TransUnion Files for IPO

TransUnion Corp. restarted the process for an initial public offering, three years after the credit-reporting company was acquired in a $3 billion deal that ended its earlier run at going public.

The company, one of the largest credit bureaus in the U.S., on Tuesday filed paperwork for an initial public offering with the Securities and Exchange Commission, stating it's looking to raise up to $100 million, although that figure is subject to change.

Affiliates of Advent international Corp. and Goldman Sachs & Co. will still own a majority of the voting power in the company after the IPO is complete, according to the regulatory filing. The filing listed Goldman Sachs, JP Morgan, B of A Merrill Lynch and Deutsche Bank as joint book-runners for the offering.

TransUnion did not disclose how many shares it plans to offer or the anticipated price range. It also did not disclose the exchange where it plans to list its shares or what its ticker symbol would be.

Last year, the Chicago-based company’s revenue increased by 10% from a year earlier to $1.3 billion. It still posted a loss of $12.5 million, narrower than the previous year's $35.1 million loss.

TransUnion will join Equifax Information Services and Experian Information Solutions, which are both already public companies.

The three giants collect and provide credit information on more than 200 million U.S. consumers. 

Earlier this month, the three firms announced they will change the way they handle errors and treat medical debt after reaching a settlement with New York Attorney General Eric Schneiderman.  The deal requires the credit bureaus to institute several reforms in the next three years, including giving consumers the right to challenge inaccurate information in their credit reports by starting a dispute. In those cases, the bureaus will be required to use trained employees to review all supporting documents submitted by consumers who see an error in their files, even if the creditor reports the information is accurate. The three bureaus also agreed to wait 180 days before putting past-due medical bills on credit reports to allow insurance payments to be taken into account. All medical debts will be removed from a consumer's credit report after the debt is paid by insurance.