ANNUAL REPORT

2 18 ANNUAL REPORT

Dear Shareholders, Customers, Partners and Associates:

I am pleased to report that TransUnion delivered another outstanding year in 2018, marking five consecutive years of doubledigit Adjusted Revenue, Adjusted EBITDA and Adjusted Earnings per Share growth.

It was also an important year, as we continued to find ways to centralize around the consumer and help our business customers do the same. This was evidenced in the investments we made in our service operation and in the product innovations we launched this year, including a consumer-facing credit freeze website and mobile app, myTransUnion?, to help people quickly and easily freeze and unfreeze their credit for free. This solution is part of our portfolio of tools to empower consumers to protect their information and prevent fraud.

Our performance is also the result of broad-based success across our business. In our USIS segment, we continue to see powerful applications of our data and analytics capabilities in attractive verticals like Financial Services, Healthcare, Insurance, Collections, Rental Screening and Public Sector. In our International segment, we delivered strong performance across our attractive global footprint, including significant constant currency revenue growth in countries like India, Canada and South Africa as well as our Latin America and Asia Pacific regions. Consumer Interactive delivered another solid year behind strength in our direct business and the continued benefit of growth with key partners on the indirect side.

During 2018, we also completed four strategic acquisitions, including the two largest in our history -- Callcredit and iovation -- as well as Healthcare Payment Specialists and Rubixis.

To help ensure the success of our acquisitions, we employ a focused strategy. First, we invest in unique and differentiated assets that can augment the core contributory credit data we receive in virtually all of our markets. This allows us to create new, valuable offerings for our customers while efficiently leveraging existing data assets. Our second strategy focuses on acquiring new capabilities to expand our vertical market positions. Finally, we continue to focus on expanding our international positions. Each of our 2018 acquisitions fits squarely within at least one of these strategies, with a few crossing two or even all three of them. At the same time, we continue to invest aggressively in internal projects like CreditVision?, CreditVision? LinkSM, CreditView DashboardSM, IDVision? with iovation?, Prama? and many more. These products deliver outstanding growth, while also providing real benefits to consumers in terms of access to credit at affordable rates and the ability to monitor their information, as well as to our customers, who rely on us to help them reduce risk while promoting financial inclusion for consumers around the world.

Finally, we continued to invest in measures to prevent, detect and address information security risks ? nothing is as high of a priority at TransUnion company-wide. Our information security team operates globally, ensuring coverage and visibility 24/7. As cybercrime is not unique to our business, we continue to coordinate within and beyond our industry for the benefit of all stakeholders.

Late in 2018, I announced my retirement as CEO effective May 8, 2019. From the start, our goal as a management team was to build a market-leading information solutions company that can help businesses and people make better decisions while unlocking the incredible value of our company's assets to create shareholder value. I believe that we have done that, and the journey has been exciting and rewarding. I am grateful to all of our associates for their unwavering support and intense focus on helping to make TransUnion a recognized leader and innovator.

While my retirement is bittersweet, I am pleased that we have a real depth of management talent, allowing us to name Chris Cartwright -- who currently leads our USIS segment and global product development -- as my successor. Chris has been with TransUnion since 2013 and has been instrumental in our success over the past five years, with meaningful contributions to our strategy, planning, operational excellence, marketplace success and acquisitions. He is an ideal successor, and I am confident he will continue to drive TransUnion to great success in the years to come.

I want to conclude by thanking our shareholders for their ongoing support and our associates for the amazing work they do every day to make TransUnion a great company.

Sincerely,

Jim Peck President and Chief Executive Officer

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

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

1934

For the fiscal year ended December 31, 2018

- 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 001-37470

TransUnion

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)

61-1678417 (I.R.S. Employer Identification Number)

555 West Adams, Chicago, Illinois (Address of principal executive offices)

60661 (Zip Code)

312-985-2000 (Registrant's telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

New York Stock Exchange

Securities Registered Pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ? YES ` 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. ` YES ? 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 the past 90 days. ? YES ` NO

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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). ? YES ` 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. `

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting

company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting

company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

? Large accelerated filer ` Non-accelerated filer

` Accelerated filer ` Smaller reporting company ` Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. `

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ` YES ? NO

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately

$13.2 billion as of June 30, 2018 (based on the closing stock price of such stock as quoted on the New York Stock Exchange).

As of January 31, 2019, there were 186.0 million shares of TransUnion common stock outstanding, par value $0.01 per share.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement of TransUnion for the Annual Meeting of Stockholders to be held May 8, 2019 are incorporated by

reference to the extent specified in Part III of this Form 10-K.

TRANSUNION ANNUAL REPORT ON FORM 10-K YEAR ENDED DECEMBER 31, 2018

TABLE OF CONTENTS

PART I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ITEM 1. BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ITEM 1A. RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 ITEM 1B. UNRESOLVED STAFF COMMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 ITEM 2. PROPERTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 ITEM 3. LEGAL PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 ITEM 4. MINE SAFETY DISCLOSURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 EXECUTIVE OFFICERS OF THE REGISTRANT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER

MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 ITEM 6. SELECTED FINANCIAL DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK . . . . . . . . 74 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Consolidated Statements of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Consolidated Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Consolidated Statements of Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 ITEM 9A. CONTROLS AND PROCEDURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 ITEM 9B. OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 PART III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE . . . . . . . . . . . . . 129 ITEM 11. EXECUTIVE COMPENSATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 PART IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 ITEM 16. FORM 10-K SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135

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 the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. 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," "guidance," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast," "outlook," "potential," "continues," "seeks," "predicts," or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could materially affect our financial results or such forward-looking statements include:

? 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 "critical activities"; ? our ability to effectively manage our costs; ? economic and political stability in the United States and 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 make acquisitions and successfully integrate the operations of acquired businesses and

realize the intended benefits of such acquisitions; ? 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; ? share repurchase plans; and ? our reliance on key management personnel.

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