against our competitors, (iv) there are significant factual issues to be resolved, and/or (v) there are legal issues of a first impression being presented. However, for these matters we do not believe based on currently available information that the outcomes will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period.

To reduce our exposure to an unexpected significant monetary award resulting from an adverse judicial decision, we maintain insurance that we believe is appropriate and adequate based on our historical experience. We regularly advise our insurance carriers of the claims (threatened or pending) against us in the course of litigation and generally receive a reservation of rights letter from the carriers when such claims exceed applicable deductibles. We are not aware of any significant monetary claim that has been asserted against us in the course of pending litigation that would not have some level of coverage by insurance after the relevant deductible, if any, is met.

Bankruptcy Tradeline Litigation

In a matter captioned White, et al, v. Experian Information Solutions, Inc. (No. 05-cv-01070-DOC/MLG, filed in 2005 in the United States District Court for the Central District of California), plaintiffs sought class action status against Equifax, Experian and us in connection with the reporting of delinquent or charged-off consumer debt obligations on a consumer report after the consumer was discharged in a bankruptcy proceeding. The claims allege that each national consumer reporting company did not automatically update a consumer’s file after their discharge from bankruptcy and such non-action was a failure to employ reasonable procedures to assure maximum file accuracy, a requirement of the FCRA.

Without admitting any wrongdoing, we have agreed to a settlement of this matter. On August 19, 2008, the Court approved an agreement whereby we and the other industry defendants voluntarily changed certain operational practices. These changes require us to update certain delinquent records when we learn, through the collection of public records, that the consumer has received an order of discharge in a bankruptcy proceeding. These business practice changes did not have a material adverse impact on our operations or those of our customers.

In 2009, we also agreed, with the other two defendants, to settle the monetary claims associated with this matter for $17.0 million each ($51.0 million in total), which amount will be distributed from a settlement fund to pay the class counsel’s attorney fees, all administration and notice costs of the fund to the purported class, and a variable damage amount to consumers within the class based on the level of harm the consumer is able to confirm. Our share of this settlement was fully covered by insurance. Final approval of this monetary settlement by the Court occurred in July 2011. Certain objecting plaintiffs appealed the Court’s final approval of the monetary settlement and, in April 2013, the United States Court of Appeals for the Ninth Circuit reversed the final approval order and remanded the matter to the District Court. The rationale provided by the United States Court of Appeals was not that the proposed settlement was unfair or defective, but that named class counsel and certain named plaintiffs did not adequately represent the interests of the class because of certain identified conflicts. Objecting counsel to the settlement has sought to become new class counsel and the District Court has denied this request. Objecting counsel is currently seeking an interlocutory appeal of this ruling to the United States Court of Appeals for the Ninth Circuit.

If the monetary settlement is not ultimately upheld, we expect to vigorously litigate this matter and to assert what we believe are valid defenses to the claims made by the plaintiffs. Regardless of what occurs next, we believe we have not violated any law, have valid defenses and are willing to aggressively litigate this matter. We do not believe any final resolution of this matter will have a material adverse effect on our financial condition.

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OFAC Alert Service

As a result of a decision by the United States Third Circuit Court of Appeals in 2010 (Cortez v. Trans Union LLC), we modified one of our add-on services we offer to our business customers that was designed to alert our customer that the consumer, who was seeking to establish a business relationship with the customer, may potentially be on the Office of Foreign Assets Control, Specifically Designated National and Blocked Persons alert list (the “OFAC Alert”). The OFAC Alert service is meant to assist our customers with their compliance obligations in connection with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.

In Ramirez v. Trans Union LLC, (No. 3:12-cv-00632-JSC, United States District Court for the Northern District of California) that was filed in 2012, the plaintiff has alleged that: the OFAC Alert service does not comply with the Cortez ruling; we have willfully violated the FCRA and the corresponding California state-FCRA based on the Cortez ruling by continuing to offer the OFAC Alert service; and there are one or more classes of individuals who should be entitled to statutory damages (i.e., $100 to $5,000 per person) based on the allegedly willful violations. In addition to the Ramirez action, the same lawyers representing Ramirez (who also represented the plaintiff in Cortez) filed two additional alleged class actions in 2012 (Miller v. Trans Union, LLC, No. 12-1715-WJN, United States District Court for the Middle District of Pennsylvania; and Larson v. Trans Union, LLC, No. 12-5726-JSC, United States District Court for the Northern District of California) and one in 2014 (Amit Patel, et al. v. TransUnion LLC, TransUnion Rental Screening Solutions, Inc. and TransUnion Background Data Solutions, No. 14-cv-0522-LB, United States District Court for the Northern District of California) claiming that our process for disclosing OFAC information to consumers, or how we match OFAC information to a consumer's name or other identifying information, violates the FCRA and, in some instances, the corresponding California state-FCRA. In addition to the OFAC allegations, the plaintiff in the Patel action seeks to collapse all TransUnion FCRA regulated entities into a single entity. In July 2014, the Court in Ramirez certified a class of approximately 8,000 individuals solely for purposes of statutory damages if TransUnion is ultimately found to have willfully violated the FCRA, and a sub-class of California residents solely for purposes of injunctive relief under the California Consumer Credit Reporting Agencies Act. While the Court noted that the plaintiff is not seeking any actual monetary damage, the class certification order was predicated on a disputed question of Ninth Circuit law (currently there is a conflict between the federal circuits) that is awaiting action by the United States Supreme Court. Class action certification proceedings are progressing with respect to the Miller and Larson actions. We intend to vigorously defend these matters as we believe we have acted in a lawful manner.

AG Investigations

In 2012, the Columbus Dispatch, a daily newspaper in Columbus, Ohio, published a series of four articles allegedly exposing improper or questionable practices by the three nationwide credit reporting agencies (the “NCRAs”), including us. As a result of these articles, the Attorney General of the State of Ohio initiated a multi-state Attorneys General investigation into certain practices of the nationwide consumer reporting agencies, which was commenced in late 2012. In connection with this effort, the Attorneys General for the State of New York and the State of Mississippi commenced separate investigations into the same matters being reviewed by the multi-state attorney general investigation. TransUnion and the other nationwide consumer reporting agencies have been engaged in active discussions with the multi-state group and with the New York Attorney General with respect to industry-wide initiatives addressing the concerns of the various Attorneys General. Based on discussions to date, we have estimated the potential impact on TransUnion associated with a proposed resolution of the multi-state and New York matters and accrued for this estimated potential impact in our year-end financial statements.

On March 9, 2015, the NCRAs, announced a National Consumer Assistance Plan that will enhance the NCRAs’ ability to collect complete and accurate consumer information and will provide consumers more transparency and a better experience interacting with credit bureaus about their credit reports. The plan was announced after cooperative discussions and an agreement with New York Attorney General Eric Schneiderman, and focuses on enhancements in two primary areas: consumer interaction with the NCRAs and data accuracy and quality. The National Consumer Assistance Plan will be implemented in phases over the next three years and 90 days.

As the multi-state matter progresses and more information becomes available, we will continue to evaluate the potential impact on TransUnion, which may result in a change to our current estimate. We do not currently believe that any such change would have a material adverse effect on our financial condition. We continue to cooperate with the Mississippi Attorney General investigation but are not currently engaged in active discussions regarding a resolution. With respect to all of the investigations, we do not believe we have violated any law and intend to vigorously defend any private claim that may result from any of these investigations.

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Guatemala Amparo

A constitutional action (Amparo 01161-2013-00084-OF. 3o. Juzgado Decimo Primero de Primera Instancia del Ramo Civil del Departamento de Guatemala, Constituido en Tribunal de Amparo) was filed in Guatemala on February 1, 2013, against Trans Union Guatemala, S.A. and five other unrelated consumer data information companies by a Guatemalan government official (in his official capacity) alleging that TransUnion and the other entities are violating the fundamental rights of privacy, freedom of action, and right to work of Guatemalan citizens because they may collect and use personal information without obtaining the consent of the individual to which that information pertains. In July 2014, the amparo was granted with respect to the segment of our consumer database, if any, for which we have not obtained adequate consent from the individual consumer. We appealed that decision and, in February 2015, the Constitutional Court of Guatemala denied the appeal. We do not currently believe that compliance with the terms of the amparo will have a material adverse effect on our financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

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PART II

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

TransUnion common stock is privately held, and there is no established public trading market for our common stock.

Holders of Record

As of February 28, 2015, 110,968,015 shares of TransUnion common stock were issued and outstanding and were owned by 102 stockholders of record. In addition, as of December 31, 2014, there were outstanding options to purchase 7,684,447 shares of TransUnion common stock.

Dividends

We currently intend to retain our future earnings, if any, to finance the further development and expansion of our business and to service our debt and do not intend to pay cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments and other factors that our board of directors deem relevant. Additionally the ability of TransUnion to pay dividends is limited by restrictions on the ability of our operating subsidiaries to make distributions, including restrictions under the terms of the agreements governing our debt. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 12, “Debt,” of our consolidated audited financial statements appearing elsewhere in this report for further information.

Securities Authorized for Issuance Under Equity Compensation Plans

See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 15, “Stock-Based Compensation,” of our consolidated audited financial statements and Part III, Item 12, "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters," for information about securities authorized for issuance under our equity compensation plans.

Recent Sales of Unregistered Securities

During the three months ended December 31, 2014, TransUnion sold a total of 432,345 shares of its common stock at $17.40 per share to certain current employees under a one-time management stock purchase plan, 30,253 shares of its common stock at $6.65 per share to certain current and former employees exercising stock options, and granted options to purchase 156,000 shares of its common stock at an exercise price of $17.40 per share to certain employees under the Company's 2012 Management Equity Plan.

The sales of shares were made in reliance on the exemption from registration in Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering. The grants of options were made in reliance on the exemption from registration in Rule 701 under the Securities Act.

There were no underwriters employed in connection with any of the transactions set forth above.

Issuer Purchases of Equity Securities

Period	Total Number of Shares  Purchased	Average Price Paid Per  Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
October 1 to October 31	—	$	—	—	$	—
November 1 to November 30	—	—		—	$	—
December 1 to December 31	—	—		—	$	—
Total	—	—		—	$	—

ITEM 6. SELECTED FINANCIAL DATA

The following table sets forth our selected historical consolidated financial data for the periods ended and as of the dates indicated below.

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We have derived the selected historical consolidated financial data as of December 31, 2014 and December 31, 2013, for each of the twelve months ended December 31, 2014 and December 31, 2013, the period from the date of our inception, February 15, 2012, through December 31, 2012 and the four months ended April 30, 2012 from our audited consolidated financial statements included elsewhere in this report. We have derived the selected historical consolidated financial data as of December 31, 2012 from our audited historical consolidated financial statements, which are not included in this report. We have derived the selected historical consolidated financial data as of December 31, 2011 and December 31, 2010, and for each of the twelve months ended December 31, 2011 and December 31, 2010 from our Predecessor’s audited historical consolidated financial statements, which are not included in this report. Our historical results are not necessarily indicative of the results expected for any future period.

You should read the following financial data together with Part I, Item 1A, “Risk Factors,” Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our audited consolidated financial statements and related notes appearing elsewhere in this report, and our audited consolidated financial statements and related notes included in our annual reports on Form 10-K for the year ended December 31, 2013 and 2012 previously filed with the SEC.

	TransUnion									TransUnion Intermediate Predecessor
(dollars in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From Inception Through December 31, 2012			Four Months Ended April 30, 2012			Twelve Months Ended December 31, 2011			Twelve Months Ended December 31, 2010
Income Statement Data:
Revenue	$	1,304.7		$	1,183.2		$	767.0		$	373.0		$	1,024.0		$	956.5
Operating expense:
Cost of services	499.1			472.4			298.2			172.0			421.5			395.8
Selling, general and administrative	436.0			354.8			212.6			172.0			264.5			263.0
Depreciation and amortization	241.2			186.8			115.0			29.2			85.3			81.6
Total operating expense(1)	1,176.3			1,014.0			625.8			373.2			771.3			740.4
Operating income (loss)	128.4			169.2			141.2			(0.2		)	252.7			216.1
Non-operating income and expense(2)	(130.2		)	(195.1		)	(138.5		)	(63.7		)	(185.6		)	(133.1		)
Income (loss) from continuing operations before income taxes	(1.8		)	(25.9		)	2.7			(63.9		)	67.1			83.0
(Provision) benefit for income taxes	(2.6		)	(2.3		)	(6.6		)	11.5			(17.8		)	(46.3		)
Income (loss) from continuing operations	(4.4		)	(28.2		)	(3.9		)	(52.4		)	49.3			36.7
Discontinued operations, net of tax	—			—			—			—			(0.5		)	8.2
Net income (loss)	(4.4		)	(28.2		)	(3.9		)	(52.4		)	48.8			44.9
Less: net income attributable to noncontrolling interests	(8.1		)	(6.9		)	(4.9		)	(2.5		)	(8.0		)	(8.3		)
Net income (loss) attributable to the Company	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)	$	40.8		$	36.6

	TransUnion						TransUnion Intermediate Predecessor
(dollars in millions)	December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011			December 31, 2010
Balance sheet data:
Total assets(3)	$	4,665.8	$	4,492.3	$	4,378.8	$	1,005.8		$	954.2
Total debt(3)	$	2,939.9	$	2,866.9	$	2,680.9	$	1,601.2		$	1,606.0
Total stockholders’ equity(3)	$	747.7	$	714.5	$	796.1	$	(824.4	)	$	(862.0	)

⁽¹⁾  For the twelve months ended December 31, 2014, total operating expenses included $10.2 million of accelerated fees for a data matching service contract that we have terminated and in-sourced as part of the Transformation to our new technology infrastructure, $8.1 million of certain legal and regulatory costs, $1.5 million of expense on contingent consideration for an acquisition and a $0.8 million reversal of operating tax expense for prior years' activity.

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For the twelve months ended December 31, 2013, total operating expenses included a $3.8 million fourth quarter legal accrual, a $2.4 million loss on the disposal of a small operating company, a $1.1 million gain on the disposal of a healthcare product line and a $2.9 million adjustment for a transaction tax related to prior years.

For the four months ended April 30, 2012, TransUnion Intermediate Predecessor total operating expenses included $90.3 million of accelerated stock-based compensation and related expenses resulting from the 2012 Change in Control Transaction. See Part II, Item 8, “Financial Statements and Supplementary Information - Notes to Consolidated Financial Statements,” Note 2, “Change in Control Transaction,” and Note 15, “Stock-Based Compensation,” for further information about the impact of the 2012 Change in Control Transaction.

For the twelve months ended December 31, 2011, total operating expenses included a $3.6 million outsourcing vendor contract early termination fee and a $2.7 million software impairment and related restructuring charge due to a regulatory change requiring a software platform replacement.

For the twelve months ended December 31, 2010, total operating expenses included $21.4 million of accelerated stock-based compensation and related expenses resulting from the 2010 change in control transaction and a gain of $3.9 million on the trade in of mainframe computers. See our annual report on Form 10-K for the year ended December 31, 2011, for further information about our 2010 change in control transaction.

⁽²⁾  For the twelve months ended December 31, 2014, non-operating income and expense included $190.0 million of interest expense, a net gain of $45.8 million resulting from the early redemption of our 11.375% notes, a gain of $22.2 million resulting from remeasuring our previously held equity interests in CIBIL and L2C, $12.7 million of refinancing fees and other net costs expensed as a result of refinancing our senior secured credit facility, an impairment charge of $4.1 million related to a cost-method investment that has sold its assets and liquidated, $2.9 million of acquisition expenses and a loss of $0.6 million on the swap that no longer qualifies for hedge accounting.

For the twelve months ended December 31, 2013, non-operating income and expense included $197.6 million of interest expense and $10.5 million of acquisition expenses. From inception through December 31, 2012, TransUnion's non-operating income and expense included $125.0 million of interest expense and $15.2 million of acquisition expenses related to the 2012 Change in Control Transaction. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 2, “Change in Control Transaction,” for additional information about the impact of the 2012 Change in Control Transaction.

For the eight months ended December 31, 2012, non-operating income and expense included $72.8 million of interest expense and $2.4 million of acquisition expenses.

For the four months ended April 30, 2012, TransUnion Intermediate Predecessor non-operating income and expense included $40.5 million of interest expense and $24.5 million of acquisition expenses, primarily related to the 2012 Change in Control Transaction and the abandoned initial public offering process.

For the twelve months ended December 31, 2011, non-operating income and expense included $126.4 million of interest expense and, as a result of refinancing our senior secured credit facility in February 2011, a $9.5 million prepayment premium and $49.8 million write-off of unamortized loan costs incurred in connection with financing the 2010 change in control transaction in June 2010.

For the twelve months ended December 31, 2010, non-operating income and expense included $90.1 million of interest expense, $28.7 million of acquisition fees and $20.5 million of loan fees, primarily related to our 2010 change in control transaction.

⁽³⁾  The increase in total assets, total debt and stockholders’ equity at December 31, 2012 reflects the impact of the 2012 Change in Control Transaction, including fair value adjustments to assets and liabilities and the additional debt incurred to partially fund the transaction, as well as additional debt incurred to fund a dividend to our shareholders in November 2012.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

TransUnion (formerly known as TransUnion Holding Company, Inc.,) was formed on February 15, 2012, as a vehicle to acquire TransUnion Intermediate Holdings, Inc. (formerly known as TransUnion Corp.) ("TransUnion Intermediate") on April 30, 2012 (the "2012 Change in Control Transaction"). The historical financial statements and information are presented on a Successor and Predecessor basis. The historical financial information for TransUnion Intermediate reflects the consolidated results of TransUnion Intermediate and its subsidiaries prior to the 2012 Change in Control Transaction (the “Predecessor”). The historical financial information for TransUnion reflects the stand-alone results of its operations from its date of inception and the consolidated results of TransUnion Intermediate and its subsidiaries after April 30, 2012 (the “Successor”). We present the results of operations for 2012 of the Successor and Predecessor on a combined basis to facilitate comparisons with 2013 and 2014.

The following discussion and analysis of TransUnion's financial condition and results of operations is provided as a supplement to, and should be read in conjunction with Part I, Item 1A, “Risk Factors,” Part II, Item 6, “Selected Financial Data,” and Part II, Item 8, “Financial Statements and Supplementary Information,” including TransUnion’s audited consolidated financial statements and the accompanying notes. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those discussed in “Cautionary Notice Regarding Forward-Looking Statements” and Part I, Item 1A, “Risk Factors.”

References in this discussion and analysis to the “Company,” “we,” “us,” and “our” refer to TransUnion and its direct and indirect subsidiaries, including TransUnion Intermediate, or to TransUnion Intermediate and its subsidiaries for periods prior to the formation of TransUnion.

Overview

We are a leading global risk and information solutions provider. Our mission is to help people worldwide access opportunities that lead to a higher quality of life. We accomplish this by helping businesses optimize their risk-based decisions and by enabling consumers to better understand and manage their personal information. Businesses embed our solutions into their process workflows to manage risk and to drive better business outcomes. Consumers use our solutions to view their credit profiles and access analytical tools that help them understand and manage their personal information and take precautions against identity theft. We have deep domain expertise across a number of attractive industry verticals, including financial services, insurance and healthcare, as well as a global presence in over 30 countries across North America, Africa, Latin America and Asia.

We obtain financial, credit, alternative credit, identity, bankruptcy, lien, judgment, insurance claims, automotive and other relevant information from an average of 90,000 data sources, including financial institutions, private databases and public records repositories. We refine, standardize and enhance this data using sophisticated algorithms to create proprietary databases. Our deep analytics expertise, which includes our people as well as tools such as predictive modeling and scoring, customer segmentation, benchmarking and forecasting, enables businesses and consumers to gain better insights into their risk and financial data. Our decisioning capabilities, which are generally delivered on a software-as-a-service platform, allows businesses to interpret data and apply their specific qualifying criteria to make decisions and take action with respect to their customers. Collectively, our data, analytics and decisioning capabilities allow businesses to authenticate the identity of consumers, effectively determine the most relevant products for consumers, retain and cross-sell to existing consumers, identify and acquire new consumers and reduce loss from fraud. Similarly, our capabilities allow consumers to see how their credit profiles have changed over time, understand the impact of financial decisions on their credit score and manage their personal information as well as to take precautions against identity theft.

Segments

We manage our business and report our financial results in three operating segments: USIS, International and Consumer Interactive.

• USIS provides consumer reports, risk scores, analytical services and decisioning services to businesses. These businesses use our services to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud. The core capabilities and delivery platforms in our USIS segment allow us to serve a broad set of customers and business issues. We offer our services to customers in financial services, insurance, healthcare and other industries.

• The International segment provides services similar to our USIS segment to businesses in select regions outside the United States. Depending on the maturity of the credit economy in each country, services may include credit reports,

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analytics and decisioning services and other value-added risk management services. In addition, we have insurance, business and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, insurance, automotive, collections and communications, and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive segment that help consumers proactively manage their personal finances.

• Consumer Interactive offers solutions that help consumers manage their personal finances and take precautions against identity theft. Services in this segment include credit reports and scores, credit monitoring, fraud protection and resolution and financial management. Our products are provided through user friendly online and mobile interfaces and supported by educational content and customer support. Our Consumer Interactive segment serves over 35 million consumers through both direct and indirect channels.

In addition, Corporate provides shared services for the Company and conducts enterprise functions. Certain costs incurred in Corporate that are not directly attributable to one or more of the operating segments remain in Corporate. These costs are typically for enterprise-level functions and are primarily administrative in nature.

Factors Affecting Our Results of Operations

The following are certain key factors that affect, or have recently affected, our results of operations:

Macroeconomic and Industry Trends

Our revenues are significantly influenced by general macroeconomic conditions, including the availability of affordable credit and capital, interest rates, inflation, employment levels, consumer confidence and housing demand. For the past three years, in the United States and other markets, we have seen continuing signs of improved economic conditions and increased market stabilization. In the United States, we also saw improvement in the consumer lending market, including mortgage refinancings resulting from low long-term mortgage rates, an improving housing market, increased auto loans and an increase in demand for our marketing services. These factors helped drive improved financial results in all of our segments in 2014 and 2013. The economic and market improvements were tempered by continuing concern about economic conditions that has limited consumer spending and has put pressure on growth in our businesses. In addition, the continued strengthening of the U.S. dollar has diminished the operating results reported by our International operations during 2014 and 2013.

Our revenues are also significantly influenced by industry trends, including the demand for information services in financial services, insurance, healthcare and other industries we serve. Companies are increasingly relying on business analytics and big data technologies to help process this data in a cost-efficient manner. As customers have gained the ability to rapidly aggregate and analyze data generated by their own activities, they are increasingly expecting access to real-time data and analytics from their information providers as well as solutions that fully integrate into their workflows. As economies in emerging markets continue to develop and mature, we believe there will continue to be favorable socio-economic trends, such as an increase in the size of the middle class and a significant increase in the use of financial services by under-served and under-banked customers. Demand for consumer solutions is rising with higher consumer awareness of the importance and usage of their credit information, increased risk of identity theft due to data breaches and more readily available free credit information. The increasing number and complexity of regulations, including new capital requirements and the Dodd-Frank Act, make operations for businesses more challenging.

Effects of Inflation

We do not believe that inflation has had a material effect on our business, results of operations or financial condition.

2012 Change in Control Transaction

TransUnion was formed on February 15, 2012, as a vehicle to acquire TransUnion Intermediate on April 30, 2012. In connection with the 2012 Change in Control Transaction, the Company recognized significant stock-based compensation expense in 2012 due to the accelerated vesting of outstanding options and a significant increase in depreciation and amortization expense as a result of the step-up in basis to fair value of the assets and liabilities of the Company following the 2012 Change in Control Transaction. See the notes to our consolidated financial statements included in this report and the operating expense discussion below for additional information.

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Recent Developments

During the fourth quarter of 2014, the Company borrowed $50.0 million against the senior secured revolving line of credit to partially fund acquisitions as discussed under “-Recent Acquisitions and Partnerships” below.

On April 9, 2014, the Company refinanced and amended its senior secured credit facility. The refinancing resulted in an increase of the outstanding term loan from $1,120.5 million to $1,900.0 million. The excess proceeds were used to redeem entire $645.0 million outstanding balance of the 11.375% Senior Notes (the “11.375% Senior Notes”) issued by TransUnion Financing Corp and Trans Union LLC including unpaid accrued interest, a prepayment premium and transaction fees. We refer to these transactions collectively as the 2014 Refinancing Transaction. The redemption of the 11.375% Senior Notes resulted in a net gain of $45.8 million recorded in the second quarter of 2014 in other income and expense in the consolidated statements of income, consisting of the unamortized 2012 Change in Control Transaction fair value increase in the notes of $89.4 million less an early redemption premium and other costs totaling $43.6 million. The refinancing of the senior secured credit facility resulted in $12.7 million of refinancing fees and other net costs, expensed and recorded in other income and expense in the second quarter of 2014 in the consolidated statements of income. We also incurred $5.0 million of new deferred financing fees that were recorded in other current assets and other assets in the consolidated balance sheets. See our consolidated financial statements and the related notes included in this report and “Liquidity and Capital Resources” below for additional information.

Recent Acquisitions and Partnerships

We selectively evaluate acquisitions and partnerships as a means to expand our business and international footprint and to enter new markets. During the past three years we completed the following acquisitions:

• On November 12, 2014, we acquired an 87.5% ownership interest in Drivers History Information Sales, LLC ("DHI"). DHI collects traffic violation and criminal court data. The results of operations of DHI, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date of acquisition.

• On October 17, 2014, we increased our equity interest in L2C, Inc. ("2C") from 11.6% to 100%. L2C provides predictive analytics generally focused on the unbanked market using alternative data. The results of operations of L2C, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date we obtained control.

• In 2014, we increased our equity interest in Credit Information Bureau (India) Limited (“CIBIL”) from 27.5% to 55.0%. This additional purchase gave us control and resulted in our consolidation of CIBIL. CIBIL's results of operations, which are not material, are included as part of our International segment in our consolidated statements of income since May 21, 2014, the date we obtained control.

• Effective January 1, 2014, we acquired the remaining 30% equity interest in our Guatemala subsidiary, Trans Union Guatemala, S.A. (TransUnion Guatemala) from the minority shareholders. As a result of this acquisition, the Company no longer records net income attributable to noncontrolling interests for this subsidiary.

• On December 16, 2013, we acquired a 100% ownership interest in certain assets of TLO, LLC ("TLO"). TLO provides data solutions for due diligence, threat assessment, identity authentication, fraud prevention, and debt recovery. The results of operations of TLO, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date of the acquisition.

• On September 4, 2013, we acquired a 100% ownership interest in e-Scan Data Systems, Inc. ("eScan"). eScan provides data solutions for hospitals and healthcare providers to efficiently capture uncompensated care costs in their revenue management cycle programs. The results of operations of eScan, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date of the acquisition.

• On March 1, 2013, we acquired an 80% ownership interest in Data Solutions Serviços de Informática Ltda. (“ZipCode”). ZipCode provides data enrichment and registry information solutions for companies in Brazil’s information management, financial services, marketing and telecommunications industries. The results of operations of ZipCode, which are not material, have been included as part of our International segment in our consolidated statements of income since the date of the acquisition.

• On May 29, 2012, we acquired an 85% ownership interest in Credit Reference Bureau (Holdings) Limited (“CRB”). During the third quarter of 2013, we acquired the remaining 15% ownership interest. CRB operates collections and credit bureau businesses and has locations in eight African countries, giving us a strategic presence in seven new African countries. The results of operations of CRB, which are not material, have been included as part of our International segment in our consolidated statements of income since the date of acquisition.

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Key Components of Our Results of Operations

Revenue

We derive our USIS segment revenue from three operating platforms: Online Data Services, Marketing Services and Decision Services. Online Data Services encompass services delivered in real-time using both credit and public record datasets. We also provide online reports that link public record datasets for qualified businesses seeking to locate consumers, specific assets or investigate relationships among consumers, businesses and locations. Collectively, the reports, characteristics and scores, with variations tailored for specific industries, form the basis of Online Data Services. We also provide online services to help businesses manage fraud and authenticate a consumer’s identity when they initiate a new business relationship. Additionally, we provide data to businesses to help them satisfy “know your customer” compliance requirements and to confirm an individual’s identity. Marketing Services help our customers develop marketing lists of prospects via direct mail, web and mobile. Our databases are used by our customers to contact individuals to extend firm offers of credit or insurance. We provide portfolio review services, which are periodic reviews of our customers’ existing accounts, to help our customers develop cross-selling offers to their existing customers and monitor and manage risk in their existing consumer portfolios. We also provide trigger services which are daily notifications of changes to a consumer profile. Decision Services, our software-as-a-service offerings, includes a number of platforms that help businesses interpret data and predictive model results and apply their customer-specific criteria to facilitate real-time automated decisions at the time of customer interaction. Our customers use Decision Services to evaluate business risks and opportunities, including those associated with new consumer credit and checking accounts, insurance applications, account collection, patient registrations and apartment rental requests.

We report our International segment revenue in two categories: developed markets and emerging markets. Our developed markets are Canada and Hong Kong. Our emerging markets include Africa, Latin America, Asia Pacific and India. In 2014, we reclassified Puerto Rico to emerging markets to align it with the rest of the Latin America region. Prior years’ revenue has been reclassified accordingly.

Consumer Interactive offers solutions that help consumers manage their personal finances and take precautions against identity theft. Services in this segment include credit reports and scores, credit monitoring, fraud protection and resolution and financial management. Our products are provided through user friendly online and mobile interfaces and supported by educational content and customer support.

Cost of Services

Costs of services include data acquisition and royalty fees, costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses and occupancy costs associated with the facilities where these functions are performed.

Selling, General and Administrative

Selling, general and administrative expenses include personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and occupancy and facilities expense of these functions.

Non-Operating Income and Expense

Non-operating income and expense includes interest expense, interest income, earnings from equity-method investments, dividends from cost-method investments, expenses related to successful and unsuccessful business acquisitions, loan fees, debt refinancing expenses, certain acquisition-related gains and losses and other non-operating income and expenses.

Results of Operations—Twelve Months Ended December 31, 2014, 2013 and 2012

As a result of the 2012 Change in Control Transaction, the historical financial statements and information are presented on a Successor and Predecessor basis. The historical financial information for TransUnion Intermediate reflects the consolidated results of TransUnion Intermediate and its subsidiaries prior to the 2012 Change in Control Transaction (the “Predecessor”). The historical financial information for TransUnion reflects the stand-alone results of its operations from its date of inception and the consolidated results of TransUnion Intermediate and its subsidiaries after April 30, 2012 (the “Successor”).

The 2012 Change in Control Transaction was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The guidance prescribes that the basis of the assets acquired and liabilities assumed be recorded at fair value to reflect the purchase price. Periods after the 2012 Change in Control Transaction are not comparable to prior periods due primarily to the additional amortization of intangibles resulting from the fair value adjustments of the assets acquired and liabilities assumed and interest expense resulting from the additional debt

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incurred to finance the transaction. In addition, the Predecessor incurred significant stock-based compensation expense and acquisition costs related to the 2012 Change in Control Transaction.

To facilitate comparability of 2013 to 2012, we present below the combination of TransUnion consolidated results from the date of inception, February 15, 2012, through December 31, 2012, TransUnion Intermediate consolidated results for the four months ended April 30, 2012, and certain pro forma adjustments that give effect to the 2012 Change in Control Transaction as if it occurred on January 1, 2012 (pro forma results for the year ended December 31, 2012), and compare those pro forma results with the consolidated TransUnion 2013 results. We present the 2012 information in this format to assist readers in understanding and assessing the trends and significant changes in our results of operations on a comparable basis to 2013. We believe this presentation is appropriate because it provides a more meaningful comparison and more relevant analysis of our results of operations for 2013 compared with 2012, than a presentation of historical 2013 results for TransUnion compared with historical 2012 results of TransUnion from the date of inception through December 31, 2012, and a separate comparison of historical 2013 results for TransUnion compared with historical 2012 results of TransUnion Intermediate for the four months ended April 30, 2012, would provide. The following table sets forth our historical results of operations for the periods indicated below:

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(dollars in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			Successor Date of Inception Through December 31, 2012			Intermediate Predecessor Four Months Ended April 30, 2012			2012 Pro Forma Adjustments			Pro Forma Twelve Months Ended December 31, 2012			Change
																			2014 vs. 2013					2013 vs. Pro Forma 2012
																			$			%		$			%
Revenue	$	1,304.7		$	1,183.2		$	767.0		$	373.0		$	—		$	1,140.0		$	121.5		10.3	%	$	43.2		3.8	%
Operating expenses
Cost of services (exclusive of depreciation and amortization below)	499.1			472.4			298.2			172.0			—			470.2			26.7			5.7	%	2.2			0.5	%
Selling, general and administrative	436.0			354.8			212.6			172.0			—			384.6			81.2			22.9	%	(29.8		)	(7.7	)%
Depreciation and amortization(1)	241.2			186.8			115.0			29.2			43.5			187.7			54.4			29.1	%	(0.9		)	(0.5	)%
Total operating expenses	1,176.3			1,014.0			625.8			373.2			43.5			1,042.5			162.3			16.0	%	(28.5		)	(2.7	)%
Operating income (loss)	128.4			169.2			141.2			(0.2		)	(43.5		)	97.5			(40.8		)	(24.1	)%	71.7			73.5	%
Non-operating income and expense
Interest expense(1)	(190.0		)	(197.6		)	(125.0		)	(40.5		)	(13.0		)	(178.5		)	7.6			3.8	%	(19.1		)	(10.7	)%
Interest income	3.3			1.7			0.8			0.6			—			1.4			1.6			94.1	%	0.3			21.4	%
Earnings from equity method investments	12.5			13.7			8.0			4.1			—			12.1			(1.2		)	(8.8	)%	1.6			13.2	%
Other income and (expense), net	44.0			(12.9		)	(22.3		)	(27.9		)	—			(50.2		)	56.9			nm		37.3			74.3	%
Total non-operating income and expense	(130.2		)	(195.1		)	(138.5		)	(63.7		)	(13.0		)	(215.2		)	64.9			33.3	%	20.1			9.3	%
Income (loss) from operations before income taxes	(1.8		)	(25.9		)	2.7			(63.9		)	(56.5		)	(117.7		)	24.1			—	%	91.8			78.0	%
(Provision) benefit for income taxes(1)(2)	(2.6		)	(2.3		)	(6.6		)	11.5			21.5			26.4			(0.3		)	(13.0	)%	(28.7		)	(108.7	)%
Net income (loss)	(4.4		)	(28.2		)	(3.9		)	(52.4		)	(35.0		)	(91.3		)	23.8			84.4	%	63.1			69.1	%
Less: net income attributable to noncontrolling interests	(8.1		)	(6.9		)	(4.9		)	(2.5		)	—			(7.4		)	(1.2		)	(17.4	)%	0.5			6.8	%
Net income (loss) attributable to the Company	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)	$	(35.0	)	$	(98.7	)	$	22.6		64.4	%	$	63.6		64.4	%

nm: not meaningful

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⁽¹⁾ The depreciation and amortization, interest expense and income tax expense pro forma adjustments above give effect to the 2012 Change in Control Transaction as if it had occurred on January 1, 2012.

⁽²⁾ Estimated tax impact of pro forma adjustments at 38%.

Key Performance Measures

Management, including our chief operating decision maker, evaluates the financial performance of our businesses based on a variety of key indicators. These indicators include the non-GAAP measure Adjusted EBITDA and the GAAP measures revenue, cash provided by operating activities and cash paid for capital expenditures. In order to more closely align the definition of Adjusted EBITDA to the definition we use as a supplemental measure of our operating performance as well as the compensation measure under our incentive plan, we have included additional adjustments to our previously defined Adjusted EBITDA. Such additional adjustments consist of expenses for mergers and acquisitions integration, business optimization, our technology transformation project, operating expense tax matters, consulting study fees related to our strategic initiatives and other expenses. All periods have been presented in the table below under our new definition of Adjusted EBITDA. For the twelve months ended December 31, 2014, 2013 and 2012, these key indicators were as follows:

										Change
	Twelve months ended December 31,									2014 vs. 2013					2013 vs. Pro Forma 2012
(dollars in millions)	2014			2013			Pro Forma 2012			$			%		$			%
Revenue	$	1,304.7		$	1,183.2		$	1,140.0		$	121.5		10.3	%	$	43.2		3.8	%
Reconciliation of net income (loss) attributable to the Company to Adjusted EBITDA(1):
Net income (loss) attributable to the Company	$	(12.5	)	$	(35.1	)	$	(98.7	)	$	22.6		64.4	%	$	63.6		64.4	%
Net interest expense	186.7			195.9			177.1			(9.2		)	(4.7	)%	18.8			10.6	%
Income tax provision (benefit)	2.6			2.3			(26.4		)	0.3			13.0	%	28.7			108.7	%
Depreciation and amortization	241.2			186.8			187.7			54.4			29.1	%	(0.9		)	(0.5	)%
EBITDA	418.0			349.9			239.7			68.1			19.5	%	110.2			46.0	%
Stock-based compensation	8.0			6.3			4.3			1.7			27.0	%	2.0			46.5	%
Accelerated stock-based compensation (2)	—			—			90.7			—			nm		(90.7		)	(100.0	)%
Mergers, acquisitions and divestitures (3)	(11.9		)	9.5			44.0			(21.4		)	nm		(34.5		)	(78.4	)%
Mergers and acquisitions integration (4)	15.8			3.0			3.3			12.8			nm		(0.3		)	(9.1	)%
Business optimization (5)	15.8			12.5			8.4			3.3			26.4	%	4.1			48.8	%
Technology transformation project (6)	8.5			4.5			—			4.0			88.9	%	4.5			nm
Acceleration of technology agreement (7)	10.2			—			—			10.2			nm		—			nm
Debt refinance (8)	(33.1		)	2.5			—			(35.6		)	nm		2.5			nm
Legal and regulatory matters	8.1			5.2			—			2.9			55.8	%	5.2			nm
Operating expense tax matters (9)	3.9			2.9			—			1.0			34.5	%	2.9			nm
Consulting study fees (10)	1.8			5.3			4.4			(3.5		)	(66.0	)%	0.9			20.5	%
Currency remeasurement (11)	1.1			0.8			(0.2		)	0.3			37.5	%	1.0			nm
Hedge mark-to-market (12)	0.3			—			—			0.3			nm		—			nm
Loan fees and unused line of credit fees	1.9			1.4			5.3			0.5			35.7	%	(3.9		)	(73.6	)%
Other non-operating income and expense	1.3			0.6			0.6			0.7			116.7	%	—			—	%
Other (13)	1.9			4.1			3.1			(2.2		)	(53.7	)%	1.0			32.3	%
Adjusted EBITDA(1)	$	451.6		$	408.5		$	403.6		$	43.1		10.6	%	$	4.9		1.2	%
Other metrics:
Cash provided by operating activities	$	154.3		$	143.4		$	99.4		$	10.9		7.6	%	$	44.0		44.3	%
Cash paid for capital expenditures	$	155.2		$	81.7		$	69.2		$	73.5		90.0	%	$	12.5		18.1	%

nm: not meaningful

1. Adjusted EBITDA is defined as net income (loss) attributable to the Company before net interest expense, income tax provision (benefit), depreciation and amortization and other adjustments noted in the table above. We present

43

Adjusted EBITDA as a supplemental measure of our operating performance because it eliminates the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. Also, Adjusted EBITDA is a measure frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours. In addition, our board of directors and executive management team use Adjusted EBITDA as a compensation measure under our incentive plan. Furthermore, under the credit agreement governing our senior secured credit facility and the indentures governing our senior notes, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to a ratio based on Adjusted EBITDA. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Debt.” Adjusted EBITDA does not reflect our capital expenditures, interest, income tax, depreciation, amortization, stock-based compensation and certain other income and expense. Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Adjusted EBITDA is not a measure of financial condition or profitability under GAAP and should not be considered as an alternative to cash flows from operating activities, as a measure of liquidity or as an alternative to operating income or net income as indicators of operating performance. We believe that the most directly comparable GAAP measure to Adjusted EBITDA is net income attributable to the Company. The following table provides a reconciliation from our net income (loss) attributable to the Company to Adjusted EBITDA for the twelve months ended December 31, 2014 and December 31, 2013, the period from our inception through December 31, 2012 and the four months ended April 30, 2012 of our predecessor.

2. Represented accelerated stock-based compensation expenses as a result of the 2012 Change in Control Transaction.

3. Consisted of acquisition-related expenses primarily related to the 2012 Change in Control Transaction. Also included costs related to our abandoned initial public offering process. For 2013, included $10.5 million of acquisition-related expenses and a credit of $1.0 million for other miscellaneous items. For 2014, included $22.2 million of remeasurement gains of our previously held equity interests upon consolidation partially offset by $2.9 million of acquisition-related expenses, a $4.1 million impairment charge for a cost-method investment that sold its assets and liquidated and $3.3 million of other miscellaneous items.

4. Consisted of merger and acquisition integration costs of companies and assets purchased between 2012 and 2014.

5. For Successor 2012 and 2013, primarily consisted of certain severance, sign-on, relocation and executive search costs. For 2014, primarily consisted of certain severance and facility wind-down costs.

6. Represented costs associated with a project to transform our technology infrastructure.

7. Represented accelerated fees for a data matching service contract that we have terminated and in-sourced as part of the project to transform our technology infrastructure.

8. For 2013, represented debt refinancing expenses. For 2014, represented debt refinancing activity consisting of a gain on the prepayment of debt, net of prepayment premium and expenses.

9. Represented expenses for sales and use tax matters and payroll tax matters.

10. Represented fees for consulting studies related to our strategic initiatives.

11. Represented currency remeasurement of our foreign operations.

12. Represented mark-to-market activity related to ineffectiveness of our interest rate hedge.

13. For 2012, represented $1.5 million in payment card industry (PCI) expenses and $1.6 million of other miscellaneous items. For 2013, represented $3.3 million in PCI expenses and $0.9 million of other miscellaneous items. For 2014, represented other miscellaneous items.

Revenue

For 2014, revenue increased $121.5 million compared with 2013 due to revenue from our 2014 and 2013 acquisitions in our USIS and International segments and organic growth in all of our segments, partially offset by the impact of weakening foreign currencies in our International segment. Acquisitions accounted for an increase in revenue of 6.4%. The impact of weakening foreign currencies accounted for a decrease in revenue of 1.4%. Excluding the impact of the recent acquisitions and weakening foreign currencies, consolidated revenue increased 5.3% compared with the prior year. For 2013, revenue increased $43.2 million compared with 2012 due to revenue from our 2013 and 2012 acquisitions in our USIS and International segments and organic growth in all operating segments, partially offset by the impact of weakening foreign currencies in our International segment. The impact of weakening foreign currencies accounted for a decrease in revenue of 1.6%. Excluding the impact of the recent acquisitions and weakening foreign currencies, consolidated revenue increased 3.9% compared with the prior year. Revenue by segment and a more detailed explanation of revenue within each segment were as follows:

44

							Change
	Twelve months ended December 31,						2014 vs. 2013				2013 vs. Pro Forma 2012
(dollars in millions)	2014		2013		Pro Forma 2012		$		%		$			%
U.S. Information Services:
Online Data Services	$	545.6	$	505.9	$	495.6	$	39.7	7.8	%	$	10.3		2.1	%
Marketing Services	134.5		126.0		132.3		8.5		6.7	%	(6.3		)	(4.8	)%
Decision Services	138.5		108.7		97.6		29.8		27.4	%	11.1			11.4	%
Total U.S. Information Services	818.6		740.6		725.5		78.0		10.5	%	15.1			2.1	%
International:
Developed Markets	90.9		86.9		83.7		4.0		4.6	%	3.2			3.8	%
Emerging Markets	164.6		152.0		150.7		12.6		8.3	%	1.3			0.9	%
Total International	255.5		238.9		234.4		16.6		6.9	%	4.5			1.9	%
Consumer Interactive	230.6		203.7		180.1		26.9		13.2	%	23.6			13.1	%
Total revenue	$	1,304.7	$	1,183.2	$	1,140.0	$	121.5	10.3	%	$	43.2		3.8	%

USIS Segment

For 2014, USIS revenue increased $78.0 million compared with 2013, with increases in all of the platforms due to improved market conditions and a 7.6% increase in revenue from our acquisitions of eScan and TLO in 2013 and L2C and DHI in 2014. For 2013, USIS revenue increased $15.1 million compared with 2012, with increases in online credit reports and decision services due to improved market conditions and an increase of 1.4% from our acquisitions of eScan in September of 2013 and TLO in December of 2013, partially offset by a decrease in marketing services.

Online Data Services. For 2014, online data services revenue increased $39.7 million due primarily to revenue from our acquisition of TLO and a 3.2% increase in online credit report unit volume. Increases in credit report unit volume in the financial services, insurance and other markets were partially offset by a decrease in volume in the resellers market, primarily in the first six months of 2014, due to higher mortgage interest rates and the resulting decline in refinancings. A change in the mix of products sold resulted in a slight decrease in average pricing for online credit reports in 2014. For 2013, online data services revenue increased $10.3 million due primarily to a 1.5% increase in online credit report unit volume, primarily in the financial services and resellers markets, as conditions in the consumer and housing credit markets improved throughout the year. A change in the mix of products sold resulted in a slight increase in average pricing for online credit reports in 2013.

Marketing Services. Marketing services revenue increased $8.5 million in 2014 and decreased $6.3 million in 2013. For 2014, the increase was due to an increase in custom datasets and archive information in the insurance and financial services markets. For 2013, the decrease was due to a decrease in demand for custom datasets and archive information and lower batch revenue, primarily in the financial services market.

Decision Services. For 2014 and 2013, decision services revenue increased $29.8 million and $11.1 million, respectively. The increases for both years was due primarily to revenue from our acquisition of eScan.

International Segment

For 2014, International revenue increased $16.6 million, or 6.9%, compared with 2013. The increase was due to higher local currency revenue from increased volumes in all regions and revenue from our acquisitions of CIBIL and ZipCode, partially offset by a 6.9% decrease in revenue from the impact of weakening foreign currencies. Incremental revenue from our acquisition of CIBIL and ZipCode accounted for an 8.2% increase in International revenue in 2014. Excluding the impact of foreign currencies and acquisitions, International revenue increased 5.7% compared with the prior year. For 2013, International revenue increased $4.5 million, or 1.9%, compared with 2012. The increase was due to higher local currency revenue from increased volumes in most regions, substantially offset by a decrease of 7.6% from the impact of weakening foreign currencies. Incremental revenue from our acquisitions of ZipCode in March 2013 and CRB in May 2012 accounted for an increase in revenue of 2.9%. Excluding the impact of recent acquisitions and foreign currencies, International revenue increased 6.6% compared with the prior year.

Developed Markets. For 2014, developed markets revenue increased $4.0 million, or 4.6%, due to higher volumes in both regions, partially offset by a decrease of 4.7% from the impact of the weakening Canadian dollar. Excluding the impact of weakening foreign currencies, developed markets revenue increased 9.3% compared with the prior year. For 2013, developed markets revenue increased $3.2 million, or 3.8%, due to higher volumes in both regions, partially offset by a decrease of 2.0%

45

from the impact of the weakening Canadian dollar. Excluding the impact of weakening foreign currencies, developed markets revenue increased 6.0% compared with the prior year.

Emerging Markets. For 2014, emerging markets revenue increased $12.6 million, or 8.3%, due to higher volumes in all regions and the inclusion of revenue from our CIBIL and ZipCode acquisitions, partially offset by a decrease of 8.1% from the impact of weakening foreign currencies, primarily the South African rand. Incremental revenue from our acquisitions of CIBIL and ZipCode accounted for an increase in revenue of 12.8%. Excluding the impact of recent acquisitions and foreign currencies, emerging markets revenue increased 3.6% compared with the prior year. For 2013, emerging markets revenue increased $1.3 million, or 0.9%, due to increased volumes in all regions and the revenue from our acquisitions of ZipCode and CRB, substantially offset by a decrease of 10.6% from the impact of weakening foreign currencies, primarily the South African rand. Incremental revenue from our acquisitions of ZipCode and CRB accounted for an increase in revenue of 4.4%. Excluding the impact of recent acquisitions and foreign currencies, emerging markets revenue increased 7.0% compared with the prior year.

Consumer Interactive Segment

For 2014 and 2013, Consumer Interactive revenue increased $26.9 million and $23.6 million, respectively, compared with prior periods. These increases were due primarily to an increase in the average number of subscribers and volume in our indirect channel.

Operating Expenses

Operating expenses for the periods reported were as follows:

							Change
	Twelve months ended December 31,						2014 vs. 2013				2013 vs. Pro Forma 2012
(dollars in millions)	2014		2013		Pro Forma 2012		$		%		$			%
Cost of services	$	499.1	$	472.4	$	470.2	$	26.7	5.7	%	$	2.2		0.5	%
Selling, general and administrative	436.0		354.8		384.6		81.2		22.9	%	(29.8		)	(7.7	)%
Depreciation and amortization	241.2		186.8		187.7		54.4		29.1	%	(0.9		)	(0.5	)%
Total operating expenses	$	1,176.3	$	1,014.0	$	1,042.5	$	162.3	16.0	%	$	(28.5	)	(2.7	)%

Cost of Services

For 2014, cost of services increased $26.7 million compared with 2013. The increase was due primarily to:

• operating and integration costs associated with our USIS and International acquisitions;

• an acceleration of $10.2 million of fees recorded for a data matching service contract that we have terminated and in-sourced as part of the transformation to our technology infrastructure;

• severance charges in our Corporate unit and USIS segment related to the consolidation and subsequent closure of our California-based contract center; and

• costs associated with strategic initiatives,

partially offset by:

• the impact of weakening foreign currencies on the 2014 expenses of our International segment.

For 2013, cost of services increased $2.2 million compared with 2012. The increase was due primarily to:

• an increase in variable product costs in our Consumer Interactive segment resulting from the increase in revenue;

• labor costs for investments in strategic initiatives primarily in our USIS segment; and

• operating and integration costs associated with our USIS and International acquisitions,

substantially offset by:

• $21.5 million of accelerated stock-based compensation expense recorded in 2012 by TransUnion Intermediate Predecessor resulting from the 2012 Change in Control Transaction; and

• the impact of weakening foreign currencies on the 2013 expenses of our International segment.

46

Selling, General and Administrative

For 2014, selling, general and administrative expenses increased $81.2 million compared with 2013. The increase was due primarily to:

• operating and integration costs associated with our USIS and International acquisitions;

• expense of $8.1 million for certain legal and regulatory costs in our Corporate unit and International segment; and

• severance charges in our Corporate unit and USIS segment related to the consolidation and subsequent closure of our California-based contract center;

partially offset by:

• the impact of weakening foreign currencies on the 2014 expenses of our International segment.

For 2013, selling, general and administrative expenses decreased $29.8 million compared with 2012. The decrease was due primarily to:

• $69.2 million of additional stock-based compensation expense recorded in 2012 by TransUnion Intermediate Predecessor resulting from the 2012 Change in Control Transaction; and

• the impact of weakening foreign currencies on the 2013 expenses of our International segment;

partially offset by:

• an increase in labor costs for investments in strategic initiatives primarily in our USIS and International segments;

• an increase in advertising expense in our Consumer Interactive segment;

• operating and integration costs associated with our USIS and International acquisitions; and

• an increase in legal and regulatory costs in our USIS segment.

See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 2, “Change in Control Transaction,” and Note 15, “Stock-Based Compensation,” for further information about the impact of the 2012 Change in Control Transaction.

Depreciation and amortization

For 2014, depreciation and amortization increased $54.4 million. In July 2014, we revised the remaining useful lives of certain internal-use software, equipment, leasehold improvements and the corporate headquarters facility to align with the expected completion dates of our strategic initiatives to transform our technology infrastructure and corporate headquarters facility. As a result, depreciation and amortization increased $17.5 million during 2014. Depreciation and amortization of $19.6 million from recent business acquisitions and other increases primarily related to additional capital expenditures for our strategic initiatives also impacted the increase in 2014.

For 2013 compared with pro forma 2012, depreciation and amortization was flat but 2012 included a $43.5 million pro forma adjustment to reflect additional depreciation and amortization that would have resulted had the 2012 Change in Control Transaction occurred on January 1, 2012, instead of April 30, 2012. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 2, “Change in Control Transaction,” for further information about the portion of the purchase price allocated to tangible and intangible assets and their estimated useful lives.

47

Operating Income and Operating Margins

										Change
	Twelve months ended December 31,									2014 vs. 2013					2013 vs. Pro Forma 2012
(dollars in millions)	2014			2013			Pro Forma 2012			$			%		$		%
USIS operating income	$	112.8		$	154.7		$	124.1		$	(41.9	)	(27.1	)%	$	30.6	24.7	%
International operating income	22.2			19.5			13.6			2.7			13.8	%	5.9		43.4	%
Consumer Interactive operating income	85.5			65.6			60.0			19.9			30.3	%	5.6		9.3	%
Corporate operating loss	(92.1		)	(70.6		)	(100.2		)	(21.5		)	30.5	%	29.6		(29.5	)%
Total operating income	$	128.4		$	169.2		$	97.5		$	(40.8	)	(24.1	)%	$	71.7	73.5	%
Operating Margin:
USIS	13.8		%	20.9		%	17.1		%				(7.1	)%			3.8	%
International	8.7		%	8.2		%	5.8		%				0.5	%			2.4	%
Consumer Interactive	37.1		%	32.2		%	33.3		%				4.9	%			(1.1	)%
Total operating margin	9.8		%	14.3		%	8.6		%				(4.5	)%			5.7	%

For 2014, consolidated operating income decreased $40.8 million. This decrease was due primarily to:

• operating and integration costs associated with our USIS and International acquisitions;

• an increase of $54.4 million in depreciation and amortization due primarily to our recent acquisitions and our strategic initiative to transform our technology infrastructure and corporate headquarters facility;

• an increase in variable product costs due to the increase in revenue;

• an acceleration of $10.2 million of fees recorded in our USIS segment for a data matching service contract that we have terminated and in-sourced as part of the transformation of our technology infrastructure;

• expense of $8.1 million for certain legal and regulatory costs in our Corporate unit and International segment;

• severance charges in our Corporate unit and USIS segment related to the consolidation and subsequent closure of our California-based contract center; and

• the impact of weakening foreign currencies on the 2014 results of our International segment.

partially offset by:

• the increase in revenue in all segments, including revenue from the recent acquisitions.

For 2014, margins for the USIS segment decreased due primarily to additional depreciation and amortization resulting from revising the remaining useful lives of certain assets, the operating, integration and depreciation and amortization expenses of our recent acquisitions, severance charges and the accelerated fees for canceling a data matching service, partially offset by the increase in revenue. Margins for the International segment were relatively flat as the additional depreciation and amortization from revising the remaining useful lives of certain asset and the operating, integration and depreciation and amortization expenses of our recent acquisitions was mostly offset by the increase in revenue. Margins in our Consumer Interactive segment increased due to the increase in revenue.

For 2013 compared to 2012 pro forma, consolidated operating income increased $71.7 million. This increase was due primarily to:

• accelerated stock-based compensation expense of $90.7 million recorded by TransUnion Intermediate Predecessor in 2012 as a result of the 2012 Change in Control Transaction; and

• the increase in revenue,

partially offset by:

• operating and integration costs association with our USIS and International acquisitions;

• an increase in labor costs for investments in strategic initiatives primarily in our USIS and International segments;

• an increase in variable product costs and advertising in our Consumer Interactive segment;

48

• an increase in legal and regulatory costs in our USIS segment; and

• the impact of weakening foreign currencies on the 2013 results of our International segment.

For 2013 compared to 2012 pro forma, margins for the USIS segment decreased due primarily to an increase in labor costs for investments in strategic initiatives including integration costs of recent acquisitions, and an increase in legal and regulatory costs, partially offset by the accelerated stock-based compensation expense recorded in 2012 and the increase in revenue. Margins for the International segment decreased due primarily to an increase in labor costs for investments in strategic initiatives including integration costs for our recent acquisitions, partially offset by the accelerated stock-based compensation expense recorded in 2012. Margins for the Consumer Interactive segment decreased due primarily to the increase in advertising, partially offset by the accelerated stock-based compensation recorded in 2012.

Non-Operating Income and Expense

										Change
	Twelve months ended December 31,									2014 vs. 2013					2013 vs. Pro Forma 2012
(dollars in millions)	2014			2013			Pro Forma 2012			$			%		$			%
Interest expense	$	(190.0	)	$	(197.6	)	$	(178.5	)	$	7.6		3.8	%	$	(19.1	)	(10.7	)%
Interest income	3.3			1.7			1.4			1.6			94.1	%	0.3			21.4	%
Earnings from equity method investments	12.5			13.7			12.1			$	(1.2	)	(8.8	)%	$	1.6		13.2	%
Other income and expense, net:
Loan fees	(14.6		)	(3.8		)	(5.0		)	(10.8		)	nm		1.2			24.0	%
Acquisition fees	(2.9		)	(10.5		)	(42.2		)	7.6			72.4	%	31.7			75.1	%
Dividends from cost method investments	0.8			0.7			0.6			0.1			14.3	%	0.1			16.7	%
Other income (expense), net	60.7			0.7			(3.6		)	60.0			nm		4.3			119.4	%
Total other income and expense, net	44.0			(12.9		)	(50.2		)	56.9			nm		37.3			74.3	%
Non-operating income and expense	$	(130.2	)	$	(195.1	)	$	(215.2	)	$	64.9		33.3	%	$	20.1		9.3	%

nm: not meaningful

Other income and expense, net, was significantly impacted by the 2014 Refinancing Transaction and the 2012 Change in Control Transaction. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 2, “Change in Control Transaction,” and Note 12, “Debt,” for additional information.

For 2014, interest expense decreased $7.6 million compared with 2013. A decrease in interest expense due to the early redemption of the 11.375% Senior Notes in the second quarter of 2014 was partially offset by additional interest expense resulting from the increase in the average principal balance of the senior secured credit facility in 2014 compared with 2013. For 2013 compared with pro forma 2012, interest expense increased $19.1 million due primarily to interest on the 8.125% Senior Notes issued in November 2012, and interest on the additional borrowings under the TransUnion LLC senior secured term loan in 2013. Pro forma 2012 interest expense included a pro forma adjustment of $13.0 million to reflect additional interest expense that would have been incurred had the TransUnion 9.625% Senior Notes that were issued to partially fund the 2012 Change in Control Transaction been issued on January 1, 2012, instead of in March 21, 2012. See Part II, Item 8, "Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements," Note 12, "Debt," for additional information about our interest expense.

For 2014, loan fees included $12.7 million of refinancing fees and other net costs expensed as a result of refinancing our senior secured credit facility. For 2012, loan fees included a $2.7 million fee for a bridge loan commitment for the 2012 Change in Control Transaction.

Acquisition fees represent costs we have incurred for various acquisition-related efforts. For 2014, acquisition fees included costs related to our acquisitions of DHI, L2C and CIBIL and costs of other acquisition efforts. For 2013, acquisition fees included costs related to our acquisitions of ZipCode, eScan and TLO and other acquisition efforts. For 2012, acquisition fees include $36.5 million of costs related to the 2012 Change in Control Transaction and $3.0 million of initial public offering related expenses that were previously capitalized but written off in the first quarter of 2012 as we formally withdrew our registration statement on Form S-1 as a result of the 2012 Change in Control Transaction, and costs of other acquisition efforts. Of the $36.5 million 2012 Change in Control Transaction costs, $15.6 million was incurred by the Successor and $20.9 million was incurred by the Predecessor.

For 2014, other income (expense), net included a net gain of $45.8 million resulting from the early redemption of the 11.375% Senior Notes consisting of the unamortized 2012 Change in Control Transaction fair value increase in the notes of $89.4 million

49

less an early redemption premium and other costs totaling $43.6 million, a $22.2 million gain resulting from remeasuring our previously held equity interests in CIBIL and L2C under the accounting guidance for acquisitions achieved in stages, an impairment charge of $4.1 million related to a cost-method investment that has sold its assets and liquidated, and a loss of $0.6 million on the swap that no longer qualifies for hedge accounting and other income and expenses.

Provision for Income Taxes

For 2014 and 2013, we reported a loss before income taxes with income tax expense, resulting in a negative effective tax rate for both periods. This rate was lower than the 35% U.S. federal statutory rate due primarily to tax on our foreign earnings that are not considered indefinitely reinvested outside the United States.

For the pro forma twelve months ended December 31, 2012, pro forma income tax expense includes a pro forma reduction of income tax expense that would have resulted had the 2012 Change in Control Transaction occurred on January 1, 2012. See the pro forma 2012 depreciation and amortization and the interest expense discussions above for further information on the 2012 pro forma adjustments.

For the period of inception through December 31, 2012, the effective tax rate was 244.4%. This rate was higher than the 35% U.S. federal statutory rate due primarily to the lapse of the look-through rule and the reduction in available foreign tax credits, the unfavorable impact of changes to our accrual on certain undistributed earnings of the Company’s controlled foreign subsidiaries and tax non-deductibility of certain costs incurred in connection with the 2012 Change in Control Transaction, partially offset by a favorable tax rate differential on the Company’s foreign earnings.

For the four months ended April 30, 2012, we reported a loss before income taxes. The effective tax rate for this period of 18.0% was lower than the 35% U.S. federal statutory rate due primarily to the impact of recording tax expense on our undistributed foreign earnings, the non-deductibility of certain costs incurred in connection with the 2012 Change in Control Transaction and limitations on our foreign tax credits.

Effective January 1, 2012, the look-through provision under subpart F of the U.S. Internal Revenue Code expired.

Consequently, beginning in 2012, we recorded tax expense for the U.S. income tax we would incur in the absence of the look-through rule. As part of the American Taxpayer Relief Act of 2012 enacted into law on January 2, 2013, the look-through provision was retroactively reinstated to January 1, 2012, and we reversed the tax expense we recorded for subpart F in 2012 during the first quarter of 2013. The look-through rule was effective for 2013 and 2014 as well.

As a result of the 2012 Change in Control Transaction and increased debt service requirements resulting from the additional debt incurred by TransUnion, we asserted at December 31, 2012, that all undistributed foreign earnings from certain controlled foreign corporations accumulated as of April 30, 2012, were not indefinitely reinvested outside the United States. Accordingly, in 2012 we recorded a deferred tax liability for the full estimated U.S. tax cost, net of related foreign tax credits, associated with remitting these earnings back to the United States. In 2014, we modified this assertion due to changes in the Company’s capital structure. We now assert that $118.7 million of earnings from our Canadian, South African and Netherlands subsidiaries and CIBIL are not indefinitely reinvested outside the United States.

Significant Changes in Assets and Liabilities

Goodwill increased $114.2 million at December 31, 2014, compared with December 31, 2013, due primarily to the purchase price allocations for CIBIL, DHI and L2C, partially offset by adjustments for foreign currency translation. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 3, “Business Acquisitions” and Note 6, "Goodwill," for additional information.

Liquidity and Capital Resources

Overview

Our principal sources of liquidity are cash flows provided by operating activities, cash and cash equivalents on hand, and our senior secured revolving line of credit. Our principal uses of liquidity are working capital, capital expenditures, debt service and other general corporate purposes. We believe our cash on hand, cash generated from operations, and funds available under the senior secured revolving line of credit will be sufficient to fund our planned capital expenditures, debt service obligations and operating needs for the foreseeable future. We may, however, elect to raise funds through debt or equity financing in the future to fund significant investments or acquisitions that are consistent with our growth strategy. TransUnion Intermediate pays cash dividends to TransUnion to fund its debt service obligations.

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Cash and cash equivalents totaled $77.9 million at December 31, 2014, of which $50.6 million was held outside the United States. Cash and cash equivalents totaled $111.2 million at December 31, 2013, of which $80.6 million was held outside the United States. The balance retained in cash and cash equivalents is consistent with our short-term cash needs and investment objectives. As of December 31, 2014, we had outstanding borrowings of $50.0 under our senior secured revolving line of credit and could borrow up to an additional $140.0 million. Beginning in 2015, under the amended senior secured term loan, we will be required to make additional principal payments based on the previous year’s excess cash flows. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 12, “Debt,” for additional information.

As of December 31, 2014, the Company intends to keep all foreign earnings of controlled entities except for approximately $118.7 million permanently reinvested in operations outside of the United States as these earnings are not needed to fund our current or expected domestic operations. Accordingly, under ASC 740-30 we have recorded a deferred tax liability of approximately $41.6 million as of December 31, 2014, on the earnings of the controlled entities that we expect to repatriate.

Sources and Uses of Cash

	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			TransUnion Successor Date of Inception Through December 31, 2012(1)			TransUnion Intermediate Predecessor Four Months Ended April 30, 2012			2012 Pro Forma Adjustments (2)			2012 Pro Forma Adjustments (2)			2014 vs. 2013 Change			2013 vs. 2012 Change
(dollars in millions)
Cash provided by operating activities	$	154.3		$	143.4		$	47.0		$	52.4		$	(13.0	)	$	86.4		$	10.9		$	57.0
Cash used in investing activities	(276.0		)	(367.0		)	(1,547.1		)	(19.6		)	—			(1,566.7		)	91.0			1,199.7
Cash provided by (used in) financing activities	91.9			187.3			1,655.1			(45.0		)	—			1,610.1			(95.4		)	(1,422.8		)
Effect of exchange rate changes on cash and cash equivalents	(3.5		)	(6.8		)	(0.7		)	0.8			—			0.1			3.3			(6.9		)
Net change in cash and cash equivalents	$	(33.3	)	$	(43.1	)	$	154.3		$	(11.4	)	$	(13.0	)	$	129.9		$	9.8		$	(173.0	)

⁽¹⁾ Cash used in investing activities for TransUnion date of inception through December 31, 2012, is net of the cash of TransUnion Intermediate Predecessor on April 30, 2012, acquired by TransUnion in connection with the 2012 Change in Control Transaction.

⁽²⁾ The pro forma adjustment to 2012 cash provided by operating activities represents the additional interest expense that would have been incurred had the 2012 Change in Control Transaction occurred on January 1, 2012. No cash tax savings would have occurred because the additional interest expense would have increased the net loss.

Operating Activities

For 2014, the increase in cash provided by operating activities was due primarily to the increase in revenue and decrease in interest expense, partially offset by the increase in cash operating expenses and working capital. For 2013 compared with 2012 pro forma, the increase in cash provided by operating activities was due primarily to cash used in 2012 to pay option holders cash consideration based on the value of their options in connection with the 2012 Change in Control Transaction, partially offset by the increase in interest expense.

Investing Activities

For 2014, the decrease in cash used in investing activities was due primarily to a decrease in cash used for acquisitions, partially offset by an increase in cash paid for capital expenditures. For 2013, the decrease in cash used in investing activities was due primarily to cash used in 2012 to fund the 2012 Change in Control Transaction, partially offset by cash used for acquisitions in 2013.

Financing Activities

For 2014, the decrease in cash provided by financing activities was due primarily to the 2014 Refinancing Transaction prepayment premium and fees and a decrease in net borrowings. For 2013, the decrease in cash provided by financing activities was due primarily to equity and debt proceeds received in 2012 to fund the 2012 Change in Control Transaction, partially offset by the dividend paid in 2012 and proceeds from borrowings against our senior secured credit facility in 2013.

Capital Expenditures

We make capital expenditures to grow our business by developing new and enhanced capabilities, to increase the effectiveness and efficiency of the organization and to reduce risks. We make capital expenditures for product development, disaster recovery, security enhancements, regulatory compliance, and the replacement and upgrade of existing equipment at the end of its useful

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life. During the third quarter of 2013, we began a strategic initiative to transform our technology infrastructure to enable growth, promote innovation and provide a competitive advantage. We are also in the process of making improvements to our corporate headquarters facility.

For 2014, cash paid for capital expenditures increased $73.5 million due primarily to the ongoing strategic initiatives to transform our technology infrastructure and corporate headquarters facility. On an accrual basis, our capital expenditures were $163.0 million in 2014 compared with $96.3 million in 2013. For 2013, cash paid for capital expenditures increased $12.5 million, from $69.2 million in 2012 to $81.7 million in 2013. On an accrual basis, our capital expenditures were $96.3 million in 2013 compared with $66.7 million in 2012. We expect total capital expenditures to be lower in 2015 than 2014 as a percentage of revenue as we reduce our spending to transform of our technology infrastructure and improve our corporate headquarters.

Debt

Senior Secured Credit Facility

On June 15, 2010, the Company entered into a senior secured credit facility with various lenders. The credit facility consists of a senior secured term loan and a senior secured revolving line of credit. On April 9, 2014, we refinanced and amended our senior secured credit facility. The refinancing resulted in an increase of the outstanding term loan from $1,120.5 million to $1,900.0 million. The amendment, among other things, reduced the interest rate floor and margins, reduced the amount available under the revolving line of credit from $210.0 million to $190.0 million, extended the maturity dates, and changed certain covenant requirements. The additional borrowings were used in part to repay all amounts outstanding under the existing revolving line of credit and pay fees and expenses associated with the refinancing transaction. On May 9, 2014, the remaining borrowings were used to redeem the entire $645.0 million outstanding balance of the 11.375% Senior Notes issued by TransUnion Financing Corp and Trans Union LLC including unpaid accrued interest and a prepayment premium. We refer to these transactions collectively as the "2014 Refinancing Transaction." The 2014 Refinancing Transaction resulted in a net gain of $33.1 million recorded in the consolidated statement of income, consisting of a gain of $45.8 million on the early redemption of the 11.375% Senior Notes less $12.7 million of refinancing fees and other net costs expensed as a result of refinancing our senior secured credit facility. The 2014 Refinancing Transaction is expected to result in a reduction in cash paid for interest of approximately $45 million annually, less a reduction in the amortized fair value premium, for a net reduction to interest expense of approximately $20 million annually at current interest rates.

Interest rates on the refinanced term loan are based on the London Interbank Offered Rate (“LIBOR”) unless otherwise elected, and subject to a floor of 1.00%, plus a margin of 2.75% or 3.00% depending on our senior secured net leverage ratio. Under the refinanced term loan, the Company is required to make principal payments of 0.25% of the refinanced original principal balance at the end of each quarter, with the remaining balance due April 9, 2021. The Company will also be required to make additional payments beginning in 2015 based on excess cash flows of the prior year. Depending on the senior secured net leverage ratio for the year, a principal payment of between zero and fifty percent of the excess cash flows will be due the following year.

During the fourth quarter of 2014, the Company borrowed $50.0 million against the senior secured revolving line of credit to partially fund acquisitions. As of December 31, 2014, we had outstanding borrowings of $50.0 under our senior secured revolving line of credit and could borrow up to an additional $140.0 million.

Interest rates on the refinanced revolving line of credit are based on LIBOR unless otherwise elected, and subject to a floor of 1.00%, plus a margin of 2.50% or 2.75% depending on our senior secured net leverage ratio. There is a 0.375% or 0.50% annual commitment fee, depending on our senior secured net leverage ratio, payable quarterly based on the undrawn portion of the revolving line of credit. The commitment under the revolving line of credit expires on April 9, 2019.

With certain exceptions, the obligations are secured by a first-priority security interest in substantially all of the assets of Trans Union LLC, including its investment in subsidiaries. The credit facility contains various restrictions and nonfinancial covenants, along with a senior secured net leverage ratio test. The nonfinancial covenants include restrictions on dividends, investments, dispositions, future borrowings and other specified payments, as well as additional reporting and disclosure requirements. As of December 31, 2014, we were in compliance with all of the loan covenants.

On April 30, 2012, we entered into swap agreements that effectively fixed the interest payments on a portion of the then existing term loan at 2.033% , plus the applicable margin, beginning March 28, 2013. Under the swap agreements, which we had designated as cash flow hedges, we paid a fixed rate of interest of 2.033% and received a variable rate of interest equal to the greater of 1.50% or the 3-month LIBOR. The net amount paid or received was recorded as an adjustment to interest expense. As a result of the April 9, 2014, credit facility amendment, the swaps were no longer expected to be highly effective and no longer qualify for hedge accounting. The total fair value of the swap instruments as of April 9, 2014, of $1.6 million was recorded in other liabilities in the consolidated balance sheet. The corresponding net of tax loss of $1.0 million was recorded in accumulated other comprehensive income and is being amortized to interest expense on a straight-line basis through December 29, 2017, the remaining life of the swaps. Changes in the fair value of the swaps after April 9, 2014 through December 31, 2014, resulted in a loss $0.3 million recorded in other income and expense for the year ended December 31, 2014.

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11.375% Senior Notes

In connection with the 2010 Change in Control Transaction, on June 15, 2010, we issued $645.0 million principal amount of 11.375% Senior Notes due on due June 15, 2018. As a result of the 2012 Change in Control Transaction, a purchase accounting fair value adjustment increase of $124.2 million was allocated to the 11.375% Senior Notes. These notes were repaid in full on May 9, 2014, from the incremental proceeds borrowed on our senior secured credit facility resulting in a net gain of $45.8 million as discussed above.

9.625% Senior Notes

In connection with the acquisition of TransUnion Intermediate, on March 21, 2012, TransUnion issued $600.0 million principal amount of 9.625% Senior Notes due June 15, 2018, in a private placement to certain investors. Pursuant to an exchange offer completed in October 2012, these notes were registered with the SEC. TransUnion is required to pay interest on the 9.625% Senior Notes in cash unless certain conditions described in the indenture governing the notes are satisfied, in which case TransUnion will be entitled to pay interest for such period by increasing the principal amount of the notes or by issuing new notes (such increase being referred to as “PIK,” or paid-in-kind interest) to the extent described in the indenture.

The indenture governing the 9.625% Senior Notes contains nonfinancial covenants that include restrictions on our ability to pay dividends or distributions, repurchase equity, prepay junior debt, make certain investments, incur additional debt, issue certain stock, incur liens on property, merge, consolidate or sell certain assets, enter into transactions with affiliates, and allow to exist certain restrictions on the ability of subsidiaries to pay dividends or make other payments to TransUnion. As of December 31, 2014, we were in compliance with all covenants under the indenture.

8.125% Senior Notes

On November 1, 2012, TransUnion issued $400.0 million principal amount of 8.125% Senior Notes due June 15, 2018, at an offering price of 99.5% in a private placement to certain investors. The proceeds were used to pay a $373.8 million dividend to our shareholders and to pay various costs associated with issuing the debt and obtaining consents from our existing debt holders. Pursuant to an exchange offer completed in August 2013, these notes were registered with the SEC. TransUnion is required to pay interest on the 8.125% Senior Notes in cash unless certain conditions described in the indenture governing the notes are satisfied, in which case TransUnion will be entitled to pay interest for such period by increasing the principal amount of the notes or by issuing new notes to the extent described in the indenture.

The indenture governing the 8.125% Senior Notes and the nonfinancial covenants are substantially identical to those governing the 9.625% Senior Notes. As of December 31, 2014, we were in compliance with all covenants under the indenture.

Effect of certain debt covenants

A breach of any of the covenants under the agreements governing our debt could limit our ability to borrow funds under the TransUnion LLC senior secured revolving line of credit and could result in a default under the TransUnion LLC senior secured credit facility or the indentures governing the TransUnion senior unsecured PIK toggle notes. Upon the occurrence of an event of default under the TransUnion LLC senior secured credit facility or the indentures governing the TransUnion senior unsecured PIK toggle notes, the TransUnion LLC lenders, or the holders of the TransUnion senior unsecured PIK toggle notes, as the case may be, could elect to declare all amounts outstanding under the applicable indebtedness to be immediately due and payable, and the lenders could terminate all commitments to extend further credit under our senior secured credit facility. If we were unable to repay the amounts declared due, the lenders could proceed against any collateral granted to them to secure that indebtedness. We have pledged substantially all of the TransUnion LLC assets as collateral under the senior secured credit facility. If the lenders under the senior secured credit facility accelerate the repayment of borrowings, or the holders of the TransUnion senior unsecured PIK toggle notes accelerate repayment of the notes, we may not have sufficient assets to repay the debt due. See Part I, Item 1A, “Risk Factors.”

TransUnion's ability to meet its liquidity needs or to pay dividends on its common stock depends on its subsidiaries’ earnings, the terms of their indebtedness, and other contractual restrictions. Trans Union LLC, the borrower under the senior secured credit facility, is not permitted to declare any dividend or make any other distribution, subject to certain exceptions including compliance with a fixed charge coverage ratio and a basket that depends on TransUnion Intermediate’s consolidated net income.

Our senior secured credit facility includes a senior secured net leverage ratio covenant which must be tested as a condition to incur additional indebtedness. The ratio must also be tested at the end of any fiscal quarter for which we have a line of credit borrowing outstanding in excess of 30% of the revolving credit commitment. As of December 31, 2014, this covenant, if it applied, would have required us to maintain a senior secured net leverage ratio on a pro forma basis equal to, or less than, 6.00-to-1. As of December 31, 2014, we were in compliance with all debt covenants.

Under the covenants of the instruments governing our senior debt, TransUnion Intermediate is restricted from making certain distribution payments to TransUnion.

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For additional information about our debt, see Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 12, “Debt.”

Contractual Obligations

Consolidated future minimum payments for noncancelable operating leases, purchase obligations and debt repayments as of December 31, 2014, are payable as follows:

(in millions)	Operating leases		Purchase obligations		Debt repayments		Loan fees and interest payments		Total
2015	$	12.8	$	182.0	$	74.0	$	169.7	$	438.5
2016	9.9		31.9		23.4		164.2		229.4
2017	7.0		11.1		19.4		170.7		208.2
2018	5.4		6.7		1,019.0		123.8		1,154.9
2019	5.0		1.1		19.0		83.9		109.0
Thereafter	11.8		2.5		1,790.7		108.8		1,913.8
Totals	$	51.9	$	235.3	$	2,945.5	$	821.1	$	4,053.8

Purchase obligations to be repaid in 2015 include $106.5 million of trade accounts payable that were included in the consolidated balance sheet as of December 31, 2014. Purchase obligations include commitments for outsourcing services, royalties, data licenses, maintenance and other operating expenses. Loan fees and interest payments are estimates based on the interest rates in effect at December 31, 2014, and the contractual principal paydown schedule, excluding any excess cash flow prepayments that may be required. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 12, “Debt,” for additional information about our interest payments.

Off-Balance Sheet Arrangements

As of December 31, 2014, we had no off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.

Application of Critical Accounting Estimates

We prepare our consolidated financial statements in conformity with GAAP. The notes to our consolidated financial statements include disclosures about our significant accounting policies. These accounting policies require us to make certain judgments and estimates in reporting our operating results and our assets and liabilities. The following paragraphs describe the accounting policies that require significant judgment and estimates due to inherent uncertainty or complexity.

Goodwill and Indefinite-Lived Intangibles

Due to the 2012 Change in Control Transaction, the value of goodwill increased significantly, as the excess of the purchase price paid for TransUnion Intermediate over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill and allocated to each of our reporting units.

As of December 31, 2014, our consolidated balance sheet included goodwill of $2,023.9 million. As of December 31, 2014, we had no other indefinite-lived intangible assets. We test goodwill and indefinite-lived intangible assets for impairment on an annual basis, in the fourth quarter, or on an interim basis if an indicator of impairment is present. For goodwill, we compare the fair value of each reporting unit to its carrying amount to determine if there is potential goodwill impairment. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than the carrying value of its goodwill. For other indefinite-lived intangibles, if any, we compare the fair value of the asset to its carrying value to determine if there is an impairment. If the fair value of the asset is less than its carrying value, an impairment loss is recorded.

We use discounted cash flow techniques to determine the fair value of our reporting units, goodwill and other indefinite-lived intangibles. The discounted cash flow calculation requires a number of significant assumptions, including projections of future cash flows, exchange rates and an estimate of the appropriate discount rates. The projections of future cash flows used to assess the fair value of the reporting units are based on the internal operating plans reviewed by management and significant shareholders. The projections of future exchange rates were based on the current exchange rates at the time the projections were prepared. The estimated discount rates were based on the risk-free rate of interest and estimated risk premiums for the reporting units at the time the impairment analysis was prepared. We believe our current estimates of fair value are based on assumptions that are reasonable and consistent with assumptions that would be used by other marketplace participants. Such estimates are, however, inherently uncertain, and estimates using different assumptions could result in significantly different results, and a potential impairment charge for one or more of our reporting units that could adversely affect our results of operations.

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During 2014, 2013 and 2012, there were no impairments of goodwill or other indefinite-lived intangible assets. As of December 31, 2014, our estimates of fair value for each reporting unit exceeded the carrying amount of the corresponding reporting unit. The estimated fair value of our Latin America reporting unit exceeded its carrying amount by 5%. A 10% increase in the discount rate or a 10% decrease in the estimated cash flows of the reporting unit could not have resulted in an impairment in any reporting unit other than the Latin America reporting unit.

Long-Lived Depreciable and Amortizable Assets

In connection with the 2012 Change in Control Transaction, all long-lived depreciable and amortizable assets were recorded at fair value and the carrying value of certain fixed assets and all intangible assets increased significantly.

As of December 31, 2014, our consolidated balance sheet included fixed assets of $304.8 million, $181.4 million net of accumulated depreciation, and long-lived intangible assets of $2,347.4 million, $1,939.6 million net of accumulated amortization. We review long-lived assets subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the consolidated balance sheet, and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. When a long-lived asset group is tested for recoverability, we also review depreciation estimates and methods. Any revision to the remaining useful life of a long-lived asset resulting from that review is also considered in developing estimates of future cash flows used to test the asset for recoverability. We typically use a discounted cash flow model when assessing the fair value of our asset groups. The discounted cash flow calculation requires a number of significant assumptions, including projections of future cash flows and an estimate of our discount rate.

When events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, we use estimates of future cash flows to determine recoverability and base such estimates on assumptions that are reasonable and consistent with assumptions that would be used by other marketplace participants. Such estimates, however, are inherently uncertain and estimates using different assumptions, or different valuation techniques, could result in significantly different results. During 2014, 2013 and 2012, there were no material impairment charges.

Legal Contingencies

As of December 31, 2014, our consolidated balance sheet included an accrual of $17.8 million for pending or anticipated claims of our operations. In the ordinary course of business, we are involved in various legal proceedings relating to our current or past business operations. In the ordinary course of business, we are also subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both form and informal), certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. We regularly review all litigation and regulatory matters to determine whether a loss is probable and, if probable, can be reasonably estimated. If a loss is probable and can be reasonably estimated, an appropriate reserve is accrued and included in other current liabilities. We make a number of significant judgments and estimates related to these contingencies, including the likelihood that a liability has been incurred, and an estimate of that liability. See our consolidated financial statements and the related notes included in this report for additional information about our legal contingencies.

We believe the judgments and estimates used are reasonable, but events may arise that were not anticipated and the outcome of a contingency may differ significantly from what is expected.

Income Taxes

As of December 31, 2014, TransUnion’s consolidated balance sheet included current deferred tax assets of $51.2 million and noncurrent deferred tax liabilities of $676.8 million. Certain deferred tax assets (including net operating loss carryforwards) may be deducted from taxable income in computing our federal income tax liability. If, in the future, we undergo an ownership change as described in Section 382(g) of the United States Internal Revenue Code, our ability to recover such deferred tax assets may be limited. Additionally, we are required to record current and deferred tax expense, deferred tax assets and liabilities resulting from temporary differences, and unrecognized tax benefits for uncertain tax positions. We make certain judgments and estimates to determine the amounts recorded, including future tax rates, future taxable income, whether it is more likely than not a tax position will be sustained, and the amount of the unrecognized tax benefit to record.

We believe the judgments and estimates used are reasonable, but events may arise that were not anticipated and the outcome of tax audits may differ significantly from what is expected.

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Stock-Based Compensation

For the year ended December 31, 2014, we recorded $10.6 million of stock-based compensation expense. For the year ended December 31, 2013, we recorded $6.9 million of stock-based compensation expense. For the year ended December 31, 2012, we recorded $93.0 million of stock-based compensation expense, including $88.0 million in connection with the 2012 Change in Control Transaction. The fair value of each award was determined by various methods including independent valuations of our common stock based on discounted cash flow and selected comparable public company analysis, the Black-Scholes valuation model, and risk-neutral Monte Carlo valuation models. The various valuation models required management to make a number of significant assumptions, including the fair value of our stock, projections of future cash flows and an estimate of our cost of capital, volatility rates, expected life of awards and risk-free interest rates. We believe the determination of fair value was based on assumptions and estimates that are reasonable and consistent with what would be used by other marketplace participants to determine fair value. Valuations, however, are inherently uncertain and valuations using different assumptions and estimates, or different valuation techniques, could result in significantly different values. See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 15, “Stock-Based Compensation,” for additional information.

Recent Accounting Pronouncements

For information about recent accounting pronouncements and the potential impact on our consolidated financial statements, see Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 1, “Significant Accounting and Reporting Policies.”

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ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business we are exposed to market risk, primarily from changes in variable interest rates and foreign currency exchange rates, which could impact our results of operations and financial position. We manage the exposure to this market risk through our regular operating and financing activities. We may use derivative financial instruments, such as foreign currency and interest rate hedges, but only as a risk management tool and not for speculative or trading purposes.

Interest Rate Risk

Our senior secured credit facility consists of a seven-year senior secured term loan and a $190.0 million senior secured revolving line of credit. Interest rates on these borrowings are based, at Trans Union LLC’s election, on LIBOR or an alternate base rate, subject to a floor, plus an applicable margin based on the senior secured net leverage ratio. As of December 31, 2014, 65.7% of TransUnion’s outstanding debt was variable-rate debt. As of December 31, 2014, our variable-rate debt had a weighted-average interest rate of 3.99% and a weighted-average life of 6.20 years. For all of 2014, the variable rate on our senior secured term loan was below the floor, and a 10% change in the interest rate on that loan would not have changed our interest expense. During 2014, during the time the senior secured revolving line of credit had an outstanding balance, the variable rate was below the floor, and a 10% change in the interest rate on that loan would not have changed our interest expense.

On April 30, 2012, we entered into swap agreements that effectively fixed the interest payments on a portion of the senior secured term loan at 2.033%, plus the applicable margin, beginning March 28, 2013. Under the swap agreements, which we have designated as cash flow hedges, we paid a fixed rate of interest and received a variable rate of interest equal to the greater of 1.50% or the 3-month LIBOR. The net amount to be paid or received has been and will continue to be recorded as an adjustment to interest expense. As a result of the April 9, 2014, senior secured credit facility amendment, the swaps were no longer expected to be highly effective and no longer qualify for hedge accounting. The total fair value of the swap instruments as of April 9, 2014, of $1.6 million was recorded in other liabilities in the consolidated balance sheet. The corresponding net of tax loss of $1.0 million was recorded in accumulated other comprehensive income and is being amortized to interest expense on a straight-line basis through December 29, 2017, the remaining life of the swaps. Changes in the fair value of the swaps after April 9, 2014, resulted in a loss $0.3 million recorded in other income and expense for the year ended December 31, 2014.

The total notional amount of the swaps at December 31, 2014, was $412.5 million and is scheduled to decrease as scheduled principal payments are made on the senior secured term loan. The cash flows on the hedge instrument began on June 28, 2013, and we do not expect to elect a non-LIBOR loan or to pay down our senior secured term loan below the notional amount of the swaps in the next 12 months.

Based on the amount of outstanding variable-rate debt, we have a material exposure to interest rate risk. In the future our exposure to interest rate risk may change due to changes in the amount borrowed, changes in interest rates, or changes in the amount we have hedged. The amount of our outstanding debt, and the ratio of fixed-rate debt to variable-rate debt, can be expected to vary as a result of future business requirements, market conditions or other factors.

See Part II, Item 8, “Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements,” Note 12, “Debt,” for additional information about interest rates on our debt.

Foreign Currency Exchange Rate Risk

A substantial majority of our revenue, expense and capital expenditure activities are transacted in U.S. dollars. However, we transact business in a number of foreign currencies, including the South African rand, Canadian dollar, Indian rupee and Brazilian real. We have minimal euro-based transactions. In reporting the results of our foreign operations, we benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar relative to the foreign currencies.

We are required to translate the assets and liabilities of our foreign subsidiaries that are measured in foreign currencies at the applicable period-end exchange rate in our consolidated balance sheets. We are required to translate revenue and expenses at the average exchange rates prevailing during the year in our consolidated statements of income. The resulting translation adjustment is included in other comprehensive income, as a component of stockholders’ equity. We include transactional foreign currency gains and losses in other income and expense in our consolidated statements of income.

In 2014, revenue from foreign operations was $255.5 million, and foreign operating income was $22.2 million. A 10% change in the value of the U.S. dollar relative to a basket of the currencies for all foreign countries in which we had operations during 2014 would have changed our revenue by $25.6 million and our operating income by $2.2 million.

A 10% change in the value of the U.S. dollar relative to a basket of currencies for all foreign countries in which we had operations would not have had a significant impact on our 2014 realized foreign currency transaction gains and losses.

57

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Financial Statements

TransUnion:

Management’s Report on Financial Statements and Assessment of Internal Control over Financial Reporting	59
Report of Independent Registered Public Accounting Firm	60
Consolidated Balance Sheets	61
Consolidated Statements of Income	62
Consolidated Statements of Comprehensive Income	63
Consolidated Statements of Cash Flows	64
Consolidated Statements of Stockholders’ Equity	66
Notes to Consolidated Financial Statements	70

58

Management’s Report on Financial Statements and Assessment of Internal Control over Financial Reporting

Financial Statements

Management of TransUnion is responsible for the preparation of the TransUnion financial information included in this Annual Report on Form 10-K. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include amounts that are based on the best estimates and judgments of management.

Assessment of Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. TransUnion’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that:

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of TransUnion;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles;

• provide reasonable assurance that receipts and expenditures of TransUnion are being made only in accordance with the authorizations of management and directors of TransUnion; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations in any control, no matter how well designed, internal control over financial reporting may not prevent or detect misstatements. Accordingly, even effective internal control over financial reporting can only provide reasonable assurance with respect to financial statement preparation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of TransUnion’s internal control over financial reporting as of December 31, 2014. Management based this assessment on the criteria for effective internal control over financial reporting described in Internal Control—Integrated Framework as issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Management’s assessment included an evaluation of the design of TransUnion’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Management reviewed the results of its assessment with the Audit and Compliance Committee of TransUnion’s Board of Directors.

Based on this assessment, management determined that, as of December 31, 2014, TransUnion’s internal control over financial reporting was effective.

59

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

TransUnion

We have audited the accompanying consolidated balance sheets of TransUnion and subsidiaries as of December 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows for each of the two years in the period ended December 31, 2014 and the period from February 15, 2012 (the date of inception) through December 31, 2012 and the consolidated statements of income, comprehensive income, stockholder’s equity, and cash flows of TransUnion Intermediate Holdings, Inc. (Predecessor) for the period from January 1, 2012 through April 30, 2012. Our audit also included the financial statement schedules listed in the Index at Item 15 to the consolidated financial statements. These financial statements and schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of TransUnion and subsidiaries at December 31, 2014 and 2013, and the consolidated results of their operations and their cash flows for each of the two years in the period ended December 31, 2014 and the period from February 15, 2012 (the date of inception) through December 31, 2012 and the results of operations and cash flows of TransUnion Intermediate Holdings, Inc. (Predecessor) for the period from January 1, 2012 through April 30, 2012, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

 /s/ Ernst & Young LLP

Ernst & Young LLP

Chicago, IL

March 30, 2015

60

TRANSUNION AND SUBSIDIARIES

Consolidated Balance Sheets

(in millions, except per share data)

	Successor
	December 31, 2014			December 31, 2013
Assets
Current assets:
Cash and cash equivalents	$	77.9		$	111.2
Trade accounts receivable, net of allowance of $2.4 and $0.7	200.4			165.0
Other current assets	122.7			73.5
Total current assets	401.0			349.7
Property, plant and equipment, net of accumulated depreciation and amortization of $123.4 and $70.2	181.4			150.4
Goodwill	2,023.9			1,909.7
Other intangibles, net of accumulated amortization of $407.8 and $227.5	1,939.6			1,934.0
Other assets	119.9			148.5
Total assets	$	4,665.8		$	4,492.3
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	106.5		$	100.3
Short-term debt and current portion of long-term debt	74.0			13.8
Other current liabilities	149.4			133.5
Total current liabilities	329.9			247.6
Long-term debt	2,865.9			2,853.1
Deferred taxes	676.8			636.9
Other liabilities	22.1			22.6
Total liabilities	3,894.7			3,760.2
Redeemable noncontrolling interests	23.4			17.6
Stockholders’ equity:
Common stock, $0.01 par value; 200.0 million shares authorized at December 31, 2014 and December 31, 2013, 111.4 million and 110.7 million shares issued as of December 31, 2014 and December 31, 2013, respectively; and 110.9 million and 110.2 million shares outstanding as of December 31, 2014 and December 31, 2013, respectively	1.1			1.1
Additional paid-in capital	1,138.0			1,121.8
Treasury stock at cost; 0.5 million shares at December 31, 2014 and December 31, 2013	(4.3		)	(4.1		)
Accumulated deficit	(430.2		)	(417.7		)
Accumulated other comprehensive income (loss)	(117.5		)	(73.2		)
Total TransUnion stockholders’ equity	587.1			627.9
Noncontrolling interests	160.6			86.6
Total stockholders’ equity	747.7			714.5
Total liabilities and stockholders’ equity	$	4,665.8		$	4,492.3

See accompanying notes to consolidated financial statements.

61

TRANSUNION AND SUBSIDIARIES

Consolidated Statements of Income

(in millions, except per share data)

	Successor									Predecessor
	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception through December 31, 2012			Four Months Ended April 30, 2012
Revenue	$	1,304.7		$	1,183.2		$	767.0		$	373.0
Operating expenses
Cost of services (exclusive of depreciation and amortization below)	499.1			472.4			298.2			172.0
Selling, general and administrative	436.0			354.8			212.6			172.0
Depreciation and amortization	241.2			186.8			115.0			29.2
Total operating expenses	1,176.3			1,014.0			625.8			373.2
Operating income (loss)	128.4			169.2			141.2			(0.2		)
Non-operating income and expense
Interest expense	(190.0		)	(197.6		)	(125.0		)	(40.5		)
Interest income	3.3			1.7			0.8			0.6
Earnings from equity method investments	12.5			13.7			8.0			4.1
Other income and (expense), net	44.0			(12.9		)	(22.3		)	(27.9		)
Total non-operating income and expense	(130.2		)	(195.1		)	(138.5		)	(63.7		)
Income (loss) before income taxes	(1.8		)	(25.9		)	2.7			(63.9		)
(Provision) benefit for income taxes	(2.6		)	(2.3		)	(6.6		)	11.5
Net loss	(4.4		)	(28.2		)	(3.9		)	(52.4		)
Less: net income attributable to noncontrolling interests	(8.1		)	(6.9		)	(4.9		)	(2.5		)
Net loss attributable to TransUnion	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)
Earnings per share:
Basic	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)
Diluted	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)
Weighted average shares outstanding:
Basic	110.5			109.9			109.7			29.8
Diluted	110.5			109.9			109.7			29.8

See accompanying notes to consolidated financial statements.

62

TRANSUNION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(in millions)

	Successor									Predecessor
	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Net loss	$	(4.4	)	$	(28.2	)	$	(3.9	)	$	(52.4	)
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustment	(58.9		)	(59.6		)	(24.2		)	2.5
Benefit for income taxes	5.2			3.2			1.5			—
Foreign currency translation, net	(53.7		)	(56.4		)	(22.7		)	2.5
Interest rate swaps:
Net unrealized gain (loss)	(0.6		)	4.8			(5.9		)	—
Amortization of accumulated loss	0.3			—			—			—
Benefit (provision) for income taxes	0.1			(1.8		)	2.2			—
Interest rate swaps, net	(0.2		)	3.0			(3.7		)	—
Available-for-sale securities:
Net unrealized gain	0.2			—			—			—
Provision for income taxes	(0.1		)	—			—			—
Available-for-sale securities, net	0.1			—			—			—
Total other comprehensive income (loss), net of tax	(53.8		)	(53.4		)	(26.4		)	2.5
Comprehensive loss	(58.2		)	(81.6		)	(30.3		)	(49.9		)
Less: comprehensive income (loss) attributable to noncontrolling interests	1.5			(2.3		)	(2.9		)	(2.8		)
Comprehensive loss attributable to TransUnion	$	(56.7	)	$	(83.9	)	$	(33.2	)	$	(52.7	)

See accompanying notes to consolidated financial statements.

63

TRANSUNION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in millions)

	Successor									Predecessor
	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Cash flows from operating activities:
Net loss	$	(4.4	)	$	(28.2	)	$	(3.9	)	$	(52.4	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	241.2			186.8			115.0			29.2
Net gain on 2014 Refinancing Transaction	(33.1		)	—			—			—
Gain on fair value adjustment of cost and equity method investment	(22.2		)	—			—			—
Impairment of cost method investment	4.1			—			—			—
Amortization and loss on fair value of interest rate swaps	0.6			—			—			—
Equity in net income of affiliates, net of dividends	(3.3		)	(3.6		)	1.3			(3.7		)
Deferred taxes	(20.8		)	(16.2		)	(5.1		)	(18.3		)
Amortization of senior notes purchase accounting fair value adjustment and note discount	(5.8		)	(17.1		)	(10.8		)	—
(Gains) / losses on sale of other assets	—			(1.0		)	—			0.1
Amortization of deferred financing fees	7.3			8.2			2.1			3.9
Stock-based compensation	8.0			6.3			2.7			2.0
Provision (reduction) for losses on trade accounts receivable	3.2			0.8			(1.9		)	3.1
Change in control transaction fees	—			—			—			20.9
Other	1.3			(0.9		)	2.6			(0.7		)
Changes in assets and liabilities:
Trade accounts receivable	(36.3		)	(3.1		)	(1.0		)	(24.7		)
Other current and long-term assets	2.0			(8.6		)	(78.8		)	1.5
Trade accounts payable	6.1			5.9			(0.8		)	1.6
Other current and long-term liabilities	6.4			14.1			25.6			89.9
Cash provided by operating activities	154.3			143.4			47.0			52.4
Cash flows from investing activities:
Capital expenditures	(155.2		)	(81.7		)	(48.8		)	(20.4		)
Proceeds from sale of trading securities	1.5			4.4			—			1.1
Purchases of trading securities	(2.1		)	(1.8		)	(0.5		)	(1.1		)
Proceeds from sale of other investments	9.7			—			—			—
Purchases of other investments	(15.1		)	—			—			—
Acquisition of TransUnion Intermediate Holdings, Inc., net of cash acquired	—			—			(1,485.9		)	—
Proceeds from sale of other assets	1.0			4.3			—			—
Acquisitions and purchases of noncontrolling interests, net of cash acquired	(119.9		)	(282.3		)	(14.2		)	(0.1		)
Acquisition-related deposits, net	4.1			(10.0		)	3.7			—
Other	—			0.1			(1.4		)	0.9
Cash used in investing activities	(276.0		)	(367.0		)	(1,547.1		)	(19.6		)
Cash flows from financing activities:
Proceeds from senior secured term loan	1,895.3			1,133.4			—			—
Extinguishment of senior secured term loan	(1,120.5		)	(923.4		)	—			—

64

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Cash Flows-Continued (in millions)
	Successor									Predecessor
	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Extinguishment of 11.375% senior unsecured notes	(645.0		)	—			—			—
Proceeds from revolving line of credit	78.5			65.0			—			—
Payment on revolving line of credit	(28.5		)	(65.0		)	—			—
Proceeds from 9.625% notes	—			—			600.0			—
Proceeds from 8.125% notes	—			—			398.0			—
Repayments of debt	(25.6		)	(11.9		)	(17.2		)	(14.6		)
Debt financing fees (2014 fees include prepayment premium on early termination of 11.375% notes)	(61.5		)	(5.2		)	(41.3		)	(6.1		)
Change in control transaction fees	—			—			—			(20.9		)
Proceeds from issuance of common stock and exercise of stock options	9.6			5.8			1,097.3			—
Treasury stock purchases	(0.2		)	(3.4		)	(0.7		)	(1.3		)
Distribution of merger consideration	—			—			—			(1.3		)
Dividends	—			—			(373.8		)	—
Distributions to noncontrolling interests	(10.4		)	(8.0		)	(7.2		)	(0.4		)
Other	0.2			—			—			(0.4		)
Cash provided by (used in) financing activities	91.9			187.3			1,655.1			(45.0		)
Effect of exchange rate changes on cash and cash equivalents	(3.5		)	(6.8		)	(0.7		)	0.8
Net change in cash and cash equivalents	(33.3		)	(43.1		)	154.3			(11.4		)
Cash and cash equivalents, beginning of period	111.2			154.3			—			107.8
Cash and cash equivalents, end of period	$	77.9		$	111.2		$	154.3		$	96.4
Noncash investing activities:
Property and equipment acquired through capital lease obligations	$	—		$	2.0		$	—		$	—
Noncash financing activities:
Finance arrangements	$	12.9		$	—		$	—		$	—
Exchange of TransUnion common stock for ownership interest in TransUnion Intermediate Holdings, Inc.	$	—		$	—		$	10.4		$	—
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	191.0		$	211.8		$	140.4		$	12.7
Income taxes, net of refunds	25.2			23.3			14.9			5.6

See accompanying notes to consolidated financial statements.

65

TRANSUNION AND SUBSIDIARIES

Consolidated Statements of Stockholders’ Equity

(in millions)

	Common Stock
	Shares	Amount		Paid-In Capital			Treasury Stock			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Non-controlling Interests			Total			Redeemable Non- controlling Interests
Predecessor balance, December 31, 2011	29.8	$	0.3	$	893.9		$	(0.2	)	$	(1,739.0	)	$	(3.6	)	$	24.2		$	(824.4	)	$	—
Net income (loss)	—	—		—			—			(54.9		)	—			2.5			(52.4		)	—
Other comprehensive income	—	—		—			—			—			2.2			0.3			2.5			—
Stock-based compensation	—	—		2.0			—			—			—			—			2.0			—
Exercise of stock options	—	—		0.1			—			—			—			—			0.1			—
Impact of share-based awards modification	—	—		(3.3		)	—			—			—			—			(3.3		)	—
Distributions to noncontrolling interests	—	—		—			—			—			—			(0.4		)	(0.4		)	—
Treasury stock purchased	—	—		—			(1.3		)	—			—			—			(1.3		)	—
Effects of merger transaction	—	—		—			—			(0.4		)	—			—			(0.4		)	—
Predecessor balance, April 30, 2012	29.8	$	0.3	$	892.7		$	(1.5	)	$	(1,794.3	)	$	(1.4	)	$	26.6		$	(877.6	)	$	—

66

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Stockholders’ Equity—Continued (in millions)
	Common Stock
	Shares		Amount		Paid-In Capital		Treasury Stock			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Non-controlling Interests			Total			Redeemable Non- controlling Interests
Successor balance, February 15, 2012 (inception)	—		$	—	$	—	$	—		$	—		$	—		$	—		$	—		$	—
Net income (loss)	—		—		—		—			(8.8		)	—			4.9			(3.9		)	—
Other comprehensive loss	—		—		—		—			—			(24.4		)	(2.0		)	(26.4		)	—
Acquisition of noncontrolling interests in TransUnion Intermediate Holdings, Inc. subsidiaries	—		—		—		—			—			—			26.6			26.6			—
Purchase accounting adjustments related to acquisition of TransUnion Intermediate Holdings, Inc.	—		—		—		—			—			—			87.0			87.0			(0.3		)
Reclassification of redeemable non-controlling interests	—		—		—		—			—			—			(17.9		)	(17.9		)	17.9
Acquisition of Africa subsidiary	—		—		—		—			—			—			1.9			1.9			—
Additional acquisition price for Brazil subsidiary	—		—		—		—			—			—			—			—			0.4
Distributions to noncontrolling interests	—		—		—		—			—			—			(7.2		)	(7.2		)	—
Purchase of noncontrolling interests	—		—		0.1		—			—			—			—			0.1			(3.3		)
Dividends	—		—		—		—			(373.8		)	—			—			(373.8		)	—
Stock-based compensation	—		—		2.7		—			—			—			—			2.7			—
Issuance of stock	110.2		1.1		1,106.6		—			—			—			—			1,107.7			—
Treasury stock purchased	(0.1	)	—		—		(0.7		)	—			—			—			(0.7		)	—
Successor balance December 31, 2012	110.1		$	1.1	$	1,109.4	$	(0.7	)	$	(382.6	)	$	(24.4	)	$	93.3		$	796.1		$	14.7

67

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Stockholders’ Equity—Continued (in millions)
	Common Stock
	Shares		Amount		Paid-In Capital		Treasury Stock			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Non-controlling Interests			Total			Redeemable Non- controlling Interests
Net income (loss)	—		$	—	$	—	$	—		$	(35.1	)	$	—		$	6.8		$	(28.3	)	$	0.1
Other comprehensive loss	—		—		—		—			—			(48.8		)	(1.9		)	(50.7		)	(2.7		)
Acquisition of Brazil subsidiary	—		—		—		—			—			—			—			—			7.6
Distributions to noncontrolling interests	—		—		—		—			—			—			(7.8		)	(7.8		)	(0.2		)
Purchase of noncontrolling interests	—		—		0.3		—			—			—			—			0.3			(1.9		)
Stock-based compensation	—		—		6.3		—			—			—			—			6.3			—
Issuance of stock	0.4		—		5.2		—			—			—			—			5.2			—
Exercise of stock options	0.1		—		0.6		—			—			—			—			0.6			—
Treasury stock purchased	(0.4	)	—		—		(3.4		)	—			—			—			(3.4		)	—
Purchase accounting adjustments related to acquisition of TransUnion Intermediate Holdings, Inc. subsidiaries	—		—		—		—			—			—			(3.3		)	(3.3		)	—
Disposal of noncontrolling interests	—		—		—		—			—			—			(0.6		)	(0.6		)	—
Stockholder contribution	—		—		—		—			—			—			0.1			0.1			—
Successor balance December 31, 2013	110.2		$	1.1	$	1,121.8	$	(4.1	)	$	(417.7	)	$	(73.2	)	$	86.6		$	714.5		$	17.6

68

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Stockholders’ Equity—Continued (in millions)
	Common Stock
	Shares	Amount		Paid-In Capital			Treasury Stock			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Non-controlling Interests			Total			Redeemable Non- controlling Interests
Net income (loss)	—	$	—	$	—		$	—		$	(12.5	)	$	—		$	8.4		$	(4.1	)	$	(0.3	)
Other comprehensive loss	—	—		—			—			—			(44.3		)	(7.5		)	(51.8		)	(2.0		)
Establishment of noncontrolling and redeemable noncontrolling interests	—	—		—			—			—			—			85.1			85.1			8.4
Distributions to noncontrolling interests	—	—		—			—			—			—			(10.1		)	(10.1		)	(0.3		)
Purchase of noncontrolling interests	—	—		(1.4		)	—			—			—			(2.0		)	(3.4		)	—
Stockholder contribution from noncontrolling interests	—	—		—			—			—			—			0.1			0.1			—
Stock-based compensation	—	—		8.0			—			—			—			—			8.0			—
Issuance of stock	0.5	—		8.5			—			—			—			—			8.5			—
Exercise of stock options	0.2	—		1.1			—			—			—			—			1.1			—
Treasury stock purchased	—	—		—			(0.2		)	—			—			—			(0.2		)	—
Successor balance December 31, 2014	110.9	$	1.1	$	1,138.0		$	(4.3	)	$	(430.2	)	$	(117.5	)	$	160.6		$	747.7		$	23.4

See accompanying notes to consolidated financial statements.

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TRANSUNION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2014, 2013, and 2012

1. Significant Accounting and Reporting Policies

Description of Business

TransUnion is a leading global risk and information solutions provider. Our mission is to help people worldwide access opportunities that lead to a higher quality of life. We accomplish this by helping businesses optimize their risk-based decisions and by enabling consumers to better understand and manage their personal information. Businesses embed our solutions into their process workflows to manage risk and to drive better business outcomes. Consumers use our solutions to view their credit profiles and access analytical tools that help them understand and manage their personal financial information and take precautions against identity theft. We have deep domain expertise across a number of attractive industry verticals, including financial services, insurance and healthcare, as well as a global presence in over 30 countries across North America, Africa, Latin America and Asia.

We obtain financial, credit, alternative credit, identity, bankruptcy, lien, judgment, insurance claims, automotive and other relevant information from over 90,000 data sources, including financial institutions, private databases and public records repositories. We refine, standardize and enhance this data using sophisticated algorithms to create proprietary databases. Our deep analytics expertise, which includes our people as well as tools such as predictive modeling and scoring, customer segmentation, benchmarking and forecasting, enables businesses and consumers to gain better insights into their risk and financial data. Our decisioning capability, which is generally delivered on a software-as-a-service platform, allows businesses to interpret data and apply their specific qualifying criteria to make decisions and take action with their customers. Collectively, our data, analytics and decisioning capabilities allow businesses to authenticate the identity of consumers, effectively determine the most relevant products for consumers, retain and cross-sell to existing consumers, identify and acquire new consumers and reduce loss from fraud. Similarly, our capabilities allow consumers to see how their credit profile have changed over time, understand the impact of financial decisions on their credit score and manage their personal financial information as well as to take precautions against identity theft.

Basis of Presentation

The accompanying consolidated financial statements of TransUnion (formerly known as TransUnion Holding Company, Inc.) and subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the periods presented. All significant intercompany transactions and balances have been eliminated.

TransUnion Holding Company, Inc. was formed on February 15, 2012, as a vehicle to acquire TransUnion Corp. on April 30, 2012. On March 26, 2015, TransUnion Holding Company, Inc. was renamed TransUnion and TransUnion Corp. was renamed TransUnion Intermediate Holdings, Inc. ("TransUnion Intermediate"). The historical financial statements and information are presented on a Successor and Predecessor basis. The historical financial information for TransUnion Intermediate reflects the consolidated results of TransUnion Intermediate and its subsidiaries prior to the 2012 Change in Control Transaction (the “Predecessor”). The historical financial information for TransUnion reflects the stand-alone results of its operations from its date of inception and the consolidated results of TransUnion Intermediate and its subsidiaries after April 30, 2012 (the “Successor”).

Unless the context indicates otherwise, any reference in this report to the “Company,” “we,” “us,” and “our” refers to TransUnion with its direct and indirect subsidiaries, including TransUnion Intermediate, or to TransUnion Intermediate and its subsidiaries for periods prior to the forming of TransUnion.

2012 Change in Control Transaction

TransUnion was formed by affiliates of Advent International Corporation (“Advent”) and Goldman Sachs & Co. (“GS”) on February 15, 2012, as a vehicle to acquire 100% of the outstanding common stock of TransUnion Intermediate. On April 30, 2012, pursuant to an Agreement and Plan of Merger, TransUnion acquired TransUnion Intermediate. To partially fund the acquisition, TransUnion issued $600.0 million aggregate principal amount of 9.625%/10.375% senior PIK toggle notes due 2018 (9.625% notes). We refer to these transactions collectively as the “2012 Change in Control Transaction.”

The 2012 Change in Control Transaction was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations, with the basis of the assets acquired and liabilities assumed recorded at fair value to reflect the purchase price.

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Subsequent Events

Events and transactions occurring through the date of issuance of the financial statements have been evaluated by management, and when appropriate, recognized or disclosed in the consolidated financial statements.

Principles of Consolidation

The consolidated financial statements of TransUnion include the accounts of TransUnion and all of its majority-owned or controlled subsidiaries. Investments in unconsolidated entities in which the Company has at least a 20% ownership interest, or where it is able to exercise significant influence, are accounted for using the equity method. Nonmarketable investments in unconsolidated entities in which the Company has less than a 20% ownership interest, or where it is not able to exercise significant influence, are accounted for using the cost method and periodically reviewed for impairment.

Use of Estimates

The preparation of consolidated financial statements and related disclosures in accordance with GAAP requires management to make estimates and judgments that affect the amounts reported. We believe that the estimates used in preparation of the accompanying consolidated financial statements are reasonable, based upon information available to management at this time. These estimates and judgments affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the balance sheet date, as well as the amounts of revenue and expense during the reporting period. Estimates are inherently uncertain and actual results could differ materially from the estimated amounts.

Change in Accounting Estimate

Effective July 1, 2014, we revised the remaining useful lives of certain internal use software, equipment, leasehold improvement and corporate headquarters facility assets to align with the expected completion dates of our strategic initiatives to transform our technology infrastructure and corporate headquarters facility. As a result, depreciation and amortization expense increased by $17.5 million. The net of tax impact of this change decreased net income attributable to TransUnion by $11.2 million,or $0.10 per share.

Reclassifications

We have reclassified certain items, which are not material, that are presented in our prior period consolidated financial statements to conform to the current year’s presentation.

Segments

We manage our business and report our financial results in three operating segments: U.S. Information Services (“USIS”); International; and Consumer Interactive (formerly "Interactive"). We also report expenses for Corporate, which provides support services to each operating segment. Details of our segment results are discussed in Note 17, “Operating Segments.”

Revenue Recognition and Deferred Revenue

Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the pricing is fixed or determinable and the collectability is reasonably assured. For multiple element arrangements, we separate deliverables into units of accounting and recognize revenue for each unit of accounting based on evidence of each unit’s relative selling price to the total arrangement consideration, assuming all other revenue recognition criteria have been met.

A significant portion of our revenue is derived from providing information services to our customers. This revenue is recognized when services are provided, assuming all criteria for revenue recognition are met. A smaller portion of our revenue relates to subscription-based contracts where a customer pays a predetermined fee for a predetermined, or unlimited, number of transactions or services during the subscription period. Revenue related to subscription-based contracts having a preset number of transactions is recognized as the services are provided, using an effective transaction rate as the actual transactions are completed. Any remaining revenue related to unfulfilled units is not recognized until the end of the related contract’s subscription period. Revenue related to subscription-based contracts having an unlimited volume is recognized straight-line over the contract term.

Deferred revenue generally consists of amounts billed in excess of revenue recognized for the sale of data services, subscriptions and set up fees. Deferred revenue is included in other current liabilities.

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Costs of Services

Costs of services include data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses, research and development costs and occupancy costs associated with the facilities where these functions are performed.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and occupancy and facilities expense of these functions. Advertising costs are expensed as incurred. Advertising costs for the years ended December 31, 2014 and 2013, and from the date of inception through December 31, 2012 were $31.3 million, $32.3 million and $19.2 million, respectively. Advertising costs of TransUnion Intermediate Predecessor for the four months ended April 30, 2012 were $15.5 million.

Stock-Based Compensation

Compensation expense for all stock-based compensation awards is determined using the grant date fair value and includes an estimate for expected forfeitures. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our stock-based compensation program are discussed in Note 15, “Stock-Based Compensation.”

Income Taxes

Deferred income tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates. The effect of a tax rate change on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the change. We periodically assess the recoverability of our deferred tax assets, and a valuation allowance is recorded against deferred tax assets if it is more likely than not that some portion of the deferred tax assets will not be realized. See Note 14, “Income Taxes,” for additional information.

Foreign Currency Translation

The functional currency for each of our foreign subsidiaries is generally that subsidiary’s local currency. We translate the assets and liabilities of foreign subsidiaries at the year-end exchange rate, and translate revenues and expenses at the monthly average rates during the year. We record the resulting translation adjustment as a component of other comprehensive income in stockholders’ equity.

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The exchange rate loss for the years ended December 31, 2014 and December 31, 2013, was $1.1 million and $0.8 million, respectively. The exchange rate gain from the date of inception through December 31, 2012 was less than $0.1 million. The exchange rate gain of TransUnion Intermediate Predecessor for the four months ended April 30, 2012 was $0.2 million.

Cash and Cash Equivalents

We consider investments in highly liquid debt instruments with original maturities of three months or less to be cash equivalents.

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is based on our historical write-off experience, analysis of the aging of outstanding receivables, customer payment patterns and the establishment of specific reserves for customers in adverse financial condition or for existing contractual disputes. Adjustments to the allowance are recorded as a bad debt expense in selling, general and administrative expenses. Trade receivables are written off against the allowance when they are determined to be no longer collectible. We reassess the adequacy of the allowance for doubtful accounts each reporting period.

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Long-Lived Assets

Property, Plant, Equipment and Intangibles

Property, plant and equipment was adjusted to fair value on the date of the 2012 Change in Control Transaction. All subsequent purchases of property, plant and equipment have been recorded at cost. Property, plant and equipment is depreciated primarily using the straight-line method over the estimated useful lives of the assets. Buildings and building improvements are generally depreciated over twenty years. Computer equipment and purchased software are depreciated over three to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the lease term. Other assets are depreciated over five to seven years. Intangibles, other than indefinite-lived intangibles, are amortized using the straight-line method over their economic life, generally three to forty years. Assets to be disposed of are separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. See Note 2, “Change in Control Transaction,” Note 5, “Property, Plant and Equipment,” and Note 7, “Intangible Assets,” for additional information about these assets.

Internal Use Software

We monitor the activities of each of our internal use software and system development projects and analyze the associated costs, making an appropriate distinction between costs to be expensed and costs to be capitalized. Costs incurred during the preliminary project stage are expensed as incurred. Many of the costs incurred during the application development stage are capitalized, including costs of software design and configuration, development of interfaces, coding, testing and installation of the software. Once the software is ready for its intended use, it is amortized on a straight-line basis over its useful life, generally three to seven years.

Impairment of Long-Lived Assets

We review long-lived assets that are subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. No significant impairment charges were recorded during 2014, 2013, or 2012.

Marketable Securities

We classify our investments in debt and equity securities in accordance with our intent and ability to hold the investments. Held-to-maturity securities are carried at amortized cost, which approximates fair value, and are classified as either short-term or long-term investments based on the contractual maturity date. Earnings from these securities are reported as a component of interest income. Available-for-sale securities are carried at fair market value, with the unrealized gains and losses, net of tax, included in accumulated other comprehensive income. Trading securities are carried at fair value, with unrealized gains and losses included in income.

At December 31, 2014 and 2013, the Company's marketable securities consisted of trading securities and available-for-sale securities. The trading securities relate to a nonqualified deferred compensation plan held in trust for the benefit of plan participants. The available-for-sale securities relate to foreign exchange-traded corporate bonds. There were no significant realized or unrealized gains or losses for these securities for any of the periods presented. We follow fair value guidance to measure the fair value of our financial assets as further described in Note 16, "Fair Value."

We periodically review our marketable securities to determine if there is an other-than-temporary impairment on any security. If it is determined that an other-than-temporary decline in value exists, we write down the investment to its market value and record the related impairment loss in other income. There were no other-than-temporary impairments of marketable securities in 2014, 2013, or 2012.

Goodwill and Other Indefinite-Lived Intangibles

Goodwill and other indefinite-lived intangible assets are allocated to various reporting units, which are an operating segment or one level below an operating segment. We test goodwill and indefinite-lived intangible assets for impairment on an annual basis, in the fourth quarter, or on an interim basis if an indicator of impairment is present. For goodwill, we compare the fair value of each reporting unit to its carrying amount to determine if there is potential goodwill impairment. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than the carrying value of its goodwill. For other indefinite-lived intangibles, we compare the fair value of the asset to its carrying value to determine if there is an impairment. If the fair value of the asset is less than its carrying value, an impairment

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loss is recorded. We use discounted cash flow techniques to determine the fair value of our reporting units and other indefinite-lived intangibles. See Note 6, “Goodwill,” and Note 7, “Intangible Assets,” for additional information about these assets.

Benefit Plans

We maintain a 401(k) defined contribution profit sharing plan for eligible employees. We provide a partial matching contribution and a discretionary contribution based on a fixed percentage of a participant’s eligible compensation. Contributions to this plan for the years ended December 31, 2014 and 2013, and from the date of inception through December 31, 2012, were $14.1 million, $12.4 million and $6.9 million, respectively. Contributions to this plan by TransUnion Intermediate Predecessor for the four months ended April 30, 2012, were $4.8 million. We also maintain a nonqualified deferred compensation plan for certain key employees. The deferred compensation plan contains both employee deferred compensation and company contributions. These investments are held in the TransUnion Rabbi Trust, and are included in marketable securities in the consolidated balance sheets. The assets held in the Rabbi Trust are for the benefit of the participants in the deferred compensation plan, but are available to our general creditors in the case of our insolvency. The liability for amounts due to these participants is included in other current liabilities and other liabilities in the consolidated balance sheets.

Recently Adopted Accounting Pronouncements

On July 18, 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11,Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist. ASU No. 2013-11 provides guidance on the presentation of unrecognized tax benefits to better reflect the manner in which an entity would settle at the reporting date any income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. This guidance was adopted by the Company effective January 1, 2014, and did not result in a material change in the Company’s consolidated financial statements. See Note 14, "Income Taxes," for further details regarding the impact of this adoption.

Recent Accounting Pronouncement Not Yet Adopted

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This comprehensive guidance will replace all existing revenue recognition guidance and is effective for annual reporting periods beginning after December 15, 2016, and interim periods therein. We are currently assessing the impact this guidance will have on our consolidated financial statements once it is adopted.

On June 19, 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This update clarifies the accounting for share-based awards with performance targets and is effective for years beginning after December 15, 2015. We are currently assessing the impact this guidance will have on our consolidated financial statements.

2. Change in Control Transaction

2012 Change in Control Transaction

On April 30, 2012, TransUnion Intermediate was acquired by affiliates of Advent and GS, for the aggregate purchase price of $1,592.7 million, plus the assumption of existing debt. As a result, TransUnion Intermediate became a wholly-owned subsidiary of TransUnion. In connection with the acquisition, all existing stockholders of TransUnion Intermediate received cash consideration for their shares and all existing option holders received cash consideration based on the value of their options. To partially fund the acquisition, TransUnion issued $600.0 million aggregate principal amount of the 9.625% notes. At the time of the transaction, TransUnion was owned 49.5% by affiliates of Advent, 49.5% by affiliates of GS and 1% by members of management.

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Purchase Price Allocation

The fair value of identifiable intangible assets acquired and liabilities assumed was based on many factors including an analysis of historical financial performance and estimates of future performance, and was determined using analytical approaches appropriate to the facts and circumstances, including discounted cash flow and market-based approaches. The allocation of the purchase price to the identifiable assets acquired and liabilities assumed as of April 30, 2012, consisted of the following:

(in millions)	Fair Value
Trade accounts receivable	$	162.4
Property and equipment	112.9
Identifiable intangible assets	1,986.4
Goodwill(1)	1,794.8
All other assets	302.3
Total assets acquired	$	4,358.8
Existing debt (including fair value adjustment)	(1,710.8		)
All other liabilities	(945.4		)
Noncontrolling interests	(109.9		)
Net assets of acquired company	$	1,592.7

⁽¹⁾  For tax purposes, $128.8 million of goodwill is tax deductible.

The excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill. The purchase price of TransUnion Intermediate exceeded the fair value of the net assets acquired due primarily to growth opportunities and operational efficiencies.

Identifiable Intangible Assets

The fair values of the intangible assets acquired consisted of the following:

(in millions)	Fair Value		Estimated Useful Life
Database and credit files	$	765.0	15 years
Technology and software	364.6		7 years
Trade names and trademarks	546.1		40 years
Customer relationships	308.0		20 years
Other	2.7		5 years
Total identifiable intangible assets	$	1,986.4

The weighted-average useful life of identifiable intangible assets is approximately 21 years.

Acquisition Costs

The Company incurred $36.5 million of acquisition-related costs, including investment banker fees, legal fees, due diligence and other external costs recorded in other income and expense. Of this total, $15.6 million was incurred by the Successor and $20.9 million was incurred by the Predecessor. The Predecessor also incurred $2.7 million of loan fees for a bridge loan prior to the date of acquisition.

3. Business Combinations

TLO

On December 16, 2013, we acquired a 100% ownership interest in certain net assets of TLO, LLC ("TLO") for $153.4 million in cash. TLO provides data solutions for identity authentication, fraud prevention, and debt recovery. The results of operations of this business have been included as part of the USIS segment in the accompanying consolidated statements of income since the date of acquisition.

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Purchase Price Allocation

The fair value of the assets acquired and liabilities assumed consisted of the following:

(in millions)	Fair Value
Other current assets	$	0.3
Property and equipment	6.8
Identifiable intangible assets	83.1
Goodwill(1)	69.2
Total assets acquired	$	159.4
Total liabilities assumed	(6.0		)
Net assets of acquired company	$	153.4

⁽¹⁾  All of the goodwill is deductible for tax purposes.

The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill. The purchase price of TLO exceeded the fair value of the net assets acquired due primarily to growth opportunities, synergies associated with its internal use software and our existing customer base and brand name, and other technological and operational synergies. Goodwill has been allocated to the USIS segment.

Identifiable Intangible Assets

The fair values of the intangible assets acquired consisted of the following:

(in millions)	Fair Value		Estimated Useful Life
Technology and software	$	45.8	7 years
Trade names and trademarks	13.2		20 years
Customer relationships	24.1		15 years
Total identifiable intangible assets	$	83.1

The weighted-average useful life of identifiable intangible assets is approximately 11 years.

Acquisition Costs

During 2013, the Company incurred $3.7 million of acquisition-related costs for TLO, including banking fees, legal fees, due diligence and other external costs, which were expensed and recorded in other income and expense in the fourth quarter of 2013. Additional TLO acquisition-related costs of $0.5 million were incurred and expensed during 2014.

DHI

On November 12, 2014, we acquired an 87.5% ownership interest in Drivers History Information Sales, LLC ("DHI"). DHI provides traffic violations and criminal court data. The results of operations of DHI, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date of acquisition.

L2C

On October 17, 2014, we increased our equity interest in L2C, Inc. ("L2C") from 11.6% to 100%. L2C provides predictive analytics using alternative data. The results of operations of L2C, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date we obtained control.

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CIBIL

During 2014, we increased our equity interest in Credit Information Bureau (India) Limited (“CIBIL”) from 27.5% to 55.0%. This additional purchase gave us control and resulted in our consolidation of CIBIL. CIBIL's results of operations, which are not material, are included as part of our International segment in our consolidated statements of income since May 21, 2014, the date we obtained control. See Note 9, "Investments in Affiliated Companies," for additional information.

eScan

On September 4, 2013, we acquired 100% ownership of e-Scan Data Systems, Inc. ("eScan"), a business that provides services to healthcare providers to capture uncompensated care costs in their revenue management programs. This acquisition is in line with our strategic objective to invest in the growing healthcare industry. The results of operations of eScan, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date of the acquisition.

ZipCode

On March 1, 2013, we acquired 80% ownership in Data Solutions Serviços de Informática Ltda. (“ZipCode”), a Brazilian company that provides data enrichment and registry information services. This acquisition is in line with our strategic objective to invest in growing international regions. The results of operations of ZipCode, which are not material, have been included as part of our International segment in our consolidated statements of income since the date of the acquisition.

4. Other Current Assets

Other current assets consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Deferred income tax assets	$	51.2	$	22.1
Prepaid expenses	43.4		34.9
Other investments	8.8		—
Deferred financing fees	8.2		6.8
Marketable securities	3.0		—
Income taxes receivable	2.8		6.8
Other	5.3		2.9
Total other current assets	$	122.7	$	73.5

Other investments are foreign non-negotiable certificates of deposit that we acquired with CIBIL. The majority of these certificates of deposits are in denominations of greater than $0.1 million. As of December 31, 2014, these investments were recorded at their carrying value.

5. Property, Plant and Equipment

Property, plant and equipment, including those acquired by capital lease, consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Computer equipment and furniture	$	153.1		$	107.8
Building and building improvements	89.0			64.3
Purchased software	59.5			45.3
Land	3.2			3.2
Total cost of property, plant and equipment	304.8			220.6
Less: accumulated depreciation	(123.4		)	(70.2		)
Total property, plant and equipment, net of accumulated depreciation	$	181.4		$	150.4

Depreciation expense, including depreciation of assets recorded under capital leases, for the years ended December 31, 2014 and December 31, 2013, and from the date of inception through December 31, 2012, was $56.7 million, $44.0 million and $26.7 million, respectively. Depreciation expense for the Predecessor four months ended April 30, 2012, was $12.4 million.

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6. Goodwill

Goodwill is tested for impairment at the reporting unit level on an annual basis, in the fourth quarter, or on an interim basis if changes in circumstances could reduce the fair value of a reporting unit below its carrying value. Our reporting units are consistent with our operating segments for the U.S. Information Services and Consumer Interactive segments. The reporting units for our International segment are the geographic regions of Africa, Canada, Latin America and Asia.

Our impairment tests are performed using a discounted cash flow analysis that requires certain assumptions and estimates regarding economic factors and future profitability. Goodwill impairment tests performed during 2014, 2013 and 2012 resulted in no impairment. At December 31, 2014, there was no accumulated goodwill impairment loss.

As a result of the 2012 Change in Control Transaction, the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill. See Note 2, “2012 Change in Control Transaction.”

Goodwill allocated to our segments as of December 31, 2014, December 31, 2013, and December 31, 2012, and the changes in the carrying amount of goodwill during those periods consisted of the following:

(in millions)	USIS			International			Consumer Interactive			Total
Balance, December 31, 2012	$	1,135.3		$	532.1		$	136.8		$	1,804.2
Purchase accounting adjustments	(4.7		)	(3.8		)	(0.6		)	(9.1		)
Acquisitions	125.9			25.4			—			151.3
Tax deductible goodwill adjustment	—			(2.1		)	—			(2.1		)
Foreign exchange rate adjustment	—			(33.9		)	—			(33.9		)
Sale of Africa subsidiary	—			(0.7		)	—			(0.7		)
Balance, December 31, 2013	$	1,256.5		$	517.0		$	136.2		$	1,909.7
Purchase accounting adjustments	10.3			—			—			10.3
Acquisitions	40.8			92.9			—			133.7
Foreign exchange rate adjustment	—			(29.8		)	—			(29.8		)
Balance, December 31, 2014	$	1,307.6		$	580.1		$	136.2		$	2,023.9

As of December 31, 2014, our estimates of fair value for each reporting unit exceeded the carrying amount of the corresponding reporting unit. The estimated fair value of our Latin America reporting unit exceeded its carrying amount by 5%. A 10% increase in the discount rate or a 10% decrease in the estimated cash flows of the reporting unit could not have resulted in an impairment in any reporting unit other than the Latin America reporting unit.

See Note 2, “Change in Control Transaction,” and Note 3, “Business Combinations,” for information on our purchase accounting adjustments and business acquisitions.

7. Intangible Assets

Intangible assets are initially recorded at their acquisition cost, or fair value if acquired as part of a business combination, and amortized over their estimated useful lives. Increases to the gross amount of intangible assets during 2014 included expenditures to develop internal use software and increases due to business acquisitions, partially offset by the impact of foreign exchange rate adjustments.

Intangible assets consisted of the following:

	December 31, 2014							December 31, 2013
(in millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Database and credit files	$	801.3	$	(135.8	)	$	665.5	$	761.8	$	(84.3	)	$	677.5
Internal use software	580.0		(187.3		)	392.7		510.4		(94.7		)	415.7
Customer relationships	392.4		(46.0		)	346.4		336.1		(25.8		)	310.3
Trademarks, copyrights and patents	571.5		(37.9		)	533.6		550.7		(22.2		)	528.5
Noncompete and other agreements	2.2		(0.8		)	1.4		2.5		(0.5		)	2.0
Total intangible assets	$	2,347.4	$	(407.8	)	$	1,939.6	$	2,161.5	$	(227.5	)	$	1,934.0

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All amortizable intangibles are amortized on a straight-line basis over their estimated useful lives. Database and credit files are amortized over a twelve- to fifteen-year period. Internal use software is amortized over a three- to seven-year period. Customer relationships are amortized over a ten- to twenty-year period. Trademarks are generally amortized over a forty-year period. Copyrights, patents, noncompete and other agreements are amortized over varying periods based on their estimated economic life. The increase in gross intangible assets is primarily a result of business acquisitions during 2014. See Note 3, “Business Combinations,” for information on our business acquisitions.

Amortization expense related to intangible assets for the years ended December 31, 2014 and 2013, and from inception through December 31, 2012, was $184.5 million, $142.8 million, and $88.3 million, respectively. Amortization expense for the Predecessor four months ended April 30, 2012, was $16.8 million.

Estimated future amortization expense related to purchased intangible assets at December 31, 2014, is as follows:

(in millions)	Annual Amortization Expense
2015	$	214.3
2016	180.1
2017	146.2
2018	134.0
2019	115.6
Thereafter	1,149.4
Total future amortization expense	$	1,939.6

8. Other Assets

Other assets consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Investments in affiliated companies	$	52.8	$	92.4
Deferred financing fees	25.8		29.7
Other investments	18.8		—
Deposits	11.5		15.8
Marketable securities	10.9		9.9
Other	0.1		0.7
Total other assets	$	119.9	$	148.5

The decrease in investments in affiliated companies was primarily due to our acquisition of a controlling equity interest in CIBIL, which we now consolidate. Other investments include foreign non-negotiable certificates of deposit that we acquired with CIBIL. The majority of these certificates of deposits are in denominations of greater than $0.1 million. As of December 31, 2014, these investments are recorded at their carrying value. See Note 3, "Business Combinations," and Note 9, "Investments in Affiliated Companies," for additional information regarding the CIBIL acquisition.

9. Investments in Affiliated Companies

Investments in affiliated companies represent our investment in non-consolidated domestic and foreign entities. These entities are in businesses similar to ours, such as credit reporting, credit scoring and credit monitoring services. These investments are included in other assets in the consolidated balance sheets.

We use the equity method to account for investments in affiliates where we have at least a 20% ownership interest or where we are able to exercise significant influence. For these investments, we adjust the carrying value for our proportionate share of the affiliates’ earnings, losses and distributions, as well as for purchases and sales of our ownership interest.

We use the cost method to account for nonmarketable investments in affiliates where we have less than a 20% ownership interest or where we are not able to exercise significant influence. For these investments, we adjust the carrying value for purchases and sales of our ownership interests.

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For all investments, we adjust the carrying value if we determine that an other-than-temporary impairment has occurred. During 2014, we incurred a loss of $4.1 million recorded in our USIS segment on a cost method investment that was liquidated. The loss was included in other income and expense in the consolidated statements of income. We had no impairments of investments in affiliated companies during 2013 or 2012.

Investments in affiliated companies consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Trans Union de Mexico, S.A. (25.69% ownership interest)	$	45.0	$	50.0
Credit Information Bureau (India) Ltd. ("CIBIL", 27.5% ownership interest in 2013)	—		28.4
All other equity method investments	6.9		6.1
Total equity method investments	$	51.9	$	84.5
Total cost method investments	0.9		7.9
Total investments in affiliated companies	$	52.8	$	92.4

These balances are included in other assets in the consolidated balance sheets.

During 2014, we increased our equity interest in CIBIL to 55.0%, obtained control and began consolidating results of operations of CIBIL as part of our International segment. As a result, CIBIL is no longer an equity method investment.

We remeasured our previously held equity interest in CIBIL at fair value as of the date we obtained control in accordance with the accounting guidance for acquisitions achieved in stages. As a result, we recognized a gain of $21.7 million in other income and expense in the second quarter of 2014.

Earnings from equity method investments, which are included in other non-operating income and expense, and dividends received from equity method investments consisted of the following:

	Successor						Predecessor
(in millions)	Twelve Months Ended December, 2014		Twelve Months Ended December, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
Earnings from equity method investments	$	12.5	$	13.7	$	8.0	$	4.1
Dividends received from equity method investments	$	9.2	$	10.1	$	9.3	$	0.4

Under SEC Regulation S-X, Rule 4-08(g), our investment in TransUnion de Mexico, S.A. is considered a significant equity method investment. The summarized financial information and earnings for our equity method investments as required by SEC Regulation S-X, Rule 1-02(bb)(i) and (ii) consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Current assets	$	57.8	$	83.0
Noncurrent assets	$	14.7	$	24.6
Current liabilities	$	18.0	$	26.3
Noncurrent liabilities	$	0.1	$	1.4

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
Revenue	$	124.9	$	132.6	$	82.4	$	40.9
Operating income	$	55.7	$	57.7	$	34.4	$	16.9
Income from continuing operations	$	43.9	$	48.2	$	28.6	$	14.1
Net income	$	43.9	$	48.2	$	28.6	$	14.1

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Dividends received from cost method investments were $0.8 million, $0.7 million, and $0.6 million in 2014 and 2013 and from the date of inception through December 31, 2012, respectively. We received no dividends from cost method investments for the four months ended April 30, 2012. Dividends received from cost method investments have been included in other income and expense.

10. Other Current Liabilities

Other current liabilities consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Accrued payroll	$	71.5	$	63.7
Accrued interest	20.5		23.1
Accrued legal and regulatory	17.8		13.8
Accrued employee benefits	13.0		9.6
Deferred revenue	8.6		9.1
Other	18.0		14.2
Total other current liabilities	$	149.4	$	133.5

11. Other Liabilities

Other liabilities consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Retirement benefits	$	10.8	$	10.4
Unrecognized tax benefits	0.3		4.6
Other	11.0		7.6
Total other liabilities	$	22.1	$	22.6

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12. Debt

Debt outstanding consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Senior secured term loan, payable in quarterly installments through April 9, 2021, including variable interest (4.00% at December 31, 2014) at LIBOR or alternate base rate, plus applicable margin, including original discount (premium) of $4.3 million and $(0.2) million at December 31, 2014, and December 31, 2013, respectively	$	1,881.5		$	1,123.5
Senior secured revolving line of credit, due on April 9, 2019, variable interest (3.75% at December 31, 2014) at LIBOR or alternate base rate, plus applicable margin	50.0			—
11.375% Senior Notes - Senior notes, principal due June 15, 2018, (paid in full in May 2014) semi-annual interest payments, 11.375% fixed interest per annum, including unamortized fair value adjustment of $95.9 million as of December 31, 2013	—			740.9
9.625% Senior Notes - Senior unsecured PIK toggle notes, principal due June 15, 2018, semi-annual interest payments, 9.625% fixed interest per annum	600.0			600.0
8.125% Senior Notes - Senior unsecured PIK toggle notes, principal due June 15, 2018, semi-annual interest payments, 8.125% fixed interest per annum, including original issuance discount of $1.3 million and $1.7 million at December 31, 2014, and December 31, 2013, respectively	398.7			398.3
Other notes payable	7.4			—
Capital lease obligations	2.3			4.2
Total debt	$	2,939.9		$	2,866.9
Less short-term debt and current portion of long-term debt	(74.0		)	(13.8		)
Total long-term debt	$	2,865.9		$	2,853.1

Excluding potential additional principal payments due on the senior secured credit facility based on excess cash flows of the prior year, scheduled future maturities of total debt at December 31, 2014, was as follows:

(in millions)
2015	$	74.0
2016	23.4
2017	19.4
2018	1,019.0
2019	19.0
Thereafter	1,790.7
Unamortized premiums and discounts on notes	(5.6		)
Total	$	2,939.9

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Senior Secured Credit Facility

On June 15, 2010, the Company entered into a senior secured credit facility with various lenders. The credit facility consists of a senior secured term loan and a senior secured revolving line of credit. On April 9, 2014, we refinanced and amended the senior secured credit facility. The refinancing resulted in an increase in the outstanding senior secured term loan from $1,120.5 million to $1,900.0 million. The amendment, among other things, reduced the interest rate floor and margins, reduced the amount available under the senior secured revolving line of credit from $210.0 million to $190.0 million, extended the maturity dates, and changed certain covenant requirements. The additional borrowings were used in part to repay all amounts outstanding under the existing senior secured revolving line of credit and pay fees and expenses associated with the refinancing transaction. On May 9, 2014, the remaining borrowings were used to redeem the entire $645.0 million outstanding balance of the 11.375% notes issued by TransUnion LLC and its wholly-owned subsidiary, TransUnion Financing Corporation, including a prepayment premium and unpaid accrued interest through June 15, 2014. We refer to these transactions collectively as the "2014 Refinancing Transaction." The early redemption of the 11.375% notes resulted in a net gain of $45.8 million recorded in other income and expense in the consolidated statements of income consisting of the unamortized 2012 Change in Control Transaction fair value increase in the notes of $89.4 million less an early redemption premium and other costs totaling $43.6 million. The senior secured credit facility refinancing resulted in $12.7 million of refinancing fees and other net costs expensed and recorded in other income and expense in the consolidated statements of income.

Interest rates on the refinanced senior secured term loan are based on the London Interbank Offered Rate (“LIBOR”) unless otherwise elected, and subject to a floor of 1.00%, plus a margin of 2.75% or 3.00% depending on our senior secured net leverage ratio. Under the refinanced senior secured term loan, the Company is required to make principal payments of 0.25% of the refinanced original principal balance at the end of each quarter, with the remaining balance due April 9, 2021. The Company will also be required to make additional payments beginning in 2015 based on excess cash flows of the prior year. Depending on the senior secured net leverage ratio for the year, a principal payment of between zero and fifty percent of the excess cash flows will be due the following year.

During the fourth quarter of 2014, the Company borrowed $50.0 million against the senior secured revolving line of credit to partially fund acquisitions. As of December 31, 2014, the entire $50.0 million borrowed against the senior secured revolving line of credit remained outstanding.

Interest rates on the refinanced senior secured revolving line of credit are based on LIBOR unless otherwise elected, and subject to a floor of 1.00%, plus a margin of 2.50% or 2.75% depending on our senior secured net leverage ratio. There is a 0.375% or 0.50% annual commitment fee, depending on our senior secured net leverage ratio, payable quarterly based on the undrawn portion of the senior secured revolving line of credit. The commitment under the senior secured revolving line of credit expires on April 9, 2019.

With certain exceptions, the obligations are secured by a first-priority security interest in substantially all of the assets of Trans Union LLC, including its investment in subsidiaries. The senior secured credit facility contains various restrictions and nonfinancial covenants, along with a senior secured net leverage ratio test. The nonfinancial covenants include restrictions on dividends, investments, dispositions, future borrowings and other specified payments, as well as additional reporting and disclosure requirements. We are in compliance with all of the loan covenants.

On April 30, 2012, we entered into swap agreements that effectively fixed the interest payments on a portion of the then existing senior secured term loan at 2.033%, plus the applicable margin, beginning March 28, 2013. Under the swap agreements, which we had designated as cash flow hedges, we pay a fixed rate of interest of 2.033% and receive a variable rate of interest equal to the greater of 1.50% or the three-month LIBOR. The net amount paid or received was recorded as an adjustment to interest expense. As a result of the April 9, 2014, senior secured credit facility amendment, the swaps were no longer expected to be highly effective and no longer qualify for hedge accounting. The total fair value of the swap instruments as of April 9, 2014, of $1.6 million was recorded in other liabilities in the consolidated balance sheet. The corresponding net of tax loss of $1.0 million was recorded in accumulated other comprehensive income and is being amortized to interest expense on a straight-line basis through December 29, 2017, the remaining life of the swaps. Changes in the fair value of the swaps after April 9, 2014 through December 31, 2014, resulted in a loss of $0.3 million recorded in other income and expense.

11.375% Senior Notes

Trans Union LLC and its wholly-owned subsidiary TransUnion Financing Corporation issued $645.0 million principal amount of 11.375% senior unsecured notes due June 15, 2018. On May 9, 2014, the 11.375% notes were fully repaid using proceeds received on the new senior secured term loan.

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9.625% Senior Notes

On March 21, 2012, the Company issued $600.0 million principal amount of 9.625%/10.375% senior unsecured PIK toggle notes (“9.625% Senior Notes”) due June 15, 2018, in a private placement to certain investors. Pursuant to an exchange offer completed in October 2012, these notes were subsequently registered with the SEC. The Company is required to pay interest on the 9.625% Senior Notes in cash unless certain conditions described in the indenture governing the notes are satisfied, in which case the Company will be entitled to pay interest for such period by increasing the principal amount of the notes or by issuing new notes (such increase being referred to as “PIK,” or paid-in-kind interest) to the extent described in the indenture.

The indenture governing the 9.625% Senior Notes contains nonfinancial covenants that include restrictions on our ability to pay dividends or distributions, repurchase equity, prepay junior debt, make certain investments, incur additional debt, issue certain stock, incur liens on property, merge, consolidate or sell certain assets, enter into transactions with affiliates, and allow to exist certain restrictions on the ability of subsidiaries to pay dividends or make other payments to TransUnion. We are in compliance with all covenants under the indenture.

8.125% Senior Notes

On November 1, 2012, the Company issued $400.0 million principal amount of 8.125%/8.875% senior unsecured PIK toggle notes (“8.125% Senior Notes”) due June 15, 2018, at an offering price of 99.5% in a private placement to certain investors. Pursuant to an exchange offer completed in August 2013, these notes were subsequently registered with the SEC. The Company is required to pay interest on the 8.125% Senior Notes in cash unless certain conditions described in the indenture governing the notes are satisfied, in which case the Company will be entitled to pay interest for such period by increasing the principal amount of the notes or by issuing new notes to the extent described in the indenture.

The indenture governing the 8.125% Senior Notes and the nonfinancial covenants are substantially identical to those governing the 9.625% notes. We are in compliance with all covenants under the indenture.

Fair Value of Debt

The estimated fair values of our 9.625% and 8.125% Senior Notes as of December 31, 2014, were $613.7 million and $410.2 million, respectively, compared with book values of $600.0 million and $398.7 million, respectively. The fair values of these fixed-rate notes, as determined under Level 2 of the fair-value hierarchy, are measured using quoted market prices of these publicly traded securities. The book value of our variable-rate debt approximates its fair value. The estimated fair value of our debt may not represent the actual settlement value due to redemption premiums and prepayment penalties that we may incur in connection with extinguishing our debt before its stated maturity.

13. Earnings Per Share

Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflects the effect of the increase in shares outstanding determined by using the treasury stock method for awards issued under our long-term incentive stock plans. There were 7.7 million, 7.1 million, and 6.5 million anti-dilutive stock-based awards outstanding at December 31, 2014, December 31, 2013, and December 31 2012, respectively, including contingently issuable market-based stock options. These awards were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Basic and diluted weighted average shares outstanding and earnings per share for the years ended December 31, 2014 and 2013, from the date of inception through December 31, 2012, and four months ended April 30, 2012, were as follows:

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	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception through December 31, 2012			Four Months Ended April 30, 2012
Earnings per share - basic
Earnings available to common shareholders	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)
Weighted average shares outstanding	110.5			109.9			109.7			29.8
Earnings per share - basic	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)
Earnings per share - diluted
Earnings available to common shareholders	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)
Weighted average shares outstanding	110.5			109.9			109.7			29.8
Dilutive impact of stock based awards	—			—			—			—
Weighted average dilutive shares outstanding	110.5			109.9			109.7			29.8
Earnings per share - diluted	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)

14. Income Taxes

The provision (benefit) for income taxes on income (loss) from operations consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Federal
Current	$	(0.1	)	$	0.1		$	0.1		$	1.0
Deferred	(15.9		)	(15.5		)	(3.0		)	(16.1		)
State
Current	0.4			—			(0.5		)	0.1
Deferred	0.1			(0.3		)	(0.3		)	(1.5		)
Foreign
Current	23.1			18.4			12.1			5.7
Deferred	(5.0		)	(0.4		)	(1.8		)	(0.7		)
Total provision (benefit) for income taxes	$	2.6		$	2.3		$	6.6		$	(11.5	)

The components of income (loss) from operations before income taxes consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Domestic	$	(54.1	)	$	(72.9	)	$	(33.3	)	$	(79.5	)
Foreign	52.3			47.0			36.0			15.6
Total income (loss) from operations before income taxes	$	(1.8	)	$	(25.9	)	$	2.7		$	(63.9	)

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The effective income tax rate reconciliation consisted of the following:

	Successor															Predecessor
(in millions)	Twelve Months Ended December 31, 2014					Twelve Months Ended December 31, 2013					From Date of Inception Through December 31, 2012					Four Months Ended April 30, 2012
Income taxes at 35% statutory rate	$	(0.6	)	35.0	%	$	(9.1	)	35.0	%	$	0.9		35.0	%	$	(22.4	)	35.0	%
Increase (decrease) resulting from:
State taxes	0.4			(23.9	)%	(0.1		)	0.4	%	(0.9		)	(35.0	)%	(1.4		)	2.2	%
Foreign rate differential	(1.8		)	98.7	%	(0.9		)	3.5	%	(4.0		)	(148.1	)%	(1.2		)	1.9	%
Change in control transaction expenses	—			—		—			—		1.8			66.7	%	2.7			(4.2	)%
Application of indefinite reinvestment assertion to to foreign earnings	5.6			(308.4	)%	15.1			(58.0	)%	4.3			159.2	%	8.1			(12.7	)%
Impact of foreign dividends	—			(1.6	)%	(1.7		)	6.4	%	5.0			185.2	%	2.0			(3.1	)%
Other	(1.0		)	56.0	%	(1.0		)	3.9	%	(0.5		)	(18.6	)%	0.7			(1.1	)%
Total	$	2.6		(144.2	)%	$	2.3		(8.8	)%	$	6.6		244.4	%	$	(11.5	)	18.0	%

For 2014 and 2013, we reported a loss before income taxes with income tax expense, resulting in a negative effective tax rate for both periods. This rate was lower than the 35.0% U.S. federal statutory rate due primarily to tax on our foreign earnings that are not considered indefinitely reinvested outside the United States.

For the period of inception through December 31, 2012, the effective tax rate was 244.4%. This rate was higher than the 35.0% U.S. federal statutory rate due primarily to the lapse of the look-through rule and the reduction in available foreign tax credits, the unfavorable impact of changes to our accrual on certain undistributed earnings of the Company’s controlled foreign subsidiaries and tax non-deductibility of certain costs incurred in connection with the 2012 Change in Control Transaction, partially offset by a favorable tax rate differential on the Company’s foreign earnings.

For the four months ended April 30, 2012, TransUnion Intermediate Predecessor reported a loss before income taxes. The effective tax rate for this period of 18.0% was lower than the 35.0% U.S. federal statutory rate due primarily to the impact of recording tax expense on our undistributed foreign earnings, the non-deductibility of certain costs incurred in connection with the 2012 Change in Control Transaction and limitations on our foreign tax credits.

Effective January 1, 2012, the look-through provision under subpart F of the U.S. Internal Revenue Code expired.

Consequently, beginning in 2012, we recorded tax expense for the U.S. income tax we would incur in the absence of the look-through rule. As part of the American Taxpayer Relief Act of 2012 enacted into law on January 2, 2013, the look-through provision was retroactively reinstated to January 1, 2012, and we reversed the tax expense we recorded for subpart F in 2012 during the first quarter of 2013. The look-through rule was effective for 2013 and 2014 as well.

As a result of the 2012 Change in Control Transaction and increased debt service requirements resulting from the additional debt incurred by TransUnion, we asserted at December 31, 2012, that all undistributed foreign earnings from certain controlled foreign corporations accumulated as of April 30, 2012, were not indefinitely reinvested outside the United States. Accordingly, in 2012 we recorded a deferred tax liability for the full estimated U.S. tax cost, net of related foreign tax credits, associated with remitting these earnings back to the United States. In 2014, we modified this assertion due to changes in the Company’s capital structure. We now assert that $118.7 million of earnings from our Canadian, South African and Netherlands subsidiaries and CIBIL are not indefinitely reinvested outside the United States.

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Components of net deferred income tax consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Deferred income tax assets:
Compensation	$	9.8		$	6.8
Employee benefits	7.8			6.3
Legal reserves and settlements	5.3			3.5
Hedge investments	0.7			0.4
Financing related costs	3.6			39.4
Loss and credit carryforwards	110.7			72.5
Other	8.6			8.6
Gross deferred income tax assets	146.5			137.5
Valuation allowance	(42.1		)	(25.9		)
Total deferred income tax assets, net	$	104.4		$	111.6
Deferred income tax liabilities:
Depreciation and amortization	$	(663.3	)	$	(647.3	)
Investments in affiliated companies	(15.0		)	(17.1		)
Taxes on undistributed foreign earnings	(50.4		)	(57.1		)
Other	(1.3		)	(4.9		)
Total deferred income tax liability	(730.0		)	(726.4		)
Net deferred income tax liability	$	(625.6	)	$	(614.8	)

The temporary differences resulting from differing treatment of items for tax and accounting purposes results in deferred tax assets and liabilities. If deferred tax assets are not likely to be recovered in future years, a valuation allowance is recorded. During 2014, our valuation allowance increased $16.2 million primarily due to the current year foreign tax credit carryforward. As of December 31, 2014 and 2013, a valuation allowance of $42.1 million and $25.9 million, respectively, was recorded against the deferred tax assets generated by capital loss, foreign loss and foreign tax credit carryforwards. Our capital loss carryforwards will expire over the next five years, our U.S. net operating loss carryforward will expire in twenty years, and our foreign loss and foreign credit carryforwards will expire over the next ten years.

No provision has been made for U.S. income taxes or foreign withholding taxes on $141.7 million of unremitted earnings from certain non-U.S. subsidiaries since these earnings are intended to be permanently reinvested in operations outside the United States. It is impractical at this time to determine the tax impact if these earnings were distributed. Remitting these earnings to the United States would result in additional tax expense.

The total amount of unrecognized tax benefits as of December 31, 2014 and 2013, was $1.9 million and $4.6 million, respectively. The amount of unrecognized tax benefits as of December 31, 2014 and 2013, which would affect the effective tax rate if recognized, was $0.3 million and $4.6 million, respectively.

The total amount of unrecognized tax benefits consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Balance as of beginning of period	$	4.6		$	4.9
Reductions for tax positions of prior years	—			(0.1		)
Reductions relating to settlement and lapse of statute	(2.7		)	(0.2		)
Balance as of end of period	$	1.9		$	4.6

We classify interest on unrecognized tax benefits as interest expense and tax penalties as other income or expense in the consolidated statements of income. We classify any interest or penalties related to unrecognized tax benefits as other liabilities in the consolidated balance sheets. Interest expense related to taxes was insignificant for the years ended December 31, 2014 and 2013. The accrued

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interest payable for taxes as of December 31, 2014 and 2013, was $0.9 million and $0.7 million, respectively. There was no significant expense recognized, or significant liability recorded, for tax penalties as of December 31, 2014 or 2013.

We are regularly audited by federal, state, local and foreign taxing authorities. Given the uncertainties inherent in the audit process, it is reasonably possible that certain audits could result in a significant increase or decrease in the total amount of unrecognized tax benefits. An estimate of the range of the increase or decrease in unrecognized tax benefits due to audit results cannot be made at this time. As of December 31, 2014, tax years 2006 and forward remained open for examination in some state and foreign jurisdictions and tax years 2009 and forward remained open for the federal purposes. The Internal Revenue Service has issued its final Revenue Agent's Report to the Company for its 2009 through 2011 tax years. We have evaluated the issues raised and, where appropriate, made adjustments in 2014 where we determined that we did not have a more likely than not probability of prevailing upon appeal.

15. Stock-Based Compensation

In connection with the 2012 Change in Control Transaction, the 2010 Management Equity Plan (the "2010 Plan") was cancelled and replaced with the TransUnion Holding Company, Inc. 2012 Management Equity Plan (the "2012 Plan") as approved by stockholders. Under the 2012 Plan, stock-based awards may be issued to executive officers, employees and independent directors of the Company. A total of 9.1 million shares have been authorized for grant under the 2012 Plan. As of December 31, 2014, 0.4 million shares remain available for future issuance under the 2012 plan.

For the years ended December 31, 2014, and December 31, 2013, and from the date of inception through December 31, 2012, we recognized stock-based compensation of $10.6 million, $6.9 million, and $3.0 million, respectively, with related income tax benefits of approximately $3.8 million, $2.5 million and $1.1 million, respectively. For the four months ended April 30, 2012, TransUnion Intermediate Predecessor recognized $90.0 million stock-based compensation with related income tax benefits of approximately $32.4 million.

In connection with the 2012 Change in Control Transaction, all outstanding awards under the 2010 Plan immediately vested and TransUnion Intermediate Predecessor recognized $88.0 million of accelerated stock-based compensation, with a related income tax benefit of approximately $31.7 million. All options outstanding were then cancelled and existing option holders received $91.2 million in cash consideration for the value of their options.

Stock Options

Stock-options granted under the 2012 Plan have a ten-year term. For stock options granted to employees, 40% generally vest based on the passage of time (service condition options), and 60% vest based on the passage of time and meeting certain shareholder return on investment conditions (market condition options). All stock options granted to independent directors vest based on the passage of time.

Service condition options are valued using the Black-Scholes valuation model and vest over a five-year service period, with 20% generally vesting one year after the grant date, and 5% vesting each quarter thereafter. Compensation costs for the service condition awards are recognized on a straight-line basis over the requisite service period for the entire award. Market condition options are valued using a risk-neutral Monte Carlo valuation model, with assumptions similar to those used to value the service condition awards, and vest over a five-year service period, contingent on meeting the market conditions.

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The assumptions used to value the service condition options and the weighted-average grant date fair value for the periods presented were as follows:

	Successor							Predecessor
	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Service condition options:
Dividend yield	—		—		—			—
Expected volatility	55%-60%		60%-70%		59		%	30		%
Risk-free interest rate	0.9%-2.3%		0.9%-1.0%		0.9		%	2.4		%
Expected life, in years	5.9-6.4		5.9-6.1		6.2			6.5
Weighted-average grant date fair value	$	8.16	$	5.61	$	4.97		$	15.74
Market condition options:
Weighted-average grant date fair value	$	7.45	$	5.19	$	4.08		$	15.15

The dividend yield was estimated to be zero because we do not expect to pay dividends in the future. The expected volatility was estimated based on comparable company volatility. The risk-free interest rate was derived from the constant maturity treasury curve for terms matching the expected life of the award. The expected life was calculated using the simplified method described in SAB No. 110 because we do not have sufficient historical data related to exercise behavior.

In connection with a special dividend of $3.41 per common share paid on November 1, 2012, the Compensation Committee of the Board of Directors approved an equitable adjustment to reduce the exercise price of options outstanding at November 9, 2012, from $10.07 to $6.65 per share. Since the Company’s options do not contain mandatory anti-dilution provisions, the adjustment was treated as a modification of the options’ terms and conditions, resulting in $2.8 million of additional compensation expense that is being recognized over the remaining requisite service period as of the modification date.

Stock option activity as of and for the years ended December 31, 2014 and December 31, 2013, consisted of the following:

(in millions, except share and per share information)	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2013	7,106,389		$	7.46	8.8	$	28.2
Granted	1,461,865		$	14.76
Exercised	(164,484	)	$	6.65
Forfeited	(717,973	)	$	8.64
Expired	(1,350	)	$	6.65
Outstanding at December 31, 2014	7,684,447		$	8.83	8.2	$	65.8
Fully vested and expected to vest at December 31, 2014	7,022,716		$	8.83	8.2	$	60.2
Exercisable at December 31, 2014	995,418		$	7.17	7.9	$	10.2

As of December 31, 2014, stock-based compensation expense remaining to be recognized in future years related to options, excluding an estimate for forfeitures, was $11.3 million for service condition options and $15.5 million for market condition options, with weighted-average recognition periods of 3.5 years and 2.7 years, respectively. During 2014, cash received from the exercise of stock options was $1.1 million with a tax benefit realized from these exercises of approximately $0.1 million.

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The intrinsic value of options exercised and the fair value of options vested for the periods presented are as follows:

	Successor						Predecessor
(in millions)	Year Ended December 31, 2014		Year Ended December 31, 2013		From Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
Intrinsic value of options exercised	$	1.1	$	0.5	$	—	$	—
Total fair value of options vested	$	3.0	$	3.7	$	—	$	18.2

For the four months ended April 30, 2012, the total fair value of options vested includes the fair value of options that vested in connection with the 2012 Change in Control Transaction.

Stock appreciation rights

During the years ended December 31, 2014, and December 31, 2013, and from the date of inception through December 31, 2012, the Company granted 0.1 million, 0.1 million and 0.9 million stock appreciation rights (“SARs”), respectively, with weighted-average exercise prices of $14.58, $9.52 and $6.65, respectively. The SARs have a ten-year term, with 40% vesting over a five-year service period and 60% vesting over a five-year service period contingent on meeting certain market conditions. The SARs provide for cash settlement and are being accounted for as liability awards, with expense recognized based on the award's fair value and the percentage of requisite service rendered at the end of each reporting period.

In connection with a special dividend of $3.41 per common share paid on November 1, 2012, the Compensation Committee of the Board of Directors approved an equitable adjustment to reduce the exercise price of the SARs outstanding at November 9, 2012, from $10.07 to $6.65 per share.

As of December 31, 2014, 0.1 million SARs had vested, 0.2 million SARs had been forfeited, and 0.1 million SARs had been exercised. During 2014, $0.1 million of share-based liabilities were paid for SARs that were exercised during the year. Stock-based compensation expense remaining to be recognized in future years related to SARs was $3.9 million based on the fair value of the awards at December 31, 2014.

Restricted stock

During 2012, the Company granted 25,082 shares of restricted stock that cliff vest after three years under the 2012 Management Equity Plan. During 2014 and 2013, there we no new grants or forfeitures and none of the restricted stock vested. The weighted average grant date fair value was $6.65. As of December 31, 2014, stock-based compensation expense remaining to be recognized in future years related to restricted stock was $0.1 million with a weighted-average recognition period of one year.

In connection with a special dividend of $3.41 per common share paid on November 1, 2012, the grant date fair value of restricted stock issued was reset from $10.07 to $6.65 per share.

16. Fair Value

The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2014:

(in millions)	Total			Level 1		Level 2			Level 3
Assets
Trading securities	$	10.9		$	6.6	$	4.3		$	—
Available for sale securities	3.0			—		3.0			—
Total	$	13.9		$	6.6	$	7.3		$	—
Liabilities
Contingent obligation	$	(5.0	)	$	—	$	—		$	(5.0	)
Interest rate swaps	(2.0		)	—		(2.0		)	—
Total	$	(7.0	)	$	—	$	(2.0	)	$	(5.0	)

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Level 1 instruments consist of exchange-traded mutual funds. Exchange-traded mutual funds are trading securities valued at their current market prices. These securities relate to a nonqualified deferred compensation plan held in trust for the benefit of plan participants.

Level 2 instruments consist of pooled separate accounts, foreign exchange-traded corporate bonds and interest rate swaps. Pooled separate accounts are designated as trading securities valued at net asset values. These securities relate to the nonqualified deferred compensation plan held in trust for the benefit of plan participants. Foreign exchange-traded corporate bonds are available-for-sale securities valued at their current quoted prices. These securities mature between 2027 and 2033. Interest rate swaps fair values are determined using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves. See Note 12, “Debt” for additional information regarding interest rate swaps.

Unrealized gains and losses on trading securities are included in net income, while unrealized gains and losses on available for sale securities are included in other comprehensive income. There were no significant realized or unrealized gains or losses on our securities for any of the periods presented.

Level 3 instruments consist of contingent obligations related to recent acquisitions with maximum payouts totaling $19.5 million. These obligations are contingent upon meeting certain performance requirements in 2015 and 2016. The fair values of these obligations were determined based on an income approach, using our current expectations of the future earnings of the acquired entities. We assess the fair value of these obligations each reporting period with any changes reflected as gains or losses in selling, general and administrative expenses in the consolidated statements of income. During 2014, we recorded an expense of $1.5 million as a result of changes to the fair value of these obligations.

17. Operating Segments

Operating segments are businesses for which separate financial information is available and evaluated regularly by the chief operating decision-maker in deciding how to allocate resources. This segment financial information is reported on the basis that is used for the internal evaluation of operating performance. The accounting policies of the segments are the same as described in Note 1, “Significant Accounting and Reporting Policies.”

We evaluate the performance of segments based on revenue and operating income. Intersegment sales and transfers have been eliminated and were not material.

The following is a more detailed description of the three operating segments and the Corporate unit, which provides support services to each operating segment:

U.S. Information Services

U.S. Information Services (“USIS”) provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. These businesses use our services to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud. These core capabilities and delivery platforms in our USIS segment allow us to serve a broad set of customers and business issues. We offer our services to customers in the financial services, insurance, healthcare and other industries.

International

The International segment provides services similar to our USIS segment to businesses in select regions outside the U.S. Depending on the maturity of the credit economy in each country; services may include credit reports, analytics and decisioning services and other value-added risk management services. In addition, we have insurance, business and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, insurance, automotive, collections and communications, and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive segment that help consumers proactively manage their personal finances.

Consumer Interactive

Consumer Interactive offers solutions that help consumers manage their personal finances and take precautions against identity theft. Services in this segment include credit reports and scores, credit monitoring, fraud protection and resolution and financial management. Our products are provided through user friendly online and mobile interfaces and supported by educational content and customer support. Our Consumer Interactive segment serves over 35 million consumers through both direct and indirect channels.

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Corporate

Corporate provides shared services for the Company and conducts enterprise functions. Certain costs incurred in Corporate that are not directly attributable to one or more of the operating segments remain in Corporate. These costs are typically for enterprise-level functions and are primarily administrative in nature.

Selected financial information consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception through December 31, 2012			Four Months Ended April 30, 2012
Revenue
U.S. Information Services	$	818.6		$	740.6		$	487.4		$	238.1
International	255.5			238.9			157.8			76.6
Consumer Interactive	230.6			203.7			121.8			58.3
Total	$	1,304.7		$	1,183.2		$	767.0		$	373.0
Operating income (loss)
U.S. Information Services	$	112.8		$	154.7		$	121.9		$	33.2
International	22.2			19.5			19.1			5.3
Consumer Interactive	85.5			65.6			48.7			13.0
Corporate	(92.1		)	(70.6		)	(48.5		)	(51.7		)
Total	$	128.4		$	169.2		$	141.2		$	(0.2	)
Reconciliation of operating income (loss) to income (loss) from operations before income tax:
Operating income from segments	$	128.4		$	169.2		$	141.2		$	(0.2	)
Non-operating income and expense	(130.2		)	(195.1		)	(138.5		)	(63.7		)
Income (loss) from operations before income tax	$	(1.8	)	$	(25.9	)	$	2.7		$	(63.9	)

Earnings from equity method investments, included in non-operating income and expense was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	1.2	$	1.4	$	0.9	$	0.5
International	11.3		12.3		7.1		3.6
Total	$	12.5	$	13.7	$	8.0	$	4.1

Total assets, by segment, consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
U.S. Information Services	$	2,932.8	$	2,894.7
International	1,268.1		1,166.8
Consumer Interactive	268.8		268.3
Corporate	196.1		162.5
Total	$	4,665.8	$	4,492.3

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Cash paid for capital expenditures, by segment, was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	99.6	$	46.9	$	30.8	$	14.3
International	30.1		17.1		8.6		2.4
Consumer Interactive	5.3		3.9		2.8		1.3
Corporate	20.2		13.8		6.6		2.4
Total	$	155.2	$	81.7	$	48.8	$	20.4

Depreciation and amortization expense by segment was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	174.3	$	129.3	$	78.9	$	22.3
International	51.0		39.9		25.8		3.7
Consumer Interactive	10.3		8.9		5.2		1.3
Corporate	5.6		8.7		5.1		1.9
Total	$	241.2	$	186.8	$	115.0	$	29.2

Percentage of revenue based on the country where it was earned, was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
United States	80	%	80	%	79	%	79	%
South Africa	6	%	6	%	7	%	8	%
Canada	5	%	5	%	5	%	6	%
Other	9	%	9	%	9	%	7	%

Percentage of long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset, was as follows:

	Percent of Long-Lived Assets
Country	2014		2013		2012
United States	82	%	85	%	81	%
South Africa	3	%	3	%	5	%
Canada	3	%	3	%	4	%
Other	12	%	9	%	10	%

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18. Commitments

Future minimum payments for noncancelable operating leases, purchase obligations and other liabilities of the Company in effect as of December 31, 2014, are payable as follows:

(in millions)	Operating Leases		Purchase Obligations		Total
2015	$	12.8	$	182.0	$	194.8
2016	9.9		31.9		41.8
2017	7.0		11.1		18.1
2018	5.4		6.7		12.1
2019	5.0		1.1		6.1
Thereafter	11.8		2.5		14.3
Totals	$	51.9	$	235.3	$	287.2

Purchase obligations include $106.5 million of trade accounts payable that were included in our balance sheet as of December 31, 2014. Purchase obligations include commitments for outsourcing services, royalties, data licenses, maintenance and other operating expenses. Rental expense related to operating leases was $13.4 million, $11.0 million, and $7.4 million for the years ended December 31, 2014, and December 31, 2013, and from date of inception through December 31, 2012, respectively. Rental expense related to operating leases was $3.7 million of TransUnion Intermediate Predecessor for the four months ended April 30, 2012.

Licensing agreements

We have agreements with Fair Isaac Corporation to license credit-scoring algorithms and the right to sell credit scores derived from those algorithms. Payment obligations under these agreements vary due to factors such as the volume of credit scores we sell, what type of credit scores we sell, and how our customers use the credit scores. There are no minimum payments required under these licensing agreements. However, we do have a significant level of sales volume related to these credit scores.

19. Contingencies

Litigation

In the ordinary course of business, we are routinely named as defendants in, or parties to, various legal actions and proceedings relating to our current or past business operations. These actions generally assert claims for violations of federal or state credit reporting, consumer protection or privacy laws, or common law claims related to privacy, libel, slander or the unfair treatment of consumers, and may include claims for substantial or indeterminate compensatory or punitive damages, or injunctive relief, and may seek business practice changes. In the ordinary course of business, we also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal), certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. In connection with formal and informal inquiries by these regulators, we routinely receive requests, subpoenas and orders seeking documents, testimony and other information in connection with various aspects of our activities. We regularly review all litigation and regulatory matters to determine whether a loss is probable and, if probable, whether the loss can be reasonably estimated. If a loss is probable and can be reasonably estimated, an appropriate reserve is accrued, taking into consideration legal positions, contractual obligations and applicable insurance coverages, and included in other current liabilities. We believe that the reserves established for pending or threatened legal and regulatory matters are appropriate based on the facts currently known. Due to the uncertainties inherent in the investigation and resolution of legal and regulatory matters, however, the actual costs of resolving litigation and regulatory matters may be substantially higher than the amounts reserved for those matters, and an adverse outcome in certain of these matters could have a material adverse effect on our financial results. Legal fees incurred in connection with ongoing litigation are considered a period cost and are expensed as incurred.

As of December 31, 2014 and 2013, we accrued $17.8 million and $13.8 million, respectively, for anticipated claims. These amounts were recorded in other accrued liabilities in the consolidated balance sheets and the associated expenses were recorded in selling, general and administrative expenses in the consolidated statements of income.

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20. Related-Party Transactions

Stockholder Agreement

In connection with the 2012 Change in Control Transaction, TransUnion, GS and Advent entered into the Major Stockholders’ Agreement. Under the terms of the agreement, GS and Advent have the right to appoint all members of TransUnion’s board of directors.

Consulting Agreement

In connection with the 2012 Change in Control Transaction, TransUnion, GS and Advent entered into a consulting agreement. Under the terms of the agreement, GS and Advent are to receive an advisory fee of $0.3 million each, increasing 5% annually, in exchange for services provided, including (i) general executive and management services; (ii) identification, support, negotiation and analysis of acquisitions and dispositions; (iii) support, negotiation and analysis of financing alternatives, including in connection with acquisitions, capital expenditures and refinancing of existing debt; (iv) finance functions, including assistance in the preparation of financial projections and monitoring of compliance with financing agreements; (v) human resources functions, including searching and recruiting of executives; and (vi) other services as mutually agreed upon. For the years ended December 31, 2014 and December 31, 2013, and from the date of inception through December 31, 2012, we incurred fees from Advent totaling $0.3 million, $0.3 million, and $0.1 million, respectively. For the years ended December 31, 2014 and December 31, 2013, and from the date of inception through December 31, 2012, we incurred fees from GS totaling $0.3 million, $0.3 million, and $0.1 million, respectively.

In connection with his resignation as President and Chief Executive Officer of the Company, TransUnion and Siddharth N. (Bobby) Mehta, a director of the Company, entered into a consulting agreement, dated December 6, 2012, pursuant to which Mr. Mehta provides advice and consultation to assist Mr. Peck in the transition of duties as Chief Executive Officer and to Mr. Peck and the Board of Directors with respect to the Company's strategic operating plan and strategic opportunities or transactions considered by the Company from time to time. Pursuant to the terms of the agreement, Mr. Mehta receives a consulting services fee of $0.2 million on or before January 10 of each year during the term of the agreement. Either party may terminate the agreement by providing notice of non-renewal at least sixty (60) days prior to the end of the then-current term.

Other Fees

In connection with the 2012 Change in Control Transaction and the issuance of the 8.125% notes, in 2012, we paid acquisition-related and underwriting fees of $11.9 million and $0.2 million to affiliates of GS and Advent, respectively, and TransUnion Intermediate Predecessor paid $1.4 million of acquisition-related fees to affiliates of GS.

Legal Services

TransUnion paid $0.5 million from the date of inception through December 31, 2012, and TransUnion Intermediate Predecessor paid $0.1 million for the four months ended April 30, 2012, to the law firm of Neal, Gerber & Eisenberg LLP for legal services. Marshall E. Eisenberg, a partner in the law firm, is a co-trustee of certain Pritzker family U.S.-based trusts that beneficially owned in excess of 5% of the Company’s common stock prior to the 2012 Change in Control Transaction.

TransUnion paid $0.4 million from the date of inception through December 31, 2012, and TransUnion Intermediate Predecessor paid $3.5 million for the four months ended April 30, 2012, to the law firm of Latham and Watkins LLP. Michael A. Pucker, a partner in the law firm, is an immediate family member of a co-trustee of certain Pritzker family U.S.-based trusts that beneficially owned in excess of 5% of the Company’s common stock prior to the 2012 Change in Control Transaction.

Payables

Other liabilities at December 31, 2014 and 2013, included $3.2 million, owed to certain Pritzker family business interests related to tax indemnification payments arising in connection with the 2010 change in control transaction. This amount is subject to future adjustments based on a final determination of tax expense.

Issuances of Common Stock

During 2014, the Company sold an aggregate of 257,576 shares of common stock at a purchase price of $17.40 per share to Executive Officers of the Company.

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During 2013, the Company sold an aggregate of 87,566 and 26,326 shares of common stock at a purchase price of $11.42 and $6.65 per share, respectively, to Executive Officers of the Company. During 2012, the Company sold an aggregate of 424,800 shares of common stock at a price of $6.65 per share to Executive Officers of the Company.

Investment Purchase

During 2014, the Company had no purchases of common stock from current or former Executive Officers of the Company. During 2013, the Company purchased an aggregate of 109,623 and 297,955 shares of common stock at a price of $11.42 and $6.65 per share, respectively, from former Executive Officers of the Company. During 2012, the Company purchased an aggregate of 69,625 shares of common stock at a price of $10.07 from a former Executive Officer of the Company.

21. Quarterly Financial Data (Unaudited)

The quarterly financial data for 2014 and 2013 consisted of the following:

	Three Months Ended
(in millions)	December 31, 2014			September 30, 2014			June 30, 2014		March  31, 2014
Revenue	$	335.6		$	338.2		$	327.5	$	303.4
Operating income	20.4			40.8			32.4		34.8
Net income (loss)	(10.7		)	(0.1		)	19.9		(13.5		)
Net income (loss) attributable to TransUnion	(13.1		)	(2.6		)	17.9		(14.7		)
Earnings per share:
Basic	$	(0.12	)	$	(0.02	)	$	0.16	$	(0.13	)
Diluted	$	(0.12	)	$	(0.02	)	$	0.16	$	(0.13	)

	Three Months Ended
(in millions)	December 31, 2013			September 30, 2013			June 30, 2013			March  31, 2013
Revenue	$	292.4		$	299.5		$	300.8		$	290.5
Operating income	36.2			49.3			39.5			44.2
Net income (loss)	(15.7		)	(1.4		)	(6.1		)	(5.0		)
Net income (loss) attributable to TransUnion	(17.6		)	(3.4		)	(7.8		)	(6.3		)
Earnings per share:
Basic	$	(0.16	)	$	(0.03	)	$	(0.07	)	$	(0.06	)
Diluted	$	(0.16	)	$	(0.03	)	$	(0.07	)	$	(0.06	)

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22. Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes in each component of accumulated other comprehensive income (loss), net of tax:

(in millions)	Foreign Currency Translation Adjustment			Net Unrealized Gain/(Loss) On Hedges			Net Unrealized Gain/(Loss) On Available-for-sale Securities		Accumulated Other Comprehensive Income / (Loss)
Predecessor balance, December 31, 2011	$	(3.6	)	$	—		$	—	$	(3.6	)
Change	2.2			—			—		2.2
Predecessor balance, April 30, 2012	$	(1.4	)	$	—		$	—	$	(1.4	)
Purchase accounting adjustments	1.4			—			—		1.4
Change	(20.7		)	(3.7		)	—		(24.4		)
Successor balance, December 31, 2012	$	(20.7	)	$	(3.7	)	$	—	$	(24.4	)
Change	(51.9		)	3.1			—		(48.8		)
Successor balance, December 31, 2013	$	(72.6	)	$	(0.6	)	$	—	$	(73.2	)
Change	(44.2		)	(0.2		)	0.1		(44.3		)
Successor balance, December 31, 2014	$	(116.8	)	$	(0.8	)	$	0.1	$	(117.5	)

23. Subsequent Events

On March 26, 2015, TransUnion Holding Company, Inc. was renamed TransUnion and TransUnion Corp. was renamed TransUnion Intermediate Holdings, Inc., as reflected in these financial statements.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. The term “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of the end of the period covered by this report, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Management’s Annual Report on Internal Control Over Financial Reporting

Management’s annual report on internal controls over financial reporting for TransUnion is included in Part II, Item 8 on pages 59 and is incorporated by reference.

ITEM 9B. OTHER INFORMATION

Effective March 26, 2015, the Company changed its name from “TransUnion Holding Company, Inc.” to “TransUnion” pursuant to a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation that was filed with the Secretary of State of Delaware.

Effective March 26, 2015, TransUnion Corp., the Company’s wholly-owned subsidiary, changed its name from “TransUnion Corp.” to “TransUnion Intermediate Holdings, Inc.”

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Directors and Executive Officers

Our directors and executive officers, and their positions and ages, are set forth below:

Name	Age	Position
James M. Peck	51	Director, President & Chief Executive Officer
Samuel A. Hamood	46	Executive Vice President & Chief Financial Officer
John W. Blenke	59	Executive Vice President, Corporate General Counsel, and Corporate Secretary
Christopher A. Cartwright	49	Executive Vice President—U.S. Information Services
John T. Danaher	50	Executive Vice President—Consumer Interactive
Gerald M. McCarthy, Jr.	45	Executive Vice President—Healthcare
David M. Neenan	49	Executive Vice President—International
George M. Awad	54	Director
Christopher Egan	38	Director
Siddharth N. (Bobby) Mehta	56	Director
Leo F. Mullin	72	Director, Chairman of the Board
Rohan Narayan	34	Director
Andrew Prozes	69	Director
Sumit Rajpal	39	Director
Steven M. Tadler	55	Director

James M. Peckjoined the Company in December 2012 as President and Chief Executive Officer. Mr. Peck has more than 20 years of information management, global product development and engineering experience. From March 2004 through December 2012, Mr. Peck was the Chief Executive Officer for the LexisNexis Risk Solutions business of Reed Elsevier, where he successfully integrated Lexis Nexis' acquisitions of Seisint in 2004 and ChoicePoint in 2008. From 2001 through 2004, Mr. Peck was Senior Vice President and Chief Product Officer of the Global Electronic Product Development Organization of LexisNexis, where he was responsible for product development and online solutions to serve global markets. Prior to 2001, Mr. Peck was the Senior Vice President of Product Development with Celera Genomics, a bio-technology firm that sequenced the human genome. Prior to that, he spent a decade at LexisNexis in engineering and executive roles to manage and build information solutions.

Samuel A. Hamood joined the Company in February 2008. Since Mr. Hamood joined, he has served as Executive Vice President and Chief Financial Officer. From 2002 through January 2008, he held a variety of positions at Electronic Data Systems. From January 2007 to January 2008, he was the Chief Financial Officer for the U.S. Region. From April 2004 to December 2006, he was the Vice President of Investor Relations. From 2002 through March 2004, he was the Senior Director of Corporate Strategy and Planning. Prior to that, he spent six years with the Walt Disney Company in a variety of finance and strategy roles with increasing levels of responsibility. He also spent five years in the audit practice of Deloitte and Touche, LLP.

John W. Blenke joined the Company in May 2003. Since Mr. Blenke joined, he has served as the Executive Vice President, Corporate General Counsel and Corporate Secretary. From 1989 through April 2003, he held a variety of positions with Household International, Inc. (predecessor to HSBC North America), including most recently the Vice President of Corporate Law, where he managed the corporate legal functions responsible for mergers and acquisitions, corporate finance and consumer finance branch-based and wholesale lending.

Christopher A. Cartwright joined the Company in August 2013 as Executive Vice President-U.S. Information Services. From December 2010 through March 2013, he was the Chief Executive Officer of Decision Insight Information Group, a portfolio of independent businesses providing real property information, software and services to insurance, finance, legal and real estate professionals in the United States, Canada and Europe. From June 1997 through October 2010, he held a variety of positions at Wolters Kluwer, a global information services and workflow solutions company, where he led the business services and software division. Prior to Wolters Kluwer, he was Senior Vice President, Strategic Planning & Operations for Christie’s Inc. and Strategy Consultant for Coopers and Lybrand.

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John T. Danaher joined the Company in November 2002 and is currently Executive Vice President-Consumer Interactive. Mr. Danaher has more than 25 years of financial services industry expertise and direct marketing experience and has served as the president of the consumer subsidiary of TransUnion since 2004. Prior to TransUnion, from 2001 to 2004, Mr. Danaher was Chief Operating Officer of TrueLink, Inc., which was acquired by TransUnion. Mr. Danaher joined TrueLink, Inc. from Citibank, where he held several roles including Vice President of E-Commerce, where he was responsible for planning and executing Citibank’s e-commerce strategy for home equity loan products. He also served in a variety of leadership roles in our operations and technology areas.

Gerald M. McCarthy, Jr. joined the Company as Executive Vice President-Healthcare in July 2014. From January 2012 through June 2014, Mr. McCarthy was the Chief Strategy Officer of HealthMEDX, a leading software provider for long-term care, home care and rehabilitation organizations. Prior to joining HealthMEDX, Mr. McCarthy held a number of executive positions at McKesson Provider Technologies, including Senior Vice President, Product Management and Marketing from July 2007 to December 2011; Vice President, Physician Solutions from January 2005 to June 2007; Division Vice President of Sales, Clinical and Imaging Solutions from January 2004 to December 2005; and Clinical Solution Specialist from December 2001 to December 2003.

David M. Neenan joined the Company in September 2012 as Executive Vice President-International. From October 1998 through September 2012, he held a variety of positions at HSBC. From 2011 through August 2012, he served as the Global Chief Operations Officer for HSBC’s insurance division. From 2009 through 2011, he served as the Global Head of Sales and marketing for the insurance division. From July 2006 through 2008, he served as President and CEO of HSBC Finance, Canada.

George M. Awad created and is the principal of Gibraltar Capital Corporation, a wealth management and advisory firm providing investment and business advice to wealthy, internationally-based families. He is a highly accomplished executive with exceptional operating experience in running large, global businesses across the full suite of consumer financial services products, including senior leadership roles with GE Capital (1988-2006) and Citigroup, Inc. (2006-2011), with focus on domestic and global markets. Most recently, Mr. Awad served as CEO, Consumer Finance for Citigroup, with prior positions as CEO, North America Cards and CEO, Global Consumer Group EMEA.

Christopher Egan is a Managing Director at Advent International, having joined the firm in 2000. He has co-led Advent’s investments in nine companies, including Equiniti, BondDesk Group, National Bankruptcy Services, Datek Online Holdings, CETIP, Sophis, RedPrairie, GFI Group and P2 Energy Group. Mr. Egan previously worked at UBS Warburg in the financial sponsors group. Mr. Egan also serves as a director on the board of P2 Energy Group.

Siddharth N. (Bobby) Mehta is a director and the former President and Chief Executive Officer of TransUnion. He joined the Company in August 2007 and served as the President & Chief Executive Officer until December 31, 2012. From May 2007 through July 2007, he was a consultant to our board of directors. From 1998 through February 2007, he held a variety of positions with HSBC Finance Corporation and HSBC North America Holdings, Inc., including Chairman and Chief Executive Officer of HSBC Finance Corporation. He also serves on the board of directors of The Allstate Corporation, Piramal Enterprises Limited, DataCard Group, The Chicago Public Education Fund, The Field Museum, the Myelin Repair Foundation and The Lab School.

Leo F. Mullin is a Senior Advisor, on a part-time basis, to Goldman Sachs Merchant Banking Division (“GS MBD”), including board service on companies in which GS MBD has invested. Mr. Mullin retired from Delta Airlines in May 2004, after having served as Chief Executive Officer of Delta since 1997 and Chairman since 1999. Delta Airlines subsequently filed for bankruptcy protection in September 2005. Mr. Mullin was Vice Chairman of Unicom Corporation and its principal subsidiary, Commonwealth Edison Company, from 1995 to 1997. He was an executive of First Chicago Corporation, the nation’s tenth largest bank, from 1981 to 1995, serving as that company’s President and Chief Operating Officer from 1993 to 1995, and as Chairman and Chief Executive Officer of American National Bank, a subsidiary of First Chicago Corporation, from 1991 to 1993. He has also served as a senior vice president at Conrail for five years, and as a consultant with McKinsey and Company for nine years, the last three years as a partner. Mr. Mullin is a Director of the publicly held companies Johnson & Johnson, ACE, Ltd., and Educational Management Corporation.

Rohan Narayan has served as a director since February 2014. Mr. Narayan is a Vice President in GS MBD. He joined Goldman Sachs & Co. in 2010. Mr. Narayan also serves as a director on the board of EdgeMarc Energy Holdings, LLC and Ipreo Parent Holdco LLC. Prior to joining Goldman Sachs, Mr. Narayan was a Vice President at Ripplewood Holdings, LLC, a private equity firm and before that was a member of the financial institutions group within the Investment Banking Division of Goldman, Sachs & Co.

Andrew Prozes has served as a director since January 2014. Mr. Prozes currently serves as Executive Chairman of Alert Global Media Holdings, LLC and Scribestar Limited, and on the boards of Interactive Data Corporation, Asset International Inc. and

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Ethoca Limited. He also serves as a director and chairs the Compensation Committee for Cott Corporation. Mr. Prozes also serves as an operating partner of Advent. Mr. Prozes served as the Chief Executive Officer of LexisNexis and on the board of directors of Reed Elsevier PLC from 2000 until December 2010. Prior to joining Reed Elsevier, Mr. Prozes served as Executive Vice President and Chief Operating Officer of West Group, part of the Thomson Reuters Corporation, from 1997 to 2000. From 1988 to 1996, he served as President of Southam’s City Newspapers and was responsible for thirteen daily newspapers and Southam’s business information. Mr. Prozes is a past Chairman of The U.S. Information Industry Association and has served on the boards of the Information Technology Association of Canada and the Canadian Newspaper Association. He is also a board member of the National Executive Services Corporation and a board and Executive Committee member of The Atlantic Council in Washington, D.C.

Sumit Rajpal has served as director since April 2012, Mr. Rajpal is a Managing Director in the Merchant Banking Division of Goldman, Sachs & Co., where he leads the financial services investment practice globally. He joined Goldman Sachs in 2000 and became a Managing Director in 2007. Mr. Rajpal also serves as a director on the boards of Safe-Guard Products International LLC, Hastings Insurance Services Limited, ProSight Specialty Insurance Holdings, SKBHC Holdings, LLC (where he is an observer on the board), Enstar Group Limited and Ipreo Parent Holdco LLC.

Steven M. Tadler has served as a director since April 2012. Mr. Tadler is a Managing Partner at Advent International, having joined the firm in 1985 and becoming Managing Director of the North American buyouts group in 1994. From 1997 to 2006, Mr. Tadler headed Advent’s European Operations. Mr. Tadler also serves as a director on the boards of Skillsoft, Bojangles’, wTe Corporation, and Advent.

There are no family relationships among any of the Company’s directors and executive officers.

Board of Directors

Pursuant to the Major Stockholders’ Agreement, dated April 30, 2012 (as amended, the "Major Stockholders' Agreement"), by and among TransUnion, Advent-TransUnion Acquisition Limited Partnership (the “Advent Investor”), and GS Capital Partners VI Fund, L.P., GS Capital Partners VI Parallel, L.P. and Spartan Shield Holdings (the “GS Investors” and, together with the Advent Investor, the “Sponsors”), our board of directors consists of our President and Chief Executive Officer (Mr. Peck), two directors designated by the GS Investors (Messrs. Narayan and Rajpal), two directors designated by the Advent Investor (Messrs. Egan and Tadler), and four unaffiliated directors designated jointly by the GS Investors and the Advent Investor (Messrs. Awad, Mehta, Mullin and Prozes). From June 2012 through December 31, 2014, Mr. Mullin served as a designee of the GS Investors. We currently have two vacancies on our Board, one of which may be filled by a designee of the GS Investors and one of which may be filled by a designee of the Advent Investor. For purposes of the Major Stockholders' Agreement, an "unaffiliated director" is any member of the Board of Directors who is not employed by TransUnion, any of the Sponsors or any of their respective affiliates. In light of our status as a privately-held company and the absence of a public listing or trading market for our common stock, our Board has not formally considered whether any of our directors be independent for purposes of such listing standards.

Audit and Compliance Committee

As of December 31, 2014, the Audit and Compliance Committee of the Board of Directors consisted of Messrs. Mullin (Chair), Awad, Egan and Mehta. In light of our status as a privately-held company and the absence of a public listing or trading market for our common stock, our Board has not designated any member of the Audit and Compliance Committee as an “audit committee financial expert.”

Code of Business Conduct

The Company has adopted the TransUnion Code of Business Conduct that applies to all of the Company’s directors, officers and employees. Any waiver of the provisions of the Code of Business Conduct for senior officers and directors may be made only by the Company’s board of directors or a committee of the board of directors. For all others, only the Corporate General Counsel of TransUnion may approve a waiver. A copy of TransUnion’s Code of Business Conduct is available at www.transunion.com. To the extent required pursuant to applicable SEC regulations, we intend to post amendments to or waivers of TransUnion's Code of Business Conduct (to the extent applicable to our chief executive officer, principal financial officer or principal accounting officer) on our website In accordance with the SEC’s rules and regulations, a copy of the Code of Business Conduct may also be obtained free of charge upon a request directed to TransUnion, 555 West Adams Street, Chicago, Illinois, 60661, Attn: Corporate Secretary.

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ITEM 11. EXECUTIVE COMPENSATION

The information contained in this “Compensation Discussion and Analysis” describes the material elements of compensation paid or awarded to our principal executive officer, principal financial officer and the other three most highly compensated executive officers (collectively, our “named executive officers” or “NEOs”) for the twelve months ended December 31, 2014.

For 2014 our named executive officers are:

• Mr. James M. Peck—President and Chief Executive Officer

• Mr. Samuel A. Hamood—Executive Vice President and Chief Financial Officer

• Mr. Christopher A. Cartwright—Executive Vice President, U.S. Information Services

• Mr. Gerald M. McCarthy, Jr.—Executive Vice President, Healthcare

• Mr. John T. Danaher—Executive Vice President, TransUnion Consumer Interactive

The specific amounts and material terms of such compensation paid, payable or awarded for 2014 to the named executive officers are disclosed under “—Executive Compensation—Summary Compensation Table—2014” and the subsequent tables and narrative. The Compensation Committee of the board of directors of TransUnion (the “Compensation Committee”) oversees the compensation program for our named executive officers.

Executive Summary

The Compensation Committee has adopted an executive compensation program that is intended to align the interests of our executives, stockholders and other stakeholders by rewarding executives for the achievement of strategic goals that successfully impact our operations and business results and, thereby, enhance stockholder value without encouraging excessive risk-taking. The primary components of our executive compensation program for the named executives are base salary, annual cash incentives, employee benefits (health and retirement) and long-term equity awards, which consist of stock options.

Key Compensation Elements

We provide named executive officers and other employees with a base salary to compensate them for services rendered during the fiscal year. The Compensation Committee annually evaluates the performance of our NEOs and determines their base salaries and other compensation in light of our strategic goals and objectives, the available market information for their positions and the goals of our executive compensation program. Our CEO recommended, and the Compensation Committee approved, salary increases for Mr. Hamood and Mr. Danaher in 2014. The increases are described later in the section under "—2014 Compensation—Base Salary”. No other NEOs received an increase in their base salary for the twelve months ended December 31, 2014.

Our annual cash incentives are designed to reward executive officers based on individual performance (as measured against individual goals) and our overall financial results (as measured against financial targets). The incentive targets, which are set annually with the review and approval of the Compensation Committee, are intended to highlight key strategic priorities and financial metrics. The percentage of target total cash compensation for the NEOs approved by the Compensation Committee as performance-based pay (the annual incentive bonus) represented 50% of the total cash compensation for Mr. Peck and 47% on average for the other NEOs.

We have used stock options or restricted stock as a long-term incentive vehicle to create a strong alignment between management’s interests and those of our stockholders and other stakeholders. In connection with the sale of the Company on April 30, 2012, most executives received a stock option or restricted stock grant on August 1, 2012. NEOs that joined the Company after that initial grant were granted options upon their employment. In all cases, vesting in those options is based on the passage of time and attainment of certain pre-determined performance metrics, as discussed below under "2014 Compensation - Long-Term Equity Plan." In 2014, Mr. McCarthy received a stock option grant in connection with his employment (with the service vesting start date tied to his date of employment). Mr. Danaher also received a grant in 2014, the purpose of which was to better align his total equity awards with similar positions in the market. The service vesting start of the 2014 award began at the time of the grant, April 15, 2014. All stock option grants made in 2014 were made with the intention of providing equity compensation for approximately a five-year period of time.

Compensation Philosophy and Objectives

We design the compensation program for our NEOs to attract, motivate and retain the key executives who drive the success of our company. In connection therewith, the Compensation Committee has identified the following key components of our compensation philosophy, which are used to guide the Compensation Committee in making compensation decisions. The Compensation Committee evaluates these objectives on an annual basis to confirm the appropriateness of each objective in light of the overall corporate strategy and typical market practices.

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• Attract, motivate and retain highly experienced executives who are vital to our short- and long-term success, profitability and growth.

• Create alignment with executives, our stockholders and our other stakeholders by rewarding executives for the achievement of strategic goals that successfully drive our strategy, operations and business performance and, thereby, enhance shareholder value.

• Differentiate rewards based on actual individual performance while also rewarding executives for our overall results.

• Discourage unnecessary and excessive risk-taking.

Role of Compensation Committee, Management and Compensation Consultant in Compensation Decisions

The Compensation Committee was created to provide stewardship over our compensation and benefit programs, including executive compensation and equity plans. Pursuant to its Charter, the Compensation Committee is responsible for overseeing our executive compensation program, developing and reviewing our executive compensation philosophy and approving decisions regarding executive compensation. As part of this responsibility, the Compensation Committee evaluates the performance of our President and Chief Executive Officer (the “CEO”) and determines his compensation in light of our strategic goals and objectives and the executive compensation program. The Compensation Committee also annually reviews and approves all compensation decisions affecting our executive officers who report directly to our CEO, including our named executive officers.

Additionally, the Compensation Committee performs the following functions in carrying out its responsibilities:

• Reviews annually the components of our executive compensation programs to determine whether they are consistent with our compensation philosophy;

• Reviews and approves corporate goals and objectives relevant to the CEO’s compensation, including annual performance objectives;

• Recommends to the Board of Directors the creation or amendment of any compensation or employee benefit program which permits participation of the named executive officers or any other executive whose compensation is determined by the Compensation Committee; and

• Reviews, approves, and monitors any employment, separation or change-in-control severance agreements.

The Compensation Committee is ultimately responsible for making the compensation decisions. However, in making its decisions, the Committee seeks and considers input from senior management and Meridian Compensation Partners, LLC (“Meridian”), an independent compensation consultant.

The executive officers play an important role in the compensation decision-making process because management has direct involvement with and in-depth knowledge of our business strategy, goals, and performance. Executive management regularly participates in the compensation decision-making process in the following specific respects:

• The CEO reports to the Compensation Committee with respect to his evaluation of the performance of our senior executives, including the other named executive officers (other than the CEO). Together with the Executive Vice President of Human Resources, the CEO makes recommendations as to compensation decisions for these individuals, including base salary levels and the amount and mix of incentive awards;

• The CEO develops recommended performance objectives and targets for our incentive compensation programs; and

• The CEO and the Executive Vice President of Human Resources recommend long-term equity grants for executive officers, other than the CEO, as well as modifications to our employee benefit programs, for approval by the Compensation Committee.

Meridian’s engagement includes reviewing and advising on executive compensation matters principally related to the CEO, the executive officers, and outside directors. For 2014, Meridian assisted the Compensation Committee by (a) recommending a peer group for benchmarking purposes and (b) providing peer group data, including an analysis of total direct compensation (base salary, annual cash incentives and long-term equity awards). Meridian also assists the Compensation Committee in review of general market practices and management compensation proposals.

Market Analysis and Benchmarking

The Compensation Committee uses various tools and methods, such as benchmarking reports and tally sheets, to evaluate whether each named executive officer’s level of pay is appropriate. Base salary, annual bonus goals and long-term equity awards, which are reflected in these tally sheets, are each specifically designed to meet our compensation objectives.

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Benchmarking

Percentile Goals

The Compensation Committee has approved the following target percentile for each pay component to support our compensation objectives.

Pay component	Target percentile of custom peer group
Base salary	50th Percentile
Target annual bonus	50th Percentile
Long-term equity	65th Percentile

We recognize the 50^th percentile market value for cash compensation as a point of reference and not necessarily the definitive compensation level. Consequently, our NEOs’ compensation may be positioned at a level less than or greater than the target percentiles noted here based on time in position, experience and competitive pay objectives, as well as other factors.

The Compensation Committee has also determined that targeting the 65^th percentile for long-term equity grants is appropriate to attract and retain the desired level of management talent, as well as aligning management incentives to focus on our long-term objectives, by having a greater percentage of pay aligned to longer term value creation.

Peer Group

The following peer group was approved by the Compensation Committee (the “Custom Peer Group”) in 2013 and again in 2014 to be used in reviewing and benchmarking the various 2014 pay components against the targeted percentiles above.

Acxiom Corporation	Experian Group Limited	Solera, Inc.
Cardtronics, Inc.	Fair Isaac Corporation	Synovus Financial Corporation
Convergys Corporation	Global Payments, Inc.	TeleTech Holdings, Inc.
CoreLogic, Inc.	IFC International, Inc.	Total System Services, Inc.
Deluxe Corporation	IHS, Inc.	Valassis Communications, Inc.
DST Systems, Inc.	Moody's Corporation	Verisk Analytics, Inc.
The Dun & Bradstreet Corporation	On Assignment, Inc.
Equifax, Inc.	Paychex, Inc.

The median revenue of these companies was approximately $1.6 billion, compared with the Company's 2014 revenue of $1.3 billion. Custom Peer Group was selected to be representative of the business services, technology and financial services sectors in which we compete and participate. Criteria that were considered in order to properly select component companies for the Custom Peer Group are:

• industry competitors;

• labor market competitors;

• competitors for capital; and

• revenue size.

Use of Tally Sheets

In 2014, the Compensation Committee reviewed individual worksheets and corresponding tally sheets for each senior executive officer, including the named executive officers. These worksheets, which are prepared by management, provide a summary of the current and historical amounts of each component of pay. In 2014, the Committee did not recommend or approve changes to our named executive officers’ compensation based on its review of this information. Rather, the Committee reviewed the tally sheets as a tool to confirm that pay objectives continue to be aligned with the long-term interests of the stockholders and our other stakeholders.

Independence of the Compensation Consultant

Meridian performs services solely on behalf of the Compensation Committee and does not provide any other services to us. The Compensation Committee has assessed the independence of Meridian and concluded that no conflict of interest exists that would prevent Meridian from independently representing the Compensation Committee.

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2014 Compensation

Base Salary

As described above, we provide each of the named executive officers with a base salary to compensate them for services rendered in their position during the year. Each year, the Compensation Committee evaluates the performance of the CEO and determines his base salary and other compensation in light of our goals and objectives and the executive compensation program. The Compensation Committee also reviews each other named executive officer’s base salary annually based on a recommendation from the CEO and in light of current market conditions, and adjusts the base salary where appropriate. The CEO generally recommends a base salary increase for the other named executive officers when supported by strong individual performance and/or executive promotion, or when supported by the external market data.

For 2014, the CEO recommended a base pay increase for two NEOs. Based upon Mr. Hamood's expansion of responsibilities beyond that of CFO to include the management of our call center and shared services function, the Compensation Committee approved a $30,000 increase to his base salary. The Compensation Committee also approved increasing Mr. Danaher's base salary by $40,000, with the goal of better aligning his salary to our comparators. Both of these base salary increases were effective February 22, 2014. The Compensation Committee did not increase the base salary for the CEO position since it fell within a reasonable range of the target percentile for the Custom Peer Group. For 2015, Mr. Danaher's salary was increased by $50,000, with an effective date of January 1, 2015. This increase was granted to position his salary closer to the 50th percentile of our comparator group, which is our stated philosophy. No other NEO received a salary increase for 2015.

2014 Annual Bonus Plan

Annual bonus compensation is designed to reward executive officers based on actual individual performance and our overall financial results. Our overall financial performance is measured by our achievement of financial targets established under the annual incentive plan by the Compensation Committee. Additionally, individual and other qualitative goals are set to successfully drive our operations and business results to achieve the overall corporate strategy. All of the named executive officers participate in the annual incentive plan. Under the plan, the named executive officers are paid cash incentive awards to the extent we meet or exceed financial and non-financial performance goals set by the Compensation Committee at the beginning of each year. Under the annual incentive plan, each officer’s bonus is determined by multiplying their target bonus percentage by their annual salary as of the beginning of the year and then by multiplying this result by their percentage achievement with respect to their bonus targets and goals. Individual awards may then be adjusted by the Compensation Committee, based on a recommendation from the CEO. However, no adjustments were made in 2014.

Target bonus levels

Each executive is assigned a target bonus expressed as a percentage of their base pay at the beginning of the year. The target is determined by the Compensation Committee after consideration of several factors, including the individual executive’s duties and responsibilities and market data. The bonus targets for 2014 were set within a reasonable range of the target percentile for the Custom Peer Group. The following table illustrates the target bonus as a percentage of base pay for each named executive officer for the 2014 performance period.

	2014 Target Bonus as Percent of Base Salary
Executive
Mr. Peck	100%
Mr. Hamood	90%
Mr. Cartwright	100%
Mr. McCarthy1	75%
Mr. Danaher	75%

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¹  Mr. McCarthy began his employment with TransUnion on July 1, 2014, and as a component of his employment offer from the Company, his target bonus (to be paid in 2015) will be 75% of his base salary in 2014, prorated based upon his employment date.

Objectives, weighting and potential payouts

Each executive’s individual goals and objectives vary based on their individual roles within our company. The following table defines the various financial and non-financial objectives that the Compensation Committee approved for the 2014 performance period. For each objective, the named executive officer has the opportunity to achieve a maximum of two times the individual weighting associated with that objective. If threshold performance is not achieved, no payment is made on that objective.

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Objective	Definition
Further Adjusted Corporate EBITDA	Earnings before interest, taxes, depreciation and amortization, and other adjustments deemed by management and the board to be extraordinary for bonus plan purposes
Further Adjusted Corporate Revenue	The overall corporate revenues adjusted by management and the board for items deemed to be extraordinary for bonus plan purposes
Further Adjusted USIS EBITDA	Earnings before interest, taxes, depreciation and amortization, and other adjustments for bonus plan purposes for the USIS business
Further Adjusted USIS Revenue	The revenues and other adjustments for bonus plan purposes for the USIS business
Further Adjusted Healthcare EBITDA	Earnings before interest, taxes, depreciation and amortization, and other adjustments for bonus plan purposes for the Healthcare business
Further Adjusted Healthcare Revenue	The revenues and other adjustments for bonus plan purposes for the Healthcare business
Further Adjusted Consumer Interactive EBITDA	Earnings before interest, taxes, depreciation and amortization, and other adjustments for bonus plan purposes for the Consumer Interactive business
Further Adjusted Consumer Interactive Revenue	The revenues and other adjustments for bonus plan purposes for the Consumer Interactive business
Growth Strategy Initiatives	Projects that support the development of growth strategy initiatives, including business cases, action plans and specific, budgeted growth targets that are accretive in 2015 with a plan to additional growth in future years.
Major Project Deliverables	Ability to deliver specific tangible projects within a performance period

The objectives of Further Adjusted Corporate EBITDA and Further Adjusted Corporate Revenue were selected by the Compensation Committee to appropriately provide incentive rewards to executives based on achievement of corporate goals in the context of our overall corporate strategy. Similarly on a business level, Further Adjusted Corporate EBITDA and Further Adjusted Revenue were deemed to be the appropriate financial measures.

Mr. Peck recommended the use of non-financial objectives related to key projects as goals for the 2014 performance period. The Compensation Committee approved these goals because they were aligned to our corporate strategy and achievement of these goals was intended to aid in creating shareholder value. The goals were set in a manner that would ensure that, if delivered, they would significantly advance our strategic objectives. Each executive had a set of Growth Strategy Initiatives and/or Major Project Deliverables specifically tied to his ability to affect our corporate strategy. Additionally, stretch goals were designed to provide the executive the opportunity to achieve payouts for performance that exceeded 100% of these non-financial goals. The stretch goals were set to be attainable only with superior performance.

The following table is a summary of how each of the above objectives was weighted for each named executive officer and their actual achievement against each objective for the 2014 performance period. Each individual executive’s objective weightings are determined based on their specific roles, duties, and responsibilities. The various weightings are meant to reflect the influence that the executive’s performance may actually have on the metric. The Compensation Committee believes this strengthens the direct link between pay and performance.

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Executive	Objective	Weighting		Achievement
Mr. Peck,
President & Chief Executive Officer	Further Adjusted Corporate EBITDA	50	%	146	%
	Further Adjusted Corporate Revenue	20	%	74	%
	Growth Strategy Initiatives	30	%	100	%
Mr. Hamood,
Executive Vice President & Chief Financial Officer	Further Adjusted Corporate EBITDA	50	%	146	%
	Further Adjusted Corporate Revenue	20	%	74	%
	Growth Strategy Initiatives	30	%	100	%
Mr. Cartwright,
Executive Vice President U.S. Information Services	Further Adjusted Corporate EBITDA	20	%	146	%
	Further Adjusted USIS EBITDA	25	%	82.5	%
	Further Adjusted USIS Revenue	20	%	54	%
	Growth Strategy Initiatives	25	%	100	%
	Major Project Deliverables	10	%	100	%
Mr. McCarthy,
Executive Vice President  Healthcare	Further Adjusted Corporate EBITDA	20	%	146	%
	Further Adjusted Healthcare EBITDA	25	%	200	%
	Further Adjusted Healthcare Revenue	20	%	156	%
	Growth Strategy Initiatives	25	%	100	%
	New Product Growth	5	%	100	%
	Acquisition Integration	5	%	200	%
Mr. Danaher,
Executive Vice President Consumer Interactive	Further Adjusted Corporate EBITDA	20	%	146	%
	Further Adjusted Consumer Interactive EBITDA	25	%	200	%
	Further Adjusted Consumer Interactive Revenue	20	%	200	%
	Growth Strategy Initiatives	25	%	200	%
	Major Project Deliverables	10	%	200	%

Based upon the weightings above, each named executive officer had the ability to achieve 100% of his/her target bonus if target performance was achieved. However, a named executive officer’s actual bonus payout increased or decreased based on individual performance, and Company and specific business financial performance. The maximum bonus payout was 200% of target bonus and no bonus was payable if threshold performance was not met.

The following tables represent what the payout, as a percentage of target, would be if our financial performance was achieved at threshold, target, or maximum levels for two objectives: Further Adjusted Corporate EBITDA and Further Adjusted Corporate Revenue. No payout would result if performance was below threshold levels. The tables include the dollar amount that was required for achievement at each level in 2014.

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Further Adjusted Corporate EBITDA (in millions)

Threshold						Target						Maximum
Further Adj. Corporate EBITDA		Performance Against Target		Payout		Further Adj. Corporate EBITDA		Performance Against Target		Payout		Further Adj. Corporate EBITDA		Performance Against Target		Payout
$	426.6	96.5	%	12.5	%	$	442.0	100	%	100	%	$	464.1	105	%	200	%

Further Adjusted Corporate Revenue (dollars in millions)

Threshold					Target						Maximum
Further Adjusted Corporate Revenue		Performance Against Target	Payout		Further Adjusted Corporate Revenue		Performance Against Target		Payout		Further Adjusted Corporate Revenue		Performance Against Target		Payout
$	1,306.6	N/A	—	%	$	1,340.1	100	%	100	%	$	1,373.6	102.5	%	200	%

The Compensation Committee’s intent with establishing both the financial and non-financial goals and target percentages is to provide a comparable level of difficulty in achieving the goals and receiving annual incentive awards for each named executive officer annually. However, payment of annual incentives will vary from year to year and may or may not be consistent with historical payment trends.

Twelve Months Ended December 31, 2014 Company Performance

For the year ended December 31, 2014, TransUnion reported Further Adjusted Corporate EBITDA, as defined in the “Objectives, weighting and potential payouts” table included below under the description of our 2014 Annual Bonus Plan, of $452.4 million on Further Adjusted Corporate Revenue, as defined in the "Objectives, weighting and potential payouts" table, of $1,322.4 million compared with Further Adjusted Corporate EBITDA of $418.3 million on Further Adjusted Corporate Revenue of $1,202.6 million for the year ended December 31, 2013, an increase of 8.2% in Further Adjusted Corporate EBITDA and 10.0% in Further Adjusted Corporate Revenue. However, while we achieved our EBITDA target, and despite revenue growth of approximately 10%, we did not achieve our revenue target in 2014 as set by the Compensation Committee.

US Information Services (USIS) reported Further Adjusted USIS EBITDA, as defined in the “Objectives, weighting and potential payouts” table included below under the description of our 2014 Annual Bonus Plan, of $347.9 million on $740.1 million of Further Adjusted Revenue, the Healthcare business reported Further Adjusted EBITDA, as defined in the “Objectives, weighting and potential payouts” table included below under the description of our 2014 Annual Bonus Plan, of $37.6 million on $81.0 million of Further Adjusted Revenue, and the Consumer Interactive business reported Further Adjusted EBITDA, as defined in the “Objectives, weighting and potential payouts” table included below under the description of our 2014 Annual Bonus Plan, of $90.3 million on $230.6 million of Further Adjusted Revenue.

As a result of this financial performance and achievement of non-financial corporate objectives, our named executives achieved annual cash incentives of 96% to 189% of their target opportunities.

Actual Payout Under 2014 Annual Bonus Plan

At the end of the performance period, Mr. Peck evaluated each of the named executive officers in conjunction with the individual’s own self-evaluation. Based on Mr. Peck’s evaluation, with input from others including the named executive officer, Mr. Peck rated the executive’s individual objectives against the executive’s performance goals. Based on this assessment, Mr. Peck recommended to the Compensation Committee a performance evaluation rating, as a percentage of total qualified goal bonus opportunity, for each executive. Additionally, the Compensation Committee reviewed Mr. Peck’s performance and determined a level of performance against his qualitative performance goals.

Taking into account the financial performance results and Mr. Peck’s evaluation and recommendation, the Compensation Committee met in February 2015 to set and approve annual bonus payments to each of the named executive officers and evaluate Mr. Peck’s 2014 performance. In February 2015, the Compensation Committee approved annual bonus payments to the named executive officers ranging from 96% to 189% of the named executive officers' target opportunity based upon 2014 performance. The annual bonus payments were paid in February 2015. The payouts are also reflected in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table.

All of our named executive officers had financial goals related to our overall consolidated Further Adjusted EBTIDA. The following describes the additional goals and performance results for each of our NEO's.

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Mr. Peck's annual incentive payout was $1,060,200, or 118% of his target award. Mr. Peck received a bonus based on Further Adjusted Corporate EBITDA, Further Adjusted Corporate Revenue and delivering EBITDA growth strategy plans for 2015 and 2016, which he was deemed to have attained the target for that goal.

Mr. Hamood's annual incentive payout was $530,100, or 118% of his target award. Mr. Hamood had financial goals related to our overall consolidated Further Adjusted Corporate EBITDA, Further Adjusted Corporate Revenue performance and delivering EBITDA growth in line with our strategic plans for 2015 and 2016. Embedded in our 2015 and 2016 plans were Growth Strategy Initiatives related to executing on key M&A deals, and the closure of one call center and migration of responsibilities to another. Mr. Hamood was deemed to have met these goals by successfully delivering a growth strategy plan with business cases and monitoring processes and was paid at 100% of the target payout. In addition, the CEO recommended, and the Compensation Committee approved, a $50,000 discretionary bonus for Mr. Hamood based upon his contributions throughout the year on various initiatives, which was paid with the bonus payment in February 2015.

Mr. Cartwright's annual incentive payout was $669,375, or 96% of his target award. Mr. Cartwright had additional financial goals related to Further Adjusted USIS EBITDA and Further Adjusted USIS Revenue. The threshold for the Further Adjusted USIS EBITDA target was exceeded and as a result, he achieved 82.5% of the targeted payout for this goal. Mr. Cartwright also exceeded the threshold target for Further Adjusted USIS Revenue and therefore received 54% of the targeted payout for this goal. It was also determined that Mr. Cartwright achieved the Growth Strategy Initiatives set for USIS and therefore that goal was paid at 100%. In addition, Mr. Cartwright achieved his goal of successfully integrating an acquisition and delivering upon a goal related to human capital. For those efforts, he was paid at target for Major Project Deliverables.

Mr. McCarthy's annual incentive payout was $240,640, or 150% of his target award, which was pro-rated based upon his employment date. Mr. McCarthy had additional financial goals related to Further Adjusted Healthcare EBITDA and Further Adjusted Healthcare Revenue. The threshold Further Adjusted Healthcare EBITDA target was exceeded and as a result, Mr. McCarthy achieved 200% of the targeted payout for this goal. The threshold target was also exceeded for Further Adjusted Healthcare Revenue and therefore Mr. McCarthy received 156% of the targeted payout for this goal. It was determined that Mr. McCarthy achieved the Growth Strategy and New Product Growth targets, and therefore was paid at target for these goals. Mr. McCarthy exceeded his goal of successfully integrating an acquisition and delivering on its business case. For those efforts, he was paid the maximum for that goal.

Mr. Danaher's annual incentive payout was $496,650, or 189% of his target award. Mr. Danaher had additional financial goals related to Further Adjusted Consumer Interactive EBITDA and Further Adjusted Consumer Interactive Revenue. The threshold for the Further Adjusted Consumer Interactive EBITDA target was exceeded and as a result, he achieved 200% of the targeted payout for this goal. Mr. Danaher also exceeded the target for Further Adjusted Consumer Interactive Revenue and therefore received 200% of the targeted payout for this goal. It was also determined that Mr. Danaher exceeded the Growth Strategy Initiatives set for Consumer Interactive and therefore that goal was paid at 200%. In addition, Mr. Danaher exceeded his goal of implementing new approaches to improve direct-to-consumer growth and upgrading key talent. For those efforts, he was paid at maximum for these goals.

Long-Term Equity Plan

Stock Option Grants

Stock options align the interests of our named executive officers with those of stockholders because the options only have value if the price of our stock increases after the options are granted. In general, we have granted stock options to the NEOs with the intention of providing equity compensation for approximately a five-year period of time.

In connection with the 2012 change in control transaction, on August 1, 2012, Mr. Hamood and Mr. Danaher received a stock option grant. Messrs. Peck, Cartwright and McCarthy received their respective grants upon joining us. These grants were the results of negotiations between management, GS and Advent (in connection with the 2012 Change in Control Transaction), or as negotiated at time of hire and approved by the Compensation Committee, and are designed to reward executives for increasing shareholder and stakeholder value, by providing them an incentive to keep focused on our long-term value. Mr. McCarthy received a grant in 2014, in connection with his employment with TransUnion, and Mr. Danaher received a grant to align him with our comparators. Beyond these two individuals, no other NEO received a grant in 2014.

Forty percent (40%) of each option grant to an NEO is subject to time-based vesting and shall vest as follows: twenty percent (20%) shall vest on the later of the first anniversary date of the 2012 Change in Control transaction or on the first anniversary of the NEO's hire date. Thereafter, five percent (5%) shall vest on the last day of each subsequent full calendar quarter until all the time-vested options have vested. For Mr. Hamood and Mr. Danaher's 2012 grants, the first anniversary was April 30, 2013. For Messrs. Peck, Cartwright and McCarthy, the first anniversary was or will be December 31, 2013, August 19, 2014 and July 1, 2015, respectively. For Mr. Danaher's 2014 grant, the first anniversary will be April 15, 2015. The remaining sixty percent (60%)

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of the options are subject to performance-based vesting. The options will vest according to the time vesting schedule set forth above and upon the attainment of performance criteria as defined in the Stock Option Agreement.

For Messrs. Peck, Hamood and Danaher, the option exercise price equals the per share price in the 2012 Change in Control transaction, as adjusted for a November 1, 2012 dividend payment to stockholders, which the Board determined to be fair market value. Mr. Cartwright's, Mr. McCarthy's and Mr. Danaher's (his 2014 grant) exercise price was equal to the fair market value of the Company's common stock as of the date of their respective grants. All options granted to our NEOs' expire ten years from the date of the grant.

Management’s Stock Ownership Requirements

In connection with the 2012 Change in Control Transaction, any named executive officer (who was employed by us at the time of the transaction) was required by GS and Advent to roll over a portion of their option proceeds and common stock holdings, which would otherwise have been cashed out, into shares of TransUnion common stock. Mr. Hamood rolled-over a value equal to approximately 30% of his after-tax proceeds received in the 2012 Change in Control Transaction. As a component of Mr. Peck’s employment agreement, Mr. Peck purchased $1.325 million of common stock in TransUnion on December 31, 2012 and an additional $0.175 million on March 26, 2013. In addition, as a component of Mr. Cartwright's employment offer, Mr. Cartwright purchased $1.0 million of common stock in TransUnion. This required equity rollover and the stock purchases were intended to further align management with stockholder and other stakeholder interests.

Executive Benefits and Perquisites

The named executive officers do not receive any additional benefits or perquisites beyond what is provided on a broad basis, other than the opportunity to participate in a self-directed deferred compensation program designed to defer currently earned compensation to enhance payments made to the executive upon their retirement or termination from the Company. Providing any other additional benefits or perquisites would not support our compensation philosophy.

Retirement Plan

We maintain a broad-based 401(k) savings and retirement plan (the “401(k) Plan”) in which all associates, including the named executive officers, may participate. The Internal Revenue Code of 1986, as amended (the “Code”) places certain limits on the amount of contributions that may be made by and on behalf of the named executive officers to the 401(k) Plan. To extend the named executive officers’ retirement benefit beyond the contribution limits set under the Code, we created the Nonqualified Retirement and 401(k) Supplemental Plan (the “Supplemental Plan”). Under the Supplemental Plan, each named executive officer may defer all or some portion of their cash compensation that the executive officer was not otherwise permitted to defer under the 401(k) Plan to provide additional retirement savings. We make a matching contribution to the Supplemental Plan consistent with our 401(k) matching contributions. Additionally, similar to the 401(k) Plan, the Compensation Committee may authorize us to make a discretionary contribution on behalf of the named executive officers to the Supplemental Plan at the end of the year.

Employment Agreement with Mr. Peck

Mr. Peck entered into an employment agreement with the Company which reflected his agreement to become CEO effective as of December 31, 2012. The initial term of the agreement expires on December 31, 2015, but will continue to renew automatically for twelve-month intervals, unless either party to the agreement provides notice of non-renewal at least 180 days before the day that would be the last day of the agreement.

Mr. Peck’s agreement provides a minimum base salary, the eligibility to participate in our annual incentive plan for executive officers, a sign-on bonus and payment for expenses associated with his relocation. In addition, the agreement provides for severance provisions, which are identical to those provided to the other named executive officers. The severance provisions are discussed under “2014 Compensation—Severance and Change-in-Control Compensation.”

The agreement includes confidentiality and nonsolicitation provisions intended to protect our interests. The specifics of the compensation provided under Mr. Peck’s employment agreement are detailed in the narrative accompanying “—Executive Compensation—Payments Upon Termination or Change-in-Control—2014.”

Severance and Change-in-Control Compensation

In connection with the 2012 Change in Control Transaction or upon employment, and as required by and negotiated with our owners, select named executive officers, other than Mr. Peck, continued or entered into a Severance and Restrictive Covenant Agreement (the “Severance Agreement”). These Severance Agreements are designed to maximize retention of the named executive officers. The terms of the Severance Agreements are summarized under “—Executive Compensation—Payments Upon Termination or Change-in-Control—2014” and the accompanying narrative.

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Federal Income Tax Considerations

We have not been subject to the federal income tax provisions of Code Section 162(m). Therefore, we have not made compensation decisions based on the deductibility limitations of the compensation under this section of the Code. Although the Compensation Committee will strive to have all compensation be deemed deductible, deductibility does not drive the compensation decisions for our executive team.

Risk Assessment in Compensation Programs

We have designed our compensation programs, including our incentive compensation plans, with specific features to address potential risks while rewarding employees for achieving long-term financial and strategic objectives through appropriate risk taking. The following elements have been incorporated in our programs available for our named executive officers:

• A Balanced Mix of Compensation Components—The target compensation mix for our executive officers is composed of salary, annual cash incentives and long-term equity awards, representing a mix that is not overly weighted toward short-term cash incentives.

• Multiple Performance Factors—Our incentive compensation plans use both company-wide metrics and individual performance, which encourage focus on the achievement of objectives for the overall benefit of the company:

• The annual cash incentive is dependent on multiple performance metrics including Further Adjusted Corporate EBITDA and Further Adjusted Corporate Revenue, as well as individual goals related to specific strategic or operational objectives.

•The option grants vest over a five-year period of time, complementing our annual cash based incentives.

• Capped Incentive Awards—Annual incentive awards are capped at 200% of target.

• Stock Ownership—Each named executive officer employed by us prior to 2014 has purchased a significant amount of our common stock in connection with their status as a senior executive officer of the Company. We believe this ownership aligns the interests of our executive officers with the long-term interests of stockholders and other stakeholders.

Based on these factors, the compensation committee, in consultation with management and Meridian, concluded that our compensation programs are appropriate for our industry and do not create risks that are reasonably likely to have a material adverse effect on TransUnion.

Compensation Committee Report

The Compensation Committee of the Board of Directors of TransUnion has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management and, based on such review and discussions, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Report on Form 10-K.

Steven Tadler, Chairperson

Sumit Rajpal, Committee Member

Andrew Prozes, Committee Member

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Executive Compensation

Summary Compensation Table—2014

The following table presents information regarding the annual compensation for services to us, in all capacities, of our named executive officers. The amounts in the “Stock Awards” and “Option Awards” and “Non-Equity Incentive Plan Compensation” columns are further explained in the narrative following “—Grants of Plan-Based Awards—2014.”

Name and Principal Position	Year	Salary(1) ($)	Bonus ($)	Stock Awards ($)	Option Awards(2) ($)	Non-Equity Incentive Plan Compensation(3) ($)	Change  in Pension Value and Nonqualified Deferred Compensation Earnings ($)	All Other Compensation(4) ($)	Total ($)
James M. Peck(5)	2014	900,000	—	—	—	1,060,200	—	221,995	2,182,195
President & CEO	2013	865,385	2,100,000	—	—	900,000	—	81,998	3,947,383
	2012	—	2,100,000	—	5,455,415	—	—	—	7,555,415
Samuel A. Hamood(6)	2014	494,231	50,000	—	—	530,100	—	77,705	1,152,036
Executive Vice President & Chief Financial Officer	2013	470,000	—	—	—	352,500	—	77,726	900,226
	2012	466,154	—	—	1,554,328	687,375	—	69,744	2,777,601
Christopher7A. Cartwright(6)	2014	700,000	—	—	—	669,375	—	1,190,804	2,560,179
Executive Vice President, U.S. Information Services	2013	228,846	2,231,408	—	3,168,720	209,344	—	26,381	5,864,699
Gerald M. McCarthy, Jr.(8	2014	194,519	—	—	1,719,922	240,640	—	135	2,155,216
Executive Vice President, Healthcare
John T. Danaher	2014	342,281	—	—	380,188	496,650	—	18,752	1,237,871
Executive Vice President, Consumer Interactive	2013	307,293	—	—	—	176,806	—	18,210	502,309
	2012	286,870	—	—	477,033	237,322	—	17,860	1,019,085

⁽¹⁾  The amounts shown in this column represent annual base salary. These amounts are not reduced to reflect the NEOs’ elections, if any, to defer receipt of salary under the TransUnion 401(k) & Savings Plan and/or the TransUnion LLC 401(k) and Supplemental Retirement Plan.

⁽²⁾  The amounts shown in this column represent the aggregate grant date “fair value” of option awards granted to the NEO during 2014 and, where applicable, the incremental “fair value” of the subsequent modification computed in accordance with (ASC) Topic 718, Compensation—Stock Compensation. Further details regarding these grants and the assumptions used to determine their “fair value” can be found in the narrative disclosure following the “—Grants of Plan-Based Awards” table below.

⁽³⁾  The amounts shown in this column represent amounts paid under the Annual Incentive Plan for the year shown and are paid at the beginning of the following year. Amounts shown are not reduced to reflect the NEOs’ elections, if any, to defer receipt of salary under the TransUnion 401(k) & Savings Plan and/or the TransUnion LLC 401(k) and Supplemental Retirement Plan.

⁽⁴⁾  Information regarding the amounts shown in this column can be found in the “Detailed Analysis of ‘All Other Compensation’ Column” table and accompanying narrative to that table.

⁽⁵⁾  Mr. Peck joined us on December 31, 2012 and therefore received no base salary for 2012.

⁽⁶⁾ In addition to Mr. Hamood's Annual Incentive Plan payout, he was paid a discretionary bonus based upon his contributions throughout the year.

⁽⁷⁾  Mr. Cartwright joined us on August 19, 2013 and thus his annual base salary of $700,000 was prorated based upon his start date.

⁽⁸⁾  Mr. McCarthy joined us on July 1, 2014 and thus his annual base salary of $425,000 was prorated based upon his start date.

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Detailed Analysis of “All Other Compensation” Column

Name	Company  Match & Retirement Contribution to Qualified 401(k) Savings Plan(1) ($)	Company  Match & Retirement Contribution to Non-Qualified Retirement Plan(2) ($)	Group  Term Life  Imputed Income(3) ($)	Payment & gross-up on Medicare  Tax related to contributions into Non- Qualified Retirement Plan(4) ($)	Company Contributions to Charitable Matching Program (5)  ($)	Company Reimbursed Relocation Expenses (6) ($)	Total ($)
James M. Peck	18,200	42,730	552	1,713	—	158,800	221,995
Samuel A. Hamood	18,200	56,582	360	938	1,625	—	77,705
Christopher A. Cartwright	18,200	66,158	360	1,975	—	1,104,111	1,190,804
Gerald M. McCarthy, Jr.	—	—	135	—	—	—	135
John T. Danaher	18,200	—	552	—	—	—	18,752

⁽¹⁾  For 2014, we matched 100% of the first 3% and 50% of the next 2% percent of recognizable compensation (subject to the 2014 Internal Revenue Code limit of $260,000) contributed on a pre-tax basis to the tax-qualified TransUnion 401(k) & Savings Plan. Additionally, in 2014, we made a discretionary 3% retirement contribution of recognizable 2013 compensation, as shown above, to the TransUnion 401(k) & Savings Plan.

⁽²⁾  For recognized compensation above the Internal Revenue Code limit of $260,000, we matched 100% of the first 3% and 50% of the next 2% contributed on a pre-tax basis to the TransUnion Retirement and 401(k) Supplemental Plan. Additionally, in 2014 for the 2013 plan year, we made a discretionary 3% retirement contribution of recognizable compensation to the TransUnion Retirement and 401(k) Supplemental Plan.

⁽³⁾  We provide life insurance to all full time employees in an amount equal to their annual salary, up to a maximum of $250,000. Internal Revenue Code Section 79 provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. The table notes the imputed cost of coverage in excess of $50,000, which is based on the named executive officer’s age and coverage they receive.

⁽⁴⁾  Executive contributions made into the non-qualified deferred compensation plan are subject to Medicare tax at a rate of 1.45% (2.35% with the Medicare surcharge). We provide this payment on behalf of the NEO and since the amount paid on behalf of the NEO is taxable to the executive, we “gross up” that payment to cover the tax.

⁽⁵⁾  We provide a dollar for dollar match on all recognized charitable contributions made by all employees, up to a maximum match of $2,000 per calendar year.

⁽⁶⁾  The Company reimbursed Mr. Peck and Mr. Cartwright for all qualified expenses associated with their respective relocations. In addition, the Company provides a tax gross-up on all reimbursed relocation expenses that otherwise would be taxable to the employee.

Grants of Plan-Based Awards—2014

	Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)			Grant Date	All Other Option Awards: Number of Securities Underlying Options(2) (#)	Exercise or Base Price of Option Awards ($/Sh)	Grant Date Fair Value of Stock and Option Awards(3) ($)
Name	Threshold ($)	Target ($)	Maximum ($)
James M. Peck	281,250	900,000	1,800,000
Samuel A. Hamood	140,625	450,000	900,000
Christopher Cartwright	231,875	700,000	1,400,000
Gerald M. McCarthy, Jr. (4)	53,000	160,000	320,000	7/1/2014	186,300	17.40	1,719,922
John T. Danaher	86,953	262,500	525,000	4/15/2014	64,790	11.42	380,188

⁽¹⁾  Reflects payment opportunities for the twelve months ended December 31, 2014 under the Annual Bonus Plan described above under “2014 Annual Bonus Plan.” The Annual Bonus Plan is an annual cash incentive opportunity. The threshold amount is the lowest payment opportunity reflecting the lowest level of performance described by the plan (12.5% of target payout opportunity for any corporate or business Further Adjusted EBITDA measure, 50% of target payout opportunity for any corporate or business Further Adjusted Corporate Revenue measure and 50% of target payout opportunity for an individual

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performance measure). The target amount reflects a 100% payout of target opportunity if both Company and individual performance are at target levels. The maximum reflects 200% payout of target opportunity, payable only upon maximum achievement of all payout components, both financial and individual goals. These amounts are based on the individual’s current salary and position (prorated for employment date). There is no minimum payment. EBITDA, as Further Adjusted for bonus plan purposes, was $452.4 million for 2014, resulting in a payout of 146% of target performance since the actual results exceeded targeted performance. Our Further Adjusted Revenue was approximately 98.7% of 2014's plan, which resulted in a payout of 74% of target performance.

⁽²⁾  Reflects nonqualified stock options granted during 2014 under the TransUnion Holding Company, Inc. 2012 Management Equity Plan. The size of the equity award granted to Mr. McCarthy was negotiated as a component of his employment offer. The award to Mr. McCarthy was based on external market data and his overall compensation opportunity prior to joining us. The grant to Mr. Danaher was to align him more favorably to our comparator group when added to the grant he received in 2012. The Compensation committee approved the awards, as well as Mr. McCarthy's base salary and target bonus, as a component of his employment offer. The vesting provisions of each award have been described above in the Long Term Equity Plan - Stock Option Grants.

⁽³⁾  The amounts shown in this column represent the aggregate grant date “fair value” of option awards granted to the NEO during 2014. For assumptions used in determining these values, see Part II, Item 8, “Notes to Consolidated Financial Statements,” Note 15, “Stock-Based Compensation.”

⁽⁴⁾  The non-equity incentive plan award was prorated based upon Mr. McCarthy's start date with the Company of July 1, 2014.

Outstanding Equity Awards at Fiscal Year-End

	Option Awards						Stock Awards
Name	Number of Securities Underlying Unexercised Options Exercisable (#)	Number of Securities Underlying Unexercised Options Unexercisable(1) (#)	Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)	Option Exercise Price(2)		Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)	Market Value of Shares or Units of Stock That Have Not Vested ($)	Equity Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#)	Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights That Have Not Vested ($)
James M. Peck	221,878	1,164,857		$	6.65	12/31/2022
Samuel A. Hamood	60,292	241,168		$	6.65	8/1/2022
Christopher A. Cartwright	54,000	486,000		$	11.42	8/27/2023
Gerald M. McCarthy, Jr.	—	186,300		$	17.40	7/1/2024
John T. Danaher	18,504	74,016		$	6.65	8/1/2022
	—	64,790		$	11.42	4/15/2024

⁽¹⁾  Forty percent (40%) of the options are time vested options and shall vest as follows: twenty percent (20%) shall generally vest on the later of the first anniversary of the award date, or on the first anniversary of the NEO's hire date. Thereafter, five percent (5%) shall vest on the last day of each subsequent full calendar quarter until all the Time Vested Options have vested. For Mr. Hamood's and Mr. Danaher's 2012 awards, the first anniversary was April 30, 2013. For Messrs. Peck, Cartwright and McCarthy, the first anniversary of the award was or will be December 31, 2013, August 19, 2014 and July 1, 2015 respectively. For Mr. Danaher's 2014 award, the first anniversary of the award will be April 15, 2015. The remaining sixty percent (60%) of the options are performance based options and will vest according to the time vesting schedule set forth above and upon attainment of performance criteria as defined in the Stock Option Agreement.

⁽²⁾  For Messrs. Peck, Hamood and Danaher, the option exercise price equals the per share price in the 2012 Change in Control transaction, as adjusted for a November 1, 2012, dividend payment to stockholders, which the Board determined to be fair market value. Mr. Cartwright's, Mr. McCarthy's grant exercise price was equal to the fair market value of the Company's common stock as of the date of their respective grants, as was Mr. Danaher's 2014 award.

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Options Exercised and Stock Vested

The following table sets forth information regarding the exercise of any time-based vested options by payment made to the named executive officers during 2014. However, no options were exercised by the NEOs during the twelve months ended December 31, year 2014.

	Option Awards		Stock Awards
Name	Number of Shares Converted (#)	Value Realized On Conversion(1) ($)	Number of Shares Acquired on Vesting (#)	Value Realized  on Vesting ($)
James M. Peck	—	—	—	—
Samuel A. Hamood	—	—	—	—
Christopher Cartwright	—	—	—	—
Gerald M. McCarthy, Jr.	—	—	—	—
John T. Danaher	—	—	—	—

⁽¹⁾  Represents the difference between the exercise price of the stock options and the fair market value at time of exercise.

Nonqualified Deferred Compensation

Name	Executive Contributions in 2014(1)		Registrant Contributions in 2014(2)		Aggregate Earnings in 2014(3)		Aggregate Withdrawals/ Distributions		Aggregate Balance at December 31, 2014
James M. Peck	$	88,269	$	42,730	$	6,946	$	—	$	168,465
Samuel A. Hamood	33,375		56,582		33,627		—		596,988
Christopher A. Cartwright	219,488		66,158		10,253		—		295,899
Gerald M. McCarthy, Jr.	—		—		—		—		—
John T. Danaher	—		—		—		—		—

⁽¹⁾  Includes amounts reflected under “Salary” and “Non-Equity Incentive Plan Compensation” in the Summary Compensation Table above for 2014.

⁽²⁾  Amounts included in this column are reflected under “All Other Compensation” in the Summary Compensation Table for 2014.

⁽³⁾  Amounts included in this column do not constitute above-market or preferential earnings and accordingly such amounts are not reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table for 2014. Each NEO self-directs the investment of their non-qualified deferred compensation plan account balance into one or more of the available investment funds. Consequently, the value of an NEO’s plan account balance may go up or down based on the performance of the selected investment funds.

Deferred Compensation Plan

This nonqualified plan is a tax deferred compensation program for a limited number of executives, including the named executive officers, and provides a favorable tax vehicle for deferring cash compensation (base salary and annual incentive payments). Pursuant to the plan, the NEO is able to defer up to 100% of cash compensation received. Amounts deferred are self-directed into one or more of the available investment funds and are credited with gains or losses of the various funds selected by the participant. The plan does not offer any above-market rate of return to the NEO. Upon termination of employment, amounts deferred are paid, at the participant’s option, either in a lump sum or in annual installments over a period of either 5 or 10 years. Executives are not permitted to take loans from the account. We contribute a match equal to 100% of the first 3% and 50% on the next 2% of the executive’s contributions. Additionally, in 2014, the Compensation Committee approved a discretionary retirement contribution of an additional 3% of qualified 2013 earnings. Assets in this plan are held in a rabbi trust.

Payments upon Termination and Change-in-Control—2014

The following charts illustrate benefits that the named executive officers would receive upon the occurrence of certain separation scenarios, which are assumed to occur on December 31, 2014. No special payments are made upon resignation or retirement, and the named executive officers are not entitled to increase severance payments in the event they are terminated in connection with

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a change in control. In addition, we do not provide for any gross-up provision on severance payments. Descriptions of the provisions that govern these benefits are set forth following the charts.

Separation⁽¹⁾ 

James M. Peck⁽¹⁾ 

Type of Payment	Involuntary Termination ($)	Death ($)	Disability ($)	Change In Control ($)
Severance Payments(2)	2,700,000			2,700,000
Outplacement(3)	35,000			35,000
Welfare Benefits(4)	26,172			26,172
Life Insurance Payout(5)		250,000
Disability Payments(6)			1,920,000
Total	2,761,172	250,000	1,920,000	2,761,172

⁽¹⁾  The table excludes (a) any amounts accrued through December 31, 2014, that would be paid in the normal course of employment, such as accrued but unpaid salary and earned annual bonus for 2014, and (b) vested account balances in our 401(k) Savings & Retirement Plan that are generally available to all of our U.S. associates. Actual amounts to be paid can only be determined at the time of such executive’s termination of service.

⁽²⁾  If Mr. Peck is terminated without Cause or he resigns for Good Reason (both defined in the Peck Employment Agreement), he receives a Base Salary Multiple in an amount equal to 1.5 times his annualized base salary during the year of covered termination and the target bonus under the annual bonus plan. This amount is calculated and noted in the Severance Payments line.

⁽³⁾  Reflects the cost to provide executive-level outplacement services for a period of one year.

⁽⁴⁾  If Mr. Peck is terminated without Cause or he resigns for Good Reason (both defined in the Peck Employment Agreement), he receives a lump sum amount equal to COBRA premiums for 18 months. This amount reflects the present value of 18 months of family PPO health and dental coverage using our 2015 COBRA premium rate.

⁽⁵⁾  Reflects the present value of life insurance provided as a benefit to all associates; equal to one times their annual base salary (rounded up to the next highest $1,000), with a maximum benefit of $250,000. In addition, we provide Accidental Death & Dismemberment protection to all associates; the present value of the principal sum is $50,000, but this amount is not included above. TransUnion also maintains a travel accident insurance policy for most associates, including executive officers, that would provide an additional benefit equal to five times the associate’s annual salary, subject to a maximum amount of $5,000,000 for all losses arising out of one accident. This amount is not included above.

⁽⁶⁾  Reflects the value of the executive’s disability benefit as of December 31, 2014 (a) assuming full disability at December 31, 2014 and continuing through age 65, and (b) in today’s dollars without any discounting or increase.

Samuel A. Hamood⁽¹⁾ 

Type of Payment	Involuntary Termination ($)	Death ($)	Disability ($)	Change In  Control ($)
Severance Payments(2)	1,449,450			1,449,450
Outplacement(3)	35,000			35,000
Welfare Benefits(4)	26,542			26,542
Life Insurance Payout(5)		250,000
Disability Payments(6)			2,652,000
Total	1,510,992	250,000	2,652,000	1,510,992

⁽¹⁾  The table excludes (a) any amounts accrued through December 31, 2014, that would be paid in the normal course of employment, such as accrued but unpaid salary and earned annual bonus for 2014, and (b) vested account balances in our 401(k) Savings & Retirement Plan that are generally available to all of our U.S. associates. Actual amounts to be paid can only be determined at the time of such executive’s termination of service.

⁽²⁾  Mr. Hamood entered into a Severance and Restrictive Covenant Agreement on June 15, 2010 (the “Hamood Severance Agreement”), which was assumed by the new ownership on April 30, 2012. If Mr. Hamood is terminated without Cause or he resigns for Good Reason (both defined in the Hamood Severance Agreement), he receives a Base Salary Multiple in an

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amount equal to 1.5 times his annualized base salary during the year of covered termination and the average of his two previous years of actual bonuses under the annual bonus plan. This amount is calculated and noted in the Severance Payments line.

⁽³⁾  Reflects the cost to provide executive-level outplacement services for a period of one year.

⁽⁴⁾  If Mr. Hamood is terminated without Cause or he resigns for Good Reason (both defined in the Hamood Severance Agreement), he receives a lump sum amount equal to COBRA premiums for 18 months. This amount reflects the present value of 18 months of family PPO health and dental coverage using our 2015 COBRA premium rate.

⁽⁵⁾  Reflects the present value of life insurance provided as a benefit to all associates; equal to one times their annual base salary (rounded up to the next highest $1,000), with a maximum benefit of $250,000. In addition, we provide Accidental Death & Dismemberment protection to all associates; the present value of the principal sum is $50,000, but this amount is not included above. TransUnion also maintains a travel accident insurance policy for most associates, including executive officers, that would provide an additional benefit equal to five times the associate’s annual salary, subject to a maximum amount of $5,000,000 for all losses arising out of one accident. This amount is not included above.

⁽⁶⁾  Reflects the value of the executive’s disability benefit as of December 31, 2014 (a) assuming full disability at December 31, 2014 and continuing through age 65, and (b) in today’s dollars without any discounting or increase.

Christopher A. Cartwright⁽¹⁾

Type of Payment	Involuntary Termination ($)	Death ($)	Disability ($)	Change In Control ($)
Severance Payments(2)	1,709,039			1,709,039
Outplacement(3)	35,000			35,000
Welfare Benefits(4)	26,542			26,542
Life Insurance Payout(5)		250,000
Disability Payments(6)			2,232,000
Total	1,770,581	250,000	2,232,000	1,770,581

⁽¹⁾  The table excludes (a) any amounts accrued through December 31, 2014, that would be paid in the normal course of employment, such as accrued but unpaid salary and earned annual bonus for 2014, and (b) vested account balances in our 401(k) Savings & Retirement Plan that are generally available to all of our U.S. associates. Actual amounts to be paid can only be determined at the time of such executive’s termination of service.

⁽²⁾  Mr. Cartwright entered into a Severance and Restrictive Covenant Agreement on August 19, 2013 (the “Cartwright Severance Agreement”). If Mr. Cartwright is terminated without Cause or he resigns for Good Reason (both defined in the Cartwright Severance Agreement), he receives a Base Salary Multiple in an amount equal to 1.5 times his annualized base salary during the year of covered termination and the average of his two previous years of actual bonuses under the annual bonus plan. This amount is calculated and noted in the Severance Payments line.

⁽³⁾  Reflects the cost to provide executive-level outplacement services for a period of one year.

⁽⁴⁾  If Mr. Cartwright is terminated without Cause or he resigns for Good Reason (both defined in the Cartwright Severance Agreement), he receives a lump sum amount equal to COBRA premiums for 18 months. This amount reflects the present value of 18 months of family PPO health and dental coverage using our 2015 COBRA premium rate.

⁽⁵⁾  Reflects the present value of life insurance provided as a benefit to all associates; equal to one times their annual base salary (rounded up to the next highest $1,000), with a maximum benefit of $250,000. In addition, we provide Accidental Death & Dismemberment protection to all associates; the present value of the principal sum is $50,000, but this amount is not included above. TransUnion also maintains a travel accident insurance policy for most associates, including executive officers, that would provide an additional benefit equal to five times the associate’s annual salary, subject to a maximum amount of $5,000,000 for all losses arising out of one accident. This amount is not included above.

⁽⁶⁾  Reflects the value of the executive’s disability benefit as of December 31, 2014, (a) assuming full disability at December 31, 2014, and continuing through age 65, and (b) in today’s dollars without any discounting or increase.

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Gerald M. McCarthy, Jr.⁽¹⁾ 

Type of Payment	Involuntary Termination ($)	Death ($)	Disability ($)	Change In Control ($)
Severance Payments(2)	998,460			998,460
Outplacement(3)	35,000			35,000
Welfare Benefits(4)	26,542			26,542
Life Insurance Payout(5)		250,000
Disability Payments(6)			2,796,000
Total	1,060,002	250,000	2,796,000	1,060,002

⁽¹⁾  The table excludes (a) any amounts accrued through December 31, 2014, that would be paid in the normal course of employment, such as accrued but unpaid salary and earned annual bonus for 2014, and (b) vested account balances in our 401(k) Savings & Retirement Plan that are generally available to all of our U.S. associates. Actual amounts to be paid can only be determined at the time of such executive’s termination of service.

⁽²⁾  Mr. McCarthy entered into a Severance and Restrictive Covenant Agreement on March 23, 2015 (the “McCarthy Severance Agreement”). If Mr. McCarthy is terminated without Cause or he resigns for Good Reason (both defined in the McCarthy Severance Agreement), he receives a Base Salary Multiple in an amount equal to 1.5 times his annualized base salary during the year of covered termination and the average of his two previous years of actual bonuses under the annual bonus plan, or if covered termination occurs prior to two years of actual bonuses, an amount equal to the prior year's bonus. This amount is calculated and noted in the Severance Payments line.

⁽³⁾  Reflects the cost to provide executive-level outplacement services for a period of one year.

⁽⁴⁾  If Mr. McCarthy is terminated without Cause or he resigns for Good Reason (both defined in the McCarthy Severance Agreement), he receives a lump sum amount equal to COBRA premiums for 18 months. This amount reflects the present value of 18 months of family PPO health and dental coverage using our 2015 COBRA premium rate.

⁽⁵⁾  Reflects the present value of life insurance provided as a benefit to all associates equal to one times their annual base salary (rounded up to the next highest $1,000), with a maximum benefit of $250,000. In addition, we provide Accidental Death & Dismemberment protection to all associates; the present value of the principal sum is $50,000, but this amount is not included above. TransUnion also maintains a travel accident insurance policy for most associates, including executive officers, that would provide an additional benefit equal to five times the associate’s annual salary, subject to a maximum amount of $5,000,000 for all losses arising out of one accident. This amount is not included above.

⁽⁶⁾  Reflects the value of the executive’s disability benefit as of December 31, 2014, (a) assuming full disability at December 31, 2014, and continuing through age 65, and (b) in today’s dollars without any discounting or increase.

John T. Danaher⁽¹⁾ 

Type of Payment	Involuntary Termination ($)	Death ($)	Disability ($)	Change In  Control ($)
Severance Payments(2)	1,105,092			1,105,092
Outplacement(3)	35,000			35,000
Welfare Benefits(4)	26,542			26,542
Life Insurance Payout(5)		250,000
Disability Payments(6)			2,088,000
Total	1,166,634	250,000	2,088,000	1,166,634

⁽¹⁾  The table excludes (a) any amounts accrued through December 31, 2014, that would be paid in the normal course of employment, such as accrued but unpaid salary and earned annual bonus for 2014, and (b) vested account balances in our 401(k) Savings & Retirement Plan that are generally available to all of our U.S. associates. Actual amounts to be paid can only be determined at the time of such executive’s termination of service.

⁽²⁾  Mr. Danaher entered into a Severance and Restrictive Covenant Agreement on March 23, 2015 (the “Danaher Severance Agreement”). If Mr. Danaher is terminated without Cause or he resigns for Good Reason (both defined in the Danaher Severance Agreement), he receives a Base Salary Multiple in an amount equal to 1.5 times his annualized base salary during the year of covered termination and the average of his two previous years of actual bonuses under the annual bonus plan. This amount is calculated and noted in the Severance Payments line.

⁽³⁾  Reflects the cost to provide executive-level outplacement services for a period of one year.

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⁽⁴⁾  If Mr. Danaher is terminated without Cause or he resigns for Good Reason (both defined in the Danaher Severance Agreement), he receives a lump sum amount equal to COBRA premiums for 18 months. This amount reflects the present value of 18 months of family PPO health and dental coverage using our 2015 COBRA premium rate.

⁽⁵⁾  Reflects the present value of life insurance provided as a benefit to all associates equal to one times their annual base salary (rounded up to the next highest $1,000), with a maximum benefit of $250,000. In addition, we provide Accidental Death & Dismemberment protection to all associates; the present value of the principal sum is $50,000, but this amount is not included above. TransUnion also maintains a travel accident insurance policy for most associates, including executive officers, that would provide an additional benefit equal to five times the associate’s annual salary, subject to a maximum amount of $5,000,000 for all losses arising out of one accident. This amount is not included above.

⁽⁶⁾  Reflects the value of the executive’s disability benefit as of December 31, 2014, (a) assuming full disability at December 31, 2014, and continuing through age 65, and (b) in today’s dollars without any discounting or increase.

Director Compensation

The following tables and narrative footnotes discuss the compensation earned by our directors who are not employed by TransUnion or either of the Sponsors, or any of the Sponsor's respective affiliates (each, an “unaffiliated director”). Messrs. Egan, Mullin, Narayan, Rajpal and Tadler are not considered unaffiliated directors because of their relationships with our Sponsors, which hold significant interests in TransUnion, and, accordingly, received no compensation for their service on the Board of Directors in 2014. See Item 10, "Directors, Executive Officers and Corporate Governance - Board of Directors." Mr. Peck is not included in the table below because, as President and Chief Executive Officer, disclosure in respect of his compensation is presented in the Summary Compensation Table. Mr. Peck does not receive any additional compensation for his service on the Board of Directors.

In 2014, annualized compensation rates for the unaffiliated directors related to service on our Board of Directors and Committees were as follows:

Board of Directors
Annual Retainer	$	85,000
Audit and Compliance Committee
Audit and Compliance Committee Chair	$	10,000
Audit and Compliance Committee Member	$	—
Compensation Committee
Compensation Committee Chair	$	5,000
Compensation Committee Member	$	—

In addition, our unaffiliated directors receive stock options pursuant to the 2012 Management Equity Plan, which vest pro rata over a five-year period (or such shorter term as may be set by the Compensation Committee) and have such other terms and conditions as the Compensation Committee may specify.

Total compensation paid to our independent directors in 2014 is shown in the table below. Annual retainer amounts are prorated based on dates of service for newly-appointed independent directors.

Name	Fees Earned or Paid in Cash		Stock Awards		Option Awards		Non-Equity Incentive Plan Compensation		Change in Pension Value and Nonqualified Deferred Compensation Earnings		All Other Compensation		Total
George M. Awad(1)	$	106,250	$	—	$	—	$	—	$	—	$	—	$	106,250
Siddharth N. (Bobby) Mehta(2)	85,000		—		—		—		—		150,000		235,000
Andrew Prozes(3)	85,000		—		201,192		—		—		—		286,192

(1) Mr. Awad was appointed to the Board of Directors on November 11, 2013. Fees paid in cash in 2014 include $21,250 earned in 2013.

(2) In connection with his resignation as President and Chief Executive Officer of the Company, Mr. Mehta, a director of the Company, entered into a Consulting Agreement with TransUnion pursuant to which Mr. Mehta provides advice and consultation to assist Mr. Peck in the transition of duties as Chief Executive Officer and to Mr. Peck and the Board of Directors with respect to the Company's strategic operating plan and strategic opportunities or transactions considered by the Company from time to time. Pursuant to the terms of the agreement, Mr. Mehta receives a consulting services fee of $150,000 on or before January 10 of each year during the term of the agreement. Either party may terminate the agreement by providing notice of non-renewal at least sixty (60) days prior to the end of the then-current term.

(3) Mr. Prozes was appointed to the Board of Directors on January 28, 2014. Mr. Prozes received 32,398 stock options during 2014 with an aggregate grant date fair value of $201,192. All of the options were outstanding at December 31, 2014.

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Business Expenses

The independent directors are reimbursed for their business expenses related to their attendance at our meetings, including room, meals and transportation to and from Board and committee meetings. On rare occasions, a director’s spouse may accompany a director when traveling on TransUnion business.

Director and Officer Liability (or D&O) Insurance

D&O insurance insures our individual directors and officers against certain losses that they are legally required to bear as a result of their actions while performing duties on our behalf. Our D&O insurance policy does not break out the premium for directors versus officers and, therefore, a dollar amount cannot be assigned to the coverage provided for individual directors.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides certain information as of December 31, 2014, with respect to our equity compensation plans under which common stock is authorized for issuance

	Number of securities to be issued upon exercise of outstanding options, warrants and rights	Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Plan category	(a)	(b)		(c)
Equity compensation plans approved by security holders	7,684,447	$	8.83	448,102
Equity compensation plans not approved by security holders	—	—		—
Total	7,684,447	$	8.83	448,102

Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information regarding the beneficial ownership of our common stock as of January 31, 2015, by:

• each person that is the beneficial owner of more than 5% of our outstanding common stock;

• each member of our board of directors;

• each of our named executive officers; and

• all of the members of our board of directors and our executive officers as a group.

The information below is based on a total of 110,968,014 shares of our common stock outstanding as of February 28, 2015.

Beneficial ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire such powers within 60 days. Common stock subject to options that are currently exercisable or exercisable within 60 days of February 28, 2014, are deemed to be outstanding and beneficially owned by the person holding the options. These shares, however, are not deemed outstanding for the purposes of computing the percentage ownership of any other person. Except as disclosed in the footnotes to this table and subject to applicable community property laws, we believe that each stockholder identified in the table possesses sole voting and investment power over all shares of common stock shown as beneficially owned by the stockholder. Unless otherwise indicated in the table or footnotes below, the address for each beneficial owner is c/o TransUnion, 555 West Adams Street, Chicago, Illinois 60661.

Our address is the address of each director and executive officer named in the table.

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Name of Beneficial Owner	Shares of Common Stock Beneficially Owned	Percent of Common Stock Outstanding
5% or greater stockholders:
Investment funds affiliated with Advent International Corporation(1)	54,280,076	48.9	%
Investment funds affiliated with The Goldman Sachs Group, Inc.(2)	54,280,076	48.9	%
Directors and named executive officers:
George W. Awad	40,498	—
Christopher Egan(3)	—	—
Siddharth N. (Bobby) Mehta(4)	315,556	*
Leo F. Mullin(5)	39,193	*
Rohan Narayan(2)(6)	—	—
Andrew Prozes	50,262	*
Sumit Rajpal(2)(7)	—	—
Steven M. Tadler(8)	—	—
James M. Peck(9)	538,806	*
Samuel A. Hamood(10)	190,941	*
Christopher A. Cartwright(11)	192,595	*
Gerald M. McCarthy, Jr.(12)	11,494	*
David M. Neenan(13)	311,956	*
John T. Danaher (14)	31,285	*
John W. Blenke(15)	104,513	*
All directors and executive officers as a group (15 persons)	1,825,099	1.6	%

________________________

* Less than 1%.

⁽¹⁾  The funds managed by Advent International Corporation own 100% of Advent TransUnion Acquisition Limited Partnership, which in turn owns 49.4% of TransUnion Intermediate, for a 49.4% indirect ownership for the funds managed by Advent International Corporation. This 49.4% indirect ownership consists of 23,925,541.40 shares indirectly owned by Advent International GPE VI Limited Partnership, 15,333,825.79 shares indirectly owned by Advent International GPE VI-A Limited Partnership, 1,209,566.02 shares indirectly owned by Advent International GPE VI-B Limited Partnership, 1,231,262.28 shares indirectly owned by Advent International GPE VI-C Limited Partnership, 1,079,388.51 shares indirectly owned by Advent International GPE VI-D Limited Partnership, 2,972,386.46 shares indirectly owned by Advent International GPE VI-E Limited Partnership, 4,507,396.26 shares indirectly owned by Advent International GPE VI-F Limited Partnership, 2,836,784.89 shares indirectly owned by Advent International GPE VI-G Limited Partnership, 878,698.19 shares indirectly owned by Advent Partners GPE VI 2008 Limited Partnership, 32,544.38 shares indirectly owned by Advent Partners GPE VI 2009 Limited Partnership, 75,936.88 shares indirectly owned by Advent Partners GPE VI 2010 Limited Partnership, 75,936.88 shares indirectly owned by Advent Partners GPE VI-A Limited Partnership and 81,360.94 shares indirectly owned by Advent Partners GPE VI-A 2010 Limited Partnership. Advent International Corporation is the manager of Advent International LLC, which in turn is the general partner of GPE VI GP Limited Partnership and GPE VI GP (Delaware) Limited Partnership. GPE VI GP Limited Partnership is the general partner of Advent International GPE VI Limited Partnership, Advent International GPE VI-A Limited Partnership, Advent International GPE VI-B Limited Partnership, Advent International GPE VI-F Limited Partnership and Advent International GPE VI-G Limited Partnership. GPE VI GP (Delaware) is the general partner of Advent International GPE VI-C Limited Partnership, Advent International GPE VI-D Limited Partnership and Advent International GPE VI-E Limited Partnership. Advent International Corporation is the manager of Advent International LLC, which in turn is the general partner of Advent Partners GPE VI 2008 Limited Partnership, Advent Partners GPE VI 2009 Limited Partnership, Advent Partners GPE VI 2010 Limited Partnership, Advent Partners GPE VI-A Limited Partnership and Advent Partners GPE VI-A 2010 Limited Partnership. Advent International Corporation exercises voting and investment power over the shares held by each of these entities and may be deemed to have beneficial ownership any shares held by them. With respect to any shares of common stock of the Company held by the funds managed by Advent International Corporation, a group of individuals currently composed of David M. Mussafer, Steven M. Tadler and David M. McKenna, none of whom have individual voting or investment power, exercises voting and investment power over any shares

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beneficially owned by Advent International Corporation. Each of Mr. Mussafer, Mr. Tadler and Mr. McKenna disclaims beneficial ownership of any shares held by the funds managed by Advent International Corporation, except to the extent of their respective pecuniary interest therein. In addition, Harry Gambill, an Industry Advisor for Advent International Corporation, holds 39,447.02 shares of common stock. Through a written agreement with Mr. Gambill, Advent International Corporation has sole voting power and, at times, investment power over these shares. The shares reported in the table above do not include shares held by members of management of the Company which are subject to an agreement pursuant to which the management stockholders have appointed the Company as their attorney-in-fact to vote, provide a written consent or take any other action with respect to all matters with respect to such shares in the same proportion as shares held by the investment funds affiliated with Advent International Corporation. Advent International Corporation and its affiliated funds disclaim beneficial ownership of all such shares. The address of Advent International Corporation and each of the funds listed above is c/o Advent International Corporation, 75 State Street, Floor 29, Boston, MA 02109.

⁽²⁾  Shares shown as beneficially owned by investment funs affiliated with the Goldman Sachs Group, Inc. reflect an aggregate of the following record ownership: (i) 21,182,997 shares held by GS Capital Partners VI Fund, L.P.; (ii) 5,824,963 shares held by GS Capital Partners VI Parallel, L.P.; and (iii) 27,272,116 shares held by Spartan Shield Holdings. GS Capital Partners VI Offshore Fund, L.P., GS Capital Partners VI GmbH & Co. KG, MBD 2011 Holdings, L.P., Bridge Street 2012 Holdings, L.P. and Opportunity Offshore-B Co-Invest AIV, L.P. (together with GS Capital Partners VI Fund, L.P. and GS Capital Partners VI Parallel, L.P., the “Goldman Sachs Funds”) own partnership interests of Spartan Shield Holdings. Goldman, Sachs & Co. is a direct and indirect wholly owned subsidiary of the Goldman Sachs Group, Inc. Goldman Sachs & Co. is the investment manager of certain of the Goldman Sachs Funds. The Goldman Sachs Group, Inc., and Goldman, Sachs & Co. may be deemed to beneficially own indirectly, in the aggregate, all of the common stock owned by Spartan Shield Holdings because (i) the Goldman Sachs Funds, of which affiliates of Goldman, Sachs & Co. and the Goldman Sachs Group, Inc. are the general partner, managing general partner or investment manager, share voting and investment power with certain of its respective affiliates and (ii) the Goldman Sachs Funds control Spartan Shield Holdings and have the power to vote or dispose of all of the common stock of the company owned by Spartan Shield Holdings. Shares of common stock that may be deemed to be beneficially owned by the Goldman Sachs Funds that correspond to the Goldman Sachs Funds’ partnership interests of Spartan Shield Holdings consist of: (1) 17,619,272 shares of common stock deemed to be beneficially owned by GS Capital Partners VI Offshore Fund, L.P., (2) 752,844 shares of common stock deemed to be beneficially owned by GS Capital Partners VI GmbH & Co. KG, (3) 650,000 shares of common stock deemed to be beneficially owned by MBD 2011 Holdings, L.P., (4) 750,000 shares of common stock deemed to be beneficially owned by Bridge Street 2012 Holdings, L.P., and (5) 7,500,000 shares of common stock deemed to be beneficially owned by Opportunity Offshore-B Co-Invest AIV, L.P. Mr. Rohan Narayan is a Vice President in the Merchant Banking Division of Goldman, Sachs & Co. and Mr. Sumit Rajpal is a Managing Director in the Merchant Banking Division of Goldman, Sachs & Co., and therefore each of Messrs. Narayan and Rajpal may be deemed to have beneficial ownership of the shares held by the Goldman Sachs Funds. The Goldman Sachs Group, Inc., Goldman, Sachs & Co. and Messrs. Narayan and Rajpal each disclaim beneficial ownership of the shares of common stock owned directly or indirectly by Spartan Shield Holdings and the Goldman Sachs Funds, except to the extent of their pecuniary interest therein, if any. The shares reported in the table above do not include shares held by members of management of the Company which are subject to an agreement pursuant to which the management stockholders have appointed the Company as their attorney-in-fact to vote, provide a written consent or take any other action with respect to all matters with respect to such shares in the same proportion as the shares held by the Goldman Sachs Funds. The Goldman Sachs Funds and its affiliated funds disclaim beneficial ownership of all such shares. The address of the Goldman Sachs Funds, The Goldman Sachs Group, Inc. and Goldman, Sachs & Co. is 200 West Street, New York, NY 10282.

⁽³⁾  Christopher Egan is a managing director at Advent International Corporation and may be deemed to beneficially own the shares held by the funds managed by Advent. Mr. Egan disclaims beneficial ownership of the shares of the common stock held by such funds, except to the extent of his pecuniary interest therein, if any. Mr. Egan holds no shares directly. The address of Mr. Egan is c/o Advent International Corporation, 75 State Street, Floor 29, Boston, MA 02109.

⁽⁴⁾  Represents 297,955 shares of common stock held of record and 16,001 options exercisable within 60 days.

⁽⁵⁾  Leo F. Mullin is a senior advisor, on a part-time basis, to the Merchant Banking Division of Goldman Sachs & Co.The address of Mr. Mullin is c/o Goldman, Sachs & Co., 200 West Street, New York, NY 10282.

⁽⁶⁾  Rohan Narayan is a vice president of Goldman, Sachs & Co. As such, Mr. Narayan may be deemed to have shared voting and investment power over, and therefore, may be deemed to beneficially own, shares of common stock of the Company owned by the Goldman Sachs Funds and Spartan Shield Holdings. Mr. Narayan disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, if any. Mr. Narayan holds no shares directly. The address of Mr. Narayan is c/o Goldman, Sachs & Co., 200 West Street, New York, NY 10282.

⁽⁷⁾  Sumit Rajpal is a managing director of Goldman, Sachs & Co. As such, Mr. Rajpal may be deemed to have shared voting and investment power over, and therefore, may be deemed to beneficially own, shares of common stock of the Company owned by the Goldman Sachs Funds and Spartan Shield Holdings. Mr. Rajpal disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, if any. Mr. Rajpal holds no shares directly. The address of Mr. Rajpal is c/o Goldman, Sachs & Co., 200 West Street, New York, NY 10282.

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⁽⁸⁾  Steven M. Tadler is a managing partner at Advent International Corporation and may be deemed to beneficially own the shares held by the funds managed by Advent. Mr. Tadler disclaims beneficial ownership of the shares of common stock held by such funds, except to the extent of his pecuniary interest therein, if any. Mr. Tadler holds no shares directly. Mr. Tadler’s address is c/o Advent International Corporation, 75 State Street, Floor 29, Boston, MA 02109.

⁽⁹⁾  Represents 287,193 shares of common stock held of record and 249,613 options exercisable within 60 days

⁽¹⁰⁾  Represents 124,620 shares of common stock held of record and 66,321 options exercisable within 60 days.

⁽¹¹⁾  Represents 127,795 shares of common stock held of record and 64,800 options exercisable within 60 days.

⁽¹²⁾  Represents 11,494 shares of common stock held of record.

⁽¹³⁾  Represents 293,451 shares of common stock held of record and 18,505 options exercisable within 60 days.

⁽¹⁴⁾  Represents 5,747 shares of common stock held of record and 25,538 options exercisable within 60 days.

⁽¹⁵⁾  Represents 104,513 shares of common stock held of record, including 25,082 unvested restricted stock units.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Related Party Transactions Policy

Our Board of Directors has adopted a written Related Person Transaction Policy, which provides that any “Related Person Transaction” must be reviewed and approved or ratified in accordance with specified procedures. The term “Related Person Transaction” includes any transaction, arrangement or relationship, or series of similar transactions, arrangements or relationships, in which (1) the aggregate dollar amount involved will or may reasonably be expected to exceed $120,000 in any calendar year, (2) the Company is, or is proposed to be, a participant, and (3) any person who is or was (since the beginning of the last year) a director, a nominee for director, an executive officer or a beneficial owner of more than five percent of any class of the Company’s voting securities, or a member of the immediate family of any such person, had, has or will have a direct or indirect interest (other than solely as a result of being a director or a less than 10 percent beneficial owner of another entity).

The policy requires each director, nominee and executive officer to notify the general counsel in writing of any Related Person Transaction in which the director, nominee, executive officer or an immediate family member has or will have an interest and to provide specified details of the transaction. The general counsel, through the corporate secretary, will deliver a copy of the notice to the Audit and Compliance Committee. The Audit and Compliance Committee will review the material facts of each proposed Related Person Transaction at each regularly scheduled committee meeting and approve, ratify or disapprove the transaction.

The vote of a majority of disinterested members of the Audit and Compliance Committee is required for the approval or ratification of any Related Person Transaction. The Audit and Compliance Committee may approve or ratify a Related Person Transaction if the Audit and Compliance Committee determines, in its business judgment, based on the review of all available information, that the transaction is fair and reasonable to the Company, that there is a business or corporate interest supporting the Related Person Transaction, and that the Related Person Transaction is in the best interests of the Company. In making this determination, the Audit and Compliance Committee will consider, among other things, (i) the business or corporate purpose of the transaction, (ii) whether the transaction is entered into on an arms-length basis and on terms no less favorable than terms generally available to an unaffiliated third-party under the same or similar circumstances, (iii) whether the interest of the director, nominee, executive officer, beneficial owner or family member in the transaction is material, (iv) whether the transaction would impair the independence of the director or executive officer (v) whether the transaction would otherwise present an improper conflict of interest and (vi) whether the transaction would violate any law or regulation applicable to the Company or any provision of the Company’s Code of Business Conduct. The policy also contains categories of pre-approved transactions that the Board has identified as not having a significant potential for an actual or potential conflict of interest or improper benefit.

In any case where the Audit and Compliance Committee determines not to approve or ratify a Related Person Transaction, the matter will be referred to the General Counsel for review and consultation regarding the appropriate disposition of such transaction, arrangement or relationship including, but not limited to, termination of the transaction, rescission or modification of the transaction in a manner that would permit it to be ratified and approved.

Consulting Agreements

In connection with the 2012 Change in Control Transaction, TransUnion, Goldman, Sachs & Co. and Advent International Corporation entered into a Consulting Agreement, dated April 30, 2012. Pursuant to the terms of the agreement, Goldman, Sachs & Co. and Advent International Corporation are to receive an advisory fee of $250,000 each, increasing 5% annually, in exchange for services provided, including (i) general executive and management services; (ii) identification, support, negotiation and analysis of acquisitions and dispositions; (iii) support, negotiation and analysis of financing alternatives, including in connection with acquisitions, capital expenditures and refinancing of existing debt; (iv) finance functions, including assistance in the preparation of financial projections and monitoring of compliance with financing agreements; (v) human resources functions, including

123

searching and recruiting of executives; and (vi) other services as mutually agreed upon. During 2014, Goldman, Sachs & Co. and Advent International Corporation provided consulting services to TransUnion totaling $262,500 each.

In connection with his resignation as President and Chief Executive Officer of the Company, TransUnion and Siddharth N. (Bobby) Mehta, a director of the Company, entered into a Consulting Agreement, dated December 6, 2012, pursuant to which Mr. Mehta provides advice and consultation to assist Mr. Peck in the transition of duties as Chief Executive Officer and to Mr. Peck and the Board of Directors with respect to the Company's strategic operating plan and strategic opportunities or transactions considered by the Company from time to time. Pursuant to the terms of the agreement, Mr. Mehta receives a consulting services fee of $150,000 on or before January 10th of each year during the term of the agreement. Either party may terminate the agreement by providing notice of non-renewal at least sixty (60) days prior to the end of the then-current term.

The consulting agreements described above were entered into prior to the adoption of the Related Party Transactions Policy and were approved by the Company’s Board of Directors.

Debt and Interest Expense

As of December 31, 2014 and December 31, 2013, interest accrued on debt to related parties was less than $0.1 million and $0, respectively, and was recorded within other current liabilities in the consolidated balance sheets. As of December 31, 2014 and December 31, 2013, $10.5 million and $0, respectively, of our senior secured revolving credit facility was owed to affiliates of GS. Related party interest paid to affiliates of GS for the twelve months ended December 31, 2014 and December 31, 2013 was less than $0.1 million for each period.

Financing Transactions

On April 9, 2014, we refinanced and amended our senior secured credit facility, which resulted in an increase of the outstanding term loan and other changes to such facility. In connection with such refinancing transaction, affiliates of GSCP were paid $4,014,975 in term loan arrangement fees and $400,000 in revolver arrangement fees.

Management Stock Sales and Repurchases

On March 19, 2014, Andy Prozes, a Director of the Company, purchased 43,782 shares of common stock at a purchase price of $11.42 per share.

On March 31, 2014, as a component of James M. Peck's employment agreement, Mr. Peck purchased an additional 9,906 shares of common stock at a purchase price of $11.42 per share. Mr. Peck joined the Company in December 2012 as President and Chief Executive Office.

On April 11, 2014, George Awad, a Director of the Company, purchased 32,398 shares of common stock at a purchase price of $11.42 per share.

On April 24, 2014 and October 1, 2014, David M. Neenan, an Executive Officer of the Company, exercised options to purchase a total of 18,504 shares of common stock at a purchase price of $6.65 per share.

On December 30, 2014, Mary Krupka, a former Executive Officer of the Company, exercised options to purchase 17,024 shares of common stock at a purchase price of $6.65 per share.

In October of 2014, the following Executive Officers of the Company purchased common stock at a purchase price of $17.40 under a one-time management stock purchase plan: James M. Peck, 51,724 shares; Gerald M. McCarthy Jr., 11,494 shares; Christopher A. Cartwright, 40,229 shares; Samuel A. Hamood, 21,982 shares; John T. Danaher, 5,747 shares; and David M. Neenan, 24,712 shares.

Director Independence

The Company has no securities listed for trading on a national securities exchange or in an automated inter-dealer quotation system that has requirements that a majority of its board of directors be independent.

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ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fees paid to our principal accountant for the years ended December 31, 2014 and 2013, were as follows:

Category (in millions)	2014		2013
Audit fees	$	2.3	$	2.2
Audit-related fees	1.7		2.1
Tax fees	—		0.1
All other fees	—		—
Total	$	4.0	$	4.4

All audit and non-audit services provided by our principal accountant, or any other independent auditor, must be approved by the Audit and Compliance Committee of our Board of Directors. For engagements expected to generate fees of $50,000 or less, audit and non-audit services by an independent auditor can be approved by the Chairman of the Audit and Compliance Committee. Audit-related fees include fees paid for due diligence related to mergers and acquisitions and the review of controls and security of our information systems. All of the fees paid to our principal accountant in 2014 and 2013 were pre-approved by our Audit and Compliance Committee.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) List of Documents Filed as a Part of This Report:

(1) Financial Statements. The following financial statements are included in Item 8 of Part II:

• Consolidated Balance Sheets—December 31, 2014 and 2013;

• Consolidated Statements of Income for the years ended December 31, 2014 and 2013, from the period of inception through December 31, 2012 (Successor), and for the four months ended April 30, 2012 (Predecessor);

• Consolidated Statements of Comprehensive Income for the years ended December 31, 2014 and 2013, from the period of inception through December 31, 2012 (Successor), and for the four months ended April 30, 2012 (Predecessor);

• Consolidated Statements of Cash Flows for the years ended December 31, 2014 and 2013, from the period of inception through December 31, 2012 (Successor), and for the four months ended April 30, 2012 (Predecessor);

• Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2014 and 2013, from the period of inception through December 31, 2012 (Successor), and for the four months ended April 30, 2012 (Predecessor);

• Notes to Consolidated Financial Statements; and

(2) Financial Statement Schedules.

• Schedule I - Condensed Financial Information of TransUnion

• Schedule I - Notes to Financial Information of TransUnion

• Schedule II—Valuation and Qualifying Accounts

(3) Exhibits. A list of the exhibits required to be filed as part of this Report by Item 601 of Regulation S-K is set forth in the Exhibit Index on page 128 of this Form 10-K, which immediately precedes such exhibits, and is incorporated herein by reference.

(4) Valuation and qualifying accounts

(b) Exhibits. See Item 15(a)(3).

(c) Financial Statement Schedules. See Item 15(a)(2)

126

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 30, 2015.

TransUnion
By:	/s/ Samuel A. Hamood
	Samuel A. Hamood Executive Vice President and Chief Financial Officer

POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints John W. Blenke and Michael J. Forde as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him in his name, place and stead, in any and all capacities, to sign and file, with the Securities and Exchange Commission, this Form 10-K and any and all amendments and exhibits thereto, and all documents in connection therewith, granting unto each such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that such attorneys-in-fact and agents or their substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on March 30, 2015.

Signature	Title
/s/ James M. Peck	Director, President and Chief Executive Officer
James M. Peck
/s/ Samuel A. Hamood	Executive Vice President and Chief Financial Officer
Samuel A. Hamood
/s/ James V. Pieper	Vice President and Chief Accounting Officer
James V. Pieper
/s/ George M. Awad	Director
George M. Awad
/s/ Christopher Egan	Director
Christopher Egan
/s/ Siddharth N. (Bobby) Mehta	Director
Siddharth N. (Bobby) Mehta
/s/ Leo F. Mullin	Director
Leo F. Mullin
/s/ Rohan Narayan	Director
Rohan Narayan
/s/ Andrew Prozes	Director
Andrew Prozes
/s/ Sumit Rajpal	Director
Sumit Rajpal
/s/ Steven M. Tadler	Director
Steven M. Tadler

127

2014 Form 10-K

EXHIBIT INDEX

TransUnion

Exhibit No.	Exhibit Name
3.1	Amended and Restated Certificate of Incorporation of TransUnion, as amended.***
3.2	Amended and Restated Bylaws of TransUnion.***
4.1	Indenture, dated March 21, 2012, among TransUnion and Wells Fargo Bank, National Association, as Trustee, for the 9.625%/10.375% Senior PIK Toggle Notes Due 2018. (Incorporated by reference to Exhibit 4.1 to TransUnion's Registration Statement on Form S-4 filed July 31, 2012).
4.2	First Supplemental Indenture dated as of October 22, 2012, among TransUnion, and Wells Fargo Bank, National Association, as Trustee, for the 9.625%/10.375% Senior PIK Toggle Notes due 2018. (Incorporated by reference to Exhibit 10.1 to TransUnion's Current Report on Form 8-K filed October 23, 2012).
4.3	Form of TransUnion 9.625%/10.375% Senior PIK Toggle Notes Due 2018, Series B. (Incorporated by reference to Exhibit 4.2 to TransUnion's Registration Statement on Form S-4 filed July 31, 2012).
4.4	Indenture, dated November 1, 2012, between TransUnion, and Wells Fargo Bank, National Association, as Trustee, for the 8.125%/8.875% Senior PIK Toggle Notes due 2018. (Incorporated by reference to Exhibit 4.1 to TransUnion's Current Report on Form 8-K filed November 6, 2012).
4.5	Form of TransUnion 8.125%/8.875% Senior PIK Toggle Notes Due 2018, Series B. (Incorporated by reference to Exhibit 4.1 to TransUnion's Current Report on Form 8-K filed November 6, 2012).

10.1	Amendment No. 7 to Credit Agreement, dated as of April 9, 2014, by and among TransUnion Intermediate Holdings, Inc., Trans Union LLC, the guarantors party thereto, Deutsche Bank Trust Company Americas, as Existing Administrative Agent, Existing Collateral Agent, Existing Swing Line Lender and Existing L/C Issuer, Deutsche Bank AG New York Branch, as Successor Administrative Agent, Successor Collateral Agent, Successor Swing Line Lender, Successor L/C Issuer and as 2014 Replacement Term Lender, and each other Lender party thereto. (Incorporated by reference to Exhibit 10.1 to TransUnion's Current Report on Form 8-K filed April 9, 2014).
10.2	Second Amended and Restated Credit Agreement, dated as of April 9, 2014, by and among TransUnion Intermediate Holdings, Inc., Trans Union LLC, the guarantors party thereto, Deutsche Bank AG New York Branch, as Administrative Agent and as Collateral Agent, Deutsche Bank AG New York Branch, as L/C Issuer and Swing Line Lender, the other lenders from time to time party thereto, Goldman Sachs Lending Partners LLC, as Syndication Agent, and Bank of America, N.A., Royal Bank of Canada and Credit Suisse AG, as Documentation Agents. (Incorporated by reference to Exhibit 10.2 to TransUnion's Current Report on Form 8-K filed April 9, 2014).
10.3	TransUnion Holding Company, Inc. 2012 Management Equity Plan (Effective April 30, 2012). (Incorporated by reference to Exhibit 10.1 to TransUnion's Registration Statement on Form S-4 filed July 31, 2012).
10.4	Major Stockholders’ Agreement made as of April 30, 2012, among TransUnion, the Advent Investor (as defined therein), the GS Investors (as defined therein), and any other Person who becomes a party thereto. (Incorporated by reference to Exhibit 10.3 to TransUnion's Registration Statement on Form S-4 filed July 31, 2012).
10.5	Amendment No. 1 to Major Stockholders’ Agreement, dated as of January 28, 2014, among TransUnion Inc. (formerly TransUnion Holding Company, Inc.), the Advent Investor (as defined therein) and the GS Investors.***
10.6	Amendment No. 2 to Major Stockholders’ Agreement, dated as of January 1, 2015, among TransUnion Inc. (formerly TransUnion Holding Company, Inc.), the Advent Investor (as defined therein) and the GS Investors.***
10.7	Stockholders’ Agreement made as of April 30, 2012, among TransUnion, the members of the management or other key persons of TransUnion or of TransUnion Intermediate Holdings, Inc., that are signatories thereto, any other person who becomes a party thereto, and the GS Investors (as defined therein) and the Advent Investor (as defined therein) (for specific purposes). (Incorporated by reference to Exhibit 10.4 to TransUnion's Registration Statement on Form S-4 filed July 31, 2012).

128

Exhibit No.	Exhibit Name
10.8	Registration Rights Agreement dated as of April 30, 2012, by and among TransUnion, the Advent Investors (as defined therein), the GS Investors (as defined therein), certain Key Individuals (as defined therein) and any other person who becomes a party thereto. (Incorporated by reference to Exhibit 10.5 to TransUnion's Registration Statement on Form S-4 filed July 31, 2012).
10.9	Form of Director Indemnification Agreement for directors of TransUnion (Incorporated by reference to Exhibit 10.6 to TransUnion's Registration Statement on Form S-4 filed July 31, 2012).
10.10	Form of Severance and Restrictive Covenant Agreement with Executive Officers. (Incorporated by reference to Exhibit 10.5 to TransUnion Intermediate Holdings, Inc.'s Registration Statement on Form S-4 filed March 1, 2011).
10.11	Employment Agreement with Siddharth N. (Bobby) Mehta, former President and Chief Executive Officer of TransUnion and TransUnion Intermediate Holdings, Inc., dated October 3, 2007. (Incorporated by reference to Exhibit 10.6 to TransUnion Intermediate Holdings, Inc.'s Registration Statement on Form S-4 filed March 1, 2011).
10.12	Amendment to Employment Agreement of Siddharth N. (Bobby) Mehta, former President and Chief Executive Officer of TransUnion and TransUnion Intermediate Holdings, Inc., dated December 6, 2012. (Incorporated by reference to Exhibit 10.11 to TransUnion's and TransUnion Intermediate Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2012).
10.13	Consulting Agreement with Siddharth N. (Bobby) Mehta, dated December 6, 2012. (Incorporated by reference to Exhibit 10.12 to TransUnion's and TransUnion Intermediate Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2012).
10.14	Amendment dated December 6, 2012 to the Stockholders’ Agreement of TransUnion made as of April 30, 2012 with Siddharth N. (Bobby) Mehta. (Incorporated by reference to Exhibit 10.13 to TransUnion's and TransUnion Intermediate Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2012).
10.15	Stock Repurchase Agreement dated December 6, 2012 between Siddharth N. (Bobby) Mehta and TransUnion (Incorporated by reference to Exhibit 10.14 to TransUnion's and TransUnion Intermediate Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2012).
10.16	Employment Agreement with James M. Peck, President and Chief Executive Officer of TransUnion and TransUnion Intermediate Holdings, Inc., dated December 6, 2012. (Incorporated by reference to Exhibit 10.15 to TransUnion's and TransUnion Intermediate Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2012).
10.17	Letter Agreement between TransUnion and Reed Elsevier with respect to the employment of James M. Peck as the President and Chief Executive Officer of TransUnion and TransUnion Intermediate Holdings, Inc., dated December 6, 2012. (Incorporated by reference to Exhibit 10.16 to TransUnion's and TransUnion Intermediate Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2012).
10.18	Consulting Agreement dated April 30, 2012 with Goldman Sachs & Co. and Advent International Corporation. (Incorporated by reference to Exhibit 10.17 to TransUnion's and TransUnion Intermediate Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2012).
21	Subsidiaries of TransUnion ***
24	Power of Attorney - TransUnion (included on the signature page of this Form 10-K).***
31.1	Certification of Principal Executive Officer for TransUnion pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.***
31.2	Certification of Principal Financial Officer for TransUnion pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.***

129

Exhibit No.	Exhibit Name
32	Certification of Chief Executive Officer and Chief Financial Officer for TransUnion pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
99.1	Separate audited financial statements in accordance with Rule 3-09 of Regulation S-X for Trans Union De Mexico, S.A. for the years ended December 31, 2014, 2013 and 2012.***
99.2	Separate unaudited financial statements in accordance with Rule 3-09 of Regulation S-X for Credit Information Bureau (India) Limited for the year ended March 31, 2014.***
101.INS	XBRL Instance Document***
101.SCH	XBRL Taxonomy Extension Schema Document***
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document***
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document***
101.LAB	XBRL Taxonomy Extension Label Linkbase Document***
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document***

*** Filed herewith.

130

Schedule I—Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Balance Sheet

(in millions, except per share data)

	December 31, 2014			December 31, 2013
Assets
Current assets:
Due from TransUnion Intermediate	$	86.2		$	52.7
Other current assets	22.7			7.5
Total current assets	108.9			60.2
Investment in TransUnion Intermediate	1,505.6			1,584.6
Other assets	20.9			28.1
Total assets	$	1,635.4		$	1,672.9
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	0.1		$	0.2
Other current liabilities	18.3			33.4
Total current liabilities	18.4			33.6
Long-term debt	998.7			998.3
Other liabilities	31.2			13.1
Total liabilities	1,048.3			1,045.0
Stockholders’ equity:
Common stock, $0.01 par value; 200.0 million shares authorized at December 31, 2014 and December 31, 2013, 111.4 million and 110.7 million shares issued as of December 31, 2014 and December 31, 2013, respectively; and 110.9 million and 110.2 million shares outstanding as of December 31, 2014 and December 31, 2013, respectively	1.1			1.1
Additional paid-in capital	1,138.0			1,121.8
Treasury stock at cost; 0.5 million shares at December 31, 2014 and December 31, 2013	(4.3		)	(4.1		)
Accumulated deficit	(430.2		)	(417.7		)
Accumulated other comprehensive income (loss)	(117.5		)	(73.2		)
Total stockholders’ equity	587.1			627.9
Total liabilities and stockholders’ equity	$	1,635.4		$	1,672.9

 See accompanying notes to condensed financial statements.

131

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Statement of Income

(in millions)

	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception Through December 31, 2012
Revenue	$	—		$	—		$	—
Operating expenses
Selling, general and administrative	1.4			1.3			0.9
Total operating expenses	1.4			1.3			0.9
Operating loss	(1.4		)	(1.3		)	(0.9		)
Non-operating income and expense
Interest expense	(97.0		)	(96.3		)	(52.2		)
Equity Income from TransUnion Intermediate	49.1			43.2			43.0
Other income and (expense), net	(0.2		)	(0.2		)	(16.5		)
Total non-operating income and expense	(48.1		)	(53.3		)	(25.7		)
Loss from operations before income taxes	(49.5		)	(54.6		)	(26.6		)
Benefit for income taxes	37.0			37.3			—
Net loss	$	(12.5	)	$	(17.3	)	$	(26.6	)

See accompanying notes to condensed financial statements.

132

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Statements of Comprehensive Income

(in millions)

	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception Through December 31, 2012
Net loss	$	(12.5	)	$	(17.3	)	$	(26.6	)
Other comprehensive loss:
Foreign currency translation:
Foreign currency translation adjustment	(47.9		)	(54.8		)	(22.1		)
Benefit for income taxes	3.8			3.0			1.4
Foreign currency translation, net	(44.1		)	(51.8		)	(20.7		)
Interest rate swaps:
Net unrealized gain (loss)	(0.6		)	4.8			(5.9		)
Amortization of accumulated loss	0.3			—			—
Benefit (provision) for income taxes	0.1			(1.8		)	2.2
Interest rate swaps, net	(0.2		)	3.0			(3.7		)
Available-for-sale securities:
Net unrealized gain	0.2			—			—
Provision for income taxes	(0.1		)	—			—
Available-for-sale securities, net	0.1			—			—
Total other comprehensive loss, net of tax	(44.2		)	(48.8		)	(24.4		)
Comprehensive loss attributable to TransUnion	$	(56.7	)	$	(66.1	)	$	(51.0	)

See accompanying notes to condensed financial statements.

133

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Statement of Cash Flows

(in millions)

	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception  Through December 31, 2012
Cash used in operating activities	$	(9.4	)	$	(1.5	)	$	(16.4	)
Cash flows from investing activities:
Acquisition of TransUnion Intermediate Holdings, Inc.	—			—			(1,582.3		)
Capital investment in TransUnion Intermediate Holdings, Inc.	—			—			(80.8		)
Cash used in investing activities	—			—			(1,663.1		)
Cash flows from financing activities:
Proceeds from 9.625% notes	—			—			600.0
Proceeds from 8.125% notes	—			—			398.0
Debt financing fees	—			(0.9		)	(41.3		)
Proceeds from issuance of common stock and exercise of stock options	9.6			5.8			1,097.3
Treasury stock purchases	(0.2		)	(3.4		)	(0.7		)
Dividends	—			—			(373.8		)
Cash provided by financing activities	9.4			1.5			1,679.5
Net change in cash and cash equivalents	—			—			—
Cash and cash equivalents, beginning of period	—			—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—

See accompanying notes to condensed financial statements.

134

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Notes To Financial Statements

Note 1. Basis of Presentation

In the TransUnion (formerly known as TransUnion Holding Company, Inc.) parent company only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its subsidiaries is included in consolidated income using the equity method. The parent company only financial information should be read in conjunction with TransUnion's consolidated financial statements.

Note 2. Income tax

TransUnion entered into an intercompany tax allocation agreement with TransUnion Intermediate Holdings, Inc. in 2013, effective for all taxable periods from May 1, 2012, forward, in which they are members of the same consolidated federal or state tax groups. The agreement allocates the consolidated tax liability from those filings among the various members of the group. We recorded the cumulative effect of the intercompany tax allocation agreement to TransUnion's balance sheet and statement of income during 2013.

Note 3. Dividends from subsidiaries

Cash dividends paid to TransUnion from its consolidated subsidiaries were $90.3 million, $94.2 million and $27.9 million for the years ended December 31, 2014 and 2013, and from inception through December 31, 2012, respectively.

Schedule II—Valuation and Qualifying Accounts

TRANSUNION

(in millions)	Balance at Beginning of year		Charged to Costs and Expenses			Charged to Other Accounts		Deductions(1)			Balance at End of Year
Allowance for doubtful accounts:
Year ended December 31,
2014	$	0.7	$	3.2		$	—	$	(1.5	)	$	2.4
2013	$	1.7	$	0.8		$	—	$	(1.8	)	$	0.7
2012	$	—	$	(1.9	)	$	3.7	$	(0.1	)	$	1.7
Allowance for deferred tax assets:
Year ended December 31,
2014	$	25.9	$	19.5		$	—	$	(3.3	)	$	42.1
2013	$	27.2	$	4.8		$	—	$	(6.1	)	$	25.9
2012	$	—	$	5.0		$	24.8	$	(2.6	)	$	27.2

____________________

⁽¹⁾  For the allowance for doubtful accounts, includes write-offs of uncollectable accounts.

135

EX-3.1

Exhibit 3.1

CERTIFICATE OF AMENDMENT TO THE

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

OF

TRANSUNION HOLDING COMPANY, INC.

TransUnion Holding Company, Inc. (the “Corporation”), a corporation organized and existing under the laws of the State of Delaware, pursuant to Section 242 of the General Corporation Law of the State of Delaware (the “DGCL”), hereby certifies as follows:

1.The amendment of the Amended and Restated Certificate of Incorporation of the Corporation, filed with the Secretary of State on May 8, 2012, set forth herein has been duly adopted in accordance with Sections 242 and 141(f) of the DGCL.

2.Article FIRST of the Amended and Restated Certificate of Incorporation is hereby amended in its entirety as follows:

“FIRST: The name of the corporation is TransUnion (the “Corporation”).”

3.This amendment to the Amended and Restated Certificate of Incorporation of the Corporation shall be effective on and as of the date of filing of this Certificate of Amendment with the office of the Secretary of the State of Delaware.

[Remainder of Page Intentionally Left Blank. Signature Page Follows.]

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed, this 26th day of March, 2015.

TransUnion Holding Company, Inc.

By:/s/ Michael J. Forde

Name:Michael J. Forde

Title: Vice President - Legal & Regulatory and Assistant Secretary

[Signature Page to the Certificate of Amendment - TransUnion Holding Company, Inc.]

AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

TRANSUNION HOLDING COMPANY, INC.

Pursuant to the provisions of § 242 and § 245 of the

General Corporation Law of the State of Delaware

FIRST: The present name of the corporation is TransUnion Holding Company, Inc. (the “Corporation”). The date of filing of the original Certificate of Incorporation of the Corporation with the Secretary of State of the State of Delaware was February 15, 2012 under the name Spartan Parent Holdings Inc.

SECOND: The Certificate of Incorporation of the Corporation is hereby amended in its entirety as set forth in the Amended and Restated Certificate of Incorporation attached as Annex 1 hereto.

THIRD: The Amended and Restated Certificate of Incorporation herein certified has been duly adopted by the stockholders in accordance with the provisions of § 228, 242, and 245 of the General Corporation Law of the State of Delaware (the “D.G.C.L.”).

FOURTH: This Certificate shall become effective as of upon the filing of this Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware.

IN WITNESS WHEREOF, the undersigned has executed this Amended and Restated Certificate of Incorporation as of this 30th day of April, 2012.

TRANSUNION HOLDING COMPANY, INC.
By:	/s/  Sumit Rajpal
	Name:	Sumit Rajpal
	Title:	President

Annex 1

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

OF

SPARTAN TRANSUNION HOLDING COMPANY, INC.

FIRST: The name of the corporation is TransUnion Holding Company, Inc. (the “Corporation”).

SECOND: The address of its registered office in the State of Delaware is Corporation Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at such address is The Corporation Trust Company.

THIRD: The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended (“Delaware Law”).

FOURTH: (1) The total number of shares of stock which the Corporation shall have authority to issue is 200,000,000 (the “New Common Stock”), and the par value of each such share is $0.01, amounting in the aggregate to $2,000,000.

(2) Upon the effectiveness of the Amendment and Restatement of Certificate of Incorporation filed on April 30, 2012 (the “Effective Time”), each share of the Corporation’s common stock, par value $0.01 per share, issued and outstanding immediately prior to the Effective Time (the “Old Common Stock”) will be automatically reclassified as and converted into ten thousand shares of common stock, par value $0.01 per share (the “Stock Split”).

(3) Any stock certificate that, immediately prior to the Effective Time, represented shares of Old Common Stock will, from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent the number of shares of New Common Stock as equals to the product obtained by multiplying the number of shares of Old Common Stock represented by such certificate immediately prior to the Effective Time by ten thousand; provided that each person holding of record a stock certificate or certificates that represented shares of Old Common Stock shall receive, upon surrender of such certificate or certificates, a new certificate or certificates evidencing and representing the number of shares of New Common Stock to which such person is entitled pursuant to the Stock Split.

(4) Each holder of common stock, as such, shall be entitled to one vote for each share of common stock held of record by such holder on all matters on which stockholders generally are entitled to vote; provided, however, that, except as otherwise required by law, holders of common stock, as such, shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any certificate of designations relating to any series of preferred stock) that relates solely to the terms of one or more outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any certificate of designations relating to any series of preferred stock) or pursuant to Delaware Law.

(5) Notwithstanding any provision herein to the contrary, in connection with any acquisition of common stock (and/or any other voting securities of the Corporation) as to which the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), would, but for this paragraph, be applicable, any person or entity (as defined under the HSR Act) acquiring such common stock (and/or other voting securities of the Corporation) shall have no right to vote such common stock or voting

securities until such person or entity has complied with the filing and waiting period requirements of the HSR Act.

FIFTH: Subject to any additional vote required by the Certificate of Incorporation or Bylaws, in furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of the Corporation.

SIXTH: (1) Subject to any additional vote required by the Certificate of Incorporation, the number of directors of the Corporation shall be determined by resolution of the Board of Directors.

(2) Each director shall be entitled to cast one vote on all matters; provided that if either the GS Investors, on the one hand, or the Advent Investor, on the other hand (each as defined in the Major Stockholders’ Agreement dated as of April 30, 2012 (the “Major Stockholders’ Agreement”) has not designated the maximum number of designees that each of the GS Investors and the Advent Investor is entitled to designate to the Board of Directors pursuant to Section 3.1(a) of the Major Stockholders’ Agreement (the “GS Designees” and the “Advent Designees”, respectively), the number of total votes that each GS Designee and each Advent Designee at such time shall have the right to cast until such vacancy is filled by the GS Investors or the Advent Investor, as applicable, shall increase proportionate to the number of overall votes that are necessary to have the number of votes that the GS Designees or the Advent Designees, as applicable, would be casting collectively if the GS Investors or the Advent Investor, as applicable, had at such time exercised in full the rights of such party(ies) under Section 3.01 of the Major Stockholders’ Agreement to designate individuals to serve on the Board of Directors.

SEVENTH: Election of directors need not be by written ballot unless the bylaws of the Corporation so provide.

EIGHTH: The Corporation expressly elects not to be governed by Section 203 of Delaware Law.

NINTH: (1) A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by Delaware Law.

(2) (a) Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Delaware Law. The Corporation is authorized to provide indemnification of directors and officers through bylaw provisions, agreements with such persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the Delaware Law. The right to indemnification conferred in this ARTICLE NINTH shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by Delaware Law. The right to indemnification conferred in this ARTICLE NINTH shall be a contract right.

(b) The Corporation may, by action of its Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by Delaware Law.

(3) The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request

of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under Delaware Law.

(4) The Corporation hereby acknowledges that the directors designated by each of the GS Investors (as defined in the Major Shareholders’ Agreement ) and the Advent Investors (as defined in the Major Shareholders’ Agreement ) pursuant to Section 6.2 of the Major Shareholders’ Agreement dated as of April 30, 2012 and the Director Indemnification Agreement dated as of April 30, 2012 may have certain rights to indemnification, advancement of expenses and/or insurance provided by the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”). The Corporation hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to such persons are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such persons are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by such persons and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Certificate of Incorporation or the bylaws of the Corporation (or any other agreement between the Corporation and such persons), without regard to any rights such Persons may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Corporation further agrees that no advancement or payment by the Fund Indemnitors on behalf of such persons with respect to any claim for which such persons have sought indemnification from the Corporation shall affect the foregoing and the Fund Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of such persons against the Corporation. The Corporation and each such person agree that the Fund Indemnitors are express third party beneficiaries of the terms of this ARTICLE NINTH, Section 4.

(5) Neither the amendment nor repeal of this ARTICLE NINTH, nor the adoption of any provision of this Certificate of Incorporation or the bylaws of the Corporation, nor, to the fullest extent permitted by Delaware Law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

TENTH: To the fullest extent permitted by law, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any stockholder or director of the Corporation, except those stockholders or directors who are employees of the Corporation or its subsidiaries (collectively, the “Business Opportunities Exempt Parties”). The Corporation renounces any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunity Exempt Party. No Business Opportunity Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Corporation shall have any duty to communicate or offer such opportunity to the Corporation, and such Business Opportunity Exempt Party shall not be liable to the Corporation or to its stockholders for breach of any fiduciary or other duty by reason of the fact that such Business Opportunity Exempt Party pursues or acquires, or directs such opportunity to another Person or does not communicate such opportunity or information to the Corporation. No amendment or repeal of this Section 6.12 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with respect to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal.

ELEVENTH: The Corporation reserves the right to amend this Certificate of Incorporation in any manner permitted by Delaware Law and all rights and powers conferred herein on stockholders, directors and officers, if any, are subject to this reserved power.

EX-3.2

Exhibit 3.2

BYLAWS
OFTRANSUNION HOLDING COMPANY, INC.(as Amended and Restated effective February 20, 2015)

^{* * * * *} 

Article 1OFFICES

Section 1.01. Registered Office. The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.

Section 1.02. Other Offices. The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

Section 1.03. Books. The books of the Corporation may be kept within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

ARTICLE 2MEETINGS OF STOCKHOLDERS

Section 2.01. Time and Place of Meetings. All meetings of stockholders shall be held at such place, either within or without the State of Delaware, on such date and at such time as may be determined from time to time by the Board of Directors (or the Chairman in the absence of a designation by the Board of Directors).

Section 2.02. Annual Meetings. Unless directors are elected by written consent in lieu of an annual meeting as permitted by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended (“Delaware Law”), an annual meeting of stockholders, commencing with the year 2012, shall be held for the election of directors and to transact such other business as may properly be brought before the meeting. Stockholders may, unless the certificate of incorporation otherwise provides, act by written consent to elect directors; provided, however, that such consent represents at least 75% of the outstanding capital stock eligible to vote for the election of directors.

Section 2.03. Special Meetings. Special meetings of stockholders may be called by the Board of Directors or the Chairman of the Board and shall be called by the Secretary at the request in writing of holders of record of a majority of the outstanding capital stock of the Corporation entitled to vote. Such request shall state the purpose or purposes of the proposed meeting.

Section 2.04. Notice of Meetings and Adjourned Meetings; Waivers of Notice. (i) Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by Delaware Law, such notice shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder of record entitled to vote at such meeting. Unless these bylaws otherwise require, when a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time, place, if any, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

(b)A written waiver of any such notice signed by the person entitled thereto, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 2.05. Quorum. Unless otherwise provided under the certificate of incorporation or these bylaws and subject to Delaware Law, the presence, in person or by proxy, of the holders of a majority of the outstanding capital stock of the Corporation entitled to vote at a meeting of stockholders shall constitute a quorum for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority in voting interest of the stockholders present in person or represented by proxy may adjourn the meeting, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted which might have been transacted at the meeting as originally notified.

Section 2.06. Voting. (i) Unless otherwise provided in the certificate of incorporation of the Corporation and subject to Delaware Law, each stockholder shall be entitled to one vote for each outstanding share of capital stock of the Corporation held by such stockholder. Any share of capital stock of the Corporation held by the Corporation shall have no voting rights. Except as otherwise provided by law, the certificate of incorporation of the Corporation or these bylaws, in all matters other than the election of directors, the affirmative vote of the majority of the shares of capital stock of the Corporation present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders.

(b)Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to a corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, appointed by an instrument in writing, subscribed by such stockholder or by his attorney thereunto authorized, or by proxy sent by cable, telegram or by any means of electronic communication permitted by law, which results in a writing from such stockholder or by his attorney, and delivered to the secretary of the meeting before or at the time of the meeting. No proxy shall be voted after three (3) years from its date, unless said proxy provides for a longer period. If no date is stated in a proxy, such proxy shall be presumed to have been executed on the date of the meeting at which it is to be voted. Each proxy shall be revocable unless expressly provided therein to be irrevocable and coupled with an interest sufficient in law to support an irrevocable power or unless otherwise made irrevocable by law.

(c)    In determining the number of votes cast for or against a proposal or nominee, shares abstaining from voting on a matter will not be treated as a vote cast.

Section 2.07. Action by Consent. (i)Unless otherwise provided in the certificate of incorporation and subject to the proviso in Section 2.02, any action required to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding capital stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of stockholders to take the action were delivered to the Corporation as provided in Section 2.07(b).

(b)Every written consent shall bear the date of signature of each stockholder who signs the consent, and no written consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated consent delivered in the manner required by this section and Delaware Law to the Corporation, written consents signed by a sufficient number of holders to take action are delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested.

Section 2.08. Organization. At each meeting of stockholders, the Chairman of the Board, if one shall have been elected, or in the Chairman’s absence or if one shall not have been elected, the director designated by the vote of the majority of the directors present at such meeting, shall act as chairman of the meeting. The Secretary (or in the Secretary’s absence or inability to act, the person whom the chairman of the meeting shall appoint secretary of the meeting) shall act as secretary of the meeting and keep the minutes thereof.

Section 2.09. Order of Business. The order of business at all meetings of stockholders shall be as determined by the chairman of the meeting.

ARTICLE 3DIRECTORS

Section 3.01. General Powers. Except as otherwise provided in Delaware Law or the certificate of incorporation of the Corporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

Section 3.02. Number, Election and Term Of Office. (a) The number of directors which shall constitute the whole Board shall be fixed from time to time by resolution of the Board of Directors. No decrease in the number of directors constituting the entire Board shall have the effect of shortening the term of any incumbent director. The directors shall be elected at the annual meeting of the stockholders by written ballot, except as provided in Section 2.02 and Section 3.12 herein, and each director so elected shall hold office until such director’s successor is elected and qualified or until such director’s earlier death, resignation or removal. Directors need not be stockholders.

(b) Subject to the rights of the holders of any series of preferred stock to elect additional directors under specific circumstances, directors shall be elected by a plurality of the votes of the shares of capital stock of the Corporation present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

Section 3.03. Quorum and Manner of Acting. Unless the certificate of incorporation or these bylaws require a greater number, a majority of the total number of directors shall constitute a quorum for the transaction of business, and the affirmative vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. When a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Board of Directors may transact any business which might have been transacted at the original meeting. If a quorum shall not be present at any meeting of the Board of Directors the directors present thereat shall adjourn the meeting, from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 3.04. Time and Place of Meetings. The Board of Directors shall hold its meetings at such place, either within or without the State of Delaware, and at such time as may be determined from time to time by the Board of Directors (or the Chairman in the absence of a determination by the Board of Directors).

Section 3.05. Annual Meeting. The Board of Directors shall meet for the purpose of organization, the election of officers and the transaction of other business at such place either within or without the State of Delaware, on such date and at such time as shall be specified in a reasonable notice thereof given.

Section 3.06. Regular Meetings. After the place and time of regular meetings of the Board of Directors shall have been determined and notice thereof shall have been once given to each member of the Board of Directors, regular meetings may be held without further notice being given.

Section 3.07. Special Meetings. Special Meetings of the Board of Directors may be called by the Chairman of the Board, the Chief Executive Officer, or the President and shall be called by the Chairman of the Board, the Chief Executive Officer, President or Secretary on the written request of one director. Reasonable notice thereof shall be given by the person or persons calling the meeting at least 24 hours before the meeting. Notice of any such meeting need not be given to any director who shall, either before or after the meeting, submit a signed waiver or notice or who shall attend such meeting without protesting, prior to or at its commencement, the lack of notice to such person.

Section 3.08. Committees. The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to the following matter: (i) approving or adopting, or recommending to the stockholders, any action or matter expressly required by Delaware Law to be submitted to the stockholders for approval or (ii) adopting, amending or repealing any bylaw of the Corporation. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Section 3.09. Action by Consent. Unless otherwise restricted by the certificate of incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions, are filed with the minutes of proceedings of the Board or committee. A telegram, telex, cablegram or similar transmission by a director, or a photographic, photostatic, facsimile or similar reproduction of a writing signed by a director, shall be regarded as signed by the director for purposes of this section. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

Section 3.10. Telephonic Meetings. Unless otherwise restricted by the certificate of incorporation or these bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or such committee, as the case may be, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

Section 3.11. Resignation. Any director may resign at any time by giving notice in writing or by electronic transmission to the Board of Directors or to the Secretary of the Corporation. The resignation of any director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.12. Vacancies. Unless otherwise provided in the certificate of incorporation, vacancies and newly created directorships resulting from any increase in the authorized number of directors elected by all the stockholders having the right to vote as a single class may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. Whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more directors by the certificate of incorporation, vacancies and newly created directorships of such class or classes or series may be filled by a majority of directors elected by such class or classes or series thereof then in office, or by a sole remaining director so elected. Each director so chosen shall hold office until his or her successor is elected and qualified, or until his or her earlier death, resignation or removal. If there are no directors in office, then an election of directors may be held in accordance with Delaware Law. Unless otherwise provided in the certificate of incorporation, when one or more directors shall resign from the Board, effective at a future date, a majority of the directors then in office shall have the power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in the filling of other vacancies.

Section 3.13. Removal. Any director or the entire Board of Directors may be removed, with or without cause, at any time by the affirmative vote of the holders of a majority of the outstanding capital stock of the Corporation then entitled to vote at any election of directors and the vacancies thus created may be filled in accordance with Section 3.12 herein.

Section 3.14. Compensation. Unless otherwise restricted by the certificate of incorporation or these bylaws, the Board of Directors shall have authority to fix the compensation of directors, including fees and reimbursement of expenses.

Section 3.15. Chairman of the Board. The Board of Directors may elect from among its members a Chairman of the Board and a Vice Chairman of the Board. The Chairman of the Board, if any, shall preside at all meetings of the Board of Directors and of the stockholders at which he or she is present. The Chairman of the Board shall have and may exercise such powers as are, from time to time, assigned to him by the Board of Directors and as may be provided by law. In the absence of a Chairman of the Board, the Vice Chairman of the Board, if any, shall preside at all meetings of the Board of Directors and of the stockholders at which he or she is present, and shall have and may exercise such powers as are, from time to time, assigned to him by the Board of Directors and as may be provided by law.

ARTICLE 4OFFICERS

Section 4.01. Principal Officers. The principal officers of the Corporation shall be a Chief Executive Officer and/or President, one or more Vice Presidents, a Treasurer and a Secretary who shall have the duty, among other things, to record the proceedings of the meetings of stockholders and directors in a book kept for that purpose. The Corporation may also have such other principal officers, including one or more Controllers, as the Board may in its discretion appoint. One person may hold the offices and perform the duties of any two or more of said offices, except that no one person shall hold the offices and perform the duties of President and Secretary. None of the officers need be a stockholder or director of the Corporation or a resident of the State of Delaware.

Section 4.02. Election, Term of Office and Remuneration. The principal officers of the Corporation shall be elected annually by the Board of Directors at the annual meeting thereof. Each such officer shall hold office until his or her successor is elected and qualified, or until his or her earlier death, resignation or removal. The remuneration of all officers of the Corporation shall be fixed by the Board of Directors. Any vacancy in any office shall be filled in such manner as the Board of Directors shall determine.

Section 4.03. Subordinate Officers. In addition to the principal officers enumerated in Section 4.01 herein, the Corporation may have one or more Assistant Treasurers, Assistant Secretaries and Assistant Controllers and such other subordinate officers, agents and employees as the Board of Directors may deem necessary, each of whom shall hold office for such period as the Board of Directors may from time to time determine. The Board of Directors may delegate to any principal officer the power to appoint and to remove any such subordinate officers, agents or employees.

Section 4.04. Removal. Except as otherwise permitted with respect to subordinate officers, any officer may be removed, with or without cause, at any time, by resolution adopted by the Board of Directors.

Section 4.05. Resignations. Any officer may resign at any time by giving written notice to the Board of Directors (or to a principal officer if the Board of Directors has delegated to such principal officer the power to appoint and to remove such officer). The resignation of any officer shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 4.06. Powers and Duties. The officers of the Corporation shall have such powers and perform such duties incident to each of their respective offices and such other duties as may from time to time be conferred upon or assigned to them by the Board of Directors.

ARTICLE 5CAPITAL STOCK

Section 5.01. Certificates For Stock; Uncertificated Shares. The shares of the Corporation shall be represented by certificates, provided that the Board of Directors of the Corporation may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Except as otherwise provided by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of shares represented by certificates of the same class and series shall be identical. Every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by the Chairman or Vice Chairman of the Board of Directors, or the Chief Executive Officer, President or Vice President, and by the Treasurer or an assistant Treasurer, or the Secretary or an assistant Secretary of such Corporation representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. A Corporation shall not have power to issue a certificate in bearer form.

Section 5.02. Transfer Of Shares. Shares of the stock of the Corporation may be transferred on the record of stockholders of the Corporation by the holder thereof or by such holder’s duly authorized attorney upon surrender of a certificate therefor properly endorsed or upon receipt of proper transfer instructions from the registered holder of uncertificated shares or by such holder’s duly authorized attorney and upon compliance with appropriate procedures for transferring shares in uncertificated form, unless waived by the Corporation.

Section 5.03. Authority for Additional Rules Regarding Transfer. The Board of Directors shall have the power and authority to make all such rules and regulations as they may deem expedient concerning the issue, transfer and registration of certificated or uncertificated shares of the stock of the Corporation, as well as for the issuance of new certificates in lieu of those which may be lost or destroyed, and may require of any stockholder requesting replacement of lost or destroyed certificates, bond in such amount and in such form as they may deem expedient to indemnify the Corporation, and/or the transfer agents, and/or the registrars of its stock against any claims arising in connection therewith.

Section 5.04.    RegisteredStockholders. The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by law.

Section 5.05    Legends. The Board shall have the power and authority to provide that certificates representing shares of stock bear such legends as the Board deems appropriate to assure that the Corporation does not become liable for violations of federal or state securities laws or other applicable law.

ARTICLE 6GENERAL PROVISIONS

Section 6.01. Fixing the Record Date. (i)In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided that the Board of Directors may fix a new record date for the adjourned meeting.

(b)In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by Delaware Law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by Delaware Law, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.

(c)In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

Section 6.02. Dividends. Subject to limitations contained in Delaware Law and the certificate of incorporation, the Board of Directors may declare and pay dividends upon the shares of capital stock of the Corporation, which dividends may be paid either in cash, in property or in shares of the capital stock of the Corporation.

Section 6.03. Year. The fiscal year of the Corporation shall commence on January 1 and end on December 31 of each year.

Section 6.04. Corporate Seal. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced.

Section 6.05. Voting of Stock Owned by the Corporation. The Board of Directors may authorize any person, on behalf of the Corporation, to attend, vote at and grant proxies to be used at any meeting of stockholders of any corporation (except this Corporation) in which the Corporation may hold stock.

Section 6.06. Amendments. These bylaws or any of them, may be altered, amended or repealed, or new bylaws may be made, by the stockholders entitled to vote thereon at any annual or special meeting thereof or by the Board of Directors.

Section 6.07. Method of Notice; Waiver of Notice of Meetings of Stockholders, Directors and Committees. Whenever by statute, the certificate of incorporation, or these bylaws, notice is required to be given to any committee member, director, or stockholder and no provision is made as to how such notice shall be given, personal notice shall not be required and any such notice may be given (a) in writing, by mail, postage prepaid, addressed to such committee member, director, or stockholder at such person’s address as it appears on the books or (in the case of a stockholder) the stock transfer records of the Corporation, or (b) by any other method permitted by law (including but not limited to overnight courier service, electronic mail, telegram, telex, or telefax). Any notice required or permitted to be given by mail shall be deemed to be delivered and given at the time when the same is deposited in the United States mail as aforesaid. Any notice required or permitted to be given by overnight courier service shall be deemed to be delivered and given at the time delivered to such service with all charges prepaid and addressed as aforesaid. Any notice required or permitted to be given by electronic mail, telegram, telex, or telefax shall be deemed to be delivered and given at the time transmitted with all charges prepaid and addressed as aforesaid. Any written waiver of notice, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, a the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, Directors or members of a committee of Directors need be specified in any written waiver of notice.

Section 6.08. Deposits. All funds of the Corporation shall be deposited from time to time to the credit of the Corporation in such banks, trusts companies, or other depositaries as the Board of Directors may approve or designate, and all such funds shall be withdrawn only upon authorization of such one or more officers or employees as the Board shall from time to time determine.

Section 6.09. Borrowing, etc. No officer, agent or employee of the Corporation shall have any power or authority to borrow money on its behalf, to pledge its credit, or to mortgage or pledge its real or personal property, except (1) within the scope and to the extent of the authority delegated by resolution of the Board of Directors or (2) in the ordinary conduct of the business of the Corporation, including but not limited to entering into contracts and incurring liabilities with respect to the purchase of goods and services on behalf of the Corporation in the ordinary course of its business. Authority may be given by the Board for any of the above purposes and may be general or limited to specific instances

Section 6.10. Indemnification of Directors and Officers. Subject to the conditions set forth below, the Corporation shall indemnify any person who is or was a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, other an action, suit or proceeding by or in the right of the Corporation, by reason of the fact that such person is or was a director, officer or employee of the Corporation against expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. Such indemnification shall be made only as properly authorized in the specific case upon a determination that such indemnification is permissible and proper in the circumstances, as provided by applicable law. Such indemnification shall include payment for reasonable expenses incurred in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay such amount if it shall be ultimately determined that such person is not entitled to be indemnified by the Corporation pursuant to this paragraph and upon such other terms and conditions as may be deemed to be appropriate by or on behalf of the Corporation. The foregoing provisions shall not be exclusive of other rights to which any such person may be entitled as a matter of law. Also, the rights granted by this paragraph shall not apply in connection with any action, suit or proceeding initiated or instigated directly or indirectly, in whole or in part, by or on behalf of such person, unless the action, suit or proceeding was authorized by the Board of Directors of the Corporation.

The rights granted by the foregoing paragraph shall not extend to a person who is or was an agent of the Corporation, nor to a person (whether or not such person is or was a director, officer or employee of the Corporation) who is or was serving at the Corporation's request as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. In any such case, or in the case of any action, suit or proceeding by or in the right of the Corporation, the Corporation may, but shall not be obligated, to indemnify such person, except or unless as legally required, whether by statute or otherwise.

Section 6.11    Transactionswith Interested Parties.

(a)No contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the board or committee thereof which authorizes the contract or transaction or solely because such director or officer or their votes are counted for such purpose, if:

(i)The material facts as to such interested director or officer’s relationship or interest and as to the contract or transaction are disclosed or are known to the Board or the committee, and the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or

(ii)The material facts as to such interested director or officer’s relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or

(iii)The contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified, by the Board, a committee thereof, or the stockholders.

(b)Quorum. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board or of a committee which authorizes the contract or transaction.

Section 6.12Corporate Opportunity. To the fullest extent permitted by law, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any stockholder or director of the Corporation, except those stockholders or directors who are employees of the Corporation or its subsidiaries (collectively, the “Business Opportunities Exempt Parties”). The Corporation renounces any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunity Exempt Party. No Business Opportunity Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Corporation shall have any duty to communicate or offer such opportunity to the Corporation, and such Business Opportunity Exempt Party shall not be liable to the Corporation or to its stockholders for breach of any fiduciary or other duty by reason of the fact that such Business Opportunity Exempt Party pursues or acquires, or directs such opportunity to another Person or does not communicate such opportunity or information to the Corporation. No amendment or repeal of this Section 6.12 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with respect to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal.

Section 6.13    Invalid Provisions. If any part of these bylaws shall be held invalid or inoperative for any reason, the remaining parts, so far as it is possible and reasonable, shall remain valid and operative.

EX-10.5

Exhibit 10.5

AMENDMENT NO. 1 TO MAJOR STOCKHOLDERS’ AGREEMENT

AMENDMENT NO. 1 TO MAJOR STOCKHOLDERS’ AGREEMENT, dated as of January 28, 2014 (this “Amendment”), by and among (i) TransUnion Holding Company, Inc., a Delaware corporation (the “Parent”); (ii) Advent-TransUnion Acquisition Limited Partnership (the “Advent Investor”); and (iii) GS Capital Partners VI Fund, L.P., GS Capital Partners VI Parallel, L.P. and Spartan Shield Holdings (the “GS Investors” and, together with the Advent Investor, the “Investors”).

WHEREAS, the Parent, the Advent Investor and the GS Investors entered into that certain Major Stockholders’ Agreement, dated as of April 30, 2012 (the “Agreement”); and

WHEREAS, the parties hereto desire to enter into this Amendment to amend the Agreement as provided herein.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1.    Amendment to the Agreement. Section 3.1(a) of the Agreement is hereby amended and restated to read as follows:

“(a) The Board shall consist of ten (10) directors and may be increased or decreased in accordance with the terms of this Agreement. Subject to the provisions of this Article III, the Board shall consist of (i) three (3) directors designated by the GS Investors or their Affiliates, (ii) three (3) directors designated by the Advent Investor or their Affiliates (any director designated by the GS Investors or the Advent Investor, an “Investor Director Designee”), (iii) the chief executive officer (or equivalent) of the Company and (iv) three (3) Independent Directors designated jointly by the GS Investors and the Advent Investor. The right of an Investor to designate the directors shall be subject to the following:

(i) If an Investor Transfers (through one or more Transfers) more than seventy-five percent (75%) of its Initial Ownership Interest (excluding prorata Transfers agreed to by the Investors and Transfers to Affiliates), such Investor shall only be entitled to designate one (1) director for appointment to the Board; and

(ii) If an Investor Transfers (through one or more Transfers) more than ninety percent (90%) of its Initial Ownership Interest (excluding pro rata Transfers agreed to by the Investors and Transfers to Affiliates), such Investor shall not be entitled to designate any directors for appointment to the Board.”

SECTION 2.     Reference to and Effect on the Agreement.

(a)     Capitalized terms used and not otherwise in this Amendment have the meanings given such terms in the Agreement.

(b)    On and after the date hereof, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Agreement shall mean and be a reference to the Agreement, as amended by this Amendment.

(c)    The Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

SECTION 3.    Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute a single instrument. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.

SECTION 4.    Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts entered into and performed entirely within such State.

[The remainder of this page intentionally left blank]

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this Agreement to be executed on its behalf as of the date first written above.

TRANSUNION HOLDING COMPANY, INC.
By:
	Name:	Michael J. Forde
	Title:	Vice President

GS CAPITAL PARTNERS VI FUND, L.P.
By:	GSCP VI Advisors, L.L.C. its General Partner
By:
	Name:	Sumit Rajpal
	Title:	Vice President

GS CAPITAL PARTNERS VI PARALLEL, L.P.
By:	GS Advisors VI, L.L.C. its General Partner
By:
	Name:	Sumit Rajpal
	Title:	Vice President

SPARTANSHIELD HOLDINGS
By:	GS Capital Partners VI Offshore Fund, L.P., its General Partner
	By: GSCP VI Offshore Advisors, L.L.C., its General Partner
By:
	Name:	Sumit Rajpal
	Title:	Vice President

ADVENT-TRANSUNION ACQUISITION LIMITED PARTNERSHIP
By:  Advent-TransUnion GP LLC, its General Partner
By:
	Name: Michael Ristaino
	Title: President

1

EX-10.6

Exhibit 10.6

AMENDMENT NO. 2 TO MAJOR STOCKHOLDERS’ AGREEMENT

AMENDMENT NO. 2 TO MAJOR STOCKHOLDERS’ AGREEMENT, dated as of January 1, 2015 (this “Amendment”), by and among (i) TransUnion Holding Company, Inc., a Delaware corporation (the “Parent”); (ii) Advent-TransUnion Acquisition Limited Partnership (the “Advent Investor”); and (iii) GS Capital Partners VI Fund, L.P., GS Capital Partners VI Parallel, L.P. and Spartan Shield Holdings (the “GS Investors” and, together with the Advent Investor, the “Investors”).

WHEREAS, the Parent, the Advent Investor and the GS Investors entered into that certain Major Stockholders’ Agreement, dated as of April 30, 2012 (as amended, the “Agreement”); and

WHEREAS, the parties hereto desire to enter into this Amendment to amend the Agreement as provided herein.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1.    Amendment to the Agreement. Section 3.1(a) of the Agreement is hereby amended and restated to read as follows:

“(a) The Board shall consist of eleven (11) directors and may be increased or decreased in accordance with the terms of this Agreement. Subject to the provisions of this Article III, the Board shall consist of (i) three (3) directors designated by the GS Investors or their Affiliates, (ii) three (3) directors designated by the Advent Investor or their Affiliates (any director designated by the GS Investors or the Advent Investor, an “Investor Director Designee”), (iii) the chief executive officer (or equivalent) of the Company and (iv) four (4) Independent Directors designated jointly by the GS Investors and the Advent Investor. The right of an Investor to designate the directors shall be subject to the following:

(i) If an Investor Transfers (through one or more Transfers) more than seventy-five percent (75%) of its Initial Ownership Interest (excluding prorata Transfers agreed to by the Investors and Transfers to Affiliates), such Investor shall only be entitled to designate one (1) director for appointment to the Board; and

(ii) If an Investor Transfers (through one or more Transfers) more than ninety percent (90%) of its Initial Ownership Interest (excluding pro rata Transfers agreed to by the Investors and Transfers to Affiliates), such Investor shall not be entitled to designate any directors for appointment to the Board.”

SECTION 2.     Reference to and Effect on the Agreement.

(a)     Capitalized terms used and not otherwise in this Amendment have the meanings given such terms in the Agreement.

(b)    On and after the date hereof, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Agreement shall mean and be a reference to the Agreement, as amended by this Amendment.

(c)    The Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

SECTION 3.    Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute a single instrument. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.

SECTION 4.    Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts entered into and performed entirely within such State.

[The remainder of this page intentionally left blank]

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this Agreement to be executed on its behalf as of the date first written above.

TRANSUNION HOLDING COMPANY, INC.
By:
	Name:	Michael J. Forde
	Title:	Vice President

GS CAPITAL PARTNERS VI FUND, L.P.
By:	GSCP VI Advisors, L.L.C. its General Partner
By:
	Name:	Sumit Rajpal
	Title:	Vice President

GS CAPITAL PARTNERS VI PARALLEL, L.P.
By:	GS Advisors VI, L.L.C. its General Partner
By:
	Name:	Sumit Rajpal
	Title:	Vice President

SPARTANSHIELD HOLDINGS
By:	GS Capital Partners VI Offshore Fund, L.P., its General Partner
	By: GSCP VI Offshore Advisors, L.L.C., its General Partner
By:
	Name:	Sumit Rajpal
	Title:	Vice President

ADVENT-TRANSUNION ACQUISITION LIMITED PARTNERSHIP
By:  Advent-TransUnion GP LLC, its General Partner
By:
	Name: Michael Ristaino
	Title: President

1

EX-21

Exhibit 21

LIST OF SUBSIDIARIES

Subsidiary		Jurisdiction of Organization
TransUnion Intermediate Holdings, Inc. (formerly known as TransUnion Corp.)		DE
	TransUnion Risk and Alternative Data Solutions, Inc.	DE
	Trans Union LLC	DE
Trans Union International Inc.		DE
Source USA Insurance Agency, Inc.		IL
TransUnion International Holdings LLC		DE
TransUnion HealthCare LLC		DE
Diversified Data Development Corporation		CA
Financial Healthcare Systems, LLC		CO
TransUnion Teledata LLC		OR
Decision Systems, Inc.		GA
TransUnion Exchange Corporation		CA
TransUnion Reverse Exchange Corporation		DE
TransUnion Intelligence LLC		NV
TransUnion Rental Screening Solutions, Inc.		DE
Credit Retriever LLC		DE
Verifacts LLC		DE
INSDEC LLC		DE
TransUnion Consumer Solutions LLC		DE
Trans Union Content Solutions LLC		DE
TransUnion Interactive, Inc.		DE
Title Insurance Services Corporation		SC
TransUnion Marketing Solutions, Inc.		IL
Trans Union Real Estate Services, Inc.		DE
Visionary Systems, Inc.		GA
Worthknowing, Inc.		GA
TransUnion Financing Corporation		DE
e-Scan Data Systems, Inc.		TX
TransUnion Risk Advisory, Inc.		DE
L2C, Inc.		DE
Link Marketing, Inc.		DE
Link2credit, Inc.		DE
Drivers History Information Sales LLC		NJ
DHI Investments LLC		NJ
ITC-Botswana (Pty) Ltd.		Botswana
Credit Reference Bureau Africa (Pty) Ltd.		Botswana
Collection Africa (Pty) Ltd.		Botswana
Crivo Sistemas em Informatica S.A.		Brazil
Moussoro Participacoes Ltda.		Brazil
Data Solutions Servicos de Informatica Ltda.		Brazil

Trans Union of Canada, Inc.	Canada
Trans Union Chile, S.A.	Chile
Databusiness S.A.	Chile
TransUnion Information Technology Ltd.	China
TransUnion Colombia Ltda.	Colombia
Trans Union Costa Rica, S.A.	Costa Rica
Centro de Informacion y Estudios Estrategicos Empresariales S.A.	Dominican Rep.
TransUnion S.A.	Dominican Rep.
Centro de Operaciones y Servicios de Informacion Estrategica, S.A.	Dominican Rep.
TransUnion El Salvador, S.A. de C.V.	El Salvador
Trans Union Guatemala, S.A.	Guatemala
Soluciones de Informatica de Centroamerica (SICE), S.A.	Guatemala
Trans Union Honduras Buro de Credito, S.A.	Honduras
TransUnion Limited	Hong Kong
TransUnion Asia Ltd.	Hong Kong
TransUnion Information Services Limited	Hong Kong
Credit Information Services Limited	Hong Kong
Trans Union Software Services Private Limited	India
Credit Information Bureau (India) Ltd.	India
Trans Union (Israel) Ltd.	Israel
TransUnion Jamaica Limited	Jamaica
TransUnion Kenya Limited	Kenya
Credit Reference Bureau (Holdings) Limited	Kenya
Regional Data Systems Limited	Kenya
Credit Information Systems Company Limited	Kenya
Collection Africa Ltd.	Kenya
Credit Reference Bureau Africa Ltd.	Kenya
Credit Reference Bureau Africa Ltd.	Malawi
Collection Africa Ltd.	Malawi
Credit Reference Bureau Africa Ltd.	Mauritius
STS Vail Beheeren Administracion S. DE. R.L. DE C.V.	Mexico
TransUnion Soluciones de Informacion, S de R.L de C.V.	Mexico
Credit Reference Bureau Africa Ltd.	Mozambique
TransUnion Credit Bureau Namibia (Pty) Ltd.	Namibia
Beheer en Beleggingsmaatchapij Stivaco B.V.	Netherlands
Vail Systemen Groep, B.V.	Netherlands
TransUnion Netherlands I, B.V.	Netherlands
TransUnion Netherlands II, B.V.	Netherlands
TransUnion Nicaragua, S.A.	Nicaragua
Trans Union Central America, S.A.	Panama
TransUnion Information Solutions, Inc.	Philippines
Trans Union de Puerto Rico, Inc.	Puerto Rico
Credit Reference Bureau Africa Ltd.	Rwanda
Collection Africa Ltd.	Rwanda
TransUnion Africa Holdings (Pty) Ltd.	South Africa
TransUnion Credit Bureau (Pty) Ltd.	South Africa

TransUnion Africa (Pty) Ltd.	South Africa
TransUnion Analytic and Decision Services (Pty) Ltd.	South Africa
TransUnion CGS (Pty) Ltd.	South Africa
TransUnion Auto Information Solutions (Pty) Ltd.	South Africa
Autolocator (Pty) Ltd.	South Africa
TransUnion ITC (Pty) Ltd.	Swaziland
Credit Reference Bureau Africa Ltd.	Tanzania
Collection Africa Ltd.	Tanzania
Credit Reporting Services Limited	Trinidad & Tobago
Credit Reference Bureau Africa Ltd.	Uganda
TransUnion Company of Vietnam Ltd.	Vietnam
Credit Reference Bureau Africa Ltd.	Zambia
Collection Africa Ltd.	Zambia
Trans Union (Private) Ltd.	Zimbabwe

EX-31.1A

Exhibit 31.1(a)

Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, James M. Peck, certify that:

1. I have reviewed this annual report on Form 10-K of TransUnion Holding Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 30, 2015

/s/James M. Peck
Name:	James M. Peck
Title:	Principal Executive Officer

EX-31.2A

Exhibit 31.2(a)

Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Samuel A. Hamood, certify that:

1. I have reviewed this annual report on Form 10-K of TransUnion Holding Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date March 30, 2015

/s/Samuel A. Hamood
Name:	Samuel A. Hamood
Title:	Principal Financial Officer

EX-32

Exhibit 32(a)

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of TransUnion Holding Company, Inc. (the “Company”) for the year ended December 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), James M. Peck, as Chief Executive Officer of the Company, and Samuel A. Hamood, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/James M. Peck
Name:	James M. Peck
Title:	Chief Executive Officer

Date: March 30, 2015

/s/ Samuel A. Hamood
Name:	Samuel A. Hamood
Title:	Chief Financial Officer

Date: March 30, 2015

This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

EX-99.1

TRANS UNION DE MÉXICO, S.A.,

SOCIEDAD DE INFORMACIÓN CREDITICIA

AND SUBSIDIARY

Consolidated Financial Statements

Years Ended December 31, 2014, 2013 and 2012

with Report of Independent Auditors

TRANS UNION DE MÉXICO, S.A.,

SOCIEDAD DE INFORMACIÓN CREDITICIA

AND SUBSIDIARY

Consolidated Financial Statements

Years Ended December 31, 2014, 2013 and 2012

Contents:

Report of Independent Auditors

Audited Consolidated Financial Statements:

Statements of Financial Position

Statements of Comprehensive Income

Statements of Changes in Equity

Statements of Cash Flows

Notes to Financial Statements

REPORT OF INDEPENDENT AUDITORS

To the Shareholders of

Trans Union de México, S.A.,

Sociedad de Información Crediticia

We have audited the accompanying consolidated financial statements of Trans Union de México, S.A., Sociedad de Información Crediticia, and Subsidiary, which comprise the consolidated statements of financial position as of December 31, 2014 and 2013, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the years ended December 31, 2014, 2013 and 2012, and the related notes to the consolidated financial statements.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

2.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Trans Union de México, S.A., Sociedad de Información Crediticia, and Subsidiary at December 31, 2014 and 2013, and the consolidated result of their operations and their cash flows for the years ended December 31, 2014, 2013 and 2012, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Mancera, S.C.

A member practice of

Ernst and Young Global Limited

/s/Jorge Senties

Jorge Senties

Mexico City, Mexico

March 25, 2015

TRANS UNION DE MÉXICO, S.A.,

SOCIEDAD DE INFORMACIÓN CREDITICIA

AND SUBSIDIARY

Consolidated Statements of Financial Position

(Amounts in thousands of Mexican pesos)

(Notes 1 and 2)

	At December 31,
	2014	2013
Assets
Current assets:
Cash and cash equivalents (Note 3)	Ps. 559,701	Ps. 469,967
Debt securities at fair value through profit or loss	-	15,098
Accounts receivable:
Trade (Note 12)	48,125	44,642
Related parties (Note 4)	79,539	52,380
	127,664	97,022
Prepaid expenses	11,405	3,851
Recoverable taxes and others	-	2,863
	698,770	588,801
Non-current assets:
Property, furniture and equipment, net (Note 5)	117,473	101,492
Deferred income tax (Note 9)	66,557	48,903
Other assets	462	590
	184,492	150,985
Total assets	Ps. 883,262	Ps. 739,786
Liabilities and equity
Short-term liabilities:
Accrued liabilities and other taxes payable (Note 6)	Ps. 169,243	Ps. 153,179
Income tax payable (Note 9)	39,955	7,247
Related parties (Note 4)	41,130	24,013
Advances from customers	71,399	45,808
Dividends payable	2,464	3,387
Total current liabilities	324,191	233,634
Long term liabilities:
Employee retirement benefits (Note 2k)	6,833	5,446
Total liabilities	331,024	239,080
Equity (Note 7):
Capital stock	16,000	16,000
Legal reserve	3,497	3,497
Retained earnings	540,505	488,080
Accumulated other comprehensive income (loss)	(8,210)	(7,239)
Equity attributable to equity holders of the parent	551,792	500,338
Non-controlling interest	446	368
Total equity	552,238	500,706
Total liabilities and equity	Ps. 883,262	Ps. 739,786

The accompanying notes are an integral part of these financial statements.

TRANS UNION DE MÉXICO, S.A.,

SOCIEDAD DE INFORMACIÓN CREDITICIA

AND SUBSIDIARY

Consolidated Statements of Comprehensive Income

(Amounts in thousands of Mexican pesos)

(Notes 1 and 2)

	For the years ended December 31,
	2014	2013	2012
Operating revenues:
Sale of credit reports, net	Ps. 1,003,016	Ps. 894,646	Ps. 875,108
Other operating revenues	47,856	61,941	51,042
	1,050,872	956,587	926,150
Operating and administrative expenses (Note 8)	507,291	430,042	453,948
Operating income	543,581	526,545	472,202
Finance income	14,833	18,530	18,605
Exchange gain (loss), net	(1,394)	945	2,463
	13,439	19,475	21,068
Income before income tax	557,020	546,020	493,270
Income tax (Note 9)	166,716	157,073	148,076
Net income	390,304	388,947	345,194
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Re-measurement of actuarial losses on defined employee retirement benefit plan	(1,387)	(4,258)	-
Income tax effect	416	1,277	-
	(971)	(2,981)	-
Total comprehensive income for the year	Ps. 389,333	Ps. 385,966	Ps. 345,194
Comprehensive income for the year attributable to:
Controlling interest	Ps. 389,255	Ps. 385,897	Ps. 345,107
Non-controlling interest	78	69	87
	Ps. 389,333	Ps. 385,966	Ps. 345,194

The accompanying notes are an integral part of these financial statements.

TRANS UNION DE MÉXICO, S.A.,

SOCIEDAD DE INFORMACIÓN CREDITICIA

AND SUBSIDIARY

Consolidated Statements of Changes in Equity

For the Years Ended December 31, 2014, 2013 and 2012

(Amounts in thousands of Mexican pesos)

(Notes 1, 2 and 7)

	Attributable to the equity holders of the parent
	Capital stock	Legal reserve	Retained earnings	Accumulated other comprehensive income (loss)	Total equity attributable to equity holders of the parent	Non-controlling interest	Total equity
Balance at December 31, 2011	Ps. 16,000	Ps. 3,497	Ps. 412,859	Ps. -	Ps. 432,356	Ps. 212	Ps. 432,568
Dividends paid			(317,737)		(317,737)		(317,737)
Comprehensive income for the year			345,107	-	345,107	87	345,194
Balance at December 31, 2012	16,000	3,497	440,229	-	459,726	299	460,025
Adoption of IAS 19(R) (Note 2k)			4,258	(4,258)	-		-
Dividends paid			(345,285)		(345,285)		(345,285)
Comprehensive income for the year			388,878	(2,981)	385,897	69	385,966
Balance at December 31, 2013	16,000	3,497	488,080	(7,239)	500,338	368	500,706
Dividends paid			(337,801)		(337,801)		(337,801)
Comprehensive income for the year			390,226	(971)	389,255	78	389,333
Balance at December 31, 2014	PS. 16,000	Ps. 3,497	Ps. 540,505	Ps. ( 8,210)	Ps. 551,792	Ps. 446	Ps. 552,238

The accompanying notes are an integral part of these financial statements.

TRANS UNION DE MÉXICO, S.A.,

SOCIEDAD DE INFORMACIÓN CREDITICIA

AND SUBSIDIARY

Consolidated Statements of Cash Flows

(Amounts in thousands of Mexican pesos)

(Notes 1 and 2)

	For the years ended December 31
	2014	2013	2012
Operating activities
Income before income tax	Ps. 557,020	Ps. 546,020	Ps. 493,270
Items not requiring the use of cash:
Depreciation (Note 5b)	37,327	31,725	24,256
Employee retirement benefits (Note 2k)	2,455	1,730	1,191
Finance income	(28,102)	(25,368)	(24,234)
	568,700	554,107	494,483
Changes in operating assets and liabilities:
Interest received	28,102	25,368	24,234
Debt securities at fair value through profit or loss	15,098	(80)	89
Trade receivables	(3,483)	(9,675)	4,232
Related parties, net	(10,042)	(18,365)	25,617
Prepaid expenses	(7,554)	(730)	1,434
Other assets	2,467	105	314
Accrued liabilities and other taxes payable	16,063	(20,815)	25,210
Income tax paid	(151,245)	(158,636)	(131,501)
Advances from customers	25,591	41,842	2,593
Employee retirement benefits paid	(1,068)	(306)	(374)
Net cash flow provided by operating activities	482,629	412,815	446,331
Investing activities
Investments in property, furniture and equipment (Note 5b)	(55,094)	(23,975)	(26,564)
Net cash flow used in investing activities	(55,094)	(23,975)	(26,564)
Financing activities
Dividends paid (Note 7c)	(337,801)	(345,285)	(317,737)
Net cash flow used in financing activities	(337,801)	(345,285)	(317,737)
Net increase in cash and cash equivalents	89,734	43,555	102,030
Cash and cash equivalents at beginning of year	469,967	426,412	324,382
Cash and cash equivalents at end of year	Ps. 559,701	Ps. 469,967	Ps. 426,412

The accompanying notes are an integral part of these financial statements.

TRANS UNION DE MÉXICO, S.A.,

SOCIEDAD DE INFORMACIÓN CREDITICIA

AND SUBSIDIARY

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

(Amounts in thousands of Mexican pesos)

1. Description of the Business

Trans Union de México, S.A., Sociedad de Información Crediticia (the Company) was incorporated in Mexico on October 4, 1995 and is primarily engaged in providing credit information services. Specifically, the Company compiles, stores, processes, analyzes and sells information related to the credit histories of individuals and it provides other credit information services related to its database. The Company operations are governed by the Mexican Law Regulating Credit Bureaus.

The registered office is located at Jaime Balmes 8, 10^th floor, in Mexico City.

Trans Union LLC (a U.S. company) is the Company's largest shareholder (25.69% equity interest), and the remaining shareholders are Mexican credit institutions, none of whom hold more than an 18% equity interest in the Company. These shareholders generate a significant portion of the Company’s revenue (Note 4 and Note 12).

At December 31, 2014 and 2013, the Company holds a 98% equity interest in Servicios y Asesoría SCOBC, S.A. de C.V. (the Subsidiary), who provides the Company with professional services and was incorporated in Mexico on October 22, 2007.

On March 25, 2015, the accompanying consolidated financial statements and these notes were authorized for its issuance by the Company's Chief Executive Officer and Chief Finance Officer. Subsequent events have been considered through that date.

2. Basis of Preparation of the Financial Statements and Summary of Significant Accounting Policies

a) Basis of preparation

The accompanying financial statements have been prepared in conformity with International Financing Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

The accompanying financial statements were prepared on an historical-cost basis except for the investments in debt securities which have been measured at fair value.

2.

The statement of profit or loss has been prepared by nature as the Company believes that such presentation is most reliable and relevant to the readers of the consolidated financial statements.

b) Consolidation and investment in subsidiary

The accompanying consolidated financial statements include the financial information of the Company and that of its Subsidiary.

The Subsidiary's financial statements have been prepared for the same accounting period and following the same accounting policies as those of the Company. The intercompany balances, equity investments and transactions were eliminated in the consolidation process.

Non-controlling interest represents the equity interest in the operating results and net assets of the Subsidiary that does not pertain to the Company. Non-controlling interest is presented as a separate component of consolidated shareholders' equity.

c) Current versus non-current classification

The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is classified as current when it is:

• Expected to be realized or intended to sold or consumed in normal operating cycle of the Company.

• Expected to be realized within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current. A liability is classified as current when:

• It is expected to be settled in normal operating cycle of the Company.

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non-current.

Deferred income tax assets are classified as non-current.

3.

d) Recognition of revenues

Service revenues are recognized at the time the Company renders the credit information services, provided that such revenues can be reliably measured, it is likely that the Company will receive economic benefits from the transaction, the stage of completion of the transaction can be reliably measured and it is highly probable that it will completed, regardless of when the related fees are actually collected.

Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Company has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to credit risks.

Revenue from sale of credit reports

Since the Company compiles, stores, processes, analyzes and sells information related to the credit histories of individuals, it provides credit information services related to its database through sale of credit reports. The Company has developed several types of credit reports based on the characteristics and risk profile of its credit database. The Company’s credit information database is maintained and updated based on the exchange of credit information with its clients (credit institutions and the financial and non-financial entities) based on the corresponding service agreements.

Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.

Sales discounts

The Company grants discounts to its customers based on the number of reports they order, quality of credit information exchanged and timely payment. The discounts require authorization from top management. Such discounts are reflected as part of the caption Sale of credit reports and are accounted for on a monthly basis based on the Company’s discount policies.

Sales tax

The Company recognizes its revenues net of value added tax. The net amount of value added tax payable to the Mexican Tax Authority is recognized in the statement of financial position under the caption Accrued liabilities and other taxes payable.

e) Operating and administrative expenses

Operating and administrative expenses are those costs related to maintaining, developing and managing the databases used to generate the Company's credit information. These expenses consist primarily of salaries and wages, annual bonuses, social security expenses, professional fees, royalties, software licenses, equipment depreciation and general administrative expenses.

4.

f) Accounting judgments, estimates and assumptions

The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

- Allowance for doubtful accounts

The Company's policy is to evaluate the age of its accounts receivable and their collectability, creating an allowance for doubtful accounts for each customer as needed. This evaluation is made based on the type of client, recurrence of solicitation of credit services, age of the account receivable, collection experience, among others.

At December 31, 2014 the allowance for doubtful accounts aggregates Ps.471. Whereas, at December 31, 2013, the Company did not record any allowance. At December 31, 2014 and 2013 most of the Company’s accounts receivable were collected within thirty days and management did not identify any potential risks that would reduce the certainty of their recovery. See Note 12.

- Defined benefit plans

The cost of the defined benefit pension plan and the present value of the pension obligation and seniority premiums are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

5.

- Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flows model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

- Taxes

Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deferred tax assets will be applied; management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. At December 31, 2014 and 2013, management concluded that is probable that deferred tax assets will be recoverable; as a result, management deems that a valuation allowance is not necessary.

- Property, furniture and equipment

Useful lives and methods of depreciation of property, furniture and equipment are reviewed each financial year end and adjusted prospectively, if appropriate. Those estimates are disclosed in Note 2i.

g) Cash and cash equivalents

Cash and cash equivalents principally consist of bank deposits and highly liquid investments with purchased maturities of less than three months.

h) Financial assets

- Initial recognition and measurement

Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

6.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

Loans and receivables

This category is the most relevant to the Company. Loans and receivables are non-derivative financial assets with fixed payments that are not quoted in an active market. After initial measurement, such financial assets are adjusted for any impairment losses. This category generally applies to trade and other receivables. For more information on receivables, refer to Note 12.

As of December 31, 2014, the Company does not hold debt securities classified as “at fair value through profit or loss. As of December 31, 2013, the Company invested solely in debt securities”, which are carried in the statement of financial position at fair value with net changes in fair value presented as a component of finance income in the statement of comprehensive income.

Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. During the years ended December 31, 2014 and 2013, the Company did not invest in financial instruments for trading.

For the years ended December 31, 2014 and 2013, the Company does not have any derivative financial instruments.

- Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: 1) in the principal market for the asset or liability, or 2) in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

7.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between Levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

At December 31, 2014 and 2013, all investments in debt securities have been valuated using quoted prices in active markets (Level 1).

i) Long-lived assets

- Property, furniture and equipment

Property, furniture and equipment are initially recorded at acquisition cost and depreciation is computed using the straight-line method based on the estimated useful lives of the related assets and at the following annual depreciation rates:

Building	2.5%
Adaptations and property and leasehold improvements	10% and 20%
Computer equipment	30%
Automotive equipment	25%
Furniture and equipment	10%
Communication equipment	10%

In the normal course of business, the Company purchases various software licenses from third parties to facilitate the use and upkeep of its purchased and leased computer systems, as well as its credit tracking databases. Such licenses are for a period of 12 months or less, and most are paid for monthly although certain licenses are paid for on an annual basis. The Company follows an accounting policy of expensing all such license purchases as they are incurred as it believes that such approach represents a systematic and rational approach towards its financial reporting under IFRS.

8.

- Impairment

The carrying value of the Company's long-term fixed assets is reviewed whenever there are indicators of impairment in the value of such assets. When the recoverable amount of an asset, which is the higher of its fair value less cost of disposal and its value in use (the present value of future cash flows that the Company expects the asset to generate) is less than its carrying value, the difference is recognized as an impairment loss. For the years ended December 31, 2014 and 2013, there were no indicators of impairment in such assets.

j) Accrued liabilities, provisions, contingent assets and liabilities and commitments

Accrued liabilities are recognized whenever (i) the Company has current obligations (legal or constructive) resulting from a past event, (ii) when it is probable the obligation will give rise to a future cash disbursement for its settlement, and (iii) the amount of the obligation can be reasonably estimated.

Contingent liabilities are recognized only when it is probable they will give rise to a future cash disbursement for their settlement. Also, commitments are only recognized when they will generate a loss.

k) Employee benefits

Employee retirement benefits

The Company has a defined benefit pension plan that covers all of its employees, which is determined based on the employees’ compensations in their final year of service, the number of years they have worked for the Company, and their age at retirement.

Labor obligations related to retirement benefits are presented net of the corresponding asset, which is carried out at fair value.

Seniority premiums are paid to workers as required under Mexican labor law.

The Company recognizes the liability for seniority premiums and termination benefits based on independent actuarial computations using the projected unit credit method and nominal hypotheses. The latest actuarial computation was prepared in December 2014.

Re-measurements, comprising of actuarial gains and losses, excluding net interest and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.

9.

The net interest on benefit obligation is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation under operating and administrative expenses in the consolidated statement of comprehensive income:

- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and no-routine settlements.

- Net interest expense or income.

The Company calculates termination benefit costs based on Mexican Labor Law and recognizes them in operating results when incurred.

The Company annually evaluates the reasonableness of the assumptions used in its employee benefits computations. Actuarial calculations, as well as the associated cost for the period, were determined using the following long-term assumptions:

	2014	2013
Rate of salary increase	6.09%	5.88%
Expected working lifetime	18.45	18.57
Discount rate used to calculate the defined benefit obligation	7.00%	7.50%
Minimum wage increase rate	3.76%	3.76%
Expected return on plan assets	7.00%	7.5%
Long-term inflation rate	3.50%	3.50%

Adoption of IAS 19R

On     January 1, 2013, the Company adopted IAS 19 Employee benefits (Revised),this Standard includes a number of amendments to the accounting for defined benefit plans, including actuarial gains and losses that are now recognized in Other Comprehensive Income and permanently excluded from profit and loss. Expected returns on plan assets are no longer recognized in profit or loss; instead, there is a requirement to recognize interest on the net defined benefit liability (asset) in profit or loss, calculated using the discount rate used to measure the defined benefit obligation and; Unvested past service costs are now recognized in profit or loss at the earlier of when the amendment occurs or when the related restructuring or termination costs are recognized.

The adoption by the Company of IAS 19 (R) generated an effect of Ps.1,149 over the Company’s net liability balance of the defined benefit plans at December 31, 2013 and the accumulated OCI at such date resulted Ps.4,258. Based on this (effects of the adoption being insignificant in relation with the financial statements taken as a whole), the Company decided to recognize such effects prospectively, rather than retrospectively.

10.

Year end balances

At December 31, 2014 and 2013, the defined benefit obligations are Ps.31,863 and Ps.26,043, respectively, and the plan assets are Ps.24,835 and Ps.20,597, respectively. Plan assets consist of government debt, and were measured using a Level 1 fair value concept. None of the plan assets were invested in securities of related parties.

For the years ended December 31, 2014, 2013 and 2012 the corresponding cost of such defined benefits was Ps.2,455, Ps.1,730 and Ps.1,191, respectively.

Employee profit sharing

Employee profit sharing is basically computed at 10% rate of the Company's taxable income, except for depreciation of historical rather than restated values and other effects of inflation which are excluded. Employee profit sharing is presented in the statement of income as an ordinary expense.

Compensated absences

The costs related to compensated absences, such as vacations, are recognized on cumulative basis creating the respective provision.

l) Foreign currencies

The Company's functional currency is the Mexican peso. Transactions in foreign currency are recorded at the prevailing exchange rate on the day of the related transactions. Foreign currency denominated assets and liabilities are valued at the prevailing exchange rate at the statement of financial position date. Exchange differences from the transaction date to the time foreign currency denominated assets and liabilities are settled, as well as those arising from the translation of foreign currency denominated balances at the statement of financial position date, are charged or credited to the consolidated statement of comprehensive income.

m) Comprehensive income

The comprehensive income shown in the consolidated statement of comprehensive income consists of the Company’s net income or loss for the year, plus re-measurement gains and losses arising on defined benefit pension plans.

n) Income tax

Current-year income tax is recognized as a short-term liability, net of prepayments made during the year.

11.

Deferred income tax is recognized using the asset and liability method. Under this method, deferred taxes are recognized on all temporary differences between financial reporting and tax values of assets and liabilities, applying the enacted income tax rate or flat-rate business tax rate effective as of the statement of financial position date, or the enacted rate at the statement of financial position date that will be in effect when the temporary differences giving rise to deferred tax assets and liabilities are expected to be recovered or settled.

o) New accounting pronouncements

IFRS 9 Financial Instruments

In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments which reflects all phases of the financial instruments project and replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted. Retrospective application is required, but comparative information is not compulsory. Early application of previous versions of IFRS 9 (2009, 2010 and 2013) is permitted if the date of initial application is before February 1, 2015. The Company has yet to determine the impact that the adoption of this new standard might have on its consolidated financial statements.

Amendments to IAS 19 Defined Benefit Plans: Employee Contributions

IAS 19 requires an entity to consider contributions from employees or third parties when accounting for definedbenefit plans. Where the contributions are linked to service, they should be attributed to periods of service as anegative benefit. These amendments clarify that, if the amount of the contributions is independent of thenumber of years of service, an entity is permitted to recognize such contributions as a reduction in the servicecost in the period in which the service is rendered, instead of allocating the contributions to the periods of service. This amendment is effective for annual periods beginning on or after July 1, 2014. The Company has yet to determine the impact that the adoption of this new standard might have on its consolidated financial statements.

IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets

The amendment is applied retrospectively and clarifies in IAS 16 and IAS 38 that the asset may be revalued by reference to observable data on either the gross or the net carrying amount.

IAS 24 Related Party Disclosures

The amendment is applied retrospectively and clarifies that a management entity (an entity that provides key management personnel services) is a related party subject to the related party disclosures. In addition, an entity that uses a management entity is required to disclose the expenses incurred for management services.

12.

IFRS 13 Fair Value Measurement

The amendment is applied prospectively and clarifies that the portfolio exception in IFRS 13 can be applied not only to financial assets and financial liabilities, but also to other contracts within the scope of IFRS 9 (or IAS 39, as applicable). The exception permits an entity to measure the fair value of a group of financial assets and financial liabilities on the basis of the price that would be received to sell a net long position for a particular risk exposure or paid to transfer a net short position for a particular risk exposure.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 was issued in May 2014 and establishes a new five-step model that will apply to revenue arising from contracts with customers. Under IFRS 15 revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach to measuring and recognizing revenue.

The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS. Either a full or modified retrospective application is required for annual periods beginning on or after January 1, 2017 with early adoption permitted. The Company is currently assessing the impact of IFRS 15 and plans to adopt the new standard on the required effective date. The Company has yet to determine the impact that the adoption of this new standard might have on its consolidated financial statements.

Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and Amortization

The amendments clarify the principle in IAS 16 and IAS 38 that revenue reflects a pattern of economic benefits that are generated from operating a business (of which the asset is part) rather than the economic benefits that are consumed through use of the asset. As a result, a revenue-based method cannot be used to depreciate property, plant and equipment and may only be used in very limited circumstances to amortize intangible assets. The amendments are effective prospectively for annual periods beginning on or after January 1, 2016, with early adoption permitted. The Company has yet to determine the impact that the adoption of this new standard might have on its consolidated financial statements.

Annual Improvements 2010-2012 Cycle

In the 2010-2012 annual improvements cycle, the IASB issued seven amendments to six standards, which included an amendment to IFRS 13 Fair Value Measurement. The amendment to IFRS 13 is effective immediately and, thus, for periods beginning at 1 January 2014, and it clarifies in the Basis for Conclusions that short-term receivables and payables with no stated interest rates can be measured at invoice amounts when the effect of discounting is immaterial. This amendment to IFRS 13 has no impact on the Company.

13.

Annual Improvements 2011-2013 Cycle

In the 2011-2013 annual improvements cycle, the IASB issued four amendments to four standards, which included an amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment to IFRS 1 is effective immediately and, thus, for periods beginning at 1 January 2014, and clarifies in the Basis for Conclusions that an entity may choose to apply either a current standard or a new standard that is not yet mandatory, but permits early application, provided either standard is applied consistently throughout the periods presented in the entity’s first IFRS financial statements. This amendment to IFRS 1 has no impact on the Company, since the Company is an existing IFRS preparer.

3. Cash and Cash Equivalents

An analysis of this caption at December 31, 2014 and 2013 is as follows:

	2014	2013
Cash and cash in banks	Ps. 13,074	Ps. 13,830
Cash equivalents:
Security repurchase agreements (a)	546,627	456,137
	Ps. 559,701	Ps. 469,967

a) At December 31, 2014 and 2013, these investments have maturities of less than thirty days and annual rates of return of 3.18% and 3.85%, respectively.

4. Related Parties

An analysis of balances due from and to related parties (shareholders) at December 31, 2014 and 2013, is as follows:

	2014	2013
Accounts receivables from shareholders (credit   institutions):
Credit information services	Ps. 79,539	Ps. 52,380
Payables to technological shareholders:
Technical assistance and royalties:
Trans Union LLC	Ps. 29,220	Ps. 15,901
Trans Union Crif	4,014	3,152
Fair Isaac	605	-
	33,839	19,053
Other accounts payable to shareholders	7,291	4,960
	Ps. 41,130	Ps. 24,013

14.

Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the years ended December 31, 2014, 2013 and 2012, the Company has not recorded any impairment of receivables relating to amounts owed by related parties.

An analysis of transactions carried out with related parties at December 31, 2014, 2013 and 2012 is as follows:

	2014	2013	2012
Revenues:
Sale of credit reports (Shareholders – credit institutions)	Ps. 585,774	Ps. 535,583	Ps. 499,316
Reimbursed expenses (a)	46,303	44,098	42,624
	Ps. 632,077	Ps. 579,681	Ps. 541,940
Expenses:
Royalties (b)	Ps. 47,049	Ps. 58,441	Ps. 59,493
Technical assistance (b)	15,537	2,366	-
	Ps. 62,586	Ps. 60,807	Ps. 59,493

(a) For the years ended December 31, 2014, 2013 and 2012, reimbursed expenses relate to administrative and operating services provided to Dun & Bradstreet, S.A., Credit Bureau (this entity is considered as an affiliate because it has shareholders in common). The amount is accounted for in the Other operating revenue caption in the statements of comprehensive income.

(b) Royalties and technical assistance correspond to payments made for the use and development of specialized credit reports. Primary, these payments are made to Trans Union International Inc. and Trans Union LLC and are based on specific percentages over the sale of credit reports (by type). The Agreement is for an indefinite term.

5. Property, Furniture and Equipment, net

a)An analysis of this caption at December 31, 2014 and 2013 is as follows:

	At December 31
	2014	2013
Land	Ps. 8,642	Ps. 8,642
Buildings, adaptations and property and leasehold improvements	75,999	63,507
Computer equipment	199,322	167,391
Furniture and equipment	11,127	11,215
Communication equipment	19,755	18,944
Automotive equipment	4,690	4,524
	319,535	274,223
Accumulated depreciation	(202,062)	(172,731)
	Ps. 117,473	Ps. 101,492

15.

b)An analysis of the changes in the Company's property, furniture and equipment for the years ended December 31, 2014, 2013 and 2012 is as follows:

	Balance at December 31, 2013	Additions	Retirements	Depreciation of the year	Balance at December 31, 2014
Investment
Land	Ps. 8,642				Ps. 8,642
Building, adaptations and leasehold improvements	63,507	Ps. 12,913	Ps. ( 421)		75,999
Computer equipment	167,391	38,264	(6,333)		199,322
Furniture and equipment	11,215	87	(175)		11,127
Communication equipment	18,944	2,136	(1,325)		19,755
Automotive equipment	4,524	1,694	(1,528)		4,690
	274,223	55,094	(9,782)		319,535
Accumulated depreciation
Buildings, adaptations and property and leasehold improvements	(22,365)		421	(8,269)	(30,213)
Computer equipment	(132,864)		5,023	(25,456)	(153,297)
Furniture and equipment	(8,118)		144	(865)	(8,839)
Communication equipment	(7,090)		1,215	(1,771)	(7,646)
Automotive equipment	(2,294)		1,193	(966)	(2,067)
	(172,731)		7,996	(37,327)	(202,062)
	Ps. 101,492	Ps. 55,094	Ps. (1,786)	Ps. (37,327)	Ps. 117,473

	Balance at December 31, 2012	Additions	Retirements	Depreciation of the year	Balance at December 31, 2013
Investment
Land	Ps. 8,642				Ps. 8,642
Building, adaptations and leasehold improvements	62,867	Ps. 640			63,507
Computer equipment	151,358	17,109	Ps. (1,076)		167,391
Furniture and equipment	10,992	223	-		11,215
Communication equipment	13,974	5,640	(670)		18,944
Automotive equipment	4,624	363	(463)		4,524
	252,457	23,975	(2,209)		274,223
Accumulated depreciation
Buildings, adaptations and property and leasehold improvements	(15,482)			(6,883)	(22,365)
Computer equipment	(112,732)		1,058	(21,190)	(132,864)
Furniture and equipment	(7,250)		-	(868)	(8,118)
Communication equipment	(5,914)		670	(1,846)	(7,090)
Automotive equipment	(1,732)		376	(938)	(2,294)
	(143,110)		2,104	(31,725)	(172,731)
	Ps. 109,347	Ps. 23,975	Ps. (105)	Ps. (31,725)	Ps. 101,492

16.

	Balance at December 31, 2011	Additions	Retirements	Depreciation of the year	Balance at December 31, 2012
Investment
Land	Ps. 8,642				Ps. 8,642
Building, adaptations and leasehold improvements	56,525	Ps. 6,342			62,867
Computer equipment	134,695	16,663			151,358
Furniture and equipment	10,977	15			10,992
Communication equipment	12,047	1,927			13,974
Automotive equipment	3,556	1,617	Ps. (549)		4,624
	226,442	26,564	(549)		252,457
Accumulated depreciation
Buildings, adaptations and property and leasehold improvements	Ps. ( 12,813)			Ps. (2,669)	Ps. (15,482)
Computer equipment	(94,119)			(18,613)	(112,732)
Furniture and equipment	(6,322)			(928)	(7,250)
Communication equipment	(4,733)			(1,181)	(5,914)
Automotive equipment	(1,300)		Ps. 433	(865)	(1,732)
	(119,287)		433	(24,256)	(143,110)
	Ps. 107,155	Ps. 26,564	Ps. (116)	Ps. (24,256)	Ps. 109,347

The Company does not own many of its computer systems, but rather pays the use of such systems from third parties. This includes systems owned by TransUnion which are used for credit report processing purposes. The Company makes payments monthly for the use of such systems. Amounts paid to technological shareholders are disclosed in Note 4 above.

6. Accrued Liabilities and Other Taxes Payable

An analysis of this caption at December 31, 2014 and 2013 is as follows:

	2014	2013
Accrued liabilities:
Suppliers and creditors	Ps. 18,984	Ps. 29,143
Employee compensation and other benefits	62,969	19,888
Consulting, legal and other fees	35,870	38,829
Maintenance and licenses	3,177	26,526
Other	2,937	1,913
	123,937	116,299
Taxes and others:
Value added tax	36,921	20,827
Social security contributions	2,982	2,763
Income tax withheld from salaries	4,386	9,224
Other taxes and withholdings	1,017	4,066
	45,306	36,880
	Ps. 169,243	Ps. 153,179

17.

7. Equity

a)Capital stock

The Company's capital stock is represented by 19,466,321 common registered shares, issued and outstanding, with no par value, as outlined below. The shares are divided into two series: series "A" shares (70% shares) representing fixed minimum capital, and series "B" shares (30% shares) representing the variable portion of capital stock.

Each ordinary share of the Series "A" and "B" entitles the holder to one vote at general shareholders' meetings.

In accordance with the Mexican Income Tax Law, capital contributions must be controlled in the so-called Restated contributed capital account (CUCA), which is restated for inflation. If there are capital reductions that exceed the CUCA balance, the difference will be subject to income tax payable by the Company at the tax rate in force at that time.

b) Legal reserve

In conformity with the Mexican Corporations Act, the Company is required to appropriate at least 5% of the net income of each year to increase the legal reserve. This practice must be continued until the legal reserve reaches 20% of the value of capital stock. The legal reserve at December 31, 2014 and 2013 is Ps.3,497.

c) Dividends

At regular shareholders' meetings held on May 8, 2014, April 16, 2013 and April 23, 2012, respectively, the shareholders declared the following dividends:

	2014	2013	2012
Dividends declared	Ps. 337,801	Ps. 345,285	Ps. 317,737
Number of shares	19,466,321	19,466,321	19,466,321
Dividend per share (pesos)	Ps. 17.35	Ps. 17.74	Ps. 16.32

The Mexican Income Tax Law establishes that dividends declared from income on which corporate income tax has already been paid shall not be subject to further taxation; therefore, taxable income must be controlled in a so-called Net taxed profits account (CUFIN). Any distribution of earnings in excess of this account will be subject to corporate income tax at the tax rate in effect at that time. The afore-aforementioned dividends did not exceed the Company's CUFIN balance.

18.

d) Tax balances

At December 31, 2014 and 2013, the Company has the following tax balances:

	2014	2013
Restated contributed capital account (CUCA)	Ps. 26,758	Ps. 24,709
Net taxed profits account (CUFIN)	542,486	497,881

8. Operating and administrative expenses

An analysis of this caption at for the years ended December 31, 2014, 2013 and 2012 is as follows:

	2014	2013	2012
Wages and other employee benefits	Ps. 217,060	Ps. 186,496	190,071
Professional services	93,221	49,985	103,613
Royalties and licenses	87,650	107,390	107,755
Depreciation	37,327	31,725	24,256
Maintenance	24,634	17,524	13,069
Other	47,399	36,922	15,184
	Ps. 507,291	Ps. 430,042	Ps. 453,948

9. Income tax

Income tax

As a part of the 2014 Mexican Tax Reform, the Mexican Income Tax Law and Mexican Flat-rate Business Tax Law in effect during 2013 and 2012 have been repealed, and a new Mexican Income Tax Law has been enacted and became effective as of January 1, 2014. The entry into force of the new Mexican Income Tax Law had no effect on the Company’s financial situation, except for a new cap on the deduction of payroll-related expenses that are tax-exempt for employees.

Income tax is computed considering taxable income minus authorized deductions. These items include certain inflationary effects, such as the restatement of depreciation expense and the effects of inflation on certain monetary assets and liabilities by means of the annual inflation adjustment.

For the years ended December 31, 2014, 2013 and 2012, income tax was computed by applying the 30% rate to the Company's taxable income.

19.

Flat-rate business tax (FRBT)

Current-year flat-rate business tax is computed by applying the 17.5% rate to income determined on the basis of cash flows, net of authorized credits. For the years ended December 31, 2013 and 2012, the Company and its subsidiary had no FRBT payable since their income tax payable was higher than their FRBT payable for the year.

For the years ended December 31, 2014, 2013 and 2012, the Company determined income tax as follows:

	2014		2013		2012
Taxable income of the Company and subsidiary	Ps. 614,930		Ps. 552,947		Ps. 534,610
Statutory income tax rate	30	%	30	%	30	%
Current year income tax	184,479		165,883		160,385
Tax prepayments	(144,524)		(158,636)		(131,501)
Income tax payable	Ps. 39,955		Ps. 7,247		Ps. 28,884

An analysis of income tax charged to the statement of comprehensive income for the years ended December 31, 2014, 2013 and 2012 is as follows:

	2014	2013	2012
Current year income tax	Ps. 184,479	Ps. 165,883	Ps. 160,385
Deferred income tax	(17,763)	(10,328)	(12,309)
Other income tax items	-	1,518	-
	Ps. 166,716	Ps. 157,073	Ps. 148,076

A reconciliation of the statutory income tax rate to the effective rate recognized by the Company for the years ended December 31, 2014, 2013 and 2012 is as follows:

	2014		2013		2012
Income before income tax	Ps. 577,020		Ps. 546,020		Ps. 493,270
Plus (less):
Annual tax inflation adjustment	(17,883)		(15,375)		(10,947)
Non-deductible expenses	9,526		3,155		3,828
Other items	(12,944)		(10,225)		7,438
	555,719		523,575		493,589
Statutory income tax rate	30	%	30	%	30	%
Total current-year and deferred income tax	Ps. 166,716		Ps. 157,073		Ps. 148,076
Effective income tax rate	29	%	29	%	30	%

20.

The temporary differences in statement of financial position accounts for financial and tax reporting purposes that give rise to the deferred income tax are as follows:

	At December 31
	2014	2013
Deferred tax assets:
Accrued liabilities	Ps. 39,103	Ps. 30,061
Advances from customers	21,285	12,104
Employee retirement benefits	2,049	1,633
Property, furniture and equipment	5,813	5,795
	68,250	49,593
Deferred tax liabilities:
Prepaid expenses	(1,693)	(690)
Deferred tax asset, net	Ps. 66,557	Ps. 48,903

Reconciliation of deferred tax asset, net:

	2014	2013
Opening balance as of January 1,	Ps. 48,903	Ps. 37,200
Tax benefit during the period recognized in profit or loss	17,238	10,426
Tax benefit during the period recognized in OCI	416	1,277
Closing balance as at December 31,	Ps. 66,557	Ps. 48,903

The Company computed deferred income tax by applying the 30% income tax rate to the principal temporary differences between the accounting and tax values of its statement of financial position accounts, since this is the rate that the Company expects that most of the deferred income tax assets and liabilities will be materialized.

10. Other Financial Assets and Liabilities

Set out below is the categorization of the financial instruments, other than cash and short-term deposits, held by the Company as at December 31, 2014 and 2013:

	December 31, 2014
	Loans and receivables	Fair value through profit or loss
Financial Assets:
Trade receivables	Ps. 48,125	Ps -
Related parties receivables	79,539	-
	Ps. 127,664	Ps -
Financial Liabilities:
Related parties	Ps. 41,130	Ps -
Accrued liabilities	123,937	-
	Ps. 165,067	Ps -

21.

	December 31, 2013
	Loans and receivables	Fair value through profit or loss
Financial Assets:
Debt securities		Ps. 15,098
Trade receivables	Ps. 44,642	-
Related parties receivables	52,380	-
	Ps. 97,022	Ps. 15,098
Financial Liabilities:
Related parties	Ps. 24,013	Ps. -
Accrued liabilities	116,299	-
	Ps. 140,312	Ps. -

The fair value for the financial assets (excluding cash and cash equivalents) and financial liabilities shown in the consolidated statement of financial position at December 31, 2014 and 2013 is as follows:

	Measurement of fair value at December 31, 2014
	Level 1	Level 2	Level 3	Total
Assets:
Pension plan assets (government debt)	Ps. 24,835	Ps. -	Ps. -	Ps. 24,835

	Measurement of fair value at December 31, 2013
	Level 1	Level 2	Level 3	Total
Assets:
Debt securities at fair value through profit or loss	Ps. 15,098	Ps. -	Ps. -	Ps. 15,098
Pension plan assets (government debt)	20,597	-	-	20,597
	Ps. 35,695	Ps. -	Ps. -	Ps. 35,695

For the years ended December 31, 2014 and 2013, no transfers were made between Level 1 and Level 2 fair value measurement hierarchies.

11. Commitments

The Company has entered in four operating leases of facilities for operating and administrative purposes. Such lease agreements are for an average of 4 years term and it can be extended automatically. Rents’ value is restated by inflation. For the period ended December 31, 2014, 2013 and 2012, the rent expense is Ps.5,700, Ps.5,223 and Ps.4,685, respectively.

22.

12. Risk Management and Contingencies

- Risk management and contingencies

The Company is primarily exposed to credit, liquidity and market risks, which the Board of Directors reviews and monitors through the Corporate Practices Committee.

Credit risk

Credit risk represents the potential loss from the failure of the customer or financial instrument counterparty to meet all of its payment obligations. This risk is primarily due to cash and cash equivalents and trade receivables.

The Company believes that its credit risk is limited due to the nature of its operations and the profile of its customers, which are mostly shareholders. For the years ended December 31, 2014 and 2013, the Company's accounts receivable reflect no risk of collectability or considerably old accounts. The Company’s policy is to maintain its surplus cash in demand bank deposits in Mexican banks with strong credit ratings. At December 31, 2014 and 2013, the Company has not identified any risks related to impairment or uncollectability of its cash and cash equivalents.

As at December 31 2014, and 2013, the aging analysis of trade receivables is, as follows:

			Past due but not impaired
	Total	Neither past due nor impaired	< 30 days	30-60 days	61-90 days	> 91days
2014	Ps. 48,125	Ps. 46,602	Ps. 1,477	Ps. 46	Ps. -	Ps. -
2013	Ps. 44,642	Ps. 37,387	Ps. 2,677	Ps. 541	Ps. 265	Ps. 3,772

Liquidity risk

Liquidity risk is the risk that the Company will be unable to cover its financial obligations when they mature. The Company's goal is to ensure, insofar as possible, that it always has sufficient liquidity to settle its financial liabilities when they mature, under both normal and adverse conditions, without incurring unacceptable losses or putting the entity's financial position at risk. At December 31, 2014 and 2013, the Company has no financial liabilities and management has the necessary levels of cash, cash equivalents and marketable securities in hand to meet its obligations.

Market risk

Market risk is the risk of fluctuation in market prices, such as interest rates and exchange rates.

23.

At December 31, 2014 and 2013, the Company's foreign currency denominated position

(U.S. dollars) is considered immaterial and is USD 428 (short) and USD 1,313 (short), respectively. At such dates, the Company is not exposed to any material interest rate risks since it has financial liabilities and its investments in cash and cash equivalents have short-term maturities and are conducted at market rates. The Company does not carry out transactions with derivative financial instruments.

Operational risk

Operational risk is the risk of loss from potential internal control failures or deficiencies due to errors in the Company’s data processes and storage or in its data transmissions. The Company believes its exposure to operational risk is low, since it has various process certifications that it needs to carry out its business activities. In addition, its accounting and internal audit area focuses on identifying risks and following up on the implementation of process controls aimed at minimizing the likelihood of any risks actually materializing. The Corporate Practices Committee and the Audit Committee review and follow up on the Company’s operating activities, including any potential incidents.

Technological risk

Technological risk is the risk of loss from damage, interruption, alterations or failures in the Company’s hardware, software, systems, applications, networks or any other information distribution channel used by the Company to provide its services. The Company has several policy and procedures manuals in place that establish, among other measures, controls for reducing the Company's exposure to technological risk. The IT area continually monitors cases of failures in the Company’s computer equipment, software or other technological resources used by the Company caused by programming errors, technological obsolescence or other factors, and the IT area addresses any issues identified by requesting from the Company’s management the funds needed to do so. Management submits these investment proposals to the Corporate Practices Committee for review and subsequent approval of each project.

Legal risk

Legal risk is the risk of loss caused by the Company’s non-compliance with the rules and laws to which it is subject, and by the effects of rulings issued against it by the courts and authorities. The Company’s legal and financial areas and its Corporate Practices Committee all address the Company’s legal, tax and regulatory matters, and the Company’s internal audit area assesses the Company’s compliance with those matters. Based on an analysis of the frequency of events and the amounts involved, the Company’s exposure to legal risk is considered low.

24.

Capital management

The Company’s Corporate Practices Committee monitors the liquidity risk, it establishes internal policies for capital management, and reviews the expected cash receipts and disbursements based on the approved annual budget. Historically, the Company has not required external financing for its operations (for example, bank borrowings). Such Committee also evaluates the level of operating cash flows needed in order to determine the amount of the dividends available for shareholders on annual basis.

Risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company’s performance to developments affecting a particular industry.

A significant component of the Company’s revenue is generated from its shareholders (58% in 2014, 61% in 2013 and 59% in 2012). For the years ended December 31, 2014, 2013 and 2012, the revenue earned from four shareholders represent over 43%, 45%, and 49% respectively, of the Company’s total revenues. See Note 4 for further disclosure.

At December 31, 2014, 2013 and 2012, the Company has no other customers that represent significant portion of the Company’s revenues and accounts receivable.

- Contingencies

The Company is party to several civil lawsuits in the normal course of business. The Company, after consultation with its lawyers, believes that the ultimate resolution of such matters will not have a material impact on its consolidated financial statements.

EX-99.2

CREDIT INFORMATION BUREAU (INDIA) LIMITED
BALANCE SHEET AS AT MARCH 31, 2014
		Note No.		March 31, 2014		March 31, 2013
				` (000's)		` (000's)
				(Audited)		(Audited)
EQUITY AND LIABILITIES
Shareholders' funds
Share capital		3		250,000		250,000
Reserves and surplus		4		1,492,342		1,189,552
				1,742,342		1,439,552
Non-current liabilities
Deferred tax liabilities (net)		5		8,851		15,217
Other long-term liabilities		6		-		42
Long-term provisions		7		70,899		50,050
				79,750		65,309
Current liabilities
Trade payables		8		139,891		111,653
Other current liabilities		9		16,739		23,640
Short-term provisions		7		214,199		83,880
				370,829		219,173
TOTAL				2,192,921		1,724,034
ASSETS
Non-current assets
Fixed assets		10
Tangible assets				122,706		101,361
Intangible assets				146,780		99,933
Intangible assets under development				7,562		-
				277,048		201,294
Non-current investments		11 (a)		180,000		120,000
Long-term loans and advances		12		280,418		142,101
				737,466		463,395
Current assets
Current investments		11 (b)		10,000		-
Trade receivables		13		281,786		197,855
Cash and bank balances		14		1,053,933		928,234
Short-term loans and advances		12		91,764		115,974
Other current assets		15		17,972		18,576
				1,455,455		1,260,639
TOTAL				2,192,921		1,724,034
Summary of significant accounting policies		2
Notes 1 to 30 annexed hereto form an integral part of the financial statements.
For and on behalf of the Board
M. V. Nair	Arun Thukral		Vivek Kumar Aggarwal		Swati Naik
Chairman	Managing Director		CFO & Exec. VP		Company Secretary
Mumbai, June 10, 2014

Reviewed under US GAAS

CREDIT INFORMATION BUREAU (INDIA) LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2014
		Note No.	March 31, 2014		March 31, 2013		March 31, 2012
			` (000's)		` (000's)		` (000's)
			(Audited)		(Audited)		(Unaudited)
Income
Revenue from operations		16	1,666,181		1,304,041		1,030,123
Other income		17	140,486		119,523		86,041
Total revenue			1,806,667		1,423,564		1,116,164
Expenses
Employee benefits expense		18	255,000		188,222		166,859
Establishment and other expenses		19	345,879		306,257		263,352
Royalty & software technology fees			198,825		186,604		147,603
Finance costs		20	544		1,175		1,211
Depreciation and amortisation expense		10	100,735		83,461		55,522
Total expenses			900,983		765,719		634,547
Profit before tax			905,684		657,845		481,617
Less: Tax expense
Current tax expense			316,773		215,506		161,683
Deferred tax charge / (credit)			(6,366)		(1,286)		(5,092)
Net tax expense			310,407		214,220		156,591
Profit for the year			595,277		443,625		325,026
Earnings per equity share - basic and diluted (refer note 28)
(nominal value Rs 10 per share)			23.81		17.74		13.00
Summary of significant accounting policies			2
Notes 1 to 30 annexed hereto form an integral part of the financial statements.
For and on behalf of the Board
M. V. Nair	Arun Thukral			Vivek Kumar Aggarwal		Swati Naik
Chairman	Managing Director			CFO & Exec. VP		Company Secretary
Mumbai, June 10, 2014

Reviewed under US GAAS

CREDIT INFORMATION BUREAU (INDIA) LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2014
	MARCH 31, 2014	MARCH 31, 2013	March 31, 2012
	` (000's)	` (000's)	` (000's)
	(Audited)	(Audited)	(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	905,684	657,845	481,617
Adjustments for:
Depreciation and amortisation expense	100,735	83,461	55,522
Loss/(profit) on sale of assets /assets write off	75	(422)	2,119
Interest income	(124,232)	(108,412)	(81,661)
Provision for employee benefits	30,263	17,220	19,826
Grant income recognised	(4,050)	(5,320)	(3,593)
Interest expense	544	1,175	1,211
Doubtful advances written off / provided	8	1,732	895
Operating profit before working capital changes	909,027	647,279	475,936
Changes in working capital:
Adjustments for decrease / (increase) in operating assets:
Trade receivables	(83,931)	(62,351)	(39,471)
Short-term loans and advances	6,710	3,552	(7,453)
Long-term loans and advances	919	517	(2,266)
Other current assets	3,323	(2,120)	8,121
Adjustments for (decrease) / increase in operating liabilities:
Trade payables	28,238	31,047	5,801
Other current liabilities	(2,893)	3,460	(28,271)
Cash generated from operations	(47,634)	(25,895)	(63,539)
Less: Taxes paid	(278,035)	(219,397)	(146,908)
Net cash flow from operating activities (A)	583,358	401,987	265,489
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditure on tangible assets	(71,251)	(36,828)	(33,437)
Capital expenditure on intangible assets, including intangible assets under development and capital advances	(130,696)	(30,492)	(40,863)
Proceeds from sale of fixed assets	78	1,974	424
Purchase of non-current investments	(60,000)	(120,000)	-
Purchase of current investments	(10,000)	-	-

Reviewed under US GAAS

Fixed deposits with financial institutions:
- Placed			(335,000)	(223,000)		(118,000)
- Matured			232,500	141,000		62,500
Fixed deposits with banks with maturity more than 3 months:
- Placed			(1,163,000)	(1,236,500)		(1,109,100)
- Matured			1,035,000	1,217,100		877,700
Interest received on tax refund			-	216		2,223
Interest received on fixed deposits			121,514	103,393		101,149
Cash used in investing activities (B)			(380,855)	(183,137)		(257,404)
CASH FLOW FROM FINANCING ACTIVITIES
Dividends paid			(175,000)	(175,000)		(25,000)
Tax on dividend			(29,741)	(28,389)		(4,056)
Interest paid on overdraft			(63)	(8)		-
Cash used in financing activities ( C )			(204,804)	(203,397)		(29,056)
Net Increase / (Decrease) in cash equivalent (A+B+C)			(2,301)	15,453		(20,971)
Add: Cash and cash equivalents at the beginning of the year			36,834	21,381		42,352
Cash and cash equivalents at the end of the year			34,533	36,834		21,382
(refer note 14)			34,533	0		21,382
For and on behalf of the Board
M. V. Nair	Arun Thukral	Vivek Kumar Aggarwal			Swati Naik
Chairman	Managing Director	CFO & Exec. VP			Company Secretary
Mumbai, June 10, 2014

Reviewed under US GAAS

Reviewed under US GAAS

1. CORPORATE INFORMATION

CIBIL is a credit information company. It creates value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of borrowers. It provides its members with risk management tools on both consumer and commercial borrowers.

These financial statements have been prepared in accordance with generally accepted accounting principles in India and authorized by the Board of Directors of the Company on June 10, 2014 on the basis of a request and undertaking received from one of its shareholders viz; TransUnion International Inc; to be included,in accordance with Rule SX 3-09 in the Form 10-K of Transunion Holding Company Inc., USA (ultimate parent company of TransUnion International Inc.) for the year ended 31^st December, 2013 to be filed with the U.S. Securities and Exchange Commission (SEC). In reliance of an exemption granted by the Securities and Exchange Commission to Transunion Holding Company, these financial statements have not been reconciled to US GAAP in any of the years presented.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 System of accounting

The financial statements of the Company are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 (“the 1956 Act”) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 (“the 2013 Act”) in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act / 2013 Act, as applicable. The financial statements are prepared on accrual basis under the historical convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

2.2 Use of estimates

The preparation of the financial statements in conformity with the Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual result could differ from the estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialised. Any changes in such estimates are recognised prospectively.

2.3 Revenue recognition

a) Initial Membership Fees are recognised on admission of members.

b) Annual Membership Fees are recognised proportionately for the period of such membership.

c) Service Report fees and Decision Centre Service credits are recognised on rendering of services.

d) Interest and other dues are recognised on accrual basis.

2.4 Grants

Grants received and accrued are recognised as income over the periods necessary to match them with the costs for which they are intended to compensate, based on the claims made as laid down in Accounting Standard “Accounting for Government Grants” (AS-12) notified by the Companies (Accounting Standards) Rules, 2006.

2.5 Foreign currency translation

Foreign currency transactions are recorded at rates as on the date of the transaction. Exchange differences arising on foreign currency transactions settled during the year are recognised in the Statement of Profit and Loss.

Reviewed under US GAAS

All foreign currency denominated monetary assets and liabilities are translated at the exchange rates prevailing on the Balance Sheet date. The resultant exchange differences are recognised in the Statement of Profit and Loss.

2.6 Tangible assets and depreciation

a) Tangible assets have been stated at purchase/acquisition cost inclusive of installation cost less accumulated depreciation.

b) Leasehold improvements are amortised over the period of the lease.

c) The Company adopts Straight Line Method of depreciation at the rates prescribed under Schedule XIV to the Companies Act, 1956 or Management’s experience and estimate of useful life of assets, whichever is higher, as detailed below:

Asset Head	Depreciation Rates
Computers	20.00%
Computers – Laptop and end user equipment*	33.33%
Office equipment*	20.00%
Furniture and fixtures	16.67%
Electrical Installations	16.67%
Vehicles	25.00%
Mobile Phones	50.00%

* The Company has revised the estimated useful life of Laptop and End user Equipments from 5 years to 3 years and office equipments from 6 years to 5 years.

d) Capital work-in-progress:

Projects under which assets are not ready for their intended use and other capital work-in-progress are carried at cost comprising of direct cost, related incidental expenses and attributable interest (if any).

Reviewed under US GAAS

2.7 Intangible assets and amortisation

a) Intangible assets are stated at cost less accumulated amortisation.

b) Intangible assets are amortised on the straight line basis over the useful life. System Softwares (including related Application Softwares) are amortised over the estimated useful life or five years whichever is lower. Trademark cost is amortised over 5 years. Any expenses on Software for support and maintenance are charged to the Statement of Profit and Loss.

c) Intangible assets under development:

Projects under which intangible assets are not ready for their intended use and intangible assets under development are carried at cost, comprising direct cost, related incidental expenses and attributable interest (if any).

2.8 Operating leases

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis.

2.9 Impairment of assets

The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment of assets. If any indication of such impairment exists, then the recoverable amount of such assets is estimated and impairment is recognized, for the excess of the carrying amount of these assets vs their recoverable amount. The recoverable amount is considered as the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in prior accounting periods no longer exists or may have decreased such reversal of impairment loss is recognised.

2.10 Investments

a) Long term Investments are carried at cost less provision (if any) for diminution (other than temporary) in value of such investments.

b) Current Investments are carried at the lower of cost or fair value on an individual basis.

2.11 Cash and cash equivalents

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

Reviewed under US GAAS

2.12 Employee benefits

Defined contribution plans:

a) The Company’s contribution to Employees Provident Fund paid / payable during the year is recognised in the Statement of Profit and Loss based on the amount of contribution required to be made and when services are rendered by the employees.

Defined benefits plan:

b) Liability for compensated absences in respect of sick leave and privilege Leave which is of long-term nature is actuarially determined based on the Projected Unit Credit method.

c) The Company’s liability towards gratuity is determined using the projected unit credit method which considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Actuarial gains and losses based on actuarial valuation done by an independent actuary carried out annually are recognised immediately in the Statement of Profit and Loss as income or expense. Obligation is measured at the present value of estimated future cash flows using a discounted rate that is determined by reference to market yields at the Balance Sheet date on Government bonds where the currency and terms of the Government bonds are consistent with the currency and estimated terms of the defined benefit obligation.

Short-term employee benefits:

d) Liability in respect of Privileged Leave which is of short-term in nature and Leave Travel Allowance is recognized in the Statement of Profit and Loss based on the expected cost and period of service which entitles the employee to such benefits.

Long-term employee benefits / incentive plan:

e) The Company has a long term incentive plan for eligible employees whereby they are entitled for cash payment against appreciation in notional value of share units (that is determined based on EPS and benchmarked multiple) over long term. Provision is made for any such appreciation at end of every year, till the grant is either exercised or lapsed, and the cost is fully charged to the Statement of Profit and Loss as part of Employees benefits expense.

Reviewed under US GAAS

2.13 Taxes on income

Current Tax is the amount of the tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred Tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred Tax Assets in respect of unabsorbed depreciation and carry forward of losses are recognised if there is virtual certainty that there will be sufficient future taxable income available to realise such losses. Other Deferred Tax Assets are recognised if there is reasonable certainty that there will be sufficient future taxable income to realise such assets. Deferred tax assets are reviewed at each balance sheet date for their realisabilty.

2.14 Provisions and contingencies

A provision is recognised when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding employee benefits) are not discounted to their present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in Notes.

2.15 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

2.16 Operating cycle

Based on the nature of the services / activities of the Company and the normal time between acquisition of the assets and their realization in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

Reviewed under US GAAS

Note 3					March 14			March 13
Share Capital					` (000's)			` (000's)
Authorised capital
50,000,000 (31st Mar 2013: 50,000,000) equity shares of Rs 10/- each					500,000				500,000
Issued, Subscribed and fully paid up shares
25,000,000 (31st Mar 2013: 25,000,000) equity shares of Rs 10/- each					250,000				250,000
TOTAL					250,000			250,000
a. Reconciliation of equity shares at the beginning and at the end of the year.
	March 14					March 13
Particulars	No (000's)		` (000's)			No (000's)				` (000's)
Equity shares at the beginning of the year	25,000		250,000			25,000				250,000
Equity shares outstanding at the end of the year	25,000		250,000			25,000				250,000
b. Details of shareholders holding more than 5% shares in the company
		March 14					March 13
Name of the shareholder		No (000's)		% of Holding			No (000's)				% of Holding
TransUnion International Inc (USA)		11,875		47.50%			6,875				27.50%
State Bank of India		2,500		10.00%			2,500				10.00%
ICICI Bank Ltd.		2,500		10.00%			2,500				10.00%
c. Details of rights, preferences and restrictions attached to the equity shareholders
The Company has only one class of equity shares having a par value of ` 10 per share. Members of the Company holding equity shares capital therein have a right to vote, on  every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid up equity capital of the Company held by the shareholders. The Company declares dividends in Indian rupees. The interim and final dividend is proposed by the Board of Directors. However, the final dividend is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company in proportion to their shareholding.

Reviewed under US GAAS

Note 4
Reserves and Surplus	March 14	March 13
	` (000's)	` (000's)
General Reserve
Balance as per last balance sheet	68,740	24,377
Add: transfer from the statement of profit and loss	60,000	44,363
Closing Balance	128,740	68,740
Surplus in the statement of profit and loss
Balance as per last balance sheet	1,120,812	925,326
Add: Profit for the year	595,277	443,625
Less: Appropriations:
General Reserve	60,000	44,363
Interim dividend	125,000	125,000
Final dividend	125,000	50,000
Tax on dividend	42,487	28,776
Total	352,487	248,139
Closing balance	1,363,602	1,120,812
	1,492,342	1,189,552

Note 5
Deferred tax liabilities (net)
The major components of deferred tax liabilities and deferred tax assets are as under :
	March 14	March 13
	` (000's)	` (000's)
Deferred tax liabilities (A)
Difference between the book balance and tax balance of fixed assets	46,890	34,987
Deferred tax assets (B)
Provision for employee benefits	31,852	14,203
Provision for claims and others	1,886	-
Disallowance under Section 40(a)(ia) of Income Tax Act, 1961	4,301	5,567
Net deferred tax liabilities (A-B)	8,851	15,217
Charge / (credit) for the year	(6,366)	(1,286)
Note 6
Other long-term liabilities	March 14	March 13
	` (000's)	` (000's)
Deferred income	-	42
	-	42

Reviewed under US GAAS

Note 7
Provisions
	Long-term				Short-term
	March 14	March 13		March 14		March 13
	` (000's)	` (000's)		` (000's)		` (000's)
Provision for employee benefits
Provision for gratuity	1,000	1,000		-		-
Provision for compensated absences	50,438	37,340		5,272		3,447
Provision for employee stock appreciation rights (refer note 21(iv))	19,461	11,710		17,539		9,950
	70,899	50,050		22,811		13,397
Other provisions
Provision for income tax (net)	-	-		45,114		11,986
Provision for wealth tax	-	-		30		-
Provision for proposed equity dividend	-	-		125,000		50,000
Provision for tax on proposed dividend	-	-		21,244		8,497
	-	-		191,388		70,483
	70,899	50,050		214,199		83,880
Note 8
Trade payables			March 14			March 13
			` (000's)			` (000's)
Due to:
- Micro and small enterprises (refer foot note)			-			74
- Others			139,891			111,579
			139,891			111,653
Foot note:
Trade payables include ` Nil (000's) (Previous Year ` 74(000's)) payable to “Suppliers” who have confirmed that they are registered under the Micro, Small and Medium Enterprises Development Act, 2006. This has been relied upon by the auditors. No interest has been paid / payable by the Company during the year to these “Suppliers”(Previous Year ` Nil (000's)) .
Note 9
Other current liabilities			March 14			March 13
			` (000's)			` (000's)
Other payables
Advance from customers			5,515			7,946
Unearned income			4,299			3,986
Deferred income			42			4,050
Taxes payable			2,369			7,491
Provident fund payable			1,512			-
Others			3,002			167
			16,739			23,640

Reviewed under US GAAS

Note 10
Fixed assets
	Gross block				Depreciation and amortization				Net block
	As at April 1, 2013	Additions	Deductions	As at Mar 31, 2014	As at April 1, 2013	Charge	Deductions	As at Mar 31, 2014	As at Mar 31, 2014	As at Mar 31, 2013
Description		during the period				during the period
Tangible assets
Leasehold improvements	26,371	1,460	70	27,761	18,128	3,988	70	22,046	5,715	8,243
	(27,931)	( - )	(1,560)	(26,371)	(16,283)	(3,405)	(1,560)	(18,128)	(8,243)	(11,648)
Computers & other hardware	200,698	68,802	2,887	266,613	121,100	41,017	2,882	159,235	107,378	79,598
[refer foot note (i) & (ii)]	(172,714)	(28,124)	(140)	(200,698)	(84,536)	(36,667)	(103)	(121,100)	(79,598)	(88,178)
Office equipments	10,094	785	1,216	9,663	6,849	1,557	1,068	7,338	2,325	3,245
[refer foot note (i)]	(10,066)	(96)	(68)	(10,094)	(5,824)	(1,074)	(49)	(6,849)	(3,245)	(4,242)
Furniture and fixtures	4,737	204	-	4,941	3,185	441	-	3,626	1,315	1,552
	(4,856)	(471)	(590)	(4,737)	(3,368)	(407)	(590)	(3,185)	(1,552)	(1,488)
Electrical installations	398	-	-	398	237	49	-	286	112	161
	(392)	(6)	( - )	(398)	(189)	(48)	( - )	(237)	(161)	(203)
Vehicles	10,800	-	-	10,800	2,238	2,701	-	4,939	5,861	8,562
	(7,244)	(8,131)	(4,575)	(10,800)	(2,902)	(2,414)	(3,078)	(2,238)	(8,562)	(4,342)
Tangible assets total - current yr	253,098	71,251	4,173	320,176	151,737	49,753	4,020	197,470	122,706	101,361
	(223,203)	(36,828)	(6,933)	(253,098)	(113,102)	(44,015)	(5,380)	(151,737)	(101,361)	(110,101)
Intangible assets
Software	261,797	97,829	2,628	356,998	161,954	50,945	2,628	210,271	146,727	99,843
[refer foot note (ii)]	(215,500)	(46,297)	( - )	(261,797)	(122,543)	(39,411)	( - )	(161,954)	(99,843)	(92,957)
Trade mark	176	-	-	176	86	37	-	123	53	90
	(176)	( - )	( - )	(176)	(51)	(35)	( - )	(86)	(90)	(125)
Intangible assets total -current yr	261,973	97,829	2,628	357,174	162,040	50,982	2,628	210,394	146,780	99,933
	(215,676)	(46,297)	( - )	(261,973)	(122,594)	(39,446)	( - )	(162,040)	(99,933)	(93,082)
Intangible assets under development	-	7,562	-	7,562	-	-	-	-	7,562	-
	(10,863)	( - )	(10,863)	( - )	( - )	( - )	( - )	( - )	( - )	(10,863)
Current Period - TOTAL	515,071	176,642	6,801	684,912	313,777	100,735	6,648	407,864	277,048	201,294
	(449,742)	(83,125)	(17,796)	(515,071)	(235,696)	(83,461)	(5,380)	(313,777)	(201,294)	(214,046)
Foot Notes: (i) The Company has revised the estimated useful life of Laptop and End user Equipments from 5 years to 3 years and office equipments from 6 years to 5 years. Consequently, the depreciation charge for the year is higher by `20 (000's). (ii) The Company had revised the estimated useful life of Computers & softwares from 6 years to 5 years in the previous year. Consequently, the depreciation charge for the previous year was higher by `13,310 (000's). (iii) The figures in bracket indicates previous year.

Reviewed under US GAAS

Note 11
Investments
(a) Non-current investments			March 14	March 13
			` (000's)	` (000's)
Quoted investments (refer foot note)	No of Bonds	Face Value
7.38%, Rural Electrification Corporation Ltd.	20,000	Rs - 1000	20,000	20,000
7.36%, Power Finance Corporation Ltd.	20,000	Rs - 1000	20,000	20,000
7.08%, Indian Infrastructure Finance Co. Ltd.	20,000	Rs - 1000	20,000	20,000
7.40%, Indian Infrastructure Finance Co. Ltd.	20,000	Rs - 1000	20,000	20,000
7.34%, Indian Railway Finance Corpn. Ltd.	20,000	Rs - 1000	20,000	20,000
7.04%, Indian Railway Finance Corpn. Ltd.	20,000	Rs - 1000	20,000	20,000
8.48%, Indian Infrastructure Finance Co. Ltd.	20,000	Rs - 1000	20,000	-
8.50%, National Highway Authority of India	20,000	Rs - 1000	20,000	-
8.63%, Rural Electrification Corporation Ltd.	20,000	Rs - 1000	20,000	-
			180,000	120,000
Foot note:
Aggregate market value of quoted securities as on 31.03.14 is ` 178,214 (000's) (Previous year `121,080 (000's)
(b) Current investments
Unquoted investments (refer foot note)
ICICI Prudential FMP - Series 69			10,000	-
Foot note:			10,000	-
Market Value as on 31.03.2014 Rs 10,663 (000's).

Note 12
Loans and advances
Unsecured, considered good;
(unless otherwise stated)	Long-term		Short-term
	March 14	March 13	March 14	March 13
	` (000's)	` (000's)	` (000's)	` (000's)
(a) Capital advances	29,228	3,923	-	-
	29,228	3,923	-	-
(b) Other loans & advances
Advance income tax (doubtful)	2,548	2,550	-	-
Less: Provision for doubtful TDS	(2,548)	(2,550)	-	-
	-	-
Advance income tax	14,087	20,147	-	-
Deposit with Financial Institution	225,000	105,000	77,500	95,000
Advance wealth tax	19	19	-	-
Deposits	11,894	10,908	-	-
Prepaid expenses	190	2,104	9,979	18,223
Employee advances (refer foot note)	-	-	1,656	1,921
Other advances	-	-	2,629	830
	251,190	138,178	91,764	115,974
	280,418	142,101	91,764	115,974
Foot note:
Employee advances includes advance against salary outstanding of ` Nil (000's) due from Mr. Arun Thukral (Managing Director) as on March 31, 2014 (Previous Year ` 971(000's).

Reviewed under US GAAS

Note 13
Trade receivables	March 14	March 13
	` (000's)	` (000's)
Unsecured, considered good:
- Trade receivables outstanding for a period exceeding 6 months from the date they were due for payment	1	-
Less: provision for doubtful debts	(1)	-
- Other trade receivables	281,786	197,855
	281,786	197,855

Note 14
Cash and bank balances	March 14	March 13
	` (000's)	` (000's)
Cash and cash equivalents as per Accounting Standard 3
Cash on hand	-	18
Cheques in Hand	352	-
Remittance in transit	-	33,100
Balances with Banks:
Current accounts	34,181	3,716
	34,533	36,834
Other bank balances
Deposits with remaining maturity less than 12 months (refer foot note)	278,000	313,500
Deposits with remaining maturity more than 12 months	741,400	577,900
	1,019,400	891,400
	1,053,933	928,234

Foot note:

Includes deposit of ` 20,000 (000's) [Previous year ` 15,000 (000's)] held as security against bank overdraft facility. The balance outstanding of the overdraft facility as at balance sheet date is Nil. (Previous year Nil).

Note 15
Other current assets	March 14	March 13
	` (000's)	` (000's)
Unsecured, considered good;
Interest accrued on fixed deposits	17,915	15,196
Service tax advance	57	3,380
	17,972	18,576

Reviewed under US GAAS

Note 16	March 14	March 13	March 12
Revenue from operations	` (000's)	` (000's)	` (000's)
	(Audited)	(Audited)	(Unaudited)
Sale of services
Membership fees	30,849	29,196	30,522
Service reports fees	1,574,041	1,245,710	988,596
Other operating income
Grants	4,050	5,320	7,184
Decision centre service credits	9,022	6,615	3,821
Convenience charges	48,219	17,200	-
	1,666,181	1,304,041	1,030,123
Note 17	March 14	March 13	March 12
Other income	` (000's)	` (000's)	` (000's)
	(Audited)	(Audited)	(Unaudited)
Interest income:
Interest income on fixed deposits	114,044	106,337	79,231
Interest on non-current investments	9,335	1,258	-
Interest from customers	487	71	-
Interest on tax refunds	-	-	2,430
Interest Others	366	746	-
Other non-operating income
Profit on sale of fixed assets (net)	-	422	-
Miscellaneous income	16,254	10,689	4,380
	140,486	119,523	86,041
Note 18	March 14	March 13	March 12
Employees benefits expense	` (000's)	` (000's)	` (000's)
	(Audited)	(Audited)	(Unaudited)
Salaries and allowances	210,249	161,319	137,696
Contribution to provident and other funds	10,449	8,108	6,814
Provision for employee stock appreciation rights	21,995	7,825	11,500
Staff welfare expenses	12,307	10,970	10,849
	255,000	188,222	166,859

Reviewed under US GAAS

Note 19	March 14	March 13	March 12
Establishment and other expenses	` (000's)	` (000's)	` (000's)
	(Audited)	(Audited)	(Unaudited)
Office rent	58,048	58,065	58,048
Electricity charges	2,580	3,040	4,963
Repairs and maintenance:	72,581	78,634
Computers and server expenses	21,188	30,012	26,590
Software support expenses	45,419	44,058	29,111
Building repairs	716	597	616
Office maintenance and services	5,231	3,940	3,968
Other repairs	27	27	152
Insurance charges	601	696	654
Rates and taxes	296	759	889
Travelling and conveyance	11,930	10,785	8,561
Data centre fees	33,104	28,623	18,187
Legal and professional services	97,362	78,311	76,910
Auditors' remuneration (refer footnote)	1,250	1,507	1,008
Advertising and business development expenses	42,158	29,547	17,287
Other operating expenses	18,923	11,759	11,635
Wealth Tax	67	-	10
Director's commission and sitting fees (refer note 29)	2,084	1,215	570
Donation	5	5	355
Bank charges	1,781	1,562	822
Provision for customer claims	3,000	-	-
Provision for doubtful advances	8	1,732	895
Loss on sale of fixed assets (net)	75	-	2,119
Loss on account of foreign exchange fluctuations (net)	26	17	3
	345,879	306,257	263,352
Footnote:
Auditors' remuneration :
i) For statutory audit	800	800	700
ii) For tax audit	240	240	210
iii) For taxation matters	110	115	20
iv) For other services	100	350	75
v) For reimbursement of expenses	-	2	3
	1,250	1,507	1,008
Service tax which has been claimed as set off for input credit has not been included in the expenditure above.
	March 14	March 13	March 12
Note 20	` (000's)	` (000's)	` (000's)
	(Audited)	(Audited)	(Unaudited)
Finance costs
Interest on delayed / deferred payment of income tax	481	-	1,009
Interest on bank overdraft	63	8	-
Interest on tax refund, reversed	-	1,167	-
Interest on overdue fees reversed	-	-	202
	544	1,175	1,211

Reviewed under US GAAS

		Note 21 In accordance with the Accounting Standard on Employee Benefits (AS -15) (Revised 2005) notified by the Companies (Accounting Standards) Rules, 2006, the following disclosures are made:
		(i)	Salaries and allowances includes ` 21,435 (000's)- [(FY 2012-13 ` 20,068 (000's) and FY 2011-12 (unaudited) ` 8,633 (000's)] towards provision made in respect of accumulated compensated absences which is in the nature of long term employee benefits and has been actuarially determined as per the AS 15 (Revised).
		(ii)	Contribution to Provident Fund of ` 8,403 (000's) [(FY 12-13 ` 6,179 (000's)) and (FY 11-12 (Unaudited) ` 5,604 (000's))] have been recognised in the Statement of Profit and Loss.
	(iii)			Defined benefit plans: The Company offers Gratuity to its employees as defined benefit plan. The following table sets out the funded status of the defined benefit schemes and the amount recognized in the financial statements:
Net employee benefit expense:
					March 14	March 13	March 12
					` (000's)	` (000's)	` (000's)
Current service cost					1,479	1,305	1,159
Interest cost on benefit obligation					747	610	-
Expected / actual return on plan Assets					(614)	(561)	(513)
Net actuarial losses / (gains) recognized in the year					282	520	-
Past service cost					-	76	76
Other effects of limit of Para 59(b)					-	(21)	7
Net benefit expense					1,894	1,929	1,278
Charge to Statement of Profit & Loss					1,894	1,929	1,278
Actual return on plan assets					764	686	585

Changes in present value of the defined benefit obligation:
	March 14	March 13	March 12
	` (000's)	` (000's)	` (000's)
Opening defined benefit obligation	8,004	6,026	4,297
Interest cost	747	610	444
Current service cost	1,479	1,305	1,159
Benefits paid	(127)	(637)	(51)
Actuarial (gains)/losses on obligations	432	700	177
Past service cost	-	-	-
Closing defined benefit obligation	10,535	8,004	6,026
Expected Employer's contribution for next year	2,500	2,500	2,000

Reviewed under US GAAS

Changes in fair value of plan assets:
				March 14			March 13				March 12
				` (000's)			` (000's)				` (000's)
Opening fair value of plan assets				8,390			7,645				4,284
Expected return on plan assets				614			561				513
Actuarial gain / (losses)				150			125				72
Contributions by employer				2,500			696				2,827
Benefits Paid				(127)			(637)				(51)
Closing fair value of plan assets				11,527				8,390			7,645
Net Asset / (Liability) recognized in the Balance Sheet:
				March 14			March 13				March 12
				` (000's)			` (000's)				` (000's)
Present value of the defined benefit obligation at the end of the year				(10,535)			(8,004)				(6,026)
Fair value of plan assets at the end of the year				11,527			8,390				7,645
Net asset / (liability)				992			386				1,619
Unrecognized past service cost				-			-				76
Excess provision for earlier years				-			-				(7)
Net asset / (liability) recognized in the Balance Sheet				992			386				1,688
Experience Adjustments:
	31.03.2014	31.03.2013			31.03.2012				31.03.2011			31.03.2010
	` (000's)	` (000's)			` (000's)				` (000's)			` (000's)
Defined benefit obligation	10,535	8,004			6,026				4,297			2,716
Plan assets	11,527	8,390			7,645				4,284			2,011
Surplus / (deficit)	992	386			1,619				(13)			(705)
Exp. adjustment on plan liabilities	1,959	(206)			337				779			71
Exp. adjustment on plan assets	150	14			72				161			49
Investment details of insurer managed funds:
			March 14			March 13				March 12
			%			%				%
Central and state government securities			47			53				53
Equity shares			32			43				43
Money market instrument / FD			5			4				4
Other government approved securities			15			-				-
			1			-				-
Total			100			100				100

Reviewed under US GAAS

	The principal assumptions used in determining gratuity and pension benefit obligations for the Company’s plans are shown below:
		March 14	March 13	March 12
	Discount rate	9.15%	8.05%	8.30%
	Expected rate of return on assets	8.00%	7.50%	7.50%
	Salary escalation	10.50%	10.00%	9.00%
	Mortality	Indian Assured Lives (2006-08) ULT Table	Indian Assured Lives (2006-08) ULT Table	LIC (1994-96) Mortality Table
	The discount rate is based on the prevailing market yields of Government of India securities as at the balance sheet date for the estimated term of the obligations. The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors such as supply and demand in the employment markets.
(iv)	The Company has a long term incentive plan for eligible employees whereby they are entitled for cash payment against appreciation in notional value of share units (that is determined based on EPS and benchmarked multiple). Current year provision is ` 21,995 (000's), [(FY 12-13 ` 7,825 (000's)) and (FY 11-12 (Unaudited) ` 11,500 (000's))], for such appreciation in value.

Reviewed under US GAAS

Note 22
Expenditure in foreign currency	March 14				March 13		March 12
	` (000's)				` (000's)		` (000's)
Net Dividend remitted in foreign exchange:
Final Dividend:
Period to which it relates	Apr 12 to Mar 13				Apr 11 to Mar 12		Apr 10 to Mar 11
No of non-resident shareholders	1				1		1
Number of equity shares held by them (No.s 000's)	6,875				6,875		4,998
Amount in ` (000's)	13,750				13,750		4,998
Interim Dividend:
Period to which it relates	Apr 13 to Mar 14				Apr12 to Mar 13		-
No of non-resident shareholders	1				1		-
Number of equity shares held by them (No.s 000's)	6,875				6,875		-
Amount in ` (000's)	34,375				34,375		-
Others Matters:
Software expenses	6,434				-		-
Director fees	210				229		110
Professional fees		762			941		376
		7,406			1,169		486
Note 23
Operating Lease
The Company has taken office premises on operating lease.
Future minimum rentals payable under non-cancellable operating lease are as under:
				March 14		March 13		March 12
				` (000's)		` (000's)		` (000's)
Not later than one year				58,048		24,187		58,048
Later than one year but not later than five years				24,187		-
Later than five years				-		-		-
Note 24
Contingent Liabilities				March 14		March 13		March 12
				` (000's)		` (000's)		` (000's)
(i)Claims against Company not acknowledged as debts
(a)    In respect of service tax matters			-			1,770
(b)    Other claims			3,500			3,500
(ii) The Company is a defendant in various legal actions and a party to claims which arose during the ordinary course of business. The Company’s Management believes based on the facts presently known, that the results of these actions will not have a material impact on the Company’s financial statements.

Reviewed under US GAAS

Note 25
Capital and Other Commitments
		March 14	March 13	March 12
			` (000's)	` (000's)
(i) Estimated amount of contracts remaining to be executed on Capital account and not provided for:
Tangible assets		17,701	2,149	-
Intangible assets		49,323	22,682	466
Total commitments		67,024	24,831	466
Advances paid against such contracts		29,228	3,923	8,865
(ii) Other commitments
(a) Operating leases (refer note 23)
Note 26
Segment reporting
As the Company has no activities other than that of providing Credit Information Services primarily in India, there are no separate segments in terms of Accounting Standards on “Segment Reporting” (AS-17) notified under the Companies 2006 (Accounting Standards) Rules.
Note 27
As per the Accounting Standard on ‘Related Party Disclosures’ (AS - 18) , notified by the Companies (Accounting Standards) Rules, 2006, the related parties of the Company are as follows :
(i) Details of related parties:
Description of Relationship	Name of Related Parties
(a) Company holding more than 20% shares	Transunion International Inc. (w.e.f. 21.12.2011)
(b) Key management personnel	Mr. Arun Thukral (Managing Director)
(ii)Details of related party transactions during the year ended Mar 31, 2014 and outstanding balance as on Mar 31, 2014:
			March 14	March 13
(a) Key Management Personnel			` (000's)	` (000's)
Managing Director
Mr. Arun Thukral
Remuneration *			21,273	18,063
Outstanding advances			-	971
*Leave encashment, Gratuity and ESAR are included on payment basis

Reviewed under US GAAS

Note 28
Earnings Per Share
In accordance with the Accounting Standard on "Earnings Per Share" (AS-20) notified by the Companies (Accounting Standards) Rules, 2006, the Earnings Per Share has been computed as under:
	March 14	March 13	March 12
	` (000's)	` (000's)	` (000's)
Profit for the year after tax (` 000's)	595,277	443,625	325,026
Weighted average number of
Equity shares outstanding (No 000's)	25,000	25,000	25,000
Earnings per share ( ` )	23.81	17.74	13.00
(a)/(b) {Basic and Diluted}
Note 29
Directors’ commission which is subject to shareholder’s approval
Commission paid/payable to Directors which is subject to Shareholder’s approval:
	March 14	March 13	March 12
Particulars	` (000's)	` (000's)	` (000's)
Managing Director	83	-	-
Non-Executive Directors	644	-	-
Note 30
Previous year's figures has been regrouped/ reclassified wherever necessary to correspond with the current year's classification/ disclosure.

For and on behalf of the Board
M. V. Nair	Arun Thukral	Vivek Kumar Aggarwal	Swati Naik
Chairman	Managing Director	CFO & Exec. VP	Company Secretary
Mumbai, June 10, 2014

Reviewed under US GAAS

XML

Other Assets (Tables)

12 Months Ended

Dec. 31, 2014

Other Assets [Abstract]

Other assets

Other assets consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Investments in affiliated companies	$	52.8	$	92.4
Deferred financing fees	25.8		29.7
Other investments	18.8		—
Deposits	11.5		15.8
Marketable securities	10.9		9.9
Other	0.1		0.7
Total other assets	$	119.9	$	148.5

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Change in Control Transactions (Details 1) (USD $) In Millions, unless otherwise specified	1 Months Ended
	Apr. 30, 2012
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 1,986.4
Database and credit files [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	765.0
Identifiable Intangible Assets
Estimated useful life	15 years
Technology and software [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	364.6
Identifiable Intangible Assets
Estimated useful life	7 years
Trade names and trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	546.1
Identifiable Intangible Assets
Estimated useful life	40 years
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	308.0
Identifiable Intangible Assets
Estimated useful life	20 years
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 2.7
Identifiable Intangible Assets
Estimated useful life	5 years

XML

Operating Segments (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

Selected financial information consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception through December 31, 2012			Four Months Ended April 30, 2012
Revenue
U.S. Information Services	$	818.6		$	740.6		$	487.4		$	238.1
International	255.5			238.9			157.8			76.6
Consumer Interactive	230.6			203.7			121.8			58.3
Total	$	1,304.7		$	1,183.2		$	767.0		$	373.0
Operating income (loss)
U.S. Information Services	$	112.8		$	154.7		$	121.9		$	33.2
International	22.2			19.5			19.1			5.3
Consumer Interactive	85.5			65.6			48.7			13.0
Corporate	(92.1		)	(70.6		)	(48.5		)	(51.7		)
Total	$	128.4		$	169.2		$	141.2		$	(0.2	)
Reconciliation of operating income (loss) to income (loss) from operations before income tax:
Operating income from segments	$	128.4		$	169.2		$	141.2		$	(0.2	)
Non-operating income and expense	(130.2		)	(195.1		)	(138.5		)	(63.7		)
Income (loss) from operations before income tax	$	(1.8	)	$	(25.9	)	$	2.7		$	(63.9	)

Other income and expense, net, included earnings (losses) from equity method investments

Earnings from equity method investments, included in non-operating income and expense was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	1.2	$	1.4	$	0.9	$	0.5
International	11.3		12.3		7.1		3.6
Total	$	12.5	$	13.7	$	8.0	$	4.1

Property, plant and equipment, net of accumulated depreciation and amortization, by segment

Total assets, by segment, consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
U.S. Information Services	$	2,932.8	$	2,894.7
International	1,268.1		1,166.8
Consumer Interactive	268.8		268.3
Corporate	196.1		162.5
Total	$	4,665.8	$	4,492.3

Cash paid for capital expenditures, by segment

Cash paid for capital expenditures, by segment, was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	99.6	$	46.9	$	30.8	$	14.3
International	30.1		17.1		8.6		2.4
Consumer Interactive	5.3		3.9		2.8		1.3
Corporate	20.2		13.8		6.6		2.4
Total	$	155.2	$	81.7	$	48.8	$	20.4

Depreciation and amortization expense of continuing operations, by segment

Depreciation and amortization expense by segment was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	174.3	$	129.3	$	78.9	$	22.3
International	51.0		39.9		25.8		3.7
Consumer Interactive	10.3		8.9		5.2		1.3
Corporate	5.6		8.7		5.1		1.9
Total	$	241.2	$	186.8	$	115.0	$	29.2

Revenue based on the country

Percentage of revenue based on the country where it was earned, was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
United States	80	%	80	%	79	%	79	%
South Africa	6	%	6	%	7	%	8	%
Canada	5	%	5	%	5	%	6	%
Other	9	%	9	%	9	%	7	%

Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset

Percentage of long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset, was as follows:

	Percent of Long-Lived Assets
Country	2014		2013		2012
United States	82	%	85	%	81	%
South Africa	3	%	3	%	5	%
Canada	3	%	3	%	4	%
Other	12	%	9	%	10	%

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Investments in Affiliated Companies (Details Textual) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended	6 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012	Jun. 30, 2014	May 21, 2014
TransUnion Intermediate-Predecessor
Ownership interest				100.00%
TransUnion [Member] | TransUnion [Member]
Earnings from equity method investments	$ 8.0	$ 12.5	$ 13.7
Percentage of ownership interest		20.00%
Maximum Ownership Percent Consider Under Cost Method Investments		20.00%
Cost-method Investments, Realized Gain (Loss)	0	(4.1)	0
Other-than-temporary impairments of marketable securities			0
TransUnion [Member] | Cost-method Investments [Member] | TransUnion [Member]
Cost-method Investments, Realized Gain (Loss)		4.1
Dividends received from cost method investments	0.6	0.8	0.7
TransUnion [Member] | Equity Method Significant Subsidiary - CIBIL [Member] | TransUnion [Member]
Equity Method Investment, Ownership Percentage			27.50%
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Earnings from equity method investments				4.1
Cost-method Investments, Realized Gain (Loss)				0
Transunion Intermediate [Member] | Cost-method Investments [Member] | TransUnion Intermediate-Predecessor
Dividends received from cost method investments				0
CIBIL [Member] | TransUnion [Member] | TransUnion [Member]
Noncontrolling Interest, Ownership Percentage by Parent						55.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					$ 0

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Change in Control Transactions (Details Textual) (USD $)	1 Months Ended	12 Months Ended	10 Months Ended	12 Months Ended		4 Months Ended
	Apr. 30, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012	Mar. 21, 2012
Change in Control Transactions (Textual) [Abstract]
Merger Agreement, TransUnion Holding	Apr. 30, 2012
Aggregate purchase price	$ 1,592,700,000
Change in Control Transactions (Additional Textual) [Abstract]
Business Combination, goodwill tax deductible	128,800,000					128,800,000
Acquisition costs		36,500,000
TransUnion [Member] | TransUnion [Member]
Change in Control Transactions (Additional Textual) [Abstract]
Weighted-average useful life of identifiable intangible assets				21 years
Repayment of bank debt			17,200,000	25,600,000	11,900,000
(Provision) benefit for income taxes			(6,600,000)	(2,600,000)	(2,300,000)
Acquisition costs			15,600,000	500,000	3,700,000
TransUnion [Member] | 9.625% notes | TransUnion [Member]
Change in Control Transactions (Textual) [Abstract]
Senior unsecured debt raised							600,000,000
Short-term Debt [Line Items]
Senior notes issued notes to investor				600,000,000.0			600,000,000.0
Change in Control Transactions (Additional Textual) [Abstract]
Interest rate	9.625%			9.625%		9.625%	9.625%
TransUnion Intermediate-Predecessor
Change in Control Transactions (Textual) [Abstract]
Business acquisition, percentage of voting interests acquired	100.00%					100.00%
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Change in Control Transactions (Textual) [Abstract]
Debt Related Commitment Fees and Debt Issuance Costs						2,700,000
Change in Control Transactions (Additional Textual) [Abstract]
Repayment of bank debt						14,600,000
(Provision) benefit for income taxes						11,500,000
Acquisition costs						$ 20,900,000
Management [Member] | TransUnion [Member] | TransUnion [Member]
Change in Control Transactions (Textual) [Abstract]
Business acquisition, percentage of voting interests acquired	1.00%					1.00%
Affiliates of Advent [Member] | TransUnion [Member] | TransUnion [Member]
Change in Control Transactions (Textual) [Abstract]
Business acquisition, percentage of voting interests acquired	49.50%					49.50%
Affiliates of GSC [Member] | TransUnion [Member] | TransUnion [Member]
Change in Control Transactions (Textual) [Abstract]
Business acquisition, percentage of voting interests acquired	49.50%					49.50%

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Income Taxes (Details) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Federal
Current	$ 0.1	$ (0.1)	$ 0.1
Deferred	(3.0)	(15.9)	(15.5)
State
Current	(0.5)	0.4	0
Deferred	(0.3)	0.1	(0.3)
Foreign
Current	12.1	23.1	18.4
Deferred	(1.8)	(5.0)	(0.4)
Total provision (benefit) for income taxes	6.6	2.6	2.3
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Federal
Current				1.0
Deferred				(16.1)
State
Current				0.1
Deferred				(1.5)
Foreign
Current				5.7
Deferred				(0.7)
Total provision (benefit) for income taxes				$ (11.5)

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Financial Statements of Guarantors (Details 2) (Transunion Intermediate [Member], TransUnion Intermediate-Predecessor, USD $) In Millions, unless otherwise specified	4 Months Ended
	Apr. 30, 2012
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Statement of Comprehensive Income [Abstract]
Net income	$ (52.4)
Other comprehensive income (loss), net of tax
Foreign currency translation, net	2.5
Net unrealized loss on hedges	0
Other comprehensive loss	2.5
Comprehensive income (loss)	(49.9)
Less: comprehensive income (loss) attributable to noncontrolling interests	(2.8)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (52.7)

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Share-based Compensation [Abstract]

Schedule of assumptions used to value the service condition options and the weighted-average grant date fair value

The assumptions used to value the service condition options and the weighted-average grant date fair value for the periods presented were as follows:

	Successor							Predecessor
	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Service condition options:
Dividend yield	—		—		—			—
Expected volatility	55%-60%		60%-70%		59		%	30		%
Risk-free interest rate	0.9%-2.3%		0.9%-1.0%		0.9		%	2.4		%
Expected life, in years	5.9-6.4		5.9-6.1		6.2			6.5
Weighted-average grant date fair value	$	8.16	$	5.61	$	4.97		$	15.74
Market condition options:
Weighted-average grant date fair value	$	7.45	$	5.19	$	4.08		$	15.15

Stock options granted

Stock option activity as of and for the years ended December 31, 2014 and December 31, 2013, consisted of the following:

(in millions, except share and per share information)	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2013	7,106,389		$	7.46	8.8	$	28.2
Granted	1,461,865		$	14.76
Exercised	(164,484	)	$	6.65
Forfeited	(717,973	)	$	8.64
Expired	(1,350	)	$	6.65
Outstanding at December 31, 2014	7,684,447		$	8.83	8.2	$	65.8
Fully vested and expected to vest at December 31, 2014	7,022,716		$	8.83	8.2	$	60.2
Exercisable at December 31, 2014	995,418		$	7.17	7.9	$	10.2

Intrinsic value of options exercised and fair value of options vested

The intrinsic value of options exercised and the fair value of options vested for the periods presented are as follows:

	Successor						Predecessor
(in millions)	Year Ended December 31, 2014		Year Ended December 31, 2013		From Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
Intrinsic value of options exercised	$	1.1	$	0.5	$	—	$	—
Total fair value of options vested	$	3.0	$	3.7	$	—	$	18.2

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Change in Control Transactions (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Allocation of purchase price value of the assets acquired and the liabilities assumed

The allocation of the purchase price to the identifiable assets acquired and liabilities assumed as of April 30, 2012, consisted of the following:

(in millions)	Fair Value
Trade accounts receivable	$	162.4
Property and equipment	112.9
Identifiable intangible assets	1,986.4
Goodwill(1)	1,794.8
All other assets	302.3
Total assets acquired	$	4,358.8
Existing debt (including fair value adjustment)	(1,710.8		)
All other liabilities	(945.4		)
Noncontrolling interests	(109.9		)
Net assets of acquired company	$	1,592.7

⁽¹⁾  For tax purposes, $128.8 million of goodwill is tax deductible.

Identifiable Intangible Assets

The fair values of the intangible assets acquired consisted of the following:

(in millions)	Fair Value		Estimated Useful Life
Database and credit files	$	765.0	15 years
Technology and software	364.6		7 years
Trade names and trademarks	546.1		40 years
Customer relationships	308.0		20 years
Other	2.7		5 years
Total identifiable intangible assets	$	1,986.4

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Income Taxes (Details 1) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Summary of components of income (loss) from continuing operations before income taxes
Domestic	$ (33.3)	$ (54.1)	$ (72.9)
Foreign	36.0	52.3	47.0
Total income (loss) from continuing operations before income taxes	2.7	(1.8)	(25.9)
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Summary of components of income (loss) from continuing operations before income taxes
Domestic				(79.5)
Foreign				15.6
Total income (loss) from continuing operations before income taxes				$ (63.9)

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Debt (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 2,939.9	$ 2,866.9
Current portion of long-term debt	(74.0)	(13.8)
Debt outstanding
Long-term debt	2,865.9	2,853.1
Total debt	2,939.9
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Debt and capital lease obligations	1,881.5	1,123.5
Senior Secured Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Debt and capital lease obligations	50.0	0
11.375% Senior notes [Member]
Debt Instrument [Line Items]
Debt and capital lease obligations	0	740.9
9.625% Senior Note [Member]
Debt Instrument [Line Items]
Debt and capital lease obligations	600.0	600.0
8.125 % Senior Note [Member]
Debt Instrument [Line Items]
Debt and capital lease obligations	398.7	398.3
Debt outstanding
Total debt	398.7
Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Debt and capital lease obligations	7.4	0
Capital lease obligations [Member]
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 2.3	$ 4.2

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Operating Segments (Details 2) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Other income and expense, net, included earnings (losses) from equity method investments
Other income and expense, net from equity method investments	$ 8.0	$ 12.5	$ 13.7
TransUnion [Member] | U.S. Information Services [Member] | TransUnion [Member]
Other income and expense, net, included earnings (losses) from equity method investments
Other income and expense, net from equity method investments	0.9	1.2	1.4
TransUnion [Member] | International [Member] | TransUnion [Member]
Other income and expense, net, included earnings (losses) from equity method investments
Other income and expense, net from equity method investments	7.1	11.3	12.3
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Other income and expense, net, included earnings (losses) from equity method investments
Other income and expense, net from equity method investments				4.1
Transunion Intermediate [Member] | U.S. Information Services [Member] | TransUnion Intermediate-Predecessor
Other income and expense, net, included earnings (losses) from equity method investments
Other income and expense, net from equity method investments				0.5
Transunion Intermediate [Member] | International [Member] | TransUnion Intermediate-Predecessor
Other income and expense, net, included earnings (losses) from equity method investments
Other income and expense, net from equity method investments				$ 3.6

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Business Acquisitions (Details 1) (USD $) In Millions, unless otherwise specified	1 Months Ended	0 Months Ended
	Apr. 30, 2012	Dec. 16, 2013	Dec. 31, 2014	Dec. 31, 2013
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
TransUnion [Member] | TransUnion [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net			$ 1,939.6	$ 1,934.0
TransUnion [Member] | TransUnion [Member] | TLO [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		83.1
TransUnion [Member] | TransUnion [Member] | Technology-Based Intangible Assets [Member] | TLO [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		45.8
Finite-Lived Intangible Asset, Useful Life		7 years 0 months
TransUnion [Member] | TransUnion [Member] | Trademarks and Trade Names [Member] | TLO [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		13.2
Finite-Lived Intangible Asset, Useful Life		20 years
TransUnion [Member] | TransUnion [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net			346.4	310.3
TransUnion [Member] | TransUnion [Member] | Customer Relationships [Member] | TLO [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		$ 24.1
Finite-Lived Intangible Asset, Useful Life		15 years 0 months

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Debt (Details Textual) (TransUnion [Member], TransUnion [Member], USD $)	3 Months Ended	10 Months Ended	12 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Mar. 21, 2012	Nov. 01, 2012	Apr. 09, 2014	Mar. 31, 2014	May 09, 2014	Apr. 30, 2012	Apr. 15, 2013
Debt (Textual) [Abstract]
Repayment of term loan		$ 17,200,000	$ 25,600,000	$ 11,900,000
Proceeds from Unsecured Lines of Credit	50,000,000
Carrying value of long term debts	2,939,900,000		2,939,900,000
Gains (Losses) on Extinguishment of Debt		0	33,100,000	0
Debt issuance costs expensed			12,700,000
Accumulated other comprehensive income (loss)	(117,500,000)	(24,400,000)	(117,500,000)	(73,200,000)
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Apr. 09, 2021
Debt (Textual) [Abstract]
Variable interest rate	4.00%		4.00%
Debt Instrument, unamortized premium	4,300,000		4,300,000	(200,000)
Senior Loans [Member]
Debt (Textual) [Abstract]
Senior notes issued notes to investor							1,900,000,000	1,120,500,000
Principal payments percentage			0.25%
LIBOR Floor Rate	1.00%		1.00%
Senior Loans [Member] | Minimum [Member]
Debt (Textual) [Abstract]
Revolving line of credit rate margin			2.75%
Percentage of excess cash flows to determine principal payment			0.00%
Senior Loans [Member] | Maximum [Member]
Debt (Textual) [Abstract]
Revolving line of credit rate margin			3.00%
Percentage of excess cash flows to determine principal payment			50.00%
Senior Secured Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Apr. 09, 2019
Debt (Textual) [Abstract]
Variable interest rate	3.75%		3.75%
Senior secured revolving line of credit							190,000,000	210,000,000
LIBOR Floor Rate	1.00%		1.00%
Senior Secured Revolving Line Of Credit [Member] | Minimum [Member]
Debt (Textual) [Abstract]
Revolving line of credit rate margin			2.50%
Annual commitment fee			0.375%
Senior Secured Revolving Line Of Credit [Member] | Maximum [Member]
Debt (Textual) [Abstract]
Revolving line of credit rate margin			2.75%
Annual commitment fee			0.50%
11.375% Senior notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Jun. 15, 2018
Debt Instrument, Interest Rate, Stated Percentage	11.375%		11.375%
Debt (Textual) [Abstract]
Fixed interest rate	11.375%		11.375%
Unamortized fair value adjustment	0		0	95,900,000
Senior notes issued notes to investor	645,000,000		645,000,000						645,000,000
Gains (Losses) on Extinguishment of Debt			45,800,000
Gain (loss) on debt extinguishment - write-off of fair value adjustment			89,400,000
Gain (loss) on debt extinguishment - other costs			(43,600,000)
9.625%/10.375% senior PIK toggle notes due 2018 [Member]
Debt (Textual) [Abstract]
Carrying value of long term debts	600,000,000		600,000,000
9.625% Senior Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Jun. 15, 2018
Debt Instrument, Interest Rate, Stated Percentage	9.625%		9.625%
Debt (Textual) [Abstract]
Fixed interest rate	9.625%		9.625%		9.625%					9.625%
PIK rate percentage on notes	10.375%		10.375%		10.375%
Senior Note Maturity Date			Jun. 15, 2018		Jun. 15, 2018
Senior notes issued notes to investor	600,000,000.0		600,000,000.0		600,000,000.0
Long term debt fair value	613,700,000		613,700,000
8.125 % Senior Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Jun. 15, 2018
Debt Instrument, Interest Rate, Stated Percentage	8.125%		8.125%
Debt Instrument, Unamortized Discount	1,300,000		1,300,000	1,700,000
Debt (Textual) [Abstract]
Fixed interest rate	8.125%		8.125%
PIK rate percentage on notes	8.875%		8.875%
Senior notes issued notes to investor	400,000,000.0		400,000,000.0
Offering price						99.50%
Carrying value of long term debts	398,700,000		398,700,000
Long term debt fair value	410,200,000		410,200,000
10.0% Note payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Apr. 15, 2013
Debt Instrument, Interest Rate, Stated Percentage
Debt (Textual) [Abstract]
Unsecured, non-interest bearing note, due in annual installments
Senior Unsecured PIK Toggle Notes Nine Point Six Two Five [Member]
Debt (Textual) [Abstract]
Fixed interest rate	9.625%		9.625%
Swap [Member]
Debt (Textual) [Abstract]
Percentage variable rate of interest	1.50%		1.50%
Fixed rate of interest	2.033%		2.033%
Debt Instrument, Description of Variable Rate Basis			three-month LIBOR
Derivative Liability, Fair Value, Gross Liability							1,600,000
Accumulated other comprehensive income (loss)							1,000,000
Loss on Derivative Instruments, Pretax			$ 300,000

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Stock Based Compensation (Details Textual) (USD $) In Millions, except Share data, unless otherwise specified	10 Months Ended	12 Months Ended			4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 30, 2012	Nov. 01, 2012	Nov. 09, 2012
TransUnion [Member] | TransUnion [Member]
Stock Based Compensation (Textual) [Abstract]
Stock-based compensation expense	$ 3.0	$ 10.6	$ 6.9
Income tax benefit	1.1	3.8	2.5
Additional stock-based compensation expense				2.8
Shares authorized for grant		9,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		400,000
Special dividend paid						$ 3.41
Stock-based compensation expense remaining to be recognized with a weighted-average recognition period for market condition options		1 year
Employee service share-based compensation, tax benefit realized from exercise of stock options		0.1
Vesting period for restricted stock granted				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value		10.2
TransUnion [Member] | TransUnion [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, restricted stock award, net of forfeitures				25,082
Stock Based Compensation (Textual) [Abstract]
Special dividend paid						$ 3.41
Exercise price of Stock option and SARs							$ 10.07
Exercise price of Stock option and SARs after modification							$ 6.65
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options		0.1
TransUnion [Member] | TransUnion [Member] | Stock Appreciation Rights [Member]
Stock Based Compensation (Textual) [Abstract]
Term of Stock option and SARs		10 years
Exercise price of Stock option and SARs							$ 10.07
Exercise price of Stock option and SARs after modification							$ 6.65
Stock-based compensation expense remaining to be recognized in future years for service condition options		3.9
Shares, granted	900,000	100,000	100,000
Share-based compensation, shares authorized under stock option plans, exercise price range, outstanding options, weighted average exercise price	$ 6.65	$ 14.58	$ 9.52	$ 6.65
Total fair value of restricted stock vested		100,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, forfeited in period		200,000
Stock issued during period, shares, share-based compensation, gross		100,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, share-based liabilities paid		0.1
TransUnion [Member] | TransUnion [Member] | Stock Appreciation Rights [Member] | Service Condition Option [Member]
Stock Based Compensation (Textual) [Abstract]
Percentage of stock options and stock appreciation rights vest granted based on service condition award		40.00%
Vesting period for restricted stock granted		5 years
TransUnion [Member] | TransUnion [Member] | Stock Appreciation Rights [Member] | Market Condition Option [Member]
Stock Based Compensation (Textual) [Abstract]
Percentage of stock options and stock appreciation rights vest granted based on market condition award		60.00%
Vesting period for restricted stock granted		5 years
TransUnion [Member] | TransUnion [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		8 years 2 months	8 years 9 months
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price		$ 6.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value		60.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		7,684,447	7,106,389
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price		$ 8.83	$ 7.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		65.8	28.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period		717,973
Stock Based Compensation (Textual) [Abstract]
Term of Stock option and SARs		10 years
Exercise price of Stock option and SARs							$ 10.07
Exercise price of Stock option and SARs after modification							$ 6.65
Service condition awards vesting percentage on either the first anniversary or one year after the grant date		20.00%
One year after the grant date control transaction		5.00%
Stock options exercised		164,484
Intrinsic value of stock options exercised	0	1.1	0.5
Shares, granted		1,461,865
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 14.76
Employee service share-based compensation, cash received from exercise of stock options		1.1
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 6.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	0	3.0	3.7
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number		995,418
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price		$ 7.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		7 years 11 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		7,022,716
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		$ 8.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term		8 years 2 months
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price		$ 8.64
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period		1,350
TransUnion [Member] | TransUnion [Member] | Stock Option [Member] | Service Condition Option [Member]
Stock Based Compensation (Textual) [Abstract]
Percentage of stock options and stock appreciation rights vest granted based on service condition award		40.00%
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value	$ 4.97	$ 8.16	$ 5.61
Expected volatility	59.00%
Risk-free rate of return	0.90%
Stock-based compensation expense remaining to be recognized in future years for service condition options		11.3
Stock-based compensation expense remaining to be recognized with a weighted-average recognition period for service condition options		3 years 6 months
Vesting period for restricted stock granted		5 years
TransUnion [Member] | TransUnion [Member] | Stock Option [Member] | Market Condition Option [Member]
Stock Based Compensation (Textual) [Abstract]
Percentage of stock options and stock appreciation rights vest granted based on market condition award		60.00%
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value	$ 4.08	$ 7.45	$ 5.19
Stock-based compensation expense remaining to be recognized in future years for service condition options		15.5
Stock-based compensation expense remaining to be recognized with a weighted-average recognition period for market condition options		2 years 8 months
TransUnion [Member] | TransUnion [Member] | Maximum [Member] | Stock Option [Member] | Service Condition Option [Member]
Stock Based Compensation (Textual) [Abstract]
Expected volatility		60.00%	70.00%
Risk-free rate of return		2.30%	1.00%
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Stock Based Compensation (Textual) [Abstract]
Stock-based compensation expense					90.0
Income tax benefit					32.4
Additional stock-based compensation expense					88.0
Additional stock based compensation net of tax recognized in connection with current year change in control transaction					31.7
Existing option holders received in cash consideration for the value of their options				91.2
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member] | Stock Option [Member]
Stock Based Compensation (Textual) [Abstract]
Intrinsic value of stock options exercised					0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 18.2
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member] | Stock Option [Member] | Service Condition Option [Member]
Stock Based Compensation (Textual) [Abstract]
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value					$ 15.74
Expected volatility					30.00%
Risk-free rate of return					2.40%
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member] | Stock Option [Member] | Market Condition Option [Member]
Stock Based Compensation (Textual) [Abstract]
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value					$ 15.15

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Income Taxes (Details 3) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Deferred income tax assets:
Deferred compensation	$ 9.8	$ 6.8
Employee benefits	7.8	6.3
Legal reserves and settlements	5.3	3.5
Hedge investments	0.7	0.4
Financing related costs	3.6	39.4
Loss and credit carryforwards	110.7	72.5
Other	8.6	8.6
Gross deferred income tax assets	146.5	137.5
Valuation allowance	(42.1)	(25.9)
Total deferred income tax assets, net	104.4	111.6
Deferred income tax liabilities:
Depreciation and amortization	(663.3)	(647.3)
Investments in affiliated companies	(15.0)	(17.1)
Taxes on undistributed foreign earnings	(50.4)	(57.1)
Other	(1.3)	(4.9)
Total deferred income tax liability	(730.0)	(726.4)
Net deferred income tax liability	$ (625.6)	$ (614.8)

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Fair Value (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Financial instruments measured at fair value, on a recurring basis
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 19.5
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	1.5
Fair Value, Recurring [Member]
Financial instruments measured at fair value, on a recurring basis
Trading securities	10.9
Available-for-sale Securities, Noncurrent	3.0
Assets, Fair Value Disclosure	13.9
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(7.0)
Business Combination, Contingent Consideration, Liability	(5.0)
Derivative Liability, Fair Value, Gross Liability	(2.0)
Level 1 [Member] | Fair Value, Recurring [Member]
Financial instruments measured at fair value, on a recurring basis
Trading securities	6.6
Available-for-sale Securities, Noncurrent	0
Assets, Fair Value Disclosure	6.6
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Business Combination, Contingent Consideration, Liability	0
Derivative Liability, Fair Value, Gross Liability	0
Level 2 [Member] | Fair Value, Recurring [Member]
Financial instruments measured at fair value, on a recurring basis
Trading securities	4.3
Available-for-sale Securities, Noncurrent	3.0
Assets, Fair Value Disclosure	7.3
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(2.0)
Business Combination, Contingent Consideration, Liability	0
Derivative Liability, Fair Value, Gross Liability	(2.0)
Level 3 [Member] | Fair Value, Recurring [Member]
Financial instruments measured at fair value, on a recurring basis
Trading securities	0
Available-for-sale Securities, Noncurrent	0
Assets, Fair Value Disclosure	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(5.0)
Business Combination, Contingent Consideration, Liability	(5.0)
Derivative Liability, Fair Value, Gross Liability	$ 0
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Debt Maturities, Date	Jan. 17, 2033
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Debt Maturities, Date	Dec. 17, 2027

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Earnings per share (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								10 Months Ended	12 Months Ended			4 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive stock outstanding										7.7	7.1	6.5
Earnings available to common shareholders	$ (13.1)	$ (2.6)	$ 17.9	$ (14.7)	$ (17.6)	$ (3.4)	$ (7.8)	$ (6.3)	$ (8.8)	$ (12.5)	$ (35.1)
Weighted average shares outstanding									109.7	110.5	109.9
Earnings per share - basic	$ (0.12)	$ (0.02)	$ 0.16	$ (0.13)	$ (0.16)	$ (0.03)	$ (0.07)	$ (0.06)	$ (0.08)	$ (0.11)	$ (0.32)
Earnings available to common shareholders									(8.8)	(12.5)	(35.1)
Dilutive impact of stock based awards									0	0	0
Weighted average dilutive shares outstanding									109.7	110.5	109.9
Earnings per share - diluted	$ (0.12)	$ (0.02)	$ 0.16	$ (0.13)	$ (0.16)	$ (0.03)	$ (0.07)	$ (0.06)	$ (0.08)	$ (0.11)	$ (0.32)
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Earnings available to common shareholders													(54.9)
Weighted average shares outstanding													29.8
Earnings per share - basic													$ (1.84)
Earnings available to common shareholders													$ (54.9)
Dilutive impact of stock based awards													0
Weighted average dilutive shares outstanding													29.8
Earnings per share - diluted													$ (1.84)

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Other Current Liabilities (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Other current liabilities
Accrued payroll	$ 71.5	$ 63.7
Accrued interest	20.5	23.1
Estimated litigation liability, current	17.8	13.8
Deferred revenue	8.6	9.1
Accrued employee benefits	13.0	9.6
Other	18.0	14.2
Total other current liabilities	$ 149.4	$ 133.5

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Commitments

12 Months Ended

Dec. 31, 2014

Commitments [Abstract]

Commitments

Commitments

Future minimum payments for noncancelable operating leases, purchase obligations and other liabilities of the Company in effect as of December 31, 2014, are payable as follows:

(in millions)	Operating Leases		Purchase Obligations		Total
2015	$	12.8	$	182.0	$	194.8
2016	9.9		31.9		41.8
2017	7.0		11.1		18.1
2018	5.4		6.7		12.1
2019	5.0		1.1		6.1
Thereafter	11.8		2.5		14.3
Totals	$	51.9	$	235.3	$	287.2

Purchase obligations include $106.5 million of trade accounts payable that were included in our balance sheet as of December 31, 2014. Purchase obligations include commitments for outsourcing services, royalties, data licenses, maintenance and other operating expenses. Rental expense related to operating leases was $13.4 million, $11.0 million, and $7.4 million for the years ended December 31, 2014, and December 31, 2013, and from date of inception through December 31, 2012, respectively. Rental expense related to operating leases was $3.7 million of TransUnion Intermediate Predecessor for the four months ended April 30, 2012.

Licensing agreements

We have agreements with Fair Isaac Corporation to license credit-scoring algorithms and the right to sell credit scores derived from those algorithms. Payment obligations under these agreements vary due to factors such as the volume of credit scores we sell, what type of credit scores we sell, and how our customers use the credit scores. There are no minimum payments required under these licensing agreements. However, we do have a significant level of sales volume related to these credit scores.

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Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Interim Period, Costs Not Allocable [Line Items]

Summary of quarterly financial data

The quarterly financial data for 2014 and 2013 consisted of the following:

	Three Months Ended
(in millions)	December 31, 2014			September 30, 2014			June 30, 2014		March  31, 2014
Revenue	$	335.6		$	338.2		$	327.5	$	303.4
Operating income	20.4			40.8			32.4		34.8
Net income (loss)	(10.7		)	(0.1		)	19.9		(13.5		)
Net income (loss) attributable to TransUnion	(13.1		)	(2.6		)	17.9		(14.7		)
Earnings per share:
Basic	$	(0.12	)	$	(0.02	)	$	0.16	$	(0.13	)
Diluted	$	(0.12	)	$	(0.02	)	$	0.16	$	(0.13	)

	Three Months Ended
(in millions)	December 31, 2013			September 30, 2013			June 30, 2013			March  31, 2013
Revenue	$	292.4		$	299.5		$	300.8		$	290.5
Operating income	36.2			49.3			39.5			44.2
Net income (loss)	(15.7		)	(1.4		)	(6.1		)	(5.0		)
Net income (loss) attributable to TransUnion	(17.6		)	(3.4		)	(7.8		)	(6.3		)
Earnings per share:
Basic	$	(0.16	)	$	(0.03	)	$	(0.07	)	$	(0.06	)
Diluted	$	(0.16	)	$	(0.03	)	$	(0.07	)	$	(0.06	)

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Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Other Liabilities [Line Items]

Schedule of Other Non Current Liabilities

Other liabilities consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Retirement benefits	$	10.8	$	10.4
Unrecognized tax benefits	0.3		4.6
Other	11.0		7.6
Total other liabilities	$	22.1	$	22.6

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Debt (Details 3) (TransUnion Intermediate-Predecessor, Transunion Intermediate [Member], USD $) In Millions, unless otherwise specified	4 Months Ended
	Apr. 30, 2012
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Loan fees included in other interest and expense
Loss on early extinguishment of debt	$ 0

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Commitments (Details Textual) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Commitments (Textual) [Abstract]
Rental expense	$ 7.4	$ 13.4	$ 11.0
Operating lease other than of TransUnion Corp		51.9
Commitments (Additional Textual) [Abstract]
Trade accounts payable		106.5	100.3
Minimum payment under licensing agreements		0
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Commitments (Textual) [Abstract]
Rental expense				$ 3.7

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Goodwill (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill [Abstract]

Changes in the carrying amount of goodwill

Goodwill allocated to our segments as of December 31, 2014, December 31, 2013, and December 31, 2012, and the changes in the carrying amount of goodwill during those periods consisted of the following:

(in millions)	USIS			International			Consumer Interactive			Total
Balance, December 31, 2012	$	1,135.3		$	532.1		$	136.8		$	1,804.2
Purchase accounting adjustments	(4.7		)	(3.8		)	(0.6		)	(9.1		)
Acquisitions	125.9			25.4			—			151.3
Tax deductible goodwill adjustment	—			(2.1		)	—			(2.1		)
Foreign exchange rate adjustment	—			(33.9		)	—			(33.9		)
Sale of Africa subsidiary	—			(0.7		)	—			(0.7		)
Balance, December 31, 2013	$	1,256.5		$	517.0		$	136.2		$	1,909.7
Purchase accounting adjustments	10.3			—			—			10.3
Acquisitions	40.8			92.9			—			133.7
Foreign exchange rate adjustment	—			(29.8		)	—			(29.8		)
Balance, December 31, 2014	$	1,307.6		$	580.1		$	136.2		$	2,023.9

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Significant Accounting and Reporting Policies (Details Textual) (USD $)	8 Months Ended	10 Months Ended	12 Months Ended			0 Months Ended	4 Months Ended
	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014 Segment	Dec. 31, 2013	Dec. 31, 2012	Mar. 21, 2012	Apr. 30, 2012
TransUnion Intermediate-Predecessor
Summary of Significant Accounting Policies (Textual) [Abstract]
Business acquisition, percentage of voting interests acquired							100.00%
TransUnion [Member] | TransUnion [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Advertising costs		$ 19,200,000	$ 31,300,000	$ 32,300,000
Exchange rate gains (losses)		100,000	(1,100,000)	(800,000)
Expenses related to defined contribution profit sharing plan	6,900,000		14,100,000	12,400,000
Other-than-temporary impairments of marketable securities				0
Impairment of intangible assets, finite-lived			0	0	0
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Ownership interest			20.00%
Nonmarketable investments in TransUnion Corp			20.00%
Number of operating segments			3
TransUnion [Member] | TransUnion [Member] | Common Stock [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Change in Accounting Estimate, Financial Effect			.10
TransUnion [Member] | TransUnion [Member] | Effect On Operating Income [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Change in Accounting Estimate, Financial Effect			17.5
TransUnion [Member] | TransUnion [Member] | Effect on Net Income [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Change in Accounting Estimate, Financial Effect			11.2
TransUnion [Member] | TransUnion [Member] | Building and Building Improvements [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life of the asset			20 years
TransUnion [Member] | TransUnion [Member] | Net Unrealized Gain/(Loss) On Available-for-sale Securities
Summary of Significant Accounting Policies (Textual) [Abstract]
Other-than-temporary impairments of marketable securities			0	0	0
TransUnion [Member] | TransUnion [Member] | 9.625% notes
Summary of Significant Accounting Policies (Textual) [Abstract]
Senior notes issued notes to investor			600,000,000.0			600,000,000.0
Interest rate			9.625%			9.625%	9.625%
PIK rate percentage on notes			10.375%			10.375%
Senior notes issued notes to investor			600,000,000.0			600,000,000.0
Interest rate			9.625%			9.625%	9.625%
PIK rate percentage on notes			10.375%			10.375%
Senior Note Maturity Date			Jun. 15, 2018			Jun. 15, 2018
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Summary of Significant Accounting Policies (Textual) [Abstract]
Advertising costs							15,500,000
Exchange rate gains (losses)							200,000
Expenses related to defined contribution profit sharing plan							$ 4,800,000
Minimum [Member] | TransUnion [Member] | TransUnion [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life			3 years
Minimum [Member] | TransUnion [Member] | TransUnion [Member] | Internal Use Software [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life			3 years
Minimum [Member] | TransUnion [Member] | TransUnion [Member] | Computer Equipment and Purchased Software [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life of the asset			3 years
Minimum [Member] | TransUnion [Member] | TransUnion [Member] | Leasehold Improvements [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life of the asset			5 years
Maximum [Member] | TransUnion [Member] | TransUnion [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life			40 years
Maximum [Member] | TransUnion [Member] | TransUnion [Member] | Internal Use Software [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life			7 years
Maximum [Member] | TransUnion [Member] | TransUnion [Member] | Computer Equipment and Purchased Software [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life of the asset			7 years
Maximum [Member] | TransUnion [Member] | TransUnion [Member] | Leasehold Improvements [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Estimated useful life of the asset			7 years

XML

Intangible Assets (Details Textual) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended	1 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Intangible Assets (Textual) [Abstract]
Accumulated amortization		$ 407.8	$ 227.5
Amortization expense for intangible assets	88.3	184.5	142.8
TransUnion [Member] | TransUnion [Member] | Maximum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		40 years
TransUnion [Member] | TransUnion [Member] | Minimum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		3 years
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Intangible Assets (Textual) [Abstract]
Amortization expense for intangible assets				16.8
Database and credit files [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life					15 years
Database and credit files [Member] | TransUnion [Member] | TransUnion [Member]
Intangible Assets (Textual) [Abstract]
Accumulated amortization		135.8	84.3
Database and credit files [Member] | TransUnion [Member] | TransUnion [Member] | Maximum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		15 years
Database and credit files [Member] | TransUnion [Member] | TransUnion [Member] | Minimum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		12 years
Internally developed software [Member] | TransUnion [Member] | TransUnion [Member]
Intangible Assets (Textual) [Abstract]
Accumulated amortization		187.3	94.7
Customer relationships [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life					20 years
Customer relationships [Member] | TransUnion [Member] | TransUnion [Member]
Intangible Assets (Textual) [Abstract]
Accumulated amortization		46.0	25.8
Customer relationships [Member] | TransUnion [Member] | TransUnion [Member] | Maximum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		20 years
Customer relationships [Member] | TransUnion [Member] | TransUnion [Member] | Minimum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		10 years
Trademarks, copyrights and patents [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life					40 years
Trademarks, copyrights and patents [Member] | TransUnion [Member] | TransUnion [Member]
Intangible Assets (Textual) [Abstract]
Accumulated amortization		37.9	22.2
Finite-Lived Intangible Asset, Useful Life		40 years
Noncompete agreements [Member] | TransUnion [Member] | TransUnion [Member]
Intangible Assets (Textual) [Abstract]
Accumulated amortization		$ 0.8	$ 0.5
Internal Use Software [Member] | TransUnion [Member] | TransUnion [Member] | Maximum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		7 years
Internal Use Software [Member] | TransUnion [Member] | TransUnion [Member] | Minimum [Member]
Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life		3 years

XML

Property, Plant and Equipment (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Property, plant and equipment
Computer equipment and furniture	$ 153.1	$ 107.8
Building and building improvements	89.0	64.3
Purchased software	59.5	45.3
Land	3.2	3.2
Total cost of property, plant and equipment	304.8	220.6
Less: accumulated depreciation	(123.4)	(70.2)
Property, plant and equipment, net of accumulated depreciation and amortization of $123.4 and $70.2	$ 181.4	$ 150.4

XML

Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Financial instruments measured at fair value, on a recurring basis

The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2014:

(in millions)	Total			Level 1		Level 2			Level 3
Assets
Trading securities	$	10.9		$	6.6	$	4.3		$	—
Available for sale securities	3.0			—		3.0			—
Total	$	13.9		$	6.6	$	7.3		$	—
Liabilities
Contingent obligation	$	(5.0	)	$	—	$	—		$	(5.0	)
Interest rate swaps	(2.0		)	—		(2.0		)	—
Total	$	(7.0	)	$	—	$	(2.0	)	$	(5.0	)

XML

Change in Control Transactions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Change in Control Transaction

Change in Control Transaction

2012 Change in Control Transaction

On April 30, 2012, TransUnion Intermediate was acquired by affiliates of Advent and GS, for the aggregate purchase price of $1,592.7 million, plus the assumption of existing debt. As a result, TransUnion Intermediate became a wholly-owned subsidiary of TransUnion. In connection with the acquisition, all existing stockholders of TransUnion Intermediate received cash consideration for their shares and all existing option holders received cash consideration based on the value of their options. To partially fund the acquisition, TransUnion issued $600.0 million aggregate principal amount of the 9.625% notes. At the time of the transaction, TransUnion was owned 49.5% by affiliates of Advent, 49.5% by affiliates of GS and 1% by members of management.

Purchase Price Allocation

The fair value of identifiable intangible assets acquired and liabilities assumed was based on many factors including an analysis of historical financial performance and estimates of future performance, and was determined using analytical approaches appropriate to the facts and circumstances, including discounted cash flow and market-based approaches. The allocation of the purchase price to the identifiable assets acquired and liabilities assumed as of April 30, 2012, consisted of the following:

(in millions)	Fair Value
Trade accounts receivable	$	162.4
Property and equipment	112.9
Identifiable intangible assets	1,986.4
Goodwill(1)	1,794.8
All other assets	302.3
Total assets acquired	$	4,358.8
Existing debt (including fair value adjustment)	(1,710.8		)
All other liabilities	(945.4		)
Noncontrolling interests	(109.9		)
Net assets of acquired company	$	1,592.7

⁽¹⁾  For tax purposes, $128.8 million of goodwill is tax deductible.

The excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill. The purchase price of TransUnion Intermediate exceeded the fair value of the net assets acquired due primarily to growth opportunities and operational efficiencies.

Identifiable Intangible Assets

The fair values of the intangible assets acquired consisted of the following:

(in millions)	Fair Value		Estimated Useful Life
Database and credit files	$	765.0	15 years
Technology and software	364.6		7 years
Trade names and trademarks	546.1		40 years
Customer relationships	308.0		20 years
Other	2.7		5 years
Total identifiable intangible assets	$	1,986.4

The weighted-average useful life of identifiable intangible assets is approximately 21 years.

Acquisition Costs

The Company incurred $36.5 million of acquisition-related costs, including investment banker fees, legal fees, due diligence and other external costs recorded in other income and expense. Of this total, $15.6 million was incurred by the Successor and $20.9 million was incurred by the Predecessor. The Predecessor also incurred $2.7 million of loan fees for a bridge loan prior to the date of acquisition.

XML

Property, Plant and Equipment (Details Textual) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Property, Plant and Equipment (Textual) [Abstract]
Accumulated depreciation		$ 123.4	$ 70.2
Depreciation expense	26.7	56.7	44.0
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Property, Plant and Equipment (Textual) [Abstract]
Depreciation expense				$ 12.4

XML

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Instruments [Abstract]

Debt outstanding

Debt outstanding consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Senior secured term loan, payable in quarterly installments through April 9, 2021, including variable interest (4.00% at December 31, 2014) at LIBOR or alternate base rate, plus applicable margin, including original discount (premium) of $4.3 million and $(0.2) million at December 31, 2014, and December 31, 2013, respectively	$	1,881.5		$	1,123.5
Senior secured revolving line of credit, due on April 9, 2019, variable interest (3.75% at December 31, 2014) at LIBOR or alternate base rate, plus applicable margin	50.0			—
11.375% Senior Notes - Senior notes, principal due June 15, 2018, (paid in full in May 2014) semi-annual interest payments, 11.375% fixed interest per annum, including unamortized fair value adjustment of $95.9 million as of December 31, 2013	—			740.9
9.625% Senior Notes - Senior unsecured PIK toggle notes, principal due June 15, 2018, semi-annual interest payments, 9.625% fixed interest per annum	600.0			600.0
8.125% Senior Notes - Senior unsecured PIK toggle notes, principal due June 15, 2018, semi-annual interest payments, 8.125% fixed interest per annum, including original issuance discount of $1.3 million and $1.7 million at December 31, 2014, and December 31, 2013, respectively	398.7			398.3
Other notes payable	7.4			—
Capital lease obligations	2.3			4.2
Total debt	$	2,939.9		$	2,866.9
Less short-term debt and current portion of long-term debt	(74.0		)	(13.8		)
Total long-term debt	$	2,865.9		$	2,853.1

Scheduled future maturities

Excluding potential additional principal payments due on the senior secured credit facility based on excess cash flows of the prior year, scheduled future maturities of total debt at December 31, 2014, was as follows:

(in millions)
2015	$	74.0
2016	23.4
2017	19.4
2018	1,019.0
2019	19.0
Thereafter	1,790.7
Unamortized premiums and discounts on notes	(5.6		)
Total	$	2,939.9

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes in each component of accumulated other comprehensive income (loss), net of tax:

(in millions)	Foreign Currency Translation Adjustment			Net Unrealized Gain/(Loss) On Hedges			Net Unrealized Gain/(Loss) On Available-for-sale Securities		Accumulated Other Comprehensive Income / (Loss)
Predecessor balance, December 31, 2011	$	(3.6	)	$	—		$	—	$	(3.6	)
Change	2.2			—			—		2.2
Predecessor balance, April 30, 2012	$	(1.4	)	$	—		$	—	$	(1.4	)
Purchase accounting adjustments	1.4			—			—		1.4
Change	(20.7		)	(3.7		)	—		(24.4		)
Successor balance, December 31, 2012	$	(20.7	)	$	(3.7	)	$	—	$	(24.4	)
Change	(51.9		)	3.1			—		(48.8		)
Successor balance, December 31, 2013	$	(72.6	)	$	(0.6	)	$	—	$	(73.2	)
Change	(44.2		)	(0.2		)	0.1		(44.3		)
Successor balance, December 31, 2014	$	(116.8	)	$	(0.8	)	$	0.1	$	(117.5	)

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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

The quarterly financial data for 2014 and 2013 consisted of the following:

	Three Months Ended
(in millions)	December 31, 2014			September 30, 2014			June 30, 2014		March  31, 2014
Revenue	$	335.6		$	338.2		$	327.5	$	303.4
Operating income	20.4			40.8			32.4		34.8
Net income (loss)	(10.7		)	(0.1		)	19.9		(13.5		)
Net income (loss) attributable to TransUnion	(13.1		)	(2.6		)	17.9		(14.7		)
Earnings per share:
Basic	$	(0.12	)	$	(0.02	)	$	0.16	$	(0.13	)
Diluted	$	(0.12	)	$	(0.02	)	$	0.16	$	(0.13	)

	Three Months Ended
(in millions)	December 31, 2013			September 30, 2013			June 30, 2013			March  31, 2013
Revenue	$	292.4		$	299.5		$	300.8		$	290.5
Operating income	36.2			49.3			39.5			44.2
Net income (loss)	(15.7		)	(1.4		)	(6.1		)	(5.0		)
Net income (loss) attributable to TransUnion	(17.6		)	(3.4		)	(7.8		)	(6.3		)
Earnings per share:
Basic	$	(0.16	)	$	(0.03	)	$	(0.07	)	$	(0.06	)
Diluted	$	(0.16	)	$	(0.03	)	$	(0.07	)	$	(0.06	)

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Quarterly Financial Data (Unaudited) (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Summary of quarterly financial data
Revenue	$ 335.6	$ 338.2	$ 327.5	$ 303.4	$ 292.4	$ 299.5	$ 300.8	$ 290.5
Operating income (loss)	20.4	40.8	32.4	34.8	36.2	49.3	39.5	44.2	141.2	128.4	169.2
Net loss	(10.7)	(0.1)	19.9	(13.5)	(15.7)	(1.4)	(6.1)	(5.0)	(3.9)	(4.4)	(28.2)
Net income (loss) attributable to TransUnion Corp.	$ (13.1)	$ (2.6)	$ 17.9	$ (14.7)	$ (17.6)	$ (3.4)	$ (7.8)	$ (6.3)	$ (8.8)	$ (12.5)	$ (35.1)
Earnings per share - basic	$ (0.12)	$ (0.02)	$ 0.16	$ (0.13)	$ (0.16)	$ (0.03)	$ (0.07)	$ (0.06)	$ (0.08)	$ (0.11)	$ (0.32)
Earnings per share - diluted	$ (0.12)	$ (0.02)	$ 0.16	$ (0.13)	$ (0.16)	$ (0.03)	$ (0.07)	$ (0.06)	$ (0.08)	$ (0.11)	$ (0.32)

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Business Acquisitions (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 16, 2013	Apr. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	May 21, 2014	Oct. 17, 2014	Sep. 30, 2014
Business Acquisition [Line Items]
Identifiable intangible assets			$ 1,986.4
TransUnion [Member] | TransUnion [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	21 years
Goodwill	2,023.9			1,909.7	1,804.2
TransUnion [Member] | TransUnion [Member] | TLO [Member]
Business Acquisition [Line Items]
Trade accounts receivable		0.3
Ownership interest		100.00%
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		11 years 0 months
Net assets of acquired company		153.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		6.8
Identifiable intangible assets		83.1
Goodwill		69.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		159.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ 6.0
TransUnion [Member] | TransUnion [Member] | CIBIL [Member]
Business Acquisition [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent						55.00%
TransUnion [Member] | TransUnion [Member] | Cost Method Investment-L2C [Member]
Business Acquisition [Line Items]
Ownership interest							100.00%
cost method investment percentage								11.60%
TransUnion [Member] | TransUnion [Member] | Equity Method Significant Subsidiary - CIBIL [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage				27.50%

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Earnings per share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception through December 31, 2012			Four Months Ended April 30, 2012
Earnings per share - basic
Earnings available to common shareholders	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)
Weighted average shares outstanding	110.5			109.9			109.7			29.8
Earnings per share - basic	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)
Earnings per share - diluted
Earnings available to common shareholders	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)
Weighted average shares outstanding	110.5			109.9			109.7			29.8
Dilutive impact of stock based awards	—			—			—			—
Weighted average dilutive shares outstanding	110.5			109.9			109.7			29.8
Earnings per share - diluted	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)

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Condensed Financial Information of TransUnion Holding Company, Inc.

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of TransUnion Holding Company, Inc.

Schedule I—Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Balance Sheet

(in millions, except per share data)

	December 31, 2014			December 31, 2013
Assets
Current assets:
Due from TransUnion Intermediate	$	86.2		$	52.7
Other current assets	22.7			7.5
Total current assets	108.9			60.2
Investment in TransUnion Intermediate	1,505.6			1,584.6
Other assets	20.9			28.1
Total assets	$	1,635.4		$	1,672.9
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	0.1		$	0.2
Other current liabilities	18.3			33.4
Total current liabilities	18.4			33.6
Long-term debt	998.7			998.3
Other liabilities	31.2			13.1
Total liabilities	1,048.3			1,045.0
Stockholders’ equity:
Common stock, $0.01 par value; 200.0 million shares authorized at December 31, 2014 and December 31, 2013, 111.4 million and 110.7 million shares issued as of December 31, 2014 and December 31, 2013, respectively; and 110.9 million and 110.2 million shares outstanding as of December 31, 2014 and December 31, 2013, respectively	1.1			1.1
Additional paid-in capital	1,138.0			1,121.8
Treasury stock at cost; 0.5 million shares at December 31, 2014 and December 31, 2013	(4.3		)	(4.1		)
Accumulated deficit	(430.2		)	(417.7		)
Accumulated other comprehensive income (loss)	(117.5		)	(73.2		)
Total stockholders’ equity	587.1			627.9
Total liabilities and stockholders’ equity	$	1,635.4		$	1,672.9

 See accompanying notes to condensed financial statements.

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Statement of Income

(in millions)

	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception Through December 31, 2012
Revenue	$	—		$	—		$	—
Operating expenses
Selling, general and administrative	1.4			1.3			0.9
Total operating expenses	1.4			1.3			0.9
Operating loss	(1.4		)	(1.3		)	(0.9		)
Non-operating income and expense
Interest expense	(97.0		)	(96.3		)	(52.2		)
Equity Income from TransUnion Intermediate	49.1			43.2			43.0
Other income and (expense), net	(0.2		)	(0.2		)	(16.5		)
Total non-operating income and expense	(48.1		)	(53.3		)	(25.7		)
Loss from operations before income taxes	(49.5		)	(54.6		)	(26.6		)
Benefit for income taxes	37.0			37.3			—
Net loss	$	(12.5	)	$	(17.3	)	$	(26.6	)

See accompanying notes to condensed financial statements.

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Statements of Comprehensive Income

(in millions)

	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception Through December 31, 2012
Net loss	$	(12.5	)	$	(17.3	)	$	(26.6	)
Other comprehensive loss:
Foreign currency translation:
Foreign currency translation adjustment	(47.9		)	(54.8		)	(22.1		)
Benefit for income taxes	3.8			3.0			1.4
Foreign currency translation, net	(44.1		)	(51.8		)	(20.7		)
Interest rate swaps:
Net unrealized gain (loss)	(0.6		)	4.8			(5.9		)
Amortization of accumulated loss	0.3			—			—
Benefit (provision) for income taxes	0.1			(1.8		)	2.2
Interest rate swaps, net	(0.2		)	3.0			(3.7		)
Available-for-sale securities:
Net unrealized gain	0.2			—			—
Provision for income taxes	(0.1		)	—			—
Available-for-sale securities, net	0.1			—			—
Total other comprehensive loss, net of tax	(44.2		)	(48.8		)	(24.4		)
Comprehensive loss attributable to TransUnion	$	(56.7	)	$	(66.1	)	$	(51.0	)

See accompanying notes to condensed financial statements.

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Statement of Cash Flows

(in millions)

	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception  Through December 31, 2012
Cash used in operating activities	$	(9.4	)	$	(1.5	)	$	(16.4	)
Cash flows from investing activities:
Acquisition of TransUnion Intermediate Holdings, Inc.	—			—			(1,582.3		)
Capital investment in TransUnion Intermediate Holdings, Inc.	—			—			(80.8		)
Cash used in investing activities	—			—			(1,663.1		)
Cash flows from financing activities:
Proceeds from 9.625% notes	—			—			600.0
Proceeds from 8.125% notes	—			—			398.0
Debt financing fees	—			(0.9		)	(41.3		)
Proceeds from issuance of common stock and exercise of stock options	9.6			5.8			1,097.3
Treasury stock purchases	(0.2		)	(3.4		)	(0.7		)
Dividends	—			—			(373.8		)
Cash provided by financing activities	9.4			1.5			1,679.5
Net change in cash and cash equivalents	—			—			—
Cash and cash equivalents, beginning of period	—			—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—

See accompanying notes to condensed financial statements.

Schedule I —Condensed Financial Information of TransUnion

TRANSUNION

Parent Company Only

Notes To Financial Statements

Note 1. Basis of Presentation

In the TransUnion (formerly known as TransUnion Holding Company, Inc.) parent company only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its subsidiaries is included in consolidated income using the equity method. The parent company only financial information should be read in conjunction with TransUnion's consolidated financial statements.

Note 2. Income tax

TransUnion entered into an intercompany tax allocation agreement with TransUnion Intermediate Holdings, Inc. in 2013, effective for all taxable periods from May 1, 2012, forward, in which they are members of the same consolidated federal or state tax groups. The agreement allocates the consolidated tax liability from those filings among the various members of the group. We recorded the cumulative effect of the intercompany tax allocation agreement to TransUnion's balance sheet and statement of income during 2013.

Note 3. Dividends from subsidiaries

Cash dividends paid to TransUnion from its consolidated subsidiaries were $90.3 million, $94.2 million and $27.9 million for the years ended December 31, 2014 and 2013, and from inception through December 31, 2012, respectively.

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Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts

TRANSUNION

(in millions)	Balance at Beginning of year		Charged to Costs and Expenses			Charged to Other Accounts		Deductions(1)			Balance at End of Year
Allowance for doubtful accounts:
Year ended December 31,
2014	$	0.7	$	3.2		$	—	$	(1.5	)	$	2.4
2013	$	1.7	$	0.8		$	—	$	(1.8	)	$	0.7
2012	$	—	$	(1.9	)	$	3.7	$	(0.1	)	$	1.7
Allowance for deferred tax assets:
Year ended December 31,
2014	$	25.9	$	19.5		$	—	$	(3.3	)	$	42.1
2013	$	27.2	$	4.8		$	—	$	(6.1	)	$	25.9
2012	$	—	$	5.0		$	24.8	$	(2.6	)	$	27.2

____________________

⁽¹⁾  For the allowance for doubtful accounts, includes write-offs of uncollectable accounts.

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Significant Accounting and Reporting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Significant accounting and reporting policies

Significant Accounting and Reporting Policies

Description of Business

TransUnion is a leading global risk and information solutions provider. Our mission is to help people worldwide access opportunities that lead to a higher quality of life. We accomplish this by helping businesses optimize their risk-based decisions and by enabling consumers to better understand and manage their personal information. Businesses embed our solutions into their process workflows to manage risk and to drive better business outcomes. Consumers use our solutions to view their credit profiles and access analytical tools that help them understand and manage their personal financial information and take precautions against identity theft. We have deep domain expertise across a number of attractive industry verticals, including financial services, insurance and healthcare, as well as a global presence in over 30 countries across North America, Africa, Latin America and Asia.

We obtain financial, credit, alternative credit, identity, bankruptcy, lien, judgment, insurance claims, automotive and other relevant information from over 90,000 data sources, including financial institutions, private databases and public records repositories. We refine, standardize and enhance this data using sophisticated algorithms to create proprietary databases. Our deep analytics expertise, which includes our people as well as tools such as predictive modeling and scoring, customer segmentation, benchmarking and forecasting, enables businesses and consumers to gain better insights into their risk and financial data. Our decisioning capability, which is generally delivered on a software-as-a-service platform, allows businesses to interpret data and apply their specific qualifying criteria to make decisions and take action with their customers. Collectively, our data, analytics and decisioning capabilities allow businesses to authenticate the identity of consumers, effectively determine the most relevant products for consumers, retain and cross-sell to existing consumers, identify and acquire new consumers and reduce loss from fraud. Similarly, our capabilities allow consumers to see how their credit profile have changed over time, understand the impact of financial decisions on their credit score and manage their personal financial information as well as to take precautions against identity theft.

Basis of Presentation

The accompanying consolidated financial statements of TransUnion (formerly known as TransUnion Holding Company, Inc.) and subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the periods presented. All significant intercompany transactions and balances have been eliminated.

TransUnion Holding Company, Inc. was formed on February 15, 2012, as a vehicle to acquire TransUnion Corp. on April 30, 2012. On March 26, 2015, TransUnion Holding Company, Inc. was renamed TransUnion and TransUnion Corp. was renamed TransUnion Intermediate Holdings, Inc. ("TransUnion Intermediate"). The historical financial statements and information are presented on a Successor and Predecessor basis. The historical financial information for TransUnion Intermediate reflects the consolidated results of TransUnion Intermediate and its subsidiaries prior to the 2012 Change in Control Transaction (the “Predecessor”). The historical financial information for TransUnion reflects the stand-alone results of its operations from its date of inception and the consolidated results of TransUnion Intermediate and its subsidiaries after April 30, 2012 (the “Successor”).

Unless the context indicates otherwise, any reference in this report to the “Company,” “we,” “us,” and “our” refers to TransUnion with its direct and indirect subsidiaries, including TransUnion Intermediate, or to TransUnion Intermediate and its subsidiaries for periods prior to the forming of TransUnion.

2012 Change in Control Transaction

TransUnion was formed by affiliates of Advent International Corporation (“Advent”) and Goldman Sachs & Co. (“GS”) on February 15, 2012, as a vehicle to acquire 100% of the outstanding common stock of TransUnion Intermediate. On April 30, 2012, pursuant to an Agreement and Plan of Merger, TransUnion acquired TransUnion Intermediate. To partially fund the acquisition, TransUnion issued $600.0 million aggregate principal amount of 9.625%/10.375% senior PIK toggle notes due 2018 (9.625% notes). We refer to these transactions collectively as the “2012 Change in Control Transaction.”

The 2012 Change in Control Transaction was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations, with the basis of the assets acquired and liabilities assumed recorded at fair value to reflect the purchase price.

Subsequent Events

Events and transactions occurring through the date of issuance of the financial statements have been evaluated by management, and when appropriate, recognized or disclosed in the consolidated financial statements.

Principles of Consolidation

The consolidated financial statements of TransUnion include the accounts of TransUnion and all of its majority-owned or controlled subsidiaries. Investments in unconsolidated entities in which the Company has at least a 20% ownership interest, or where it is able to exercise significant influence, are accounted for using the equity method. Nonmarketable investments in unconsolidated entities in which the Company has less than a 20% ownership interest, or where it is not able to exercise significant influence, are accounted for using the cost method and periodically reviewed for impairment.

Use of Estimates

The preparation of consolidated financial statements and related disclosures in accordance with GAAP requires management to make estimates and judgments that affect the amounts reported. We believe that the estimates used in preparation of the accompanying consolidated financial statements are reasonable, based upon information available to management at this time. These estimates and judgments affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the balance sheet date, as well as the amounts of revenue and expense during the reporting period. Estimates are inherently uncertain and actual results could differ materially from the estimated amounts.

Change in Accounting Estimate

Effective July 1, 2014, we revised the remaining useful lives of certain internal use software, equipment, leasehold improvement and corporate headquarters facility assets to align with the expected completion dates of our strategic initiatives to transform our technology infrastructure and corporate headquarters facility. As a result, depreciation and amortization expense increased by $17.5 million. The net of tax impact of this change decreased net income attributable to TransUnion by $11.2 million,or $0.10 per share.

Reclassifications

We have reclassified certain items, which are not material, that are presented in our prior period consolidated financial statements to conform to the current year’s presentation.

Segments

We manage our business and report our financial results in three operating segments: U.S. Information Services (“USIS”); International; and Consumer Interactive (formerly "Interactive"). We also report expenses for Corporate, which provides support services to each operating segment. Details of our segment results are discussed in Note 17, “Operating Segments.”

Revenue Recognition and Deferred Revenue

Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the pricing is fixed or determinable and the collectability is reasonably assured. For multiple element arrangements, we separate deliverables into units of accounting and recognize revenue for each unit of accounting based on evidence of each unit’s relative selling price to the total arrangement consideration, assuming all other revenue recognition criteria have been met.

A significant portion of our revenue is derived from providing information services to our customers. This revenue is recognized when services are provided, assuming all criteria for revenue recognition are met. A smaller portion of our revenue relates to subscription-based contracts where a customer pays a predetermined fee for a predetermined, or unlimited, number of transactions or services during the subscription period. Revenue related to subscription-based contracts having a preset number of transactions is recognized as the services are provided, using an effective transaction rate as the actual transactions are completed. Any remaining revenue related to unfulfilled units is not recognized until the end of the related contract’s subscription period. Revenue related to subscription-based contracts having an unlimited volume is recognized straight-line over the contract term.

Deferred revenue generally consists of amounts billed in excess of revenue recognized for the sale of data services, subscriptions and set up fees. Deferred revenue is included in other current liabilities.

Costs of Services

Costs of services include data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses, research and development costs and occupancy costs associated with the facilities where these functions are performed.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and occupancy and facilities expense of these functions. Advertising costs are expensed as incurred. Advertising costs for the years ended December 31, 2014 and 2013, and from the date of inception through December 31, 2012 were $31.3 million, $32.3 million and $19.2 million, respectively. Advertising costs of TransUnion Intermediate Predecessor for the four months ended April 30, 2012 were $15.5 million.

Stock-Based Compensation

Compensation expense for all stock-based compensation awards is determined using the grant date fair value and includes an estimate for expected forfeitures. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our stock-based compensation program are discussed in Note 15, “Stock-Based Compensation.”

Income Taxes

Deferred income tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates. The effect of a tax rate change on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the change. We periodically assess the recoverability of our deferred tax assets, and a valuation allowance is recorded against deferred tax assets if it is more likely than not that some portion of the deferred tax assets will not be realized. See Note 14, “Income Taxes,” for additional information.

Foreign Currency Translation

The functional currency for each of our foreign subsidiaries is generally that subsidiary’s local currency. We translate the assets and liabilities of foreign subsidiaries at the year-end exchange rate, and translate revenues and expenses at the monthly average rates during the year. We record the resulting translation adjustment as a component of other comprehensive income in stockholders’ equity.

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The exchange rate loss for the years ended December 31, 2014 and December 31, 2013, was $1.1 million and $0.8 million, respectively. The exchange rate gain from the date of inception through December 31, 2012 was less than $0.1 million. The exchange rate gain of TransUnion Intermediate Predecessor for the four months ended April 30, 2012 was $0.2 million.

Cash and Cash Equivalents

We consider investments in highly liquid debt instruments with original maturities of three months or less to be cash equivalents.

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is based on our historical write-off experience, analysis of the aging of outstanding receivables, customer payment patterns and the establishment of specific reserves for customers in adverse financial condition or for existing contractual disputes. Adjustments to the allowance are recorded as a bad debt expense in selling, general and administrative expenses. Trade receivables are written off against the allowance when they are determined to be no longer collectible. We reassess the adequacy of the allowance for doubtful accounts each reporting period.

Long-Lived Assets

Property, Plant, Equipment and Intangibles

Property, plant and equipment was adjusted to fair value on the date of the 2012 Change in Control Transaction. All subsequent purchases of property, plant and equipment have been recorded at cost. Property, plant and equipment is depreciated primarily using the straight-line method over the estimated useful lives of the assets. Buildings and building improvements are generally depreciated over twenty years. Computer equipment and purchased software are depreciated over three to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the lease term. Other assets are depreciated over five to seven years. Intangibles, other than indefinite-lived intangibles, are amortized using the straight-line method over their economic life, generally three to forty years. Assets to be disposed of are separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. See Note 2, “Change in Control Transaction,” Note 5, “Property, Plant and Equipment,” and Note 7, “Intangible Assets,” for additional information about these assets.

Internal Use Software

We monitor the activities of each of our internal use software and system development projects and analyze the associated costs, making an appropriate distinction between costs to be expensed and costs to be capitalized. Costs incurred during the preliminary project stage are expensed as incurred. Many of the costs incurred during the application development stage are capitalized, including costs of software design and configuration, development of interfaces, coding, testing and installation of the software. Once the software is ready for its intended use, it is amortized on a straight-line basis over its useful life, generally three to seven years.

Impairment of Long-Lived Assets

We review long-lived assets that are subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. No significant impairment charges were recorded during 2014, 2013, or 2012.

Marketable Securities

We classify our investments in debt and equity securities in accordance with our intent and ability to hold the investments. Held-to-maturity securities are carried at amortized cost, which approximates fair value, and are classified as either short-term or long-term investments based on the contractual maturity date. Earnings from these securities are reported as a component of interest income. Available-for-sale securities are carried at fair market value, with the unrealized gains and losses, net of tax, included in accumulated other comprehensive income. Trading securities are carried at fair value, with unrealized gains and losses included in income.

At December 31, 2014 and 2013, the Company's marketable securities consisted of trading securities and available-for-sale securities. The trading securities relate to a nonqualified deferred compensation plan held in trust for the benefit of plan participants. The available-for-sale securities relate to foreign exchange-traded corporate bonds. There were no significant realized or unrealized gains or losses for these securities for any of the periods presented. We follow fair value guidance to measure the fair value of our financial assets as further described in Note 16, "Fair Value."

We periodically review our marketable securities to determine if there is an other-than-temporary impairment on any security. If it is determined that an other-than-temporary decline in value exists, we write down the investment to its market value and record the related impairment loss in other income. There were no other-than-temporary impairments of marketable securities in 2014, 2013, or 2012.

Goodwill and Other Indefinite-Lived Intangibles

Goodwill and other indefinite-lived intangible assets are allocated to various reporting units, which are an operating segment or one level below an operating segment. We test goodwill and indefinite-lived intangible assets for impairment on an annual basis, in the fourth quarter, or on an interim basis if an indicator of impairment is present. For goodwill, we compare the fair value of each reporting unit to its carrying amount to determine if there is potential goodwill impairment. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than the carrying value of its goodwill. For other indefinite-lived intangibles, we compare the fair value of the asset to its carrying value to determine if there is an impairment. If the fair value of the asset is less than its carrying value, an impairment loss is recorded. We use discounted cash flow techniques to determine the fair value of our reporting units and other indefinite-lived intangibles. See Note 6, “Goodwill,” and Note 7, “Intangible Assets,” for additional information about these assets.

Benefit Plans

We maintain a 401(k) defined contribution profit sharing plan for eligible employees. We provide a partial matching contribution and a discretionary contribution based on a fixed percentage of a participant’s eligible compensation. Contributions to this plan for the years ended December 31, 2014 and 2013, and from the date of inception through December 31, 2012, were $14.1 million, $12.4 million and $6.9 million, respectively. Contributions to this plan by TransUnion Intermediate Predecessor for the four months ended April 30, 2012, were $4.8 million. We also maintain a nonqualified deferred compensation plan for certain key employees. The deferred compensation plan contains both employee deferred compensation and company contributions. These investments are held in the TransUnion Rabbi Trust, and are included in marketable securities in the consolidated balance sheets. The assets held in the Rabbi Trust are for the benefit of the participants in the deferred compensation plan, but are available to our general creditors in the case of our insolvency. The liability for amounts due to these participants is included in other current liabilities and other liabilities in the consolidated balance sheets.

Recently Adopted Accounting Pronouncements

On July 18, 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11,Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist. ASU No. 2013-11 provides guidance on the presentation of unrecognized tax benefits to better reflect the manner in which an entity would settle at the reporting date any income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. This guidance was adopted by the Company effective January 1, 2014, and did not result in a material change in the Company’s consolidated financial statements. See Note 14, "Income Taxes," for further details regarding the impact of this adoption.

Recent Accounting Pronouncement Not Yet Adopted

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This comprehensive guidance will replace all existing revenue recognition guidance and is effective for annual reporting periods beginning after December 15, 2016, and interim periods therein. We are currently assessing the impact this guidance will have on our consolidated financial statements once it is adopted.

On June 19, 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This update clarifies the accounting for share-based awards with performance targets and is effective for years beginning after December 15, 2015. We are currently assessing the impact this guidance will have on our consolidated financial statements.

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Significant Accounting and Reporting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Description of Business

Description of Business

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements of TransUnion (formerly known as TransUnion Holding Company, Inc.) and subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the periods presented. All significant intercompany transactions and balances have been eliminated.

TransUnion Holding Company, Inc. was formed on February 15, 2012, as a vehicle to acquire TransUnion Corp. on April 30, 2012. On March 26, 2015, TransUnion Holding Company, Inc. was renamed TransUnion and TransUnion Corp. was renamed TransUnion Intermediate Holdings, Inc. ("TransUnion Intermediate"). The historical financial statements and information are presented on a Successor and Predecessor basis. The historical financial information for TransUnion Intermediate reflects the consolidated results of TransUnion Intermediate and its subsidiaries prior to the 2012 Change in Control Transaction (the “Predecessor”). The historical financial information for TransUnion reflects the stand-alone results of its operations from its date of inception and the consolidated results of TransUnion Intermediate and its subsidiaries after April 30, 2012 (the “Successor”).

Unless the context indicates otherwise, any reference in this report to the “Company,” “we,” “us,” and “our” refers to TransUnion with its direct and indirect subsidiaries, including TransUnion Intermediate, or to TransUnion Intermediate and its subsidiaries for periods prior to the forming of TransUnion.

2012 Change in Control Transaction

2012 Change in Control Transaction

TransUnion was formed by affiliates of Advent International Corporation (“Advent”) and Goldman Sachs & Co. (“GS”) on February 15, 2012, as a vehicle to acquire 100% of the outstanding common stock of TransUnion Intermediate. On April 30, 2012, pursuant to an Agreement and Plan of Merger, TransUnion acquired TransUnion Intermediate. To partially fund the acquisition, TransUnion issued $600.0 million aggregate principal amount of 9.625%/10.375% senior PIK toggle notes due 2018 (9.625% notes). We refer to these transactions collectively as the “2012 Change in Control Transaction.”

The 2012 Change in Control Transaction was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations, with the basis of the assets acquired and liabilities assumed recorded at fair value to reflect the purchase price.

Subsequent events

Subsequent Events

Events and transactions occurring through the date of issuance of the financial statements have been evaluated by management, and when appropriate, recognized or disclosed in the consolidated financial statements.

Principles of consolidation

Principles of Consolidation

The consolidated financial statements of TransUnion include the accounts of TransUnion and all of its majority-owned or controlled subsidiaries. Investments in unconsolidated entities in which the Company has at least a 20% ownership interest, or where it is able to exercise significant influence, are accounted for using the equity method. Nonmarketable investments in unconsolidated entities in which the Company has less than a 20% ownership interest, or where it is not able to exercise significant influence, are accounted for using the cost method and periodically reviewed for impairment.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements and related disclosures in accordance with GAAP requires management to make estimates and judgments that affect the amounts reported. We believe that the estimates used in preparation of the accompanying consolidated financial statements are reasonable, based upon information available to management at this time. These estimates and judgments affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the balance sheet date, as well as the amounts of revenue and expense during the reporting period. Estimates are inherently uncertain and actual results could differ materially from the estimated amounts.

Accounting Changes [Text Block]

Change in Accounting Estimate

Effective July 1, 2014, we revised the remaining useful lives of certain internal use software, equipment, leasehold improvement and corporate headquarters facility assets to align with the expected completion dates of our strategic initiatives to transform our technology infrastructure and corporate headquarters facility. As a result, depreciation and amortization expense increased by $17.5 million. The net of tax impact of this change decreased net income attributable to TransUnion by $11.2 million,or $0.10 p

Reclassification, Policy [Policy Text Block]

Reclassifications

We have reclassified certain items, which are not material, that are presented in our prior period consolidated financial statements to conform to the current year’s presentation.

Segments

Segments

We manage our business and report our financial results in three operating segments: U.S. Information Services (“USIS”); International; and Consumer Interactive (formerly "Interactive"). We also report expenses for Corporate, which provides support services to each operating segment. Details of our segment results are discussed in Note 17, “Operating Segments.”

Revenue Recognition and Deferred Revenue

Revenue Recognition and Deferred Revenue

Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the pricing is fixed or determinable and the collectability is reasonably assured. For multiple element arrangements, we separate deliverables into units of accounting and recognize revenue for each unit of accounting based on evidence of each unit’s relative selling price to the total arrangement consideration, assuming all other revenue recognition criteria have been met.

A significant portion of our revenue is derived from providing information services to our customers. This revenue is recognized when services are provided, assuming all criteria for revenue recognition are met. A smaller portion of our revenue relates to subscription-based contracts where a customer pays a predetermined fee for a predetermined, or unlimited, number of transactions or services during the subscription period. Revenue related to subscription-based contracts having a preset number of transactions is recognized as the services are provided, using an effective transaction rate as the actual transactions are completed. Any remaining revenue related to unfulfilled units is not recognized until the end of the related contract’s subscription period. Revenue related to subscription-based contracts having an unlimited volume is recognized straight-line over the contract term.

Deferred revenue generally consists of amounts billed in excess of revenue recognized for the sale of data services, subscriptions and set up fees. Deferred revenue is included in other current liabilities.

Costs of Services

Costs of Services

Costs of services include data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses, research and development costs and occupancy costs associated with the facilities where these functions are performed.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses

Selling, general and administrative expenses include personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and occupancy and facilities expense of these functions. Advertising costs are expensed as incurred. Advertising costs for the years ended December 31, 2014 and 2013, and from the date of inception through December 31, 2012 were $31.3 million, $32.3 million and $19.2 million, respectively. Advertising costs of TransUnion Intermediate Predecessor for the four months ended April 30, 2012 were $15.5 million.

Stock-Based Compensation

Stock-Based Compensation

Compensation expense for all stock-based compensation awards is determined using the grant date fair value and includes an estimate for expected forfeitures. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our stock-based compensation program are discussed in Note 15, “Stock-Based Compensation.”

Income Taxes

Income Taxes

Deferred income tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates. The effect of a tax rate change on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the change. We periodically assess the recoverability of our deferred tax assets, and a valuation allowance is recorded against deferred tax assets if it is more likely than not that some portion of the deferred tax assets will not be realized. See Note 14, “Income Taxes,” for additional information.

Foreign Currency Translation

Foreign Currency Translation

The functional currency for each of our foreign subsidiaries is generally that subsidiary’s local currency. We translate the assets and liabilities of foreign subsidiaries at the year-end exchange rate, and translate revenues and expenses at the monthly average rates during the year. We record the resulting translation adjustment as a component of other comprehensive income in stockholders’ equity.

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The exchange rate loss for the years ended December 31, 2014 and December 31, 2013, was $1.1 million and $0.8 million, respectively. The exchange rate gain from the date of inception through December 31, 2012 was less than $0.1 million. The exchange rate gain of TransUnion Intermediate Predecessor for the four months ended April 30, 2012 was $0.2 million.

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider investments in highly liquid debt instruments with original maturities of three months or less to be cash equivalents.

Trade Accounts Receivable

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is based on our historical write-off experience, analysis of the aging of outstanding receivables, customer payment patterns and the establishment of specific reserves for customers in adverse financial condition or for existing contractual disputes. Adjustments to the allowance are recorded as a bad debt expense in selling, general and administrative expenses. Trade receivables are written off against the allowance when they are determined to be no longer collectible. We reassess the adequacy of the allowance for doubtful accounts each reporting period.

Long-Lived Assets

Long-Lived Assets

Property, Plant, Equipment and Intangibles

Property, plant and equipment was adjusted to fair value on the date of the 2012 Change in Control Transaction. All subsequent purchases of property, plant and equipment have been recorded at cost. Property, plant and equipment is depreciated primarily using the straight-line method over the estimated useful lives of the assets. Buildings and building improvements are generally depreciated over twenty years. Computer equipment and purchased software are depreciated over three to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the lease term. Other assets are depreciated over five to seven years. Intangibles, other than indefinite-lived intangibles, are amortized using the straight-line method over their economic life, generally three to forty years. Assets to be disposed of are separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. See Note 2, “Change in Control Transaction,” Note 5, “Property, Plant and Equipment,” and Note 7, “Intangible Assets,” for additional information about these assets.

Internal Use Software

We monitor the activities of each of our internal use software and system development projects and analyze the associated costs, making an appropriate distinction between costs to be expensed and costs to be capitalized. Costs incurred during the preliminary project stage are expensed as incurred. Many of the costs incurred during the application development stage are capitalized, including costs of software design and configuration, development of interfaces, coding, testing and installation of the software. Once the software is ready for its intended use, it is amortized on a straight-line basis over its useful life, generally three to seven years.

Impairment of Long-Lived Assets

We review long-lived assets that are subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. No significant impairment charges were recorded during 2014, 2013, or 2012.

Marketable Securities

Marketable Securities

We classify our investments in debt and equity securities in accordance with our intent and ability to hold the investments. Held-to-maturity securities are carried at amortized cost, which approximates fair value, and are classified as either short-term or long-term investments based on the contractual maturity date. Earnings from these securities are reported as a component of interest income. Available-for-sale securities are carried at fair market value, with the unrealized gains and losses, net of tax, included in accumulated other comprehensive income. Trading securities are carried at fair value, with unrealized gains and losses included in income.

At December 31, 2014 and 2013, the Company's marketable securities consisted of trading securities and available-for-sale securities. The trading securities relate to a nonqualified deferred compensation plan held in trust for the benefit of plan participants. The available-for-sale securities relate to foreign exchange-traded corporate bonds. There were no significant realized or unrealized gains or losses for these securities for any of the periods presented. We follow fair value guidance to measure the fair value of our financial assets as further described in Note 16, "Fair Value."

We periodically review our marketable securities to determine if there is an other-than-temporary impairment on any security. If it is determined that an other-than-temporary decline in value exists, we write down the investment to its market value and record the related impairment loss in other income. There were no other-than-temporary impairments of marketable securities in 2014, 2013, or 2012.

Goodwill and Other Indefinite-Lived Intangibles

Goodwill and Other Indefinite-Lived Intangibles

Goodwill and other indefinite-lived intangible assets are allocated to various reporting units, which are an operating segment or one level below an operating segment. We test goodwill and indefinite-lived intangible assets for impairment on an annual basis, in the fourth quarter, or on an interim basis if an indicator of impairment is present. For goodwill, we compare the fair value of each reporting unit to its carrying amount to determine if there is potential goodwill impairment. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than the carrying value of its goodwill. For other indefinite-lived intangibles, we compare the fair value of the asset to its carrying value to determine if there is an impairment. If the fair value of the asset is less than its carrying value, an impairment loss is recorded. We use discounted cash flow techniques to determine the fair value of our reporting units and other indefinite-lived intangibles. See Note 6, “Goodwill,” and Note 7, “Intangible Assets,” for additional information about these assets.

Benefit Plans

Benefit Plans

We maintain a 401(k) defined contribution profit sharing plan for eligible employees. We provide a partial matching contribution and a discretionary contribution based on a fixed percentage of a participant’s eligible compensation. Contributions to this plan for the years ended December 31, 2014 and 2013, and from the date of inception through December 31, 2012, were $14.1 million, $12.4 million and $6.9 million, respectively. Contributions to this plan by TransUnion Intermediate Predecessor for the four months ended April 30, 2012, were $4.8 million. We also maintain a nonqualified deferred compensation plan for certain key employees. The deferred compensation plan contains both employee deferred compensation and company contributions. These investments are held in the TransUnion Rabbi Trust, and are included in marketable securities in the consolidated balance sheets. The assets held in the Rabbi Trust are for the benefit of the participants in the deferred compensation plan, but are available to our general creditors in the case of our insolvency. The liability for amounts due to these participants is included in other current liabilities and other liabilities in the consolidated balance sheets.

Recently adopted accounting pronouncements

Recently Adopted Accounting Pronouncements

On July 18, 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11,Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist. ASU No. 2013-11 provides guidance on the presentation of unrecognized tax benefits to better reflect the manner in which an entity would settle at the reporting date any income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. This guidance was adopted by the Company effective January 1, 2014, and did not result in a material change in the Company’s consolidated financial statements. See Note 14, "Income Taxes," for further details regarding the impact of this adoption.

Recent Accounting Pronouncement not yet Adopted

Recent Accounting Pronouncement Not Yet Adopted

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This comprehensive guidance will replace all existing revenue recognition guidance and is effective for annual reporting periods beginning after December 15, 2016, and interim periods therein. We are currently assessing the impact this guidance will have on our consolidated financial statements once it is adopted.

On June 19, 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This update clarifies the accounting for share-based awards with performance targets and is effective for years beginning after December 15, 2015. We are currently assessing the impact this guidance will have on our consolidated financial statements.

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Income Taxes (Details Textual) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member]
Income Taxes (Additional Textual) [Abstract]
Undistributed earnings of foreign subsidiaries, not expected to be remitted		$ 141.7
Undistributed earnings of foreign subsidiaries, expected to be remitted		118.7
TransUnion [Member] | TransUnion [Member]
Income Taxes (Textual) [Abstract]
Total unrecognized tax benefits	4.9	1.9	4.6
Unrecognized tax benefits that would impact effective tax rate		0.3	4.6
Effective tax rate	244.40%	(144.20%)	(8.80%)
U.S. federal statutory rate	35.00%	35.00%	35.00%
Deferred tax liabilities, undistributed foreign earnings		50.4	57.1
Operating loss carry forward expiration period		20 years
Income Taxes (Additional Textual) [Abstract]
Valuation allowance increased		16.2
Valuation allowance		42.1	25.9
Foreign loss and credit carryforwards will expire		10 years
Accrued interest payable for taxes		0.9	0.7
Significant expense recognized, or significant liability recorded, for tax penalties		$ 0	$ 0
Capital loss carryforward expiration period		5 years
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Income Taxes (Textual) [Abstract]
Effective tax rate				18.00%
U.S. federal statutory rate				35.00%

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Investment in Affiliated Companies (Tables)

12 Months Ended

Dec. 31, 2014

Investments in Affiliated Companies [Abstract]

Summary of Investments in affiliated companies

Investments in affiliated companies consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Trans Union de Mexico, S.A. (25.69% ownership interest)	$	45.0	$	50.0
Credit Information Bureau (India) Ltd. ("CIBIL", 27.5% ownership interest in 2013)	—		28.4
All other equity method investments	6.9		6.1
Total equity method investments	$	51.9	$	84.5
Total cost method investments	0.9		7.9
Total investments in affiliated companies	$	52.8	$	92.4

Schedule of equity investments income statement information

Earnings from equity method investments, which are included in other non-operating income and expense, and dividends received from equity method investments consisted of the following:

	Successor						Predecessor
(in millions)	Twelve Months Ended December, 2014		Twelve Months Ended December, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
Earnings from equity method investments	$	12.5	$	13.7	$	8.0	$	4.1
Dividends received from equity method investments	$	9.2	$	10.1	$	9.3	$	0.4

Significant equity method investments - summarized financial information balance sheet

The summarized financial information and earnings for our equity method investments as required by SEC Regulation S-X, Rule 1-02(bb)(i) and (ii) consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Current assets	$	57.8	$	83.0
Noncurrent assets	$	14.7	$	24.6
Current liabilities	$	18.0	$	26.3
Noncurrent liabilities	$	0.1	$	1.4

Equity method investment summarized financial information

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
Revenue	$	124.9	$	132.6	$	82.4	$	40.9
Operating income	$	55.7	$	57.7	$	34.4	$	16.9
Income from continuing operations	$	43.9	$	48.2	$	28.6	$	14.1
Net income	$	43.9	$	48.2	$	28.6	$	14.1

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Change in Control Transactions (Details) (USD $) In Millions, unless otherwise specified	Apr. 30, 2012
Allocation of purchase price value of the assets acquired and the liabilities assumed
Identifiable intangible assets	$ 1,986.4
TransUnion Change in Control [Member]
Allocation of purchase price value of the assets acquired and the liabilities assumed
Trade accounts receivable	162.4
Property and equipment	112.9
Identifiable intangible assets	1,986.4
Goodwill	1,794.8
All other assets	302.3
Total assets acquired	4,358.8
Existing debt (including fair value adjustment)	(1,710.8)
All other liabilities	(945.4)
Noncontrolling interests	(109.9)
Net assets of acquired company	$ 1,592.7

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Other Liabilities (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Other liabilities
Retirement benefits	$ 10.8	$ 10.4
Unrecognized tax benefits	0.3	4.6
Other	11.0	7.6
Total other liabilities	$ 22.1	$ 22.6

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Consolidated Balance Sheets (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 15, 2012
TransUnion [Member] | TransUnion [Member]
Current assets:
Cash and cash equivalents	$ 77.9	$ 111.2	$ 154.3	$ 0
Trade accounts receivable, net of allowance of $2.4 and $0.7	200.4	165.0
Other current assets	122.7	73.5
Total current assets	401.0	349.7
Property, plant and equipment, net of accumulated depreciation and amortization of $123.4 and $70.2	181.4	150.4
Goodwill	2,023.9	1,909.7	1,804.2
Other intangibles, net of accumulated amortization of $407.8 and $227.5	1,939.6	1,934.0
Other assets	119.9	148.5
Total assets	4,665.8	4,492.3
Current liabilities:
Trade accounts payable	106.5	100.3
Short-term debt and current portion of long-term debt	74.0	13.8
Other current liabilities	149.4	133.5
Total current liabilities	329.9	247.6
Long-term debt	2,865.9	2,853.1
Deferred taxes	676.8	636.9
Other liabilities	22.1	22.6
Total liabilities	3,894.7	3,760.2
Redeemable noncontrolling interests	23.4	17.6
Stockholders' equity:
Common stock, $0.01 par value; 200.0 million shares authorized at December 31, 2014 and December 31, 2013, 111.4 million and 110.7 million shares issued as of December 31, 2014 and December 31, 2013, respectively; and 110.9 million and 110.2 million shares outstanding as of December 31, 2014 and December 31, 2013, respectively	1.1	1.1
Additional paid-in capital	1,138.0	1,121.8
Treasury stock at cost; 0.5 million shares at December 31, 2014 and December 31, 2013	(4.3)	(4.1)
Accumulated deficit	(430.2)	(417.7)
Accumulated other comprehensive income (loss)	(117.5)	(73.2)	(24.4)
Total Stockholders’ Equity Attributable to Parent	587.1	627.9
Noncontrolling interests	160.6	86.6
Total stockholders’ equity	747.7	714.5
Total liabilities and stockholders’ equity	$ 4,665.8	$ 4,492.3

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Details of provision (benefit) for income taxes on income (loss) from continuing operations

The provision (benefit) for income taxes on income (loss) from operations consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Federal
Current	$	(0.1	)	$	0.1		$	0.1		$	1.0
Deferred	(15.9		)	(15.5		)	(3.0		)	(16.1		)
State
Current	0.4			—			(0.5		)	0.1
Deferred	0.1			(0.3		)	(0.3		)	(1.5		)
Foreign
Current	23.1			18.4			12.1			5.7
Deferred	(5.0		)	(0.4		)	(1.8		)	(0.7		)
Total provision (benefit) for income taxes	$	2.6		$	2.3		$	6.6		$	(11.5	)

Summary of components of income (loss) from continuing operations before income taxes

The components of income (loss) from operations before income taxes consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Domestic	$	(54.1	)	$	(72.9	)	$	(33.3	)	$	(79.5	)
Foreign	52.3			47.0			36.0			15.6
Total income (loss) from operations before income taxes	$	(1.8	)	$	(25.9	)	$	2.7		$	(63.9	)

Reconciliation of the U.S. federal statutory tax rate to our effective tax rate

The effective income tax rate reconciliation consisted of the following:

	Successor															Predecessor
(in millions)	Twelve Months Ended December 31, 2014					Twelve Months Ended December 31, 2013					From Date of Inception Through December 31, 2012					Four Months Ended April 30, 2012
Income taxes at 35% statutory rate	$	(0.6	)	35.0	%	$	(9.1	)	35.0	%	$	0.9		35.0	%	$	(22.4	)	35.0	%
Increase (decrease) resulting from:
State taxes	0.4			(23.9	)%	(0.1		)	0.4	%	(0.9		)	(35.0	)%	(1.4		)	2.2	%
Foreign rate differential	(1.8		)	98.7	%	(0.9		)	3.5	%	(4.0		)	(148.1	)%	(1.2		)	1.9	%
Change in control transaction expenses	—			—		—			—		1.8			66.7	%	2.7			(4.2	)%
Application of indefinite reinvestment assertion to to foreign earnings	5.6			(308.4	)%	15.1			(58.0	)%	4.3			159.2	%	8.1			(12.7	)%
Impact of foreign dividends	—			(1.6	)%	(1.7		)	6.4	%	5.0			185.2	%	2.0			(3.1	)%
Other	(1.0		)	56.0	%	(1.0		)	3.9	%	(0.5		)	(18.6	)%	0.7			(1.1	)%
Total	$	2.6		(144.2	)%	$	2.3		(8.8	)%	$	6.6		244.4	%	$	(11.5	)	18.0	%

Components of net deferred income tax

Components of net deferred income tax consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Deferred income tax assets:
Compensation	$	9.8		$	6.8
Employee benefits	7.8			6.3
Legal reserves and settlements	5.3			3.5
Hedge investments	0.7			0.4
Financing related costs	3.6			39.4
Loss and credit carryforwards	110.7			72.5
Other	8.6			8.6
Gross deferred income tax assets	146.5			137.5
Valuation allowance	(42.1		)	(25.9		)
Total deferred income tax assets, net	$	104.4		$	111.6
Deferred income tax liabilities:
Depreciation and amortization	$	(663.3	)	$	(647.3	)
Investments in affiliated companies	(15.0		)	(17.1		)
Taxes on undistributed foreign earnings	(50.4		)	(57.1		)
Other	(1.3		)	(4.9		)
Total deferred income tax liability	(730.0		)	(726.4		)
Net deferred income tax liability	$	(625.6	)	$	(614.8	)

Total amount of unrecognized tax benefits

The total amount of unrecognized tax benefits consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Balance as of beginning of period	$	4.6		$	4.9
Reductions for tax positions of prior years	—			(0.1		)
Reductions relating to settlement and lapse of statute	(2.7		)	(0.2		)
Balance as of end of period	$	1.9		$	4.6

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Commitments (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014
TransUnion [Member] | TransUnion [Member]
Summary of future minimum payments for noncancelable operating leases, purchase obligations and other liabilities
Operating Leases, 2015	$ 12.8
Operating Leases, 2016	9.9
Operating Leases, 2017	7.0
Operating Leases, 2018	5.4
Operating Leases, 2019	5.0
Operating Leases, Thereafter	11.8
Totals, Operating Leases	51.9
Purchase Obligations, 2015	182.0
Purchase Obligations, 2016	31.9
Purchase Obligations, 2017	11.1
Purchase Obligations, 2018	6.7
Purchase Obligations, 2019	1.1
Purchase Obligations, Thereafter	2.5
Totals, Purchase Obligations	235.3
Total, 2014	194.8
Total, 2015	41.8
Total, 2016	18.1
Total, 2017	12.1
Total, 2018	6.1
Total, Thereafter	14.3
Totals	$ 287.2

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Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	4 Months Ended	10 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Predecessor [Member] | Transunion Intermediate [Member]
Cash flows from operating activities:
Net income	$ (52.4)
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	29.2
Equity in net income of affiliates, net of dividends	(3.7)
Deferred taxes	(18.3)
Amortization of senior notes purchase accounting fair value adjustment and note discount	0
(Gains) / losses on sale of other assets	0.1
Loss on early extinguishment of debt	0
Gain (Loss) on Investments, Excluding Other than Temporary Impairments	0
Cost-method Investments, Realized Gain (Loss)	0
Other Noncash Expense	0
Amortization of deferred financing fees	3.9
Stock-based compensation	2.0
Provision (reduction) for losses on trade accounts receivable	3.1
Change in control transaction fees	20.9
Other	(0.7)
Changes in assets and liabilities:
Trade accounts receivable	(24.7)
Other current and long-term assets	1.5
Trade accounts payable	1.6
Other current and long-term liabilities	89.9
Net cash provided by (Used in) operating activities	52.4
Payments for Repurchase of Other Equity	(1.3)
Cash flows from investing activities:
Capital expenditures	(20.4)
Purchases of trading securities	(1.1)
Proceeds from Sale of Other Investments	0
Payments to Acquire Other Investments	0
Proceeds from sale of trading securities	1.1
Proceeds from sale of other assets	0
Acquisitions and purchases of noncontrolling interests, net of cash acquired	(0.1)
Acquisition-related deposits, net	0
Other	0.9
Acquisition of noncontrolling interests in TransUnion Corp. subsidiaries	0
Cash (used in) provided by investing activities	(19.6)
Cash flows from financing activities:
Proceeds from senior secured term loan	0
Extinguishment of senior secured term loan	0
Repayments of Unsecured Debt	0
Proceeds from revolving line of credit	0
Payment on revolving line of credit	0
Repayments of debt	(14.6)
Debt financing fees	(6.1)
Proceeds from issuance of common stock	0
Treasury stock purchases	(1.3)
Change in control transaction fees	(20.9)
Dividends to TransUnion Holding	0
Distributions to noncontrolling interests	(0.4)
Other	(0.4)
Cash provided by (used in) financing activities	(45.0)
Effect of exchange rate changes on cash and cash equivalents	0.8
Net change in cash and cash equivalents	(11.4)
Cash and cash equivalents	107.8
Cash and cash equivalents	96.4
Noncash investing activities & Noncash financing activities:
Property and equipment acquired through capital lease obligations	0
Noncash or Part Noncash Acquisition, Value of Assets Acquired	0
Exchange of TransUnion Holding Company, Inc. common stock for ownership interest in TransUnion Corp.	0
Cash paid during the year for:
Interest	12.7
Income taxes, net of refunds	5.6
Predecessor [Member] | Transunion Intermediate [Member] | 9.625% notes
Cash flows from financing activities:
Proceeds from notes	0
Predecessor [Member] | Transunion Intermediate [Member] | 8.125% notes
Cash flows from financing activities:
Proceeds from notes	0
TransUnion [Member] | TransUnion [Member]
Cash flows from operating activities:
Net income		(3.9)	(4.4)	(28.2)
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization		115.0	241.2	186.8
Equity in net income of affiliates, net of dividends		1.3	(3.3)	(3.6)
Deferred taxes		(5.1)	(20.8)	(16.2)
Amortization of senior notes purchase accounting fair value adjustment and note discount		(10.8)	(5.8)	(17.1)
(Gains) / losses on sale of other assets		0	0	(1.0)
Loss on early extinguishment of debt		0	(33.1)	0
Gain (Loss) on Investments, Excluding Other than Temporary Impairments		0	(22.2)	0
Cost-method Investments, Realized Gain (Loss)		0	4.1	0
Other Noncash Expense		0	0.6	0
Amortization of deferred financing fees		2.1	7.3	8.2
Stock-based compensation		2.7	8.0	6.3
Provision (reduction) for losses on trade accounts receivable		(1.9)	3.2	0.8
Change in control transaction fees		0	0	0
Other		2.6	1.3	(0.9)
Changes in assets and liabilities:
Trade accounts receivable		(1.0)	(36.3)	(3.1)
Other current and long-term assets		(78.8)	2.0	(8.6)
Trade accounts payable		(0.8)	6.1	5.9
Other current and long-term liabilities		25.6	6.4	14.1
Net cash provided by (Used in) operating activities		47.0	154.3	143.4
Payments for Repurchase of Other Equity		0	0	0
Cash flows from investing activities:
Capital expenditures		(48.8)	(155.2)	(81.7)
Purchases of trading securities		(0.5)	(2.1)	(1.8)
Proceeds from Sale of Other Investments		0	9.7	0
Payments to Acquire Other Investments		0	(15.1)	0
Proceeds from sale of trading securities		0	1.5	4.4
Proceeds from sale of other assets		0	1.0	4.3
Acquisitions and purchases of noncontrolling interests, net of cash acquired		(14.2)	(119.9)	(282.3)
Acquisition-related deposits, net		3.7	4.1	(10.0)
Other		(1.4)	0	0.1
Acquisition of noncontrolling interests in TransUnion Corp. subsidiaries		(1,485.9)	0	0
Cash (used in) provided by investing activities		(1,547.1)	(276.0)	(367.0)
Cash flows from financing activities:
Proceeds from senior secured term loan		0	1,895.3	1,133.4
Extinguishment of senior secured term loan		0	(1,120.5)	(923.4)
Repayments of Unsecured Debt		0	(645.0)	0
Proceeds from revolving line of credit		0	78.5	65.0
Payment on revolving line of credit		0	(28.5)	(65.0)
Repayments of debt		(17.2)	(25.6)	(11.9)
Debt financing fees		(41.3)	(61.5)	(5.2)
Proceeds from issuance of common stock		1,097.3	9.6	5.8
Treasury stock purchases		(0.7)	(0.2)	(3.4)
Change in control transaction fees		0	0	0
Dividends to TransUnion Holding		(373.8)	0	0
Distributions to noncontrolling interests		(7.2)	(10.4)	(8.0)
Other		0	0.2	0
Cash provided by (used in) financing activities		1,655.1	91.9	187.3
Effect of exchange rate changes on cash and cash equivalents		(0.7)	(3.5)	(6.8)
Net change in cash and cash equivalents		154.3	(33.3)	(43.1)
Cash and cash equivalents		0	111.2	154.3
Cash and cash equivalents		154.3	77.9	111.2
Noncash investing activities & Noncash financing activities:
Property and equipment acquired through capital lease obligations		0	0	2.0
Noncash or Part Noncash Acquisition, Value of Assets Acquired		0	12.9	0
Exchange of TransUnion Holding Company, Inc. common stock for ownership interest in TransUnion Corp.		10.4	0	0
Cash paid during the year for:
Interest		140.4	191.0	211.8
Income taxes, net of refunds		14.9	25.2	23.3
TransUnion [Member] | TransUnion [Member] | 9.625% notes
Cash flows from financing activities:
Proceeds from notes		600.0	0	0
TransUnion [Member] | TransUnion [Member] | 8.125% notes
Cash flows from financing activities:
Proceeds from notes		$ 398.0	$ 0	$ 0

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Operating Segments (Details 7) (TransUnion [Member], TransUnion [Member])	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
United States [Member]
Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset
Long-lived assets, other than financial instruments and deferred tax assets	82.00%	85.00%	81.00%
South Africa [Member]
Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset
Long-lived assets, other than financial instruments and deferred tax assets	3.00%	3.00%	5.00%
Canada [Member]
Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset
Long-lived assets, other than financial instruments and deferred tax assets	3.00%	3.00%	4.00%
Other Country [Member]
Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset
Long-lived assets, other than financial instruments and deferred tax assets	12.00%	9.00%	10.00%

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Business Acquisitions Identifiable Intangible Assets Table (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 1,939.6	$ 1,934.0

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Related-Party Transactions (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended	4 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Apr. 30, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions (Textual) [Abstract]
Acquisition costs	$ 36.5
Neal Gerber and Eisenberg LLP [Member] | TransUnion Intermediate-Predecessor
Related Party Transactions (Textual) [Abstract]
Legal services		0.1
Pritzker Family US Situs Trusts [Member]
Related Party Transactions (Textual) [Abstract]
Beneficially owned excess		5.00%
Affiliates of Goldman Sachs & Co [Member] | TransUnion Intermediate-Predecessor
Related Party Transactions (Textual) [Abstract]
Acquisition costs	1.4
Pritzker family business interests [Member]
Related Party Transactions (Textual) [Abstract]
Beneficially owned excess		5.00%
TransUnion [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Advisory fee				0.3
Annual increase in advisor fee to GSC & Advent				5.00%
Acquisition costs			15.6	0.5	3.7
Common stock, shares issued				111,400,000	110,700,000
TransUnion [Member] | Neal Gerber and Eisenberg LLP [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Legal services			0.5
TransUnion [Member] | Latham and Watkins LLP [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Legal services			0.4
TransUnion [Member] | Advent International Corporation [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Related party transaction, expenses from transactions with related party			0.1	0.3	0.3
Acquisition costs	0.2
TransUnion [Member] | Goldman Sachs and Company [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Related party transaction, expenses from transactions with related party			0.1	0.3	0.3
TransUnion [Member] | Director [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Advisory fee				0.2
TransUnion [Member] | Affiliates of Goldman Sachs & Co [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Acquisition costs	11.9
TransUnion [Member] | Pritzker family business interests [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Other liabilities				3.2	3.2
TransUnion [Member] | Executive Officer [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Common stock, shares issued	424,800		424,800	257,576
Purchase price of common shares	$ 6.65		$ 6.65	$ 17.40
TransUnion [Member] | Former Executive Officers [Member] | Successor [Member]
Related Party Transactions (Textual) [Abstract]
Aggregate purchase of common stock	69,625
Purchase price of aggregate common stock	$ 10.07		$ 10.07
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Related Party Transactions (Textual) [Abstract]
Acquisition costs		20.9
Transunion Intermediate [Member] | Latham and Watkins LLP [Member] | TransUnion Intermediate-Predecessor
Related Party Transactions (Textual) [Abstract]
Legal services		$ 3.5
$6.65 purchase price [Member] | TransUnion [Member] | Executive Officer [Member]
Related Party Transactions (Textual) [Abstract]
Common stock, shares issued					26,326
Purchase price of common shares					$ 6.65
$6.65 purchase price [Member] | TransUnion [Member] | Former Executive Officers [Member]
Related Party Transactions (Textual) [Abstract]
Aggregate purchase of common stock					297,955
Purchase price of aggregate common stock					$ 6.65
$11.42 purchase price [Member] | TransUnion [Member] | Executive Officer [Member]
Related Party Transactions (Textual) [Abstract]
Common stock, shares issued					87,566
Purchase price of common shares					$ 11.42
$11.42 purchase price [Member] | TransUnion [Member] | Former Executive Officers [Member]
Related Party Transactions (Textual) [Abstract]
Aggregate purchase of common stock					109,623
Purchase price of aggregate common stock					$ 11.42

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Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2014

Other Current Assets [Line Items]

Other current assets

Other current assets consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Deferred income tax assets	$	51.2	$	22.1
Prepaid expenses	43.4		34.9
Other investments	8.8		—
Deferred financing fees	8.2		6.8
Marketable securities	3.0		—
Income taxes receivable	2.8		6.8
Other	5.3		2.9
Total other current assets	$	122.7	$	73.5

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Intangible Assets (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	12 Months Ended	0 Months Ended
	Apr. 30, 2012	Dec. 31, 2014	Dec. 16, 2013	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Intangible assets
Gross		$ 2,347.4		$ 2,161.5
Accumulated amortization		(407.8)		(227.5)
Total future amortization expense		1,939.6		1,934.0
Database and credit files [Member]
Intangible assets
Finite-Lived Intangible Asset, Useful Life	15 years
Database and credit files [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Gross		801.3		761.8
Accumulated amortization		(135.8)		(84.3)
Total future amortization expense		665.5		677.5
Internally developed software [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Gross		580.0		510.4
Accumulated amortization		(187.3)		(94.7)
Total future amortization expense		392.7		415.7
Customer relationships [Member]
Intangible assets
Finite-Lived Intangible Asset, Useful Life	20 years
Customer relationships [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Gross		392.4		336.1
Accumulated amortization		(46.0)		(25.8)
Total future amortization expense		346.4		310.3
Trademarks, copyrights and patents [Member]
Intangible assets
Finite-Lived Intangible Asset, Useful Life	40 years
Trademarks, copyrights and patents [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Gross		571.5		550.7
Accumulated amortization		(37.9)		(22.2)
Total future amortization expense		533.6		528.5
Finite-Lived Intangible Asset, Useful Life		40 years
Noncompete and other agreements [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Gross		2.2		2.5
Accumulated amortization		(0.8)		(0.5)
Total future amortization expense		1.4		2.0
TLO [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Total future amortization expense			83.1
TLO [Member] | Trademarks and Trade Names [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Total future amortization expense			13.2
Finite-Lived Intangible Asset, Useful Life			20 years
TLO [Member] | Customer relationships [Member] | TransUnion [Member] | TransUnion [Member]
Intangible assets
Total future amortization expense			$ 24.1
Finite-Lived Intangible Asset, Useful Life			15 years 0 months

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Share-based Compensation [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

In connection with the 2012 Change in Control Transaction, the 2010 Management Equity Plan (the "2010 Plan") was cancelled and replaced with the TransUnion Holding Company, Inc. 2012 Management Equity Plan (the "2012 Plan") as approved by stockholders. Under the 2012 Plan, stock-based awards may be issued to executive officers, employees and independent directors of the Company. A total of 9.1 million shares have been authorized for grant under the 2012 Plan. As of December 31, 2014, 0.4 million shares remain available for future issuance under the 2012 plan.

For the years ended December 31, 2014, and December 31, 2013, and from the date of inception through December 31, 2012, we recognized stock-based compensation of $10.6 million, $6.9 million, and $3.0 million, respectively, with related income tax benefits of approximately $3.8 million, $2.5 million and $1.1 million, respectively. For the four months ended April 30, 2012, TransUnion Intermediate Predecessor recognized $90.0 million stock-based compensation with related income tax benefits of approximately $32.4 million.

In connection with the 2012 Change in Control Transaction, all outstanding awards under the 2010 Plan immediately vested and TransUnion Intermediate Predecessor recognized $88.0 million of accelerated stock-based compensation, with a related income tax benefit of approximately $31.7 million. All options outstanding were then cancelled and existing option holders received $91.2 million in cash consideration for the value of their options.

Stock Options

Stock-options granted under the 2012 Plan have a ten-year term. For stock options granted to employees, 40% generally vest based on the passage of time (service condition options), and 60% vest based on the passage of time and meeting certain shareholder return on investment conditions (market condition options). All stock options granted to independent directors vest based on the passage of time.

Service condition options are valued using the Black-Scholes valuation model and vest over a five-year service period, with 20% generally vesting one year after the grant date, and 5% vesting each quarter thereafter. Compensation costs for the service condition awards are recognized on a straight-line basis over the requisite service period for the entire award. Market condition options are valued using a risk-neutral Monte Carlo valuation model, with assumptions similar to those used to value the service condition awards, and vest over a five-year service period, contingent on meeting the market conditions.

The assumptions used to value the service condition options and the weighted-average grant date fair value for the periods presented were as follows:

	Successor							Predecessor
	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Service condition options:
Dividend yield	—		—		—			—
Expected volatility	55%-60%		60%-70%		59		%	30		%
Risk-free interest rate	0.9%-2.3%		0.9%-1.0%		0.9		%	2.4		%
Expected life, in years	5.9-6.4		5.9-6.1		6.2			6.5
Weighted-average grant date fair value	$	8.16	$	5.61	$	4.97		$	15.74
Market condition options:
Weighted-average grant date fair value	$	7.45	$	5.19	$	4.08		$	15.15

The dividend yield was estimated to be zero because we do not expect to pay dividends in the future. The expected volatility was estimated based on comparable company volatility. The risk-free interest rate was derived from the constant maturity treasury curve for terms matching the expected life of the award. The expected life was calculated using the simplified method described in SAB No. 110 because we do not have sufficient historical data related to exercise behavior.

In connection with a special dividend of $3.41 per common share paid on November 1, 2012, the Compensation Committee of the Board of Directors approved an equitable adjustment to reduce the exercise price of options outstanding at November 9, 2012, from $10.07 to $6.65 per share. Since the Company’s options do not contain mandatory anti-dilution provisions, the adjustment was treated as a modification of the options’ terms and conditions, resulting in $2.8 million of additional compensation expense that is being recognized over the remaining requisite service period as of the modification date.

Stock option activity as of and for the years ended December 31, 2014 and December 31, 2013, consisted of the following:

(in millions, except share and per share information)	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2013	7,106,389		$	7.46	8.8	$	28.2
Granted	1,461,865		$	14.76
Exercised	(164,484	)	$	6.65
Forfeited	(717,973	)	$	8.64
Expired	(1,350	)	$	6.65
Outstanding at December 31, 2014	7,684,447		$	8.83	8.2	$	65.8
Fully vested and expected to vest at December 31, 2014	7,022,716		$	8.83	8.2	$	60.2
Exercisable at December 31, 2014	995,418		$	7.17	7.9	$	10.2

As of December 31, 2014, stock-based compensation expense remaining to be recognized in future years related to options, excluding an estimate for forfeitures, was $11.3 million for service condition options and $15.5 million for market condition options, with weighted-average recognition periods of 3.5 years and 2.7 years, respectively. During 2014, cash received from the exercise of stock options was $1.1 million with a tax benefit realized from these exercises of approximately $0.1 million.

The intrinsic value of options exercised and the fair value of options vested for the periods presented are as follows:

	Successor						Predecessor
(in millions)	Year Ended December 31, 2014		Year Ended December 31, 2013		From Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
Intrinsic value of options exercised	$	1.1	$	0.5	$	—	$	—
Total fair value of options vested	$	3.0	$	3.7	$	—	$	18.2

For the four months ended April 30, 2012, the total fair value of options vested includes the fair value of options that vested in connection with the 2012 Change in Control Transaction.

Stock appreciation rights

During the years ended December 31, 2014, and December 31, 2013, and from the date of inception through December 31, 2012, the Company granted 0.1 million, 0.1 million and 0.9 million stock appreciation rights (“SARs”), respectively, with weighted-average exercise prices of $14.58, $9.52 and $6.65, respectively. The SARs have a ten-year term, with 40% vesting over a five-year service period and 60% vesting over a five-year service period contingent on meeting certain market conditions. The SARs provide for cash settlement and are being accounted for as liability awards, with expense recognized based on the award's fair value and the percentage of requisite service rendered at the end of each reporting period.

In connection with a special dividend of $3.41 per common share paid on November 1, 2012, the Compensation Committee of the Board of Directors approved an equitable adjustment to reduce the exercise price of the SARs outstanding at November 9, 2012, from $10.07 to $6.65 per share.

As of December 31, 2014, 0.1 million SARs had vested, 0.2 million SARs had been forfeited, and 0.1 million SARs had been exercised. During 2014, $0.1 million of share-based liabilities were paid for SARs that were exercised during the year. Stock-based compensation expense remaining to be recognized in future years related to SARs was $3.9 million based on the fair value of the awards at December 31, 2014.

Restricted stock

During 2012, the Company granted 25,082 shares of restricted stock that cliff vest after three years under the 2012 Management Equity Plan. During 2014 and 2013, there we no new grants or forfeitures and none of the restricted stock vested. The weighted average grant date fair value was $6.65. As of December 31, 2014, stock-based compensation expense remaining to be recognized in future years related to restricted stock was $0.1 million with a weighted-average recognition period of one year.

In connection with a special dividend of $3.41 per common share paid on November 1, 2012, the grant date fair value of restricted stock issued was reset from $10.07 to $6.65 per share.

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Property, plant and equipment, including those acquired by capital lease, consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Computer equipment and furniture	$	153.1		$	107.8
Building and building improvements	89.0			64.3
Purchased software	59.5			45.3
Land	3.2			3.2
Total cost of property, plant and equipment	304.8			220.6
Less: accumulated depreciation	(123.4		)	(70.2		)
Total property, plant and equipment, net of accumulated depreciation	$	181.4		$	150.4

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Contingencies (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Contingencies (Textual) [Abstract]
Anticipated claims of continuing operations related to TransUnion Corp	$ 17.8	$ 13.8

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Operating Segments

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Operating Segments

Operating Segments

Operating segments are businesses for which separate financial information is available and evaluated regularly by the chief operating decision-maker in deciding how to allocate resources. This segment financial information is reported on the basis that is used for the internal evaluation of operating performance. The accounting policies of the segments are the same as described in Note 1, “Significant Accounting and Reporting Policies.”

We evaluate the performance of segments based on revenue and operating income. Intersegment sales and transfers have been eliminated and were not material.

The following is a more detailed description of the three operating segments and the Corporate unit, which provides support services to each operating segment:

U.S. Information Services

U.S. Information Services (“USIS”) provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. These businesses use our services to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud. These core capabilities and delivery platforms in our USIS segment allow us to serve a broad set of customers and business issues. We offer our services to customers in the financial services, insurance, healthcare and other industries.

International

The International segment provides services similar to our USIS segment to businesses in select regions outside the U.S. Depending on the maturity of the credit economy in each country; services may include credit reports, analytics and decisioning services and other value-added risk management services. In addition, we have insurance, business and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, insurance, automotive, collections and communications, and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive segment that help consumers proactively manage their personal finances.

Consumer Interactive

Consumer Interactive offers solutions that help consumers manage their personal finances and take precautions against identity theft. Services in this segment include credit reports and scores, credit monitoring, fraud protection and resolution and financial management. Our products are provided through user friendly online and mobile interfaces and supported by educational content and customer support. Our Consumer Interactive segment serves over 35 million consumers through both direct and indirect channels.

Corporate

Corporate provides shared services for the Company and conducts enterprise functions. Certain costs incurred in Corporate that are not directly attributable to one or more of the operating segments remain in Corporate. These costs are typically for enterprise-level functions and are primarily administrative in nature.

Selected financial information consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception through December 31, 2012			Four Months Ended April 30, 2012
Revenue
U.S. Information Services	$	818.6		$	740.6		$	487.4		$	238.1
International	255.5			238.9			157.8			76.6
Consumer Interactive	230.6			203.7			121.8			58.3
Total	$	1,304.7		$	1,183.2		$	767.0		$	373.0
Operating income (loss)
U.S. Information Services	$	112.8		$	154.7		$	121.9		$	33.2
International	22.2			19.5			19.1			5.3
Consumer Interactive	85.5			65.6			48.7			13.0
Corporate	(92.1		)	(70.6		)	(48.5		)	(51.7		)
Total	$	128.4		$	169.2		$	141.2		$	(0.2	)
Reconciliation of operating income (loss) to income (loss) from operations before income tax:
Operating income from segments	$	128.4		$	169.2		$	141.2		$	(0.2	)
Non-operating income and expense	(130.2		)	(195.1		)	(138.5		)	(63.7		)
Income (loss) from operations before income tax	$	(1.8	)	$	(25.9	)	$	2.7		$	(63.9	)

Earnings from equity method investments, included in non-operating income and expense was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	1.2	$	1.4	$	0.9	$	0.5
International	11.3		12.3		7.1		3.6
Total	$	12.5	$	13.7	$	8.0	$	4.1

Total assets, by segment, consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
U.S. Information Services	$	2,932.8	$	2,894.7
International	1,268.1		1,166.8
Consumer Interactive	268.8		268.3
Corporate	196.1		162.5
Total	$	4,665.8	$	4,492.3

Cash paid for capital expenditures, by segment, was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	99.6	$	46.9	$	30.8	$	14.3
International	30.1		17.1		8.6		2.4
Consumer Interactive	5.3		3.9		2.8		1.3
Corporate	20.2		13.8		6.6		2.4
Total	$	155.2	$	81.7	$	48.8	$	20.4

Depreciation and amortization expense by segment was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
U.S. Information Services	$	174.3	$	129.3	$	78.9	$	22.3
International	51.0		39.9		25.8		3.7
Consumer Interactive	10.3		8.9		5.2		1.3
Corporate	5.6		8.7		5.1		1.9
Total	$	241.2	$	186.8	$	115.0	$	29.2

Percentage of revenue based on the country where it was earned, was as follows:

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception Through December 31, 2012		Four Months Ended April 30, 2012
United States	80	%	80	%	79	%	79	%
South Africa	6	%	6	%	7	%	8	%
Canada	5	%	5	%	5	%	6	%
Other	9	%	9	%	9	%	7	%

Percentage of long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset, was as follows:

	Percent of Long-Lived Assets
Country	2014		2013		2012
United States	82	%	85	%	81	%
South Africa	3	%	3	%	5	%
Canada	3	%	3	%	4	%
Other	12	%	9	%	10	%

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Other Assets (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items]
Time Deposits, $100,000 or More, Foreign	$ 0.1
Other assets
Investments in affiliated companies	52.8	92.4
Deferred financing fees	25.8	29.7
Other Long-term Investments	18.8	0
Deposits	11.5	15.8
Marketable Securities, Noncurrent	10.9	9.9
Other	0.1	0.7
Total other assets	$ 119.9	$ 148.5

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Consolidated Statements of Stockholders' Equity (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012	Dec. 31, 2011
TransUnion [Member] | TransUnion [Member]
Earnings available to common shareholders	$ (13.1)	$ (17.6)	$ (8.8)	$ (12.5)	$ (35.1)
Consolidated Statement of Stockholders' Equity
Net income	(10.7)	(15.7)	(3.9)	(4.4)	(28.2)
Other comprehensive loss			(26.4)	(53.8)	(53.4)
Acquisition of noncontrolling interests in TransUnion Intermediate Holdings, Inc. subsidiaries			1,485.9	0	0
Balance	747.7	714.5		747.7	714.5
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Earnings available to common shareholders						(54.9)
Consolidated Statement of Stockholders' Equity
Net income						(52.4)
Other comprehensive loss						2.5
Acquisition of noncontrolling interests in TransUnion Intermediate Holdings, Inc. subsidiaries						0
Common Stock | TransUnion [Member] | TransUnion [Member]
Earnings available to common shareholders			0	0	0
Consolidated Statement of Stockholders' Equity
Other comprehensive loss			0	0	0
Purchase accounting adjustments related to acquisition of TransUnion Intermediate Holdings, Inc.			0		0
Stock-based compensation			0	0	0
Issuance of Stock Shares			110,200,000
Issuance of stock			1.1	0
Stock issued during period, shares, restricted stock award, forfeited					100,000
Issuance of stock, Shares				500,000	400,000
Purchase of noncontrolling interests			0	0	0
Exercise of stock options				0
Stock repurchased during period, shares				0	(400,000)
Reclassification of redeemable non-controlling interests			0
Acquisition of subsidiary			0	0
Additional acquisition price for Brazil subsidiary			0		0
Dividends			0
Distributions to noncontrolling interests			0	0	0
Treasury stock purchased				0
Treasury stock purchased, shares			(100,000)
Disposal of noncontrolling interests					0
Stockholder contribution				0
Balance	1.1	1.1	1.1	1.1	1.1
Balance, shares	110,900,000	110,200,000	110,100,000	110,900,000	110,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				200,000
Common Stock | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Earnings available to common shareholders						0
Consolidated Statement of Stockholders' Equity
Other comprehensive loss						0
Stock-based compensation						0
Stock issued during period, shares, restricted stock award, forfeited						0
Impact of share-based awards modification						0
Distributions to noncontrolling interests						0
Effects of merger transaction						0
Balance						0.3	0.3
Balance, shares						29,800,000	29,800,000
Paid-In Capital | TransUnion [Member] | TransUnion [Member]
Earnings available to common shareholders				0
Consolidated Statement of Stockholders' Equity
Other comprehensive loss				0
Stock-based compensation			2.7	8.0	6.3
Issuance of stock			1,106.6	8.5	5.2
Purchase of noncontrolling interests			0.1	(1.4)	0.3
Exercise of stock options				1.1	0.6
Acquisition of subsidiary				0
Distributions to noncontrolling interests				0
Treasury stock purchased				0
Stockholder contribution				0
Balance	1,138.0	1,121.8	1,109.4	1,138.0	1,121.8
Paid-In Capital | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Consolidated Statement of Stockholders' Equity
Stock-based compensation						2.0
Exercise of stock options						0.1
Impact of share-based awards modification						(3.3)
Balance						892.7	893.9
Treasury Stock | TransUnion [Member] | TransUnion [Member]
Earnings available to common shareholders				0
Consolidated Statement of Stockholders' Equity
Other comprehensive loss				0
Stock-based compensation				0
Issuance of stock				0
Purchase of noncontrolling interests				0
Exercise of stock options				0
Acquisition of subsidiary				0
Distributions to noncontrolling interests				0
Treasury stock purchased			(0.7)	(0.2)	(3.4)
Stockholder contribution				0
Balance	(4.3)	(4.1)	(0.7)	(4.3)	(4.1)
Treasury Stock | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Consolidated Statement of Stockholders' Equity
Treasury stock purchased						(1.3)
Balance						(1.5)	(0.2)
Retained Earnings (Accumulated Deficit) | TransUnion [Member] | TransUnion [Member]
Earnings available to common shareholders				(12.5)
Consolidated Statement of Stockholders' Equity
Net income			(8.8)		(35.1)
Other comprehensive loss				0
Stock-based compensation				0
Issuance of stock				0
Purchase of noncontrolling interests				0
Exercise of stock options				0
Acquisition of subsidiary				0
Dividends			(373.8)
Distributions to noncontrolling interests				0
Treasury stock purchased				0
Stockholder contribution				0
Balance	(430.2)	(417.7)	(382.6)	(430.2)	(417.7)
Retained Earnings (Accumulated Deficit) | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Consolidated Statement of Stockholders' Equity
Net income						(54.9)
Effects of merger transaction						(0.4)
Balance						(1,794.3)	(1,739.0)
Accumulated Other Comp Income (Loss) | TransUnion [Member] | TransUnion [Member]
Earnings available to common shareholders				0
Consolidated Statement of Stockholders' Equity
Other comprehensive loss			(24.4)	(44.3)	(48.8)
Stock-based compensation				0
Issuance of stock				0
Purchase of noncontrolling interests				0
Exercise of stock options				0
Acquisition of subsidiary				0
Distributions to noncontrolling interests				0
Treasury stock purchased				0
Stockholder contribution				0
Balance	(117.5)	(73.2)	(24.4)	(117.5)	(73.2)
Accumulated Other Comp Income (Loss) | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Consolidated Statement of Stockholders' Equity
Other comprehensive loss						2.2
Balance						(1.4)	(3.6)
Non-controlling Interests | TransUnion [Member] | TransUnion [Member]
Consolidated Statement of Stockholders' Equity
Net income			4.9
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest					6.8
Other comprehensive loss			(2.0)	(7.5)	(1.9)
Acquisition of noncontrolling interests in TransUnion Intermediate Holdings, Inc. subsidiaries			26.6
Purchase accounting adjustments related to acquisition of TransUnion Intermediate Holdings, Inc.			87.0
Stock-based compensation				0
Issuance of stock				0
Purchase of noncontrolling interests				(2.0)
Exercise of stock options				0
Reclassification of redeemable non-controlling interests			(17.9)
Acquisition of subsidiary			1.9	85.1
Payments of ordinary dividends, noncontrolling interest			(7.2)
Distributions to noncontrolling interests				(10.1)	(7.8)
Treasury stock purchased				0
Purchase accounting adjustments related to acquisition of TransUnion Corp. subsidiaries					(3.3)
Disposal of noncontrolling interests					(0.6)
Stockholder contribution				0.1	0.1
Balance	160.6	86.6	93.3	160.6	86.6
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest				8.4
Non-controlling Interests | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Consolidated Statement of Stockholders' Equity
Net income						2.5
Other comprehensive loss						0.3
Payments of ordinary dividends, noncontrolling interest						0.4
Balance						26.6	24.2
Stockholders' Equity, Total [Member] | TransUnion [Member] | TransUnion [Member]
Consolidated Statement of Stockholders' Equity
Net income			(3.9)	(4.1)	(28.3)
Other comprehensive loss			(26.4)	(51.8)	(50.7)
Acquisition of noncontrolling interests in TransUnion Intermediate Holdings, Inc. subsidiaries			26.6
Purchase accounting adjustments related to acquisition of TransUnion Intermediate Holdings, Inc.			87.0
Stock-based compensation			2.7	8.0	6.3
Issuance of stock			1,107.7	8.5	5.2
Purchase of noncontrolling interests			0.1	(3.4)	0.3
Exercise of stock options				1.1	0.6
Reclassification of redeemable non-controlling interests			(17.9)
Acquisition of subsidiary			1.9	85.1
Payments of ordinary dividends, noncontrolling interest			(7.2)
Dividends			(373.8)
Distributions to noncontrolling interests				(10.1)	(7.8)
Treasury stock purchased			(0.7)	(0.2)	(3.4)
Purchase accounting adjustments related to acquisition of TransUnion Corp. subsidiaries					(3.3)
Disposal of noncontrolling interests					(0.6)
Stockholder contribution				0.1	0.1
Balance	747.7	714.5	796.1	747.7	714.5
Stockholders' Equity, Total [Member] | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Consolidated Statement of Stockholders' Equity
Net income						(52.4)
Other comprehensive loss						2.5
Stock-based compensation						2.0
Exercise of stock options						0.1
Impact of share-based awards modification						(3.3)
Payments of ordinary dividends, noncontrolling interest						0.4
Treasury stock purchased						(1.3)
Effects of merger transaction						(0.4)
Balance						(877.6)	(824.4)
Redeemable Non-controlling Interests (Temporary Equity) | TransUnion [Member] | TransUnion [Member]
Consolidated Statement of Stockholders' Equity
Net income					0.1
Other comprehensive loss				(2.0)	(2.7)
Purchase accounting adjustments related to acquisition of TransUnion Intermediate Holdings, Inc.			(0.3)
Stock-based compensation				0
Issuance of stock				0
Purchase of noncontrolling interests			(3.3)	0	(1.9)
Exercise of stock options				0
Reclassification of redeemable non-controlling interests			17.9
Acquisition of subsidiary				8.4	7.6
Additional acquisition price for Brazil subsidiary			0.4
Distributions to noncontrolling interests				(0.3)	(0.2)
Treasury stock purchased				0
Stockholder contribution				0
Balance	23.4	17.6	14.7	23.4	17.6
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest				$ (0.3)

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Consolidated Balance Sheets (Parenthetical) (TransUnion [Member], TransUnion [Member], USD $) In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Trade accounts receivable, allowance	$ 2.4	$ 0.7
Property, plant and equipment, accumulated depreciation and amortization	123.4	70.2
Other intangibles accumulated amortization of	$ 407.8	$ 227.5
Common stock, par value	$ 0	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	111,400,000	110,700,000
Common stock, shares outstanding	110,900,000	110,200,000
Treasury stock at cost, shares	500,000	500,000

XML

Other Current Liabilities

12 Months Ended

Dec. 31, 2014

Other Liabilities, Current [Abstract]

Other Current Liabilities

Other Current Liabilities

Other current liabilities consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Accrued payroll	$	71.5	$	63.7
Accrued interest	20.5		23.1
Accrued legal and regulatory	17.8		13.8
Accrued employee benefits	13.0		9.6
Deferred revenue	8.6		9.1
Other	18.0		14.2
Total other current liabilities	$	149.4	$	133.5

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Accumulated Other Comprehensive Income (Loss) (Details) (USD $) In Millions, unless otherwise specified	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total	$ (1.4)				$ (3.6)
Change	2.2
Accumulated other comprehensive income (loss), total	(1.4)				(3.6)
Transunion Intermediate [Member] | Foreign Currency Translation Adjustment | TransUnion Intermediate-Predecessor
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total	(1.4)				(3.6)
Change	2.2
Accumulated other comprehensive income (loss), total	(1.4)				(3.6)
Transunion Intermediate [Member] | Net Unrealized Gain/(Loss) On Hedges | TransUnion Intermediate-Predecessor
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total	0				0
Change	0
Accumulated other comprehensive income (loss), total	0				0
Transunion Intermediate [Member] | Net Unrealized Gain/(Loss) On Available-for-sale Securities | TransUnion Intermediate-Predecessor
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total	0				0
Change	0
Accumulated other comprehensive income (loss), total	0				0
TransUnion [Member] | TransUnion [Member]
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total		(24.4)	(117.5)	(73.2)
Change		(24.4)	(44.3)	(48.8)
Purchase accounting adjustments		1.4
Accumulated other comprehensive income (loss), total		(24.4)	(117.5)	(73.2)
TransUnion [Member] | Foreign Currency Translation Adjustment | TransUnion [Member]
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total		(20.7)	(116.8)	(72.6)
Change		(20.7)	(44.2)	(51.9)
Purchase accounting adjustments		1.4
Accumulated other comprehensive income (loss), total		(20.7)	(116.8)	(72.6)
TransUnion [Member] | Net Unrealized Gain/(Loss) On Hedges | TransUnion [Member]
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total		(3.7)	(0.8)	(0.6)
Change		(3.7)	(0.2)	3.1
Purchase accounting adjustments		0
Accumulated other comprehensive income (loss), total		(3.7)	(0.8)	(0.6)
TransUnion [Member] | Net Unrealized Gain/(Loss) On Available-for-sale Securities | TransUnion [Member]
Component accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), total		0	0.1	0
Change		0	0.1	0
Purchase accounting adjustments		0
Accumulated other comprehensive income (loss), total		$ 0	$ 0.1	$ 0

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Operating Segments (Details 6)	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | United States [Member] | TransUnion [Member]
Revenue based on the country
Revenue earned	79.00%	80.00%	80.00%
TransUnion [Member] | South Africa [Member] | TransUnion [Member]
Revenue based on the country
Revenue earned	7.00%	6.00%	6.00%
TransUnion [Member] | Canada [Member] | TransUnion [Member]
Revenue based on the country
Revenue earned	5.00%	5.00%	5.00%
TransUnion [Member] | Other Country [Member] | TransUnion [Member]
Revenue based on the country
Revenue earned	9.00%	9.00%	9.00%
Transunion Intermediate [Member] | United States [Member] | TransUnion Intermediate-Predecessor
Revenue based on the country
Revenue earned				79.00%
Transunion Intermediate [Member] | South Africa [Member] | TransUnion Intermediate-Predecessor
Revenue based on the country
Revenue earned				8.00%
Transunion Intermediate [Member] | Canada [Member] | TransUnion Intermediate-Predecessor
Revenue based on the country
Revenue earned				6.00%
Transunion Intermediate [Member] | Other Country [Member] | TransUnion Intermediate-Predecessor
Revenue based on the country
Revenue earned				7.00%

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Operating Segments (Details 4) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment	$ 48.8	$ 155.2	$ 81.7
TransUnion [Member] | TransUnion [Member] | U.S. Information Services [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment	30.8	99.6	46.9
TransUnion [Member] | TransUnion [Member] | International [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment	8.6	30.1	17.1
TransUnion [Member] | TransUnion [Member] | Interactive [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment	2.8	5.3	3.9
TransUnion [Member] | TransUnion [Member] | Corporate [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment	6.6	20.2	13.8
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment				20.4
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | U.S. Information Services [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment				14.3
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | International [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment				2.4
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Interactive [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment				1.3
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Corporate [Member]
Cash paid for capital expenditures, by segment
Payments to acquire property, plant, and equipment				$ 2.4

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 28, 2015	Jun. 30, 2014
Document type	10-K
Amendment flag	false
Document period end date	Dec. 31, 2014
Document fiscal year focus	2014
Document fiscal period focus	FY
Entity registrant name	TransUnion
Entity central index key	0001552033
Current fiscal year end date	--12-31
Entity filer category	Non-accelerated Filer
Entity well-known seasoned issuer	No
Entity voluntary filers	No
Entity current reporting status	Yes
Entity common stock, shares outstanding		110,968,015
Entity public float			$ 0

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Other Liabilities

12 Months Ended

Dec. 31, 2014

Other Liabilities, Noncurrent [Abstract]

Other Liabilities

Other Liabilities

Other liabilities consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Retirement benefits	$	10.8	$	10.4
Unrecognized tax benefits	0.3		4.6
Other	11.0		7.6
Total other liabilities	$	22.1	$	22.6

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Income Taxes (Details 2) (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Reconciliation of the U.S. federal statutory tax rate to our effective tax rate
Income taxes at 35% statutory rate, Value	$ 0.9	$ (0.6)	$ (9.1)
Income taxes at 35% statutory rate, Percent	35.00%	35.00%	35.00%
Increase (decrease) resulting from:
State taxes net of federal income tax benefit	(0.9)	0.4	(0.1)
State taxes net of federal income tax benefit, percent	(35.00%)	(23.90%)	0.40%
Foreign rate differential	(4.0)	(1.8)	(0.9)
Foreign rate differential, percent	(148.10%)	98.70%	3.50%
Nondeductible change in control transaction expenses	1.8	0	0
Nondeductible change in control transaction expenses, percent	66.70%	0.00%	0.00%
Application of ASC 740-30 to foreign earnings	4.3	5.6	15.1
Application of ASC 740-30 to foreign earnings, percent	159.20%	(308.40%)	(58.00%)
Impact of foreign dividends and foreign tax credits	5.0	0	(1.7)
Impact of foreign dividends and foreign tax credits, percent	185.20%	(1.60%)	6.40%
Other	(0.5)	(1.0)	(1.0)
Other, percent	(18.60%)	56.00%	3.90%
Total provision (benefit) for income taxes	6.6	2.6	2.3
Total, percent	244.40%	(144.20%)	(8.80%)
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Reconciliation of the U.S. federal statutory tax rate to our effective tax rate
Income taxes at 35% statutory rate, Value				(22.4)
Income taxes at 35% statutory rate, Percent				35.00%
Increase (decrease) resulting from:
State taxes net of federal income tax benefit				(1.4)
State taxes net of federal income tax benefit, percent				2.20%
Foreign rate differential				(1.2)
Foreign rate differential, percent				1.90%
Nondeductible change in control transaction expenses				2.7
Nondeductible change in control transaction expenses, percent				(4.20%)
Application of ASC 740-30 to foreign earnings				8.1
Application of ASC 740-30 to foreign earnings, percent				(12.70%)
Impact of foreign dividends and foreign tax credits				2.0
Impact of foreign dividends and foreign tax credits, percent				(3.10%)
Other				0.7
Other, percent				(1.10%)
Total provision (benefit) for income taxes				$ (11.5)
Total, percent				18.00%

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Operating Segments (Details 3) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property, plant and equipment, net of accumulated depreciation and amortization, by segment
Assets	$ 4,665.8	$ 4,492.3
U.S. Information Services [Member]
Property, plant and equipment, net of accumulated depreciation and amortization, by segment
Assets	2,932.8	2,894.7
International [Member]
Property, plant and equipment, net of accumulated depreciation and amortization, by segment
Assets	1,268.1	1,166.8
Interactive [Member]
Property, plant and equipment, net of accumulated depreciation and amortization, by segment
Assets	268.8	268.3
Corporate [Member]
Property, plant and equipment, net of accumulated depreciation and amortization, by segment
Assets	$ 196.1	$ 162.5

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Consolidated Statements of Income (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Revenue									$ 767.0	$ 1,304.7	$ 1,183.2
Operating expenses
Cost of services (exclusive of depreciation and amortization below)									298.2	499.1	472.4
Selling, general and administrative									212.6	436.0	354.8
Depreciation and amortization									115.0	241.2	186.8
Total operating expenses									625.8	1,176.3	1,014.0
Operating income (loss)	20.4	40.8	32.4	34.8	36.2	49.3	39.5	44.2	141.2	128.4	169.2
Non-operating income and expense
Interest expense									(125.0)	(190.0)	(197.6)
Interest income									0.8	3.3	1.7
Earnings from equity method investments									8.0	12.5	13.7
Other income and (expense), net									(22.3)	44.0	(12.9)
Total non-operating income and expense									(138.5)	(130.2)	(195.1)
Income (loss) before income taxes									2.7	(1.8)	(25.9)
(Provision) benefit for income taxes									(6.6)	(2.6)	(2.3)
Net loss	(10.7)	(0.1)	19.9	(13.5)	(15.7)	(1.4)	(6.1)	(5.0)	(3.9)	(4.4)	(28.2)
Less: net income attributable to noncontrolling interests									(4.9)	(8.1)	(6.9)
Net loss attributable to TransUnion	(13.1)	(2.6)	17.9	(14.7)	(17.6)	(3.4)	(7.8)	(6.3)	(8.8)	(12.5)	(35.1)
Earnings per share - basic	$ (0.12)	$ (0.02)	$ 0.16	$ (0.13)	$ (0.16)	$ (0.03)	$ (0.07)	$ (0.06)	$ (0.08)	$ (0.11)	$ (0.32)
Earnings per share - diluted	$ (0.12)	$ (0.02)	$ 0.16	$ (0.13)	$ (0.16)	$ (0.03)	$ (0.07)	$ (0.06)	$ (0.08)	$ (0.11)	$ (0.32)
Weighted average shares outstanding									109.7	110.5	109.9
Weighted average dilutive shares outstanding									109.7	110.5	109.9
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Revenue												373.0
Operating expenses
Cost of services (exclusive of depreciation and amortization below)												172.0
Selling, general and administrative												172.0
Depreciation and amortization												29.2
Total operating expenses												373.2
Operating income (loss)												(0.2)
Non-operating income and expense
Interest expense												(40.5)
Interest income												0.6
Earnings from equity method investments												4.1
Other income and (expense), net												(27.9)
Total non-operating income and expense												(63.7)
Income (loss) before income taxes												(63.9)
(Provision) benefit for income taxes												11.5
Net loss												(52.4)
Less: net income attributable to noncontrolling interests												(2.5)
Net loss attributable to TransUnion												$ (54.9)
Earnings per share - basic												$ (1.84)
Earnings per share - diluted												$ (1.84)
Weighted average shares outstanding												29.8
Weighted average dilutive shares outstanding												29.8

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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment, including those acquired by capital lease, consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Computer equipment and furniture	$	153.1		$	107.8
Building and building improvements	89.0			64.3
Purchased software	59.5			45.3
Land	3.2			3.2
Total cost of property, plant and equipment	304.8			220.6
Less: accumulated depreciation	(123.4		)	(70.2		)
Total property, plant and equipment, net of accumulated depreciation	$	181.4		$	150.4

Depreciation expense, including depreciation of assets recorded under capital leases, for the years ended December 31, 2014 and December 31, 2013, and from the date of inception through December 31, 2012, was $56.7 million, $44.0 million and $26.7 million, respectively. Depreciation expense for the Predecessor four months ended April 30, 2012, was $12.4 million.

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Other Current Assets

12 Months Ended

Dec. 31, 2014

Prepaid Expense and Other Assets, Current [Abstract]

Other Current Assets

Other Current Assets

Other current assets consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Deferred income tax assets	$	51.2	$	22.1
Prepaid expenses	43.4		34.9
Other investments	8.8		—
Deferred financing fees	8.2		6.8
Marketable securities	3.0		—
Income taxes receivable	2.8		6.8
Other	5.3		2.9
Total other current assets	$	122.7	$	73.5

Other investments are foreign non-negotiable certificates of deposit that we acquired with CIBIL. The majority of these certificates of deposits are in denominations of greater than $0.1 million. As of December 31, 2014, these investments were recorded at their carrying value.

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Fair Value

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2014:

(in millions)	Total			Level 1		Level 2			Level 3
Assets
Trading securities	$	10.9		$	6.6	$	4.3		$	—
Available for sale securities	3.0			—		3.0			—
Total	$	13.9		$	6.6	$	7.3		$	—
Liabilities
Contingent obligation	$	(5.0	)	$	—	$	—		$	(5.0	)
Interest rate swaps	(2.0		)	—		(2.0		)	—
Total	$	(7.0	)	$	—	$	(2.0	)	$	(5.0	)

Level 1 instruments consist of exchange-traded mutual funds. Exchange-traded mutual funds are trading securities valued at their current market prices. These securities relate to a nonqualified deferred compensation plan held in trust for the benefit of plan participants.

Level 2 instruments consist of pooled separate accounts, foreign exchange-traded corporate bonds and interest rate swaps. Pooled separate accounts are designated as trading securities valued at net asset values. These securities relate to the nonqualified deferred compensation plan held in trust for the benefit of plan participants. Foreign exchange-traded corporate bonds are available-for-sale securities valued at their current quoted prices. These securities mature between 2027 and 2033. Interest rate swaps fair values are determined using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves. See Note 12, “Debt” for additional information regarding interest rate swaps.

Unrealized gains and losses on trading securities are included in net income, while unrealized gains and losses on available for sale securities are included in other comprehensive income. There were no significant realized or unrealized gains or losses on our securities for any of the periods presented.

Level 3 instruments consist of contingent obligations related to recent acquisitions with maximum payouts totaling $19.5 million. These obligations are contingent upon meeting certain performance requirements in 2015 and 2016. The fair values of these obligations were determined based on an income approach, using our current expectations of the future earnings of the acquired entities. We assess the fair value of these obligations each reporting period with any changes reflected as gains or losses in selling, general and administrative expenses in the consolidated statements of income. During 2014, we recorded an expense of $1.5 million as a result of changes to the fair value of these obligations.

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Debt

12 Months Ended

Dec. 31, 2014

Debt Instruments [Abstract]

Debt

Debt

Debt outstanding consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Senior secured term loan, payable in quarterly installments through April 9, 2021, including variable interest (4.00% at December 31, 2014) at LIBOR or alternate base rate, plus applicable margin, including original discount (premium) of $4.3 million and $(0.2) million at December 31, 2014, and December 31, 2013, respectively	$	1,881.5		$	1,123.5
Senior secured revolving line of credit, due on April 9, 2019, variable interest (3.75% at December 31, 2014) at LIBOR or alternate base rate, plus applicable margin	50.0			—
11.375% Senior Notes - Senior notes, principal due June 15, 2018, (paid in full in May 2014) semi-annual interest payments, 11.375% fixed interest per annum, including unamortized fair value adjustment of $95.9 million as of December 31, 2013	—			740.9
9.625% Senior Notes - Senior unsecured PIK toggle notes, principal due June 15, 2018, semi-annual interest payments, 9.625% fixed interest per annum	600.0			600.0
8.125% Senior Notes - Senior unsecured PIK toggle notes, principal due June 15, 2018, semi-annual interest payments, 8.125% fixed interest per annum, including original issuance discount of $1.3 million and $1.7 million at December 31, 2014, and December 31, 2013, respectively	398.7			398.3
Other notes payable	7.4			—
Capital lease obligations	2.3			4.2
Total debt	$	2,939.9		$	2,866.9
Less short-term debt and current portion of long-term debt	(74.0		)	(13.8		)
Total long-term debt	$	2,865.9		$	2,853.1

Excluding potential additional principal payments due on the senior secured credit facility based on excess cash flows of the prior year, scheduled future maturities of total debt at December 31, 2014, was as follows:

(in millions)
2015	$	74.0
2016	23.4
2017	19.4
2018	1,019.0
2019	19.0
Thereafter	1,790.7
Unamortized premiums and discounts on notes	(5.6		)
Total	$	2,939.9

Senior Secured Credit Facility

On June 15, 2010, the Company entered into a senior secured credit facility with various lenders. The credit facility consists of a senior secured term loan and a senior secured revolving line of credit. On April 9, 2014, we refinanced and amended the senior secured credit facility. The refinancing resulted in an increase in the outstanding senior secured term loan from $1,120.5 million to $1,900.0 million. The amendment, among other things, reduced the interest rate floor and margins, reduced the amount available under the senior secured revolving line of credit from $210.0 million to $190.0 million, extended the maturity dates, and changed certain covenant requirements. The additional borrowings were used in part to repay all amounts outstanding under the existing senior secured revolving line of credit and pay fees and expenses associated with the refinancing transaction. On May 9, 2014, the remaining borrowings were used to redeem the entire $645.0 million outstanding balance of the 11.375% notes issued by TransUnion LLC and its wholly-owned subsidiary, TransUnion Financing Corporation, including a prepayment premium and unpaid accrued interest through June 15, 2014. We refer to these transactions collectively as the "2014 Refinancing Transaction." The early redemption of the 11.375% notes resulted in a net gain of $45.8 million recorded in other income and expense in the consolidated statements of income consisting of the unamortized 2012 Change in Control Transaction fair value increase in the notes of $89.4 million less an early redemption premium and other costs totaling $43.6 million. The senior secured credit facility refinancing resulted in $12.7 million of refinancing fees and other net costs expensed and recorded in other income and expense in the consolidated statements of income.

Interest rates on the refinanced senior secured term loan are based on the London Interbank Offered Rate (“LIBOR”) unless otherwise elected, and subject to a floor of 1.00%, plus a margin of 2.75% or 3.00% depending on our senior secured net leverage ratio. Under the refinanced senior secured term loan, the Company is required to make principal payments of 0.25% of the refinanced original principal balance at the end of each quarter, with the remaining balance due April 9, 2021. The Company will also be required to make additional payments beginning in 2015 based on excess cash flows of the prior year. Depending on the senior secured net leverage ratio for the year, a principal payment of between zero and fifty percent of the excess cash flows will be due the following year.

During the fourth quarter of 2014, the Company borrowed $50.0 million against the senior secured revolving line of credit to partially fund acquisitions. As of December 31, 2014, the entire $50.0 million borrowed against the senior secured revolving line of credit remained outstanding.

Interest rates on the refinanced senior secured revolving line of credit are based on LIBOR unless otherwise elected, and subject to a floor of 1.00%, plus a margin of 2.50% or 2.75% depending on our senior secured net leverage ratio. There is a 0.375% or 0.50% annual commitment fee, depending on our senior secured net leverage ratio, payable quarterly based on the undrawn portion of the senior secured revolving line of credit. The commitment under the senior secured revolving line of credit expires on April 9, 2019.

With certain exceptions, the obligations are secured by a first-priority security interest in substantially all of the assets of Trans Union LLC, including its investment in subsidiaries. The senior secured credit facility contains various restrictions and nonfinancial covenants, along with a senior secured net leverage ratio test. The nonfinancial covenants include restrictions on dividends, investments, dispositions, future borrowings and other specified payments, as well as additional reporting and disclosure requirements. We are in compliance with all of the loan covenants.

On April 30, 2012, we entered into swap agreements that effectively fixed the interest payments on a portion of the then existing senior secured term loan at 2.033%, plus the applicable margin, beginning March 28, 2013. Under the swap agreements, which we had designated as cash flow hedges, we pay a fixed rate of interest of 2.033% and receive a variable rate of interest equal to the greater of 1.50% or the three-month LIBOR. The net amount paid or received was recorded as an adjustment to interest expense. As a result of the April 9, 2014, senior secured credit facility amendment, the swaps were no longer expected to be highly effective and no longer qualify for hedge accounting. The total fair value of the swap instruments as of April 9, 2014, of $1.6 million was recorded in other liabilities in the consolidated balance sheet. The corresponding net of tax loss of $1.0 million was recorded in accumulated other comprehensive income and is being amortized to interest expense on a straight-line basis through December 29, 2017, the remaining life of the swaps. Changes in the fair value of the swaps after April 9, 2014 through December 31, 2014, resulted in a loss of $0.3 million recorded in other income and expense.

11.375% Senior Notes

Trans Union LLC and its wholly-owned subsidiary TransUnion Financing Corporation issued $645.0 million principal amount of 11.375% senior unsecured notes due June 15, 2018. On May 9, 2014, the 11.375% notes were fully repaid using proceeds received on the new senior secured term loan.

9.625% Senior Notes

On March 21, 2012, the Company issued $600.0 million principal amount of 9.625%/10.375% senior unsecured PIK toggle notes (“9.625% Senior Notes”) due June 15, 2018, in a private placement to certain investors. Pursuant to an exchange offer completed in October 2012, these notes were subsequently registered with the SEC. The Company is required to pay interest on the 9.625% Senior Notes in cash unless certain conditions described in the indenture governing the notes are satisfied, in which case the Company will be entitled to pay interest for such period by increasing the principal amount of the notes or by issuing new notes (such increase being referred to as “PIK,” or paid-in-kind interest) to the extent described in the indenture.

The indenture governing the 9.625% Senior Notes contains nonfinancial covenants that include restrictions on our ability to pay dividends or distributions, repurchase equity, prepay junior debt, make certain investments, incur additional debt, issue certain stock, incur liens on property, merge, consolidate or sell certain assets, enter into transactions with affiliates, and allow to exist certain restrictions on the ability of subsidiaries to pay dividends or make other payments to TransUnion. We are in compliance with all covenants under the indenture.

8.125% Senior Notes

On November 1, 2012, the Company issued $400.0 million principal amount of 8.125%/8.875% senior unsecured PIK toggle notes (“8.125% Senior Notes”) due June 15, 2018, at an offering price of 99.5% in a private placement to certain investors. Pursuant to an exchange offer completed in August 2013, these notes were subsequently registered with the SEC. The Company is required to pay interest on the 8.125% Senior Notes in cash unless certain conditions described in the indenture governing the notes are satisfied, in which case the Company will be entitled to pay interest for such period by increasing the principal amount of the notes or by issuing new notes to the extent described in the indenture.

The indenture governing the 8.125% Senior Notes and the nonfinancial covenants are substantially identical to those governing the 9.625% notes. We are in compliance with all covenants under the indenture.

Fair Value of Debt

The estimated fair values of our 9.625% and 8.125% Senior Notes as of December 31, 2014, were $613.7 million and $410.2 million, respectively, compared with book values of $600.0 million and $398.7 million, respectively. The fair values of these fixed-rate notes, as determined under Level 2 of the fair-value hierarchy, are measured using quoted market prices of these publicly traded securities. The book value of our variable-rate debt approximates its fair value. The estimated fair value of our debt may not represent the actual settlement value due to redemption premiums and prepayment penalties that we may incur in connection with extinguishing our debt before its stated maturity.

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Stock-Based Compensation (Details) (USD $) In Millions, except Share data, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 3.0	$ 10.6	$ 6.9
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	1.1	3.8	2.5
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				90.0
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense				32.4
Equity Option [Member] | TransUnion [Member] | TransUnion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		7,684,447	7,106,389
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price		$ 8.83	$ 7.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		8 years 2 months	8 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		65.8	28.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		7,022,716
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		$ 8.83
Stock option activity consisted of the following:
Beginning, aggregate intrinsic value	0	1.1	0.5
Shares, granted		1,461,865
Weighted average exercise price, granted		$ 14.76
Shares, exercised		(164,484)
Weighted average exercise price, exercised		$ 6.65
Shares, forfeited		(717,973)
Weighted average exercise price, forfeited		$ 8.64
Shares, expired		(1,350)
Weighted average exercise price, expired		$ 6.65
Ending, aggregate intrinsic value	0	1.1	0.5
Shares, exercisable vested and expected to vest		995,418
Exercisable vested and expected to vest, weighted average exercise price		$ 7.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		7 years 11 months
Exercisable vested and expected to vest, weighted average remaining contractual term		8 years 2 months
Equity Option [Member] | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Stock option activity consisted of the following:
Beginning, aggregate intrinsic value				0
Ending, aggregate intrinsic value				$ 0
Equity Option [Member] | Service Condition Option [Member] | TransUnion [Member] | TransUnion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate	0.00%	0.00%	0.00%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate	59.00%
Stock option activity consisted of the following:
Risk-free rate of return	0.90%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term	6 years 2 months
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value	$ 4.97	$ 8.16	$ 5.61
Equity Option [Member] | Service Condition Option [Member] | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate				0.00%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate				30.00%
Stock option activity consisted of the following:
Risk-free rate of return				2.40%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term				6 years 6 months
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value				$ 15.74
Equity Option [Member] | Market Condition Option [Member] | TransUnion [Member] | TransUnion [Member]
Stock option activity consisted of the following:
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value	$ 4.08	$ 7.45	$ 5.19
Equity Option [Member] | Market Condition Option [Member] | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Stock option activity consisted of the following:
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value				$ 15.15

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Other Assets

12 Months Ended

Dec. 31, 2014

Other Assets [Abstract]

Other Assets

Other Assets

Other assets consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Investments in affiliated companies	$	52.8	$	92.4
Deferred financing fees	25.8		29.7
Other investments	18.8		—
Deposits	11.5		15.8
Marketable securities	10.9		9.9
Other	0.1		0.7
Total other assets	$	119.9	$	148.5

The decrease in investments in affiliated companies was primarily due to our acquisition of a controlling equity interest in CIBIL, which we now consolidate. Other investments include foreign non-negotiable certificates of deposit that we acquired with CIBIL. The majority of these certificates of deposits are in denominations of greater than $0.1 million. As of December 31, 2014, these investments are recorded at their carrying value. See Note 3, "Business Combinations," and Note 9, "Investments in Affiliated Companies," for additional information regarding the CIBIL acquisition.

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Other Current Assets (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Time Deposits, $100,000 or More, Foreign	$ 0.1
Other current assets
Deferred income tax assets	51.2	22.1
Prepaid expenses	43.4	34.9
Other Short-term Investments	8.8	0
Income taxes receivable	2.8	6.8
Deferred financing fees	8.2	6.8
Marketable Securities, Current	3.0	0
Other	5.3	2.9
Total other current assets	$ 122.7	$ 73.5

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Goodwill

12 Months Ended

Dec. 31, 2014

Goodwill [Abstract]

Goodwill

Goodwill

Goodwill is tested for impairment at the reporting unit level on an annual basis, in the fourth quarter, or on an interim basis if changes in circumstances could reduce the fair value of a reporting unit below its carrying value. Our reporting units are consistent with our operating segments for the U.S. Information Services and Consumer Interactive segments. The reporting units for our International segment are the geographic regions of Africa, Canada, Latin America and Asia.

Our impairment tests are performed using a discounted cash flow analysis that requires certain assumptions and estimates regarding economic factors and future profitability. Goodwill impairment tests performed during 2014, 2013 and 2012 resulted in no impairment. At December 31, 2014, there was no accumulated goodwill impairment loss.

As a result of the 2012 Change in Control Transaction, the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill. See Note 2, “2012 Change in Control Transaction.”

Goodwill allocated to our segments as of December 31, 2014, December 31, 2013, and December 31, 2012, and the changes in the carrying amount of goodwill during those periods consisted of the following:

(in millions)	USIS			International			Consumer Interactive			Total
Balance, December 31, 2012	$	1,135.3		$	532.1		$	136.8		$	1,804.2
Purchase accounting adjustments	(4.7		)	(3.8		)	(0.6		)	(9.1		)
Acquisitions	125.9			25.4			—			151.3
Tax deductible goodwill adjustment	—			(2.1		)	—			(2.1		)
Foreign exchange rate adjustment	—			(33.9		)	—			(33.9		)
Sale of Africa subsidiary	—			(0.7		)	—			(0.7		)
Balance, December 31, 2013	$	1,256.5		$	517.0		$	136.2		$	1,909.7
Purchase accounting adjustments	10.3			—			—			10.3
Acquisitions	40.8			92.9			—			133.7
Foreign exchange rate adjustment	—			(29.8		)	—			(29.8		)
Balance, December 31, 2014	$	1,307.6		$	580.1		$	136.2		$	2,023.9

As of December 31, 2014, our estimates of fair value for each reporting unit exceeded the carrying amount of the corresponding reporting unit. The estimated fair value of our Latin America reporting unit exceeded its carrying amount by 5%. A 10% increase in the discount rate or a 10% decrease in the estimated cash flows of the reporting unit could not have resulted in an impairment in any reporting unit other than the Latin America reporting unit.

See Note 2, “Change in Control Transaction,” and Note 3, “Business Combinations,” for information on our purchase accounting adjustments and business acquisitions.

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Intangible Assets

12 Months Ended

Dec. 31, 2014

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible Assets

Intangible assets are initially recorded at their acquisition cost, or fair value if acquired as part of a business combination, and amortized over their estimated useful lives. Increases to the gross amount of intangible assets during 2014 included expenditures to develop internal use software and increases due to business acquisitions, partially offset by the impact of foreign exchange rate adjustments.

Intangible assets consisted of the following:

	December 31, 2014							December 31, 2013
(in millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Database and credit files	$	801.3	$	(135.8	)	$	665.5	$	761.8	$	(84.3	)	$	677.5
Internal use software	580.0		(187.3		)	392.7		510.4		(94.7		)	415.7
Customer relationships	392.4		(46.0		)	346.4		336.1		(25.8		)	310.3
Trademarks, copyrights and patents	571.5		(37.9		)	533.6		550.7		(22.2		)	528.5
Noncompete and other agreements	2.2		(0.8		)	1.4		2.5		(0.5		)	2.0
Total intangible assets	$	2,347.4	$	(407.8	)	$	1,939.6	$	2,161.5	$	(227.5	)	$	1,934.0

All amortizable intangibles are amortized on a straight-line basis over their estimated useful lives. Database and credit files are amortized over a twelve- to fifteen-year period. Internal use software is amortized over a three- to seven-year period. Customer relationships are amortized over a ten- to twenty-year period. Trademarks are generally amortized over a forty-year period. Copyrights, patents, noncompete and other agreements are amortized over varying periods based on their estimated economic life. The increase in gross intangible assets is primarily a result of business acquisitions during 2014. See Note 3, “Business Combinations,” for information on our business acquisitions.

Amortization expense related to intangible assets for the years ended December 31, 2014 and 2013, and from inception through December 31, 2012, was $184.5 million, $142.8 million, and $88.3 million, respectively. Amortization expense for the Predecessor four months ended April 30, 2012, was $16.8 million.

Estimated future amortization expense related to purchased intangible assets at December 31, 2014, is as follows:

(in millions)	Annual Amortization Expense
2015	$	214.3
2016	180.1
2017	146.2
2018	134.0
2019	115.6
Thereafter	1,149.4
Total future amortization expense	$	1,939.6

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Investments in Affiliated Companies

12 Months Ended

Dec. 31, 2014

Investments in Affiliated Companies [Abstract]

Investments in Affiliated Companies

Investments in Affiliated Companies

Investments in affiliated companies represent our investment in non-consolidated domestic and foreign entities. These entities are in businesses similar to ours, such as credit reporting, credit scoring and credit monitoring services. These investments are included in other assets in the consolidated balance sheets.

We use the equity method to account for investments in affiliates where we have at least a 20% ownership interest or where we are able to exercise significant influence. For these investments, we adjust the carrying value for our proportionate share of the affiliates’ earnings, losses and distributions, as well as for purchases and sales of our ownership interest.

We use the cost method to account for nonmarketable investments in affiliates where we have less than a 20% ownership interest or where we are not able to exercise significant influence. For these investments, we adjust the carrying value for purchases and sales of our ownership interests.

For all investments, we adjust the carrying value if we determine that an other-than-temporary impairment has occurred. During 2014, we incurred a loss of $4.1 million recorded in our USIS segment on a cost method investment that was liquidated. The loss was included in other income and expense in the consolidated statements of income. We had no impairments of investments in affiliated companies during 2013 or 2012.

Investments in affiliated companies consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Trans Union de Mexico, S.A. (25.69% ownership interest)	$	45.0	$	50.0
Credit Information Bureau (India) Ltd. ("CIBIL", 27.5% ownership interest in 2013)	—		28.4
All other equity method investments	6.9		6.1
Total equity method investments	$	51.9	$	84.5
Total cost method investments	0.9		7.9
Total investments in affiliated companies	$	52.8	$	92.4

These balances are included in other assets in the consolidated balance sheets.

During 2014, we increased our equity interest in CIBIL to 55.0%, obtained control and began consolidating results of operations of CIBIL as part of our International segment. As a result, CIBIL is no longer an equity method investment.

We remeasured our previously held equity interest in CIBIL at fair value as of the date we obtained control in accordance with the accounting guidance for acquisitions achieved in stages. As a result, we recognized a gain of $21.7 million in other income and expense in the second quarter of 2014.

Earnings from equity method investments, which are included in other non-operating income and expense, and dividends received from equity method investments consisted of the following:

	Successor						Predecessor
(in millions)	Twelve Months Ended December, 2014		Twelve Months Ended December, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
Earnings from equity method investments	$	12.5	$	13.7	$	8.0	$	4.1
Dividends received from equity method investments	$	9.2	$	10.1	$	9.3	$	0.4

Under SEC Regulation S-X, Rule 4-08(g), our investment in TransUnion de Mexico, S.A. is considered a significant equity method investment. The summarized financial information and earnings for our equity method investments as required by SEC Regulation S-X, Rule 1-02(bb)(i) and (ii) consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Current assets	$	57.8	$	83.0
Noncurrent assets	$	14.7	$	24.6
Current liabilities	$	18.0	$	26.3
Noncurrent liabilities	$	0.1	$	1.4

	Successor						Predecessor
(in millions)	Twelve Months Ended December 31, 2014		Twelve Months Ended December 31, 2013		From the Date of Inception through December 31, 2012		Four Months Ended April 30, 2012
Revenue	$	124.9	$	132.6	$	82.4	$	40.9
Operating income	$	55.7	$	57.7	$	34.4	$	16.9
Income from continuing operations	$	43.9	$	48.2	$	28.6	$	14.1
Net income	$	43.9	$	48.2	$	28.6	$	14.1

Dividends received from cost method investments were $0.8 million, $0.7 million, and $0.6 million in 2014 and 2013 and from the date of inception through December 31, 2012, respectively. We received no dividends from cost method investments for the four months ended April 30, 2012. Dividends received from cost method investments have been included in other income and expense.

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Goodwill (Details Textual) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
TransUnion [Member] | TransUnion [Member]
Goodwill (Textual) [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0
Accumulated goodwill impairment losses	$ 0
Discount Rate Sensitivity for Goodwill Impairment Analysis	0.00%
Cash flow sensitivity for goodwill impairment analysis	0.00%
Reporting Unit, Percentage of Fair Value in Excess of Carrying Value	5.00%

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Stock Based Compensation (Details 1) (USD $) In Millions, except Share data, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion [Member] | TransUnion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 3.0	$ 10.6	$ 6.9
TransUnion [Member] | TransUnion [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		8 years 2 months	8 years 9 months
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 6.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		7,684,447	7,106,389
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price		$ 8.83	$ 7.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		65.8	28.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period		717,973
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price		$ 8.64
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period		1,350
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price		$ 6.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		7,022,716
Intrinsic value of stock options exercised	0	1.1	0.5
Share-based compensation arrangement by share-based payment award, options, grants in period, gross		1,461,865
Total fair value of options vested	0	3.0	3.7
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number		995,418
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price		$ 7.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		7 years 11 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		$ 8.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term		8 years 2 months
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 14.76
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				90.0
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock options exercised				0
Total fair value of options vested				$ 18.2
Service Condition Option [Member] | TransUnion [Member] | TransUnion [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate	59.00%
Risk-free rate of return	0.90%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term	6 years 2 months
Service Condition Option [Member] | Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate				30.00%
Risk-free rate of return				2.40%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term				6 years 6 months
Minimum [Member] | Service Condition Option [Member] | TransUnion [Member] | TransUnion [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate		55.00%	60.00%
Risk-free rate of return		0.90%	0.90%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term		5 years 11 months	5 years 11 months
Maximum [Member] | Service Condition Option [Member] | TransUnion [Member] | TransUnion [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate		60.00%	70.00%
Risk-free rate of return		2.30%	1.00%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term		6 years 5 months	6 years 1 month

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Intangible Assets (Details 1) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	$ 88.3	$ 184.5	$ 142.8
Estimated future amortization expense related to purchased intangible
2015		214.3
2016		180.1
2017		146.2
2018		134.0
2019		115.6
Thereafter		1,149.4
Total future amortization expense		$ 1,939.6	$ 1,934.0

XML

Quarterly Financial Data (Unaudited) (Details Textual) (USD $) In Millions, unless otherwise specified	12 Months Ended	4 Months Ended
	Dec. 31, 2012	Apr. 30, 2012
Quarterly Financial Data (Textual) [Abstract]
Acquisition fees	$ 36.5
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Quarterly Financial Data (Textual) [Abstract]
Acquisition fees		$ 20.9

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Goodwill (Details) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Changes in the carrying amount of goodwill
Beginning balance	$ 1,909.7	$ 1,804.2
Acquisitions	133.7	151.3
Foreign exchange rate adjustment	(29.8)	(33.9)
Goodwill, written off related to sale of business unit		(0.7)
Tax deductible goodwill adjustment		(2.1)
Purchase accounting adjustments related to acquisition of TransUnion Corp	10.3	(9.1)
Ending balance	2,023.9	1,909.7
USIS [Member]
Changes in the carrying amount of goodwill
Beginning balance	1,256.5	1,135.3
Acquisitions	40.8	125.9
Foreign exchange rate adjustment	0	0
Goodwill, written off related to sale of business unit		0
Tax deductible goodwill adjustment		0
Purchase accounting adjustments related to acquisition of TransUnion Corp	10.3	(4.7)
Ending balance	1,307.6	1,256.5
International [Member]
Changes in the carrying amount of goodwill
Beginning balance	517.0	532.1
Acquisitions	92.9	25.4
Foreign exchange rate adjustment	(29.8)	(33.9)
Goodwill, written off related to sale of business unit		(0.7)
Tax deductible goodwill adjustment		(2.1)
Purchase accounting adjustments related to acquisition of TransUnion Corp	0	(3.8)
Ending balance	580.1	517.0
Interactive [Member]
Changes in the carrying amount of goodwill
Beginning balance	136.2	136.8
Acquisitions	0	0
Foreign exchange rate adjustment	0	0
Goodwill, written off related to sale of business unit		0
Tax deductible goodwill adjustment		0
Purchase accounting adjustments related to acquisition of TransUnion Corp	0	(0.6)
Ending balance	$ 136.2	$ 136.2

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Operating Segments (Details 5) (USD $) In Millions, unless otherwise specified	4 Months Ended	10 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment	$ 29.2
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | U.S. Information Services [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment	22.3
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | International [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment	3.7
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Interactive [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment	1.3
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Corporate [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment	1.9
TransUnion [Member] | TransUnion [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment		115.0	241.2	186.8
TransUnion [Member] | TransUnion [Member] | U.S. Information Services [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment		78.9	174.3	129.3
TransUnion [Member] | TransUnion [Member] | International [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment		25.8	51.0	39.9
TransUnion [Member] | TransUnion [Member] | Interactive [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment		5.2	10.3	8.9
TransUnion [Member] | TransUnion [Member] | Corporate [Member]
Depreciation and amortization expense of continuing operations, by segment
Depreciation and amortization expense of continuing operations, by segment		$ 5.1	$ 5.6	$ 8.7

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Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The allocation of the purchase price to the identifiable assets acquired and liabilities assumed as of April 30, 2012, consisted of the following:

(in millions)	Fair Value
Trade accounts receivable	$	162.4
Property and equipment	112.9
Identifiable intangible assets	1,986.4
Goodwill(1)	1,794.8
All other assets	302.3
Total assets acquired	$	4,358.8
Existing debt (including fair value adjustment)	(1,710.8		)
All other liabilities	(945.4		)
Noncontrolling interests	(109.9		)
Net assets of acquired company	$	1,592.7

⁽¹⁾  For tax purposes, $128.8 million of goodwill is tax deductible.

Fair Values of Intangible Assets

The fair values of the intangible assets acquired consisted of the following:

(in millions)	Fair Value		Estimated Useful Life
Database and credit files	$	765.0	15 years
Technology and software	364.6		7 years
Trade names and trademarks	546.1		40 years
Customer relationships	308.0		20 years
Other	2.7		5 years
Total identifiable intangible assets	$	1,986.4

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Intangible assets consisted of the following:

	December 31, 2014							December 31, 2013
(in millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Database and credit files	$	801.3	$	(135.8	)	$	665.5	$	761.8	$	(84.3	)	$	677.5
Internal use software	580.0		(187.3		)	392.7		510.4		(94.7		)	415.7
Customer relationships	392.4		(46.0		)	346.4		336.1		(25.8		)	310.3
Trademarks, copyrights and patents	571.5		(37.9		)	533.6		550.7		(22.2		)	528.5
Noncompete and other agreements	2.2		(0.8		)	1.4		2.5		(0.5		)	2.0
Total intangible assets	$	2,347.4	$	(407.8	)	$	1,939.6	$	2,161.5	$	(227.5	)	$	1,934.0

TLO [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The fair value of the assets acquired and liabilities assumed consisted of the following:

(in millions)	Fair Value
Other current assets	$	0.3
Property and equipment	6.8
Identifiable intangible assets	83.1
Goodwill(1)	69.2
Total assets acquired	$	159.4
Total liabilities assumed	(6.0		)
Net assets of acquired company	$	153.4

⁽¹⁾  All of the goodwill is deductible for tax purposes.

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The fair values of the intangible assets acquired consisted of the following:

(in millions)	Fair Value		Estimated Useful Life
Technology and software	$	45.8	7 years
Trade names and trademarks	13.2		20 years
Customer relationships	24.1		15 years
Total identifiable intangible assets	$	83.1

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Component accumulated other comprehensive income (loss)

The following table sets forth the changes in each component of accumulated other comprehensive income (loss), net of tax:

(in millions)	Foreign Currency Translation Adjustment			Net Unrealized Gain/(Loss) On Hedges			Net Unrealized Gain/(Loss) On Available-for-sale Securities		Accumulated Other Comprehensive Income / (Loss)
Predecessor balance, December 31, 2011	$	(3.6	)	$	—		$	—	$	(3.6	)
Change	2.2			—			—		2.2
Predecessor balance, April 30, 2012	$	(1.4	)	$	—		$	—	$	(1.4	)
Purchase accounting adjustments	1.4			—			—		1.4
Change	(20.7		)	(3.7		)	—		(24.4		)
Successor balance, December 31, 2012	$	(20.7	)	$	(3.7	)	$	—	$	(24.4	)
Change	(51.9		)	3.1			—		(48.8		)
Successor balance, December 31, 2013	$	(72.6	)	$	(0.6	)	$	—	$	(73.2	)
Change	(44.2		)	(0.2		)	0.1		(44.3		)
Successor balance, December 31, 2014	$	(116.8	)	$	(0.8	)	$	0.1	$	(117.5	)

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Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision (benefit) for income taxes on income (loss) from operations consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Federal
Current	$	(0.1	)	$	0.1		$	0.1		$	1.0
Deferred	(15.9		)	(15.5		)	(3.0		)	(16.1		)
State
Current	0.4			—			(0.5		)	0.1
Deferred	0.1			(0.3		)	(0.3		)	(1.5		)
Foreign
Current	23.1			18.4			12.1			5.7
Deferred	(5.0		)	(0.4		)	(1.8		)	(0.7		)
Total provision (benefit) for income taxes	$	2.6		$	2.3		$	6.6		$	(11.5	)

The components of income (loss) from operations before income taxes consisted of the following:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From Date of Inception Through December 31, 2012			Four Months Ended April 30, 2012
Domestic	$	(54.1	)	$	(72.9	)	$	(33.3	)	$	(79.5	)
Foreign	52.3			47.0			36.0			15.6
Total income (loss) from operations before income taxes	$	(1.8	)	$	(25.9	)	$	2.7		$	(63.9	)

The effective income tax rate reconciliation consisted of the following:

	Successor															Predecessor
(in millions)	Twelve Months Ended December 31, 2014					Twelve Months Ended December 31, 2013					From Date of Inception Through December 31, 2012					Four Months Ended April 30, 2012
Income taxes at 35% statutory rate	$	(0.6	)	35.0	%	$	(9.1	)	35.0	%	$	0.9		35.0	%	$	(22.4	)	35.0	%
Increase (decrease) resulting from:
State taxes	0.4			(23.9	)%	(0.1		)	0.4	%	(0.9		)	(35.0	)%	(1.4		)	2.2	%
Foreign rate differential	(1.8		)	98.7	%	(0.9		)	3.5	%	(4.0		)	(148.1	)%	(1.2		)	1.9	%
Change in control transaction expenses	—			—		—			—		1.8			66.7	%	2.7			(4.2	)%
Application of indefinite reinvestment assertion to to foreign earnings	5.6			(308.4	)%	15.1			(58.0	)%	4.3			159.2	%	8.1			(12.7	)%
Impact of foreign dividends	—			(1.6	)%	(1.7		)	6.4	%	5.0			185.2	%	2.0			(3.1	)%
Other	(1.0		)	56.0	%	(1.0		)	3.9	%	(0.5		)	(18.6	)%	0.7			(1.1	)%
Total	$	2.6		(144.2	)%	$	2.3		(8.8	)%	$	6.6		244.4	%	$	(11.5	)	18.0	%

For 2014 and 2013, we reported a loss before income taxes with income tax expense, resulting in a negative effective tax rate for both periods. This rate was lower than the 35.0% U.S. federal statutory rate due primarily to tax on our foreign earnings that are not considered indefinitely reinvested outside the United States.

For the period of inception through December 31, 2012, the effective tax rate was 244.4%. This rate was higher than the 35.0% U.S. federal statutory rate due primarily to the lapse of the look-through rule and the reduction in available foreign tax credits, the unfavorable impact of changes to our accrual on certain undistributed earnings of the Company’s controlled foreign subsidiaries and tax non-deductibility of certain costs incurred in connection with the 2012 Change in Control Transaction, partially offset by a favorable tax rate differential on the Company’s foreign earnings.

For the four months ended April 30, 2012, TransUnion Intermediate Predecessor reported a loss before income taxes. The effective tax rate for this period of 18.0% was lower than the 35.0% U.S. federal statutory rate due primarily to the impact of recording tax expense on our undistributed foreign earnings, the non-deductibility of certain costs incurred in connection with the 2012 Change in Control Transaction and limitations on our foreign tax credits.

Effective January 1, 2012, the look-through provision under subpart F of the U.S. Internal Revenue Code expired.

Consequently, beginning in 2012, we recorded tax expense for the U.S. income tax we would incur in the absence of the look-through rule. As part of the American Taxpayer Relief Act of 2012 enacted into law on January 2, 2013, the look-through provision was retroactively reinstated to January 1, 2012, and we reversed the tax expense we recorded for subpart F in 2012 during the first quarter of 2013. The look-through rule was effective for 2013 and 2014 as well.

As a result of the 2012 Change in Control Transaction and increased debt service requirements resulting from the additional debt incurred by TransUnion, we asserted at December 31, 2012, that all undistributed foreign earnings from certain controlled foreign corporations accumulated as of April 30, 2012, were not indefinitely reinvested outside the United States. Accordingly, in 2012 we recorded a deferred tax liability for the full estimated U.S. tax cost, net of related foreign tax credits, associated with remitting these earnings back to the United States. In 2014, we modified this assertion due to changes in the Company’s capital structure. We now assert that $118.7 million of earnings from our Canadian, South African and Netherlands subsidiaries and CIBIL are not indefinitely reinvested outside the United States.

Components of net deferred income tax consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Deferred income tax assets:
Compensation	$	9.8		$	6.8
Employee benefits	7.8			6.3
Legal reserves and settlements	5.3			3.5
Hedge investments	0.7			0.4
Financing related costs	3.6			39.4
Loss and credit carryforwards	110.7			72.5
Other	8.6			8.6
Gross deferred income tax assets	146.5			137.5
Valuation allowance	(42.1		)	(25.9		)
Total deferred income tax assets, net	$	104.4		$	111.6
Deferred income tax liabilities:
Depreciation and amortization	$	(663.3	)	$	(647.3	)
Investments in affiliated companies	(15.0		)	(17.1		)
Taxes on undistributed foreign earnings	(50.4		)	(57.1		)
Other	(1.3		)	(4.9		)
Total deferred income tax liability	(730.0		)	(726.4		)
Net deferred income tax liability	$	(625.6	)	$	(614.8	)

The temporary differences resulting from differing treatment of items for tax and accounting purposes results in deferred tax assets and liabilities. If deferred tax assets are not likely to be recovered in future years, a valuation allowance is recorded. During 2014, our valuation allowance increased $16.2 million primarily due to the current year foreign tax credit carryforward. As of December 31, 2014 and 2013, a valuation allowance of $42.1 million and $25.9 million, respectively, was recorded against the deferred tax assets generated by capital loss, foreign loss and foreign tax credit carryforwards. Our capital loss carryforwards will expire over the next five years, our U.S. net operating loss carryforward will expire in twenty years, and our foreign loss and foreign credit carryforwards will expire over the next ten years.

No provision has been made for U.S. income taxes or foreign withholding taxes on $141.7 million of unremitted earnings from certain non-U.S. subsidiaries since these earnings are intended to be permanently reinvested in operations outside the United States. It is impractical at this time to determine the tax impact if these earnings were distributed. Remitting these earnings to the United States would result in additional tax expense.

The total amount of unrecognized tax benefits as of December 31, 2014 and 2013, was $1.9 million and $4.6 million, respectively. The amount of unrecognized tax benefits as of December 31, 2014 and 2013, which would affect the effective tax rate if recognized, was $0.3 million and $4.6 million, respectively.

The total amount of unrecognized tax benefits consisted of the following:

(in millions)	December 31, 2014			December 31, 2013
Balance as of beginning of period	$	4.6		$	4.9
Reductions for tax positions of prior years	—			(0.1		)
Reductions relating to settlement and lapse of statute	(2.7		)	(0.2		)
Balance as of end of period	$	1.9		$	4.6

We classify interest on unrecognized tax benefits as interest expense and tax penalties as other income or expense in the consolidated statements of income. We classify any interest or penalties related to unrecognized tax benefits as other liabilities in the consolidated balance sheets. Interest expense related to taxes was insignificant for the years ended December 31, 2014 and 2013. The accrued interest payable for taxes as of December 31, 2014 and 2013, was $0.9 million and $0.7 million, respectively. There was no significant expense recognized, or significant liability recorded, for tax penalties as of December 31, 2014 or 2013.

We are regularly audited by federal, state, local and foreign taxing authorities. Given the uncertainties inherent in the audit process, it is reasonably possible that certain audits could result in a significant increase or decrease in the total amount of unrecognized tax benefits. An estimate of the range of the increase or decrease in unrecognized tax benefits due to audit results cannot be made at this time. As of December 31, 2014, tax years 2006 and forward remained open for examination in some state and foreign jurisdictions and tax years 2009 and forward remained open for the federal purposes. The Internal Revenue Service has issued its final Revenue Agent's Report to the Company for its 2009 through 2011 tax years. We have evaluated the issues raised and, where appropriate, made adjustments in 2014 where we determined that we did not have a more likely than not probability of prevailing upon appeal.

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Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Contingencies

Litigation

In the ordinary course of business, we are routinely named as defendants in, or parties to, various legal actions and proceedings relating to our current or past business operations. These actions generally assert claims for violations of federal or state credit reporting, consumer protection or privacy laws, or common law claims related to privacy, libel, slander or the unfair treatment of consumers, and may include claims for substantial or indeterminate compensatory or punitive damages, or injunctive relief, and may seek business practice changes. In the ordinary course of business, we also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal), certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. In connection with formal and informal inquiries by these regulators, we routinely receive requests, subpoenas and orders seeking documents, testimony and other information in connection with various aspects of our activities. We regularly review all litigation and regulatory matters to determine whether a loss is probable and, if probable, whether the loss can be reasonably estimated. If a loss is probable and can be reasonably estimated, an appropriate reserve is accrued, taking into consideration legal positions, contractual obligations and applicable insurance coverages, and included in other current liabilities. We believe that the reserves established for pending or threatened legal and regulatory matters are appropriate based on the facts currently known. Due to the uncertainties inherent in the investigation and resolution of legal and regulatory matters, however, the actual costs of resolving litigation and regulatory matters may be substantially higher than the amounts reserved for those matters, and an adverse outcome in certain of these matters could have a material adverse effect on our financial results. Legal fees incurred in connection with ongoing litigation are considered a period cost and are expensed as incurred.

As of December 31, 2014 and 2013, we accrued $17.8 million and $13.8 million, respectively, for anticipated claims. These amounts were recorded in other accrued liabilities in the consolidated balance sheets and the associated expenses were recorded in selling, general and administrative expenses in the consolidated statements of income.

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Operating Segments (Details Textual) (TransUnion [Member], TransUnion [Member])	12 Months Ended
	Dec. 31, 2014 Segment
TransUnion [Member] | TransUnion [Member]
Operating Segments (Textual) [Abstract]
Number of operating segments	3

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Commitments (Tables)

12 Months Ended

Dec. 31, 2014

Commitments [Abstract]

Summary of future minimum payments for noncancelable operating leases, purchase obligations and other liabilities

Future minimum payments for noncancelable operating leases, purchase obligations and other liabilities of the Company in effect as of December 31, 2014, are payable as follows:

(in millions)	Operating Leases		Purchase Obligations		Total
2015	$	12.8	$	182.0	$	194.8
2016	9.9		31.9		41.8
2017	7.0		11.1		18.1
2018	5.4		6.7		12.1
2019	5.0		1.1		6.1
Thereafter	11.8		2.5		14.3
Totals	$	51.9	$	235.3	$	287.2

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Financial Statements of Guarantors (Details 3) (Transunion Intermediate [Member], TransUnion Intermediate-Predecessor, USD $) In Millions, unless otherwise specified	4 Months Ended
	Apr. 30, 2012
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Cash flows from operating activities:
Net income	$ (52.4)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	29.2
Loss on early extinguishment of debt	0
Stock-based compensation	2.0
Amortization of deferred financing fees	3.9
Provision (reduction) for losses on trade accounts receivable	3.1
Change in control transaction fees	20.9
Deferred taxes	(18.3)
Amortization of senior notes purchase accounting fair value adjustment and note discount	0
Equity in net income of affiliates, net of dividends	(3.7)
(Gains) / losses on sale of other assets	0.1
Other	(0.7)
Changes in assets and liabilities:
Trade accounts receivable	(24.7)
Other current and long-term assets	1.5
Trade accounts payable	1.6
Other current and long-term liabilities	89.9
Net cash provided by (Used in) operating activities	52.4
Cash flows from investing activities:
Capital expenditures	(20.4)
Purchases of trading securities	(1.1)
Proceeds from sale of trading securities	1.1
Proceeds from sale of other assets	0
Acquisitions and purchases of noncontrolling interests, net of cash acquired	(0.1)
Other Payments to Acquire Businesses	0
Other	0.9
Cash (used in) provided by investing activities	(19.6)
Cash flows from financing activities:
Proceeds from senior secured term loan	0
Proceeds from revolving line of credit	0
Repayments of Lines of Credit	0
Extinguishment of senior secured term loan	0
Repayments of debt	(14.6)
Treasury stock purchases	(1.3)
Distribution of merger consideration	(1.3)
Debt financing fees	(6.1)
Change in control transaction fees	(20.9)
Distributions to noncontrolling interests	(0.4)
Dividends to TransUnion Holding	0
Other	(0.4)
Cash provided by (used in) financing activities	(45.0)
Effect of exchange rate changes on cash and cash equivalents	0.8
Net change in cash and cash equivalents	$ (11.4)

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Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Other current liabilities

Other current liabilities consisted of the following:

(in millions)	December 31, 2014		December 31, 2013
Accrued payroll	$	71.5	$	63.7
Accrued interest	20.5		23.1
Accrued legal and regulatory	17.8		13.8
Accrued employee benefits	13.0		9.6
Deferred revenue	8.6		9.1
Other	18.0		14.2
Total other current liabilities	$	149.4	$	133.5

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Valuation and Qualifying Accounts (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for doubtful accounts [Member]
Movement in valuation allowances and reserves
Balance at Beginning of Year	$ 0.7	$ 1.7	$ 0
Charged to Costs and Expenses	3.2	0.8	(1.9)
Charged to Other Accounts	0	0	3.7
Deductions	(1.5)	(1.8)	(0.1)
Balance at End of Year	2.4	0.7	1.7
Allowance for deferred tax assets [Member]
Movement in valuation allowances and reserves
Balance at Beginning of Year	25.9	27.2	0
Charged to Costs and Expenses	19.5	4.8	5.0
Charged to Other Accounts	0	0	24.8
Deductions	(3.3)	(6.1)	(2.6)
Balance at End of Year	$ 42.1	$ 25.9	$ 27.2

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Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	10 Months Ended	12 Months Ended		4 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
TransUnion Parent [Member]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	$ (22.1)	$ (47.9)	$ (54.8)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	1.4	3.8	3.0
Other comprehensive income (loss), net of tax
Foreign currency translation, net	(20.7)	(44.1)	(51.8)
Net unrealized gain (loss)	(5.9)	(0.6)	4.8
Amortization of accumulated loss	0	0.3	0
Benefit (provision) for income taxes	2.2	0.1	(1.8)
Interest rate swaps, net	(3.7)	(0.2)	3.0
Net unrealized gain	0	0.2	0
Provision for income taxes	0	(0.1)	0
Available-for-sale securities, net	0	0.1	0
Total other comprehensive income (loss), net of tax	(24.4)	(44.2)	(48.8)
Comprehensive loss attributable to TransUnion	(51.0)	(56.7)	(66.1)
TransUnion [Member] | TransUnion [Member]
Net loss	(3.9)	(4.4)	(28.2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	(24.2)	(58.9)	(59.6)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	1.5	5.2	3.2
Other comprehensive income (loss), net of tax
Foreign currency translation, net	(22.7)	(53.7)	(56.4)
Net unrealized gain (loss)	(5.9)	(0.6)	4.8
Amortization of accumulated loss	0	0.3	0
Benefit (provision) for income taxes	2.2	0.1	(1.8)
Interest rate swaps, net	(3.7)	(0.2)	3.0
Net unrealized gain	0	0.2	0
Provision for income taxes	0	(0.1)	0
Available-for-sale securities, net	0	0.1	0
Total other comprehensive income (loss), net of tax	(26.4)	(53.8)	(53.4)
Comprehensive loss	(30.3)	(58.2)	(81.6)
Less: comprehensive income (loss) attributable to noncontrolling interests	(2.9)	1.5	(2.3)
Comprehensive loss attributable to TransUnion	(33.2)	(56.7)	(83.9)
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Net loss				(52.4)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax				2.5
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax				0
Other comprehensive income (loss), net of tax
Foreign currency translation, net				2.5
Net unrealized gain (loss)				0
Amortization of accumulated loss				0
Benefit (provision) for income taxes				0
Interest rate swaps, net				0
Net unrealized gain				0
Provision for income taxes				0
Available-for-sale securities, net				0
Total other comprehensive income (loss), net of tax				2.5
Comprehensive loss				(49.9)
Less: comprehensive income (loss) attributable to noncontrolling interests				(2.8)
Comprehensive loss attributable to TransUnion				$ (52.7)

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Operating Segments (Details) (USD $) In Millions, unless otherwise specified	4 Months Ended	3 Months Ended								10 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Financial information by segments
Revenue	$ 373.0
Operating income (loss)	(0.2)
Non-operating income and expense	(63.7)
Income (loss) before income taxes	(63.9)
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | U.S. Information Services [Member]
Financial information by segments
Revenue	238.1
Operating income (loss)	33.2
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | International [Member]
Financial information by segments
Revenue	76.6
Operating income (loss)	5.3
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Interactive [Member]
Financial information by segments
Revenue	58.3
Operating income (loss)	13.0
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor | Corporate [Member]
Financial information by segments
Operating income (loss)	(51.7)
TransUnion [Member] | TransUnion [Member]
Financial information by segments
Revenue										767.0	1,304.7	1,183.2
Operating income (loss)		20.4	40.8	32.4	34.8	36.2	49.3	39.5	44.2	141.2	128.4	169.2
Non-operating income and expense										(138.5)	(130.2)	(195.1)
Income (loss) before income taxes										2.7	(1.8)	(25.9)
TransUnion [Member] | TransUnion [Member] | U.S. Information Services [Member]
Financial information by segments
Revenue										487.4	818.6	740.6
Operating income (loss)										121.9	112.8	154.7
TransUnion [Member] | TransUnion [Member] | International [Member]
Financial information by segments
Revenue										157.8	255.5	238.9
Operating income (loss)										19.1	22.2	19.5
TransUnion [Member] | TransUnion [Member] | Interactive [Member]
Financial information by segments
Revenue										121.8	230.6	203.7
Operating income (loss)										48.7	85.5	65.6
TransUnion [Member] | TransUnion [Member] | Corporate [Member]
Financial information by segments
Operating income (loss)										$ (48.5)	$ (92.1)	$ (70.6)

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Business Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Business Acquisitions

Business Combinations

TLO

On December 16, 2013, we acquired a 100% ownership interest in certain net assets of TLO, LLC ("TLO") for $153.4 million in cash. TLO provides data solutions for identity authentication, fraud prevention, and debt recovery. The results of operations of this business have been included as part of the USIS segment in the accompanying consolidated statements of income since the date of acquisition.

Purchase Price Allocation

The fair value of the assets acquired and liabilities assumed consisted of the following:

(in millions)	Fair Value
Other current assets	$	0.3
Property and equipment	6.8
Identifiable intangible assets	83.1
Goodwill(1)	69.2
Total assets acquired	$	159.4
Total liabilities assumed	(6.0		)
Net assets of acquired company	$	153.4

⁽¹⁾  All of the goodwill is deductible for tax purposes.

The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill. The purchase price of TLO exceeded the fair value of the net assets acquired due primarily to growth opportunities, synergies associated with its internal use software and our existing customer base and brand name, and other technological and operational synergies. Goodwill has been allocated to the USIS segment.

Identifiable Intangible Assets

The fair values of the intangible assets acquired consisted of the following:

(in millions)	Fair Value		Estimated Useful Life
Technology and software	$	45.8	7 years
Trade names and trademarks	13.2		20 years
Customer relationships	24.1		15 years
Total identifiable intangible assets	$	83.1

The weighted-average useful life of identifiable intangible assets is approximately 11 years.

Acquisition Costs

During 2013, the Company incurred $3.7 million of acquisition-related costs for TLO, including banking fees, legal fees, due diligence and other external costs, which were expensed and recorded in other income and expense in the fourth quarter of 2013. Additional TLO acquisition-related costs of $0.5 million were incurred and expensed during 2014.

DHI

On November 12, 2014, we acquired an 87.5% ownership interest in Drivers History Information Sales, LLC ("DHI"). DHI provides traffic violations and criminal court data. The results of operations of DHI, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date of acquisition.

L2C

On October 17, 2014, we increased our equity interest in L2C, Inc. ("L2C") from 11.6% to 100%. L2C provides predictive analytics using alternative data. The results of operations of L2C, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date we obtained control.

CIBIL

During 2014, we increased our equity interest in Credit Information Bureau (India) Limited (“CIBIL”) from 27.5% to 55.0%. This additional purchase gave us control and resulted in our consolidation of CIBIL. CIBIL's results of operations, which are not material, are included as part of our International segment in our consolidated statements of income since May 21, 2014, the date we obtained control. See Note 9, "Investments in Affiliated Companies," for additional information.

eScan

On September 4, 2013, we acquired 100% ownership of e-Scan Data Systems, Inc. ("eScan"), a business that provides services to healthcare providers to capture uncompensated care costs in their revenue management programs. This acquisition is in line with our strategic objective to invest in the growing healthcare industry. The results of operations of eScan, which are not material, have been included as part of our USIS segment in our consolidated statements of income since the date of the acquisition.

ZipCode

On March 1, 2013, we acquired 80% ownership in Data Solutions Serviços de Informática Ltda. (“ZipCode”), a Brazilian company that provides data enrichment and registry information services. This acquisition is in line with our strategic objective to invest in growing international regions. The results of operations of ZipCode, which are not material, have been included as part of our International segment in our consolidated statements of income since the date of the acquisition.

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Business Acquisitions (Details Textual) (USD $) In Millions, unless otherwise specified	1 Months Ended	12 Months Ended	10 Months Ended	12 Months Ended		0 Months Ended
	Apr. 30, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 16, 2013	Sep. 04, 2013	Mar. 01, 2013	Nov. 12, 2014
Business Acquisitions (Textual) [Abstract]
Acquisition costs		$ 36.5
Sale of stock, consideration received on transaction	1,592.7
TransUnion [Member] | TransUnion [Member]
Business Acquisitions (Textual) [Abstract]
Acquisition costs			15.6	0.5	3.7
TransUnion [Member] | TransUnion [Member] | Databusiness [Member]
Business Acquisitions (Textual) [Abstract]
Ownership interest						100.00%
Sale of stock, consideration received on transaction						$ 153.4
TransUnion [Member] | TransUnion [Member] | eScan [Member]
Business Acquisitions (Textual) [Abstract]
Ownership interest							100.00%
TransUnion [Member] | TransUnion [Member] | ZipCode [Member]
Business Acquisitions (Textual) [Abstract]
Ownership interest								80.00%
TransUnion [Member] | TransUnion [Member] | DHI [Member]
Business Acquisitions (Textual) [Abstract]
Ownership interest									87.50%

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Income Taxes (Details 4) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
TransUnion [Member] | TransUnion [Member]
Unrecognized tax benefits
Balance as of beginning of period	$ 4.6	$ 4.9
Reductions for tax positions of prior years	0	(0.1)
Reductions relating to settlement and lapse of statute	(2.7)	(0.2)
Balance as of December 31	$ 1.9	$ 4.6

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Condensed Financial Information of TransUnion Holding Company, Inc.(Details) (TransUnion Parent [Member], USD $) In Millions, except Share data, unless otherwise specified	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Available-for-sale securities, net	$ 0	$ 0.1	$ 0
Current assets:
Due from TransUnion Intermediate		86.2	52.7
Other current assets		22.7	7.5
Total current assets		108.9	60.2
Equity method investments		1,505.6	1,584.6
Other assets		20.9	28.1
Total assets		1,635.4	1,672.9
Current liabilities:
Trade accounts payable		0.1	0.2
Other current liabilities		18.3	33.4
Total current liabilities		18.4	33.6
Long-term debt		998.7	998.3
Other liabilities		31.2	13.1
Total liabilities		1,048.3	1,045.0
Stockholders' equity:
Common stock, $0.01 par value; 200.0 million shares authorized at December 31, 2014 and December 31, 2013, 111.4 million and 110.7 million shares issued as of December 31, 2014 and December 31, 2013, respectively; and 110.9 million and 110.2 million shares outstanding as of December 31, 2014 and December 31, 2013, respectively		1.1	1.1
Additional paid-in capital		1,138.0	1,121.8
Treasury stock at cost; 0.5 million shares at December 31, 2014 and December 31, 2013		(4.3)	(4.1)
Accumulated deficit		(430.2)	(417.7)
Accumulated other comprehensive income (loss)		(117.5)	(73.2)
Total stockholders’ equity		587.1	627.9
Total liabilities and stockholders’ equity		1,635.4	1,672.9
Operating expenses
Selling, general and administrative	0.9	1.4	1.3
Total operating expenses	0.9	1.4	1.3
Operating income (loss)	(0.9)	(1.4)	(1.3)
Non-operating income and expense
Interest expense	(52.2)	(97.0)	(96.3)
Earnings from equity method investments	43.0	49.1	43.2
Other income and (expense), net	(16.5)	(0.2)	(0.2)
Total non-operating income and expense	(25.7)	(48.1)	(53.3)
Income (loss) before income taxes	(26.6)	(49.5)	(54.6)
(Provision) benefit for income taxes	0	37.0	37.3
Net income (loss) attributable to TransUnion Corp.	(26.6)	(12.5)	(17.3)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	(22.1)	(47.9)	(54.8)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	1.4	3.8	3.0
Statement of Comprehensive Income [Abstract]
Net unrealized gain	(20.7)	(44.1)	(51.8)
Net unrealized loss on hedges	(3.7)	(0.2)	3.0
Total other comprehensive loss, net of tax	(24.4)	(44.2)	(48.8)
Comprehensive loss attributable to TransUnion	(51.0)	(56.7)	(66.1)
Net unrealized gain	0	0.2	0
Provision for income taxes	0	(0.1)	0
Statement of Cash Flows
Net cash provided by (Used in) operating activities	(16.4)	(9.4)	(1.5)
Cash flows from investing activities:
Acquisition of noncontrolling interests in TransUnion Corp. subsidiaries	(1,582.3)	0	0
Capital investment in TransUnion Corp.	(80.8)	0	0
Cash (used in) provided by investing activities	(1,663.1)	0	0
Cash flows from financing activities:
Debt financing fees	(41.3)	0	(0.9)
Proceeds from issuance of common stock	1,097.3	9.6	5.8
Treasury stock purchases	(0.7)	(0.2)	(3.4)
Dividends	(373.8)	0	0
Cash provided by (used in) financing activities	1,679.5	9.4	1.5
Proceeds paid to TransUnion Holding from its consolidated subsidiaries	27.9	90.3	94.2
Net unrealized gain (loss)	(5.9)	(0.6)	4.8
Amortization of accumulated loss	0	0.3	0
Benefit (provision) for income taxes	2.2	0.1	(1.8)
9.625% notes
Cash flows from financing activities:
Proceeds from notes	600.0	0	0
8.125% notes
Cash flows from financing activities:
Proceeds from notes	$ 398.0	$ 0	$ 0
TransUnion [Member]
Condensed Financial Statements, Captions [Line Items]
Common Stock, Shares Authorized		200,000,000	200,000,000
Cash flows from financing activities:
Common stock, shares issued		111,400,000	110,700,000
Common stock, shares outstanding		110,900,000	110,200,000
Treasury stock at cost, shares		500,000	500,000

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Investments in Affiliated Companies (Details) (USD $) In Millions, unless otherwise specified	4 Months Ended	10 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Schedule of Investments [Line Items]
Earnings from equity method investments	$ 4.1
Dividends received from equity method investments	0.4
TransUnion [Member] | TransUnion [Member]
Schedule of Investments [Line Items]
Impairments of investments in affiliated companies					0
Equity method investments			51.9	84.5
Cost method investments			0.9	7.9
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			52.8	92.4
Earnings from equity method investments		8.0	12.5	13.7
Dividends received from equity method investments		9.3	9.2	10.1
Equity Method Significant Subsidiary - TU Mexico [Member] | TransUnion [Member] | TransUnion [Member]
Schedule of Investments [Line Items]
Equity method investments			45.0	50.0
Equity Method Significant Subsidiaries [Member] | TransUnion Intermediate-Predecessor | Transunion Intermediate [Member]
Schedule of Investments [Line Items]
Revenue	40.9
Operating income	16.9
Income from continuing operations	14.1
Net income	14.1
Equity Method Significant Subsidiaries [Member] | TransUnion [Member] | TransUnion [Member]
Schedule of Investments [Line Items]
Current assets			57.8	83.0
Noncurrent assets			14.7	24.6
Current liabilities			18.0	26.3
Noncurrent liabilities			0.1	1.4
Revenue		82.4	124.9	132.6
Operating income		34.4	55.7	57.7
Income from continuing operations		28.6	43.9	48.2
Net income		28.6	43.9	48.2
Equity Method Significant Subsidiary - CIBIL [Member] | TransUnion [Member] | TransUnion [Member]
Schedule of Investments [Line Items]
Equity method investments			0	28.4
Equity Method - All Other Subsidiaries [Member] | TransUnion [Member] | TransUnion [Member]
Schedule of Investments [Line Items]
Equity method investments			$ 6.9	$ 6.1

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Related-Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related-Party Transactions

Related-Party Transactions

Stockholder Agreement

In connection with the 2012 Change in Control Transaction, TransUnion, GS and Advent entered into the Major Stockholders’ Agreement. Under the terms of the agreement, GS and Advent have the right to appoint all members of TransUnion’s board of directors.

Consulting Agreement

In connection with the 2012 Change in Control Transaction, TransUnion, GS and Advent entered into a consulting agreement. Under the terms of the agreement, GS and Advent are to receive an advisory fee of $0.3 million each, increasing 5% annually, in exchange for services provided, including (i) general executive and management services; (ii) identification, support, negotiation and analysis of acquisitions and dispositions; (iii) support, negotiation and analysis of financing alternatives, including in connection with acquisitions, capital expenditures and refinancing of existing debt; (iv) finance functions, including assistance in the preparation of financial projections and monitoring of compliance with financing agreements; (v) human resources functions, including searching and recruiting of executives; and (vi) other services as mutually agreed upon. For the years ended December 31, 2014 and December 31, 2013, and from the date of inception through December 31, 2012, we incurred fees from Advent totaling $0.3 million, $0.3 million, and $0.1 million, respectively. For the years ended December 31, 2014 and December 31, 2013, and from the date of inception through December 31, 2012, we incurred fees from GS totaling $0.3 million, $0.3 million, and $0.1 million, respectively.

In connection with his resignation as President and Chief Executive Officer of the Company, TransUnion and Siddharth N. (Bobby) Mehta, a director of the Company, entered into a consulting agreement, dated December 6, 2012, pursuant to which Mr. Mehta provides advice and consultation to assist Mr. Peck in the transition of duties as Chief Executive Officer and to Mr. Peck and the Board of Directors with respect to the Company's strategic operating plan and strategic opportunities or transactions considered by the Company from time to time. Pursuant to the terms of the agreement, Mr. Mehta receives a consulting services fee of $0.2 million on or before January 10 of each year during the term of the agreement. Either party may terminate the agreement by providing notice of non-renewal at least sixty (60) days prior to the end of the then-current term.

Other Fees

In connection with the 2012 Change in Control Transaction and the issuance of the 8.125% notes, in 2012, we paid acquisition-related and underwriting fees of $11.9 million and $0.2 million to affiliates of GS and Advent, respectively, and TransUnion Intermediate Predecessor paid $1.4 million of acquisition-related fees to affiliates of GS.

Legal Services

TransUnion paid $0.5 million from the date of inception through December 31, 2012, and TransUnion Intermediate Predecessor paid $0.1 million for the four months ended April 30, 2012, to the law firm of Neal, Gerber & Eisenberg LLP for legal services. Marshall E. Eisenberg, a partner in the law firm, is a co-trustee of certain Pritzker family U.S.-based trusts that beneficially owned in excess of 5% of the Company’s common stock prior to the 2012 Change in Control Transaction.

TransUnion paid $0.4 million from the date of inception through December 31, 2012, and TransUnion Intermediate Predecessor paid $3.5 million for the four months ended April 30, 2012, to the law firm of Latham and Watkins LLP. Michael A. Pucker, a partner in the law firm, is an immediate family member of a co-trustee of certain Pritzker family U.S.-based trusts that beneficially owned in excess of 5% of the Company’s common stock prior to the 2012 Change in Control Transaction.

Payables

Other liabilities at December 31, 2014 and 2013, included $3.2 million, owed to certain Pritzker family business interests related to tax indemnification payments arising in connection with the 2010 change in control transaction. This amount is subject to future adjustments based on a final determination of tax expense.

Issuances of Common Stock

During 2014, the Company sold an aggregate of 257,576 shares of common stock at a purchase price of $17.40 per share to Executive Officers of the Company.

During 2013, the Company sold an aggregate of 87,566 and 26,326 shares of common stock at a purchase price of $11.42 and $6.65 per share, respectively, to Executive Officers of the Company. During 2012, the Company sold an aggregate of 424,800 shares of common stock at a price of $6.65 per share to Executive Officers of the Company.

Investment Purchase

During 2014, the Company had no purchases of common stock from current or former Executive Officers of the Company. During 2013, the Company purchased an aggregate of 109,623 and 297,955 shares of common stock at a price of $11.42 and $6.65 per share, respectively, from former Executive Officers of the Company. During 2012, the Company purchased an aggregate of 69,625 shares of common stock at a price of $10.07 from a former Executive Officer of the Company.

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Debt (Details 1) (TransUnion [Member], TransUnion [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014
TransUnion [Member] | TransUnion [Member]
Scheduled future maturities
2014	$ 74.0
2015	23.4
2016	19.4
2017	1,019.0
2018	19.0
Thereafter	1,790.7
Unamortized premiums and discounts on notes	(5.6)
Total debt	$ 2,939.9

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Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets

Intangible assets consisted of the following:

	December 31, 2014							December 31, 2013
(in millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Database and credit files	$	801.3	$	(135.8	)	$	665.5	$	761.8	$	(84.3	)	$	677.5
Internal use software	580.0		(187.3		)	392.7		510.4		(94.7		)	415.7
Customer relationships	392.4		(46.0		)	346.4		336.1		(25.8		)	310.3
Trademarks, copyrights and patents	571.5		(37.9		)	533.6		550.7		(22.2		)	528.5
Noncompete and other agreements	2.2		(0.8		)	1.4		2.5		(0.5		)	2.0
Total intangible assets	$	2,347.4	$	(407.8	)	$	1,939.6	$	2,161.5	$	(227.5	)	$	1,934.0

Estimated future amortization expense related to purchased intangible

Estimated future amortization expense related to purchased intangible assets at December 31, 2014, is as follows:

(in millions)	Annual Amortization Expense
2015	$	214.3
2016	180.1
2017	146.2
2018	134.0
2019	115.6
Thereafter	1,149.4
Total future amortization expense	$	1,939.6

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Earnings per share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflects the effect of the increase in shares outstanding determined by using the treasury stock method for awards issued under our long-term incentive stock plans. There were 7.7 million, 7.1 million, and 6.5 million anti-dilutive stock-based awards outstanding at December 31, 2014, December 31, 2013, and December 31 2012, respectively, including contingently issuable market-based stock options. These awards were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Basic and diluted weighted average shares outstanding and earnings per share for the years ended December 31, 2014 and 2013, from the date of inception through December 31, 2012, and four months ended April 30, 2012, were as follows:

	Successor									Predecessor
(in millions)	Twelve Months Ended December 31, 2014			Twelve Months Ended December 31, 2013			From the Date of Inception through December 31, 2012			Four Months Ended April 30, 2012
Earnings per share - basic
Earnings available to common shareholders	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)
Weighted average shares outstanding	110.5			109.9			109.7			29.8
Earnings per share - basic	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)
Earnings per share - diluted
Earnings available to common shareholders	$	(12.5	)	$	(35.1	)	$	(8.8	)	$	(54.9	)
Weighted average shares outstanding	110.5			109.9			109.7			29.8
Dilutive impact of stock based awards	—			—			—			—
Weighted average dilutive shares outstanding	110.5			109.9			109.7			29.8
Earnings per share - diluted	$	(0.11	)	$	(0.32	)	$	(0.08	)	$	(1.84	)

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Quarterly Financial Data (Unaudited) (Details 1) (Transunion Intermediate [Member], TransUnion Intermediate-Predecessor, USD $) In Millions, unless otherwise specified	4 Months Ended
	Apr. 30, 2012
Transunion Intermediate [Member] | TransUnion Intermediate-Predecessor
Summary of quarterly financial data
Operating income (loss)	$ (0.2)
Net loss	(52.4)
Net income (loss) attributable to TransUnion Corp.	$ (54.9)