TransUnion Barclays 24th Annual Global Financial Services Conference

Yeah, for sure. It is a good place to start. It is a bumpier world than I think we all wish that it was. Look, over the course of the third quarter, we expect that we are well-positioned to achieve the guidance that we issued in Q2, even with the upgraded targets that we outlined for the market. As you will recall, all we really did in the upgrade was to flow through the goodness from over-performance in the second quarter. We are also very cautious about not changing our mortgage estimates for the full year because we just felt like the balance of risks was more toward rate increases and some diminished mortgage volume. Overall, mortgage is our most rate-sensitive product and higher rates are not helpful. But as you know, we are at historic volume lows in the mortgage industry currently.

We're kind of at a floor level of transaction with perhaps occasionally a little bump above that for some refi activity. That's likely to diminish in the third quarter. I don't really expect that volumes will be materially impacted in card, auto, consumer lending, fintechs. They are far more insensitive to rates. There's just more spread and more opportunity to either recalibrate the rates or shorter durations, right? Net-net, I feel like the guidance that we provided, which is to achieve at or above the high in the third quarter and for the full year, we still feel pretty good about that.

Yeah. Well, as you know from our investor day earlier this year, any improvement in mortgage volumes beyond the current level of activity we've been experiencing like Q2 and previous, that was upside to the medium-term guidance that we provided. Now look, if we do get some increased stability and some rate improvements and the like, and refi volumes pick up or purchase volumes pick up, that is very additive to the top line and the flow-through is very good.

Yeah. Let's hope that happens at some point during this kind of 3-year period.

But we don't need rates to drop, and we don't need a big influx of volume to compound the top line high single digits.

Well, running through the other ones, auto will probably continue to be about a mid-single digit grower. In the 2023, 2024 timeframe, there was some demand pull forward, fear of tariffs and the like. The volume shot up there. Since then, it has kind of been a mid-single digit grower. I would expect that to continue. On the card side, again, it is also kind of a low to mid-single digit grower during this period. I think it is steady there. In 2024 and 2025, there was a resurgence in consumer lending activity. In particular, the fintechs started to revitalize or reinvigorated. I expect that growth rate to continue, although perhaps to abate a little bit quarter by quarter, given the higher comps that they are growing over. Things look good in consumer lending. I think the appetite for consumer loans, unsecured consumer loans is steady to growing.

It is a mainstream product now. There is a lot of capital available to the space, and the fintech players have kind of diversified their product lines and diversified across the risk spectrum as well. I feel like they are much better positioned to weather changes in rates.