TransUnion Announces Agreement to Sell Noddle Business to Credit Karma
A better choice in empowering consumers with access to monitor and impact their financial health
TransUnion (NYSE: TRU) announced today an agreement to sell its Noddle business, the U.K.-based free for life credit report service, to Credit Karma. TransUnion acquired Noddle earlier this year as part of its acquisition of Callcredit, the second largest consumer bureau in the U.K.
“TransUnion is excited to bring these companies together,” said John Danaher, TransUnion’s president of Consumer Interactive. “Noddle and Credit Karma are well-matched, both embracing a ‘consumer-first’ approach to offering free information monitoring and financial health solutions. We are confident the business will continue to thrive under its new ownership and that this divestiture is a positive move for all parties, including the people of the U.K.”
Credit Karma is a personal finance technology company with more than 85 million members in North America, including almost half of all millennials. The company offers a range of personal information monitoring and financial health improvement products that are free for members. Credit Karma’s tremendous growth in the U.S. has been largely through offering award-winning user experience and free access to high-value services.
"Our mission is to help people make financial progress, and that extends beyond North America,” said Kenneth Lin, CEO and founder of Credit Karma. “For over a decade, we’ve enabled our members in the U.S. and Canada to take control of their finances by giving them free access to their financial information. We’re confident the acquisition of Noddle will help us deliver on our mission in the U.K. and welcome the opportunity to expand our partnership with TransUnion globally.”
Once the acquisition is complete, TransUnion will continue to supply Credit Karma’s customers with complete access to all of their credit reports and scores. TransUnion and Credit Karma already are partners in the United States and Canada.
Terms of the agreement will not be disclosed. The sale is anticipated to close in the fourth quarter, or early 2019, pending regulatory approval.
TransUnion is a leading global risk and information solutions provider to businesses and consumers. The company provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. Businesses embed its solutions into their process workflows 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. Consumers use its 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. www.transunion.com