Document:

Exhibit

Exhibit 10.24

TRANSUNION
2015 EMPLOYEE STOCK PURCHASE PLAN
As Amended and Restated Effective November 18, 2016

ARTICLE I - PURPOSE
1.01Purpose.

The purpose of the Plan is to provide a means by which Eligible Employees can share in the Company’s future success by acquiring shares of Common Stock.  It is the Company’s intention to have the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code.  Accordingly, the provisions of the Plan shall be administered in a manner that is consistent with the requirements of Section 423 of the Code.
 ARTICLE II - DEFINITIONS

2.01Affiliate.

“Affiliate” means any parent corporation or subsidiary corporation of the Company (as determined in accordance with Section 424 of the Code).
2.02Base Compensation.

“Base Compensation” means regular base straight-time gross earnings annualized as of the relevant Offering Commencement Date, excluding (i) payments, if any, for overtime, incentive compensation, commissions, incentive payments, premiums, bonuses, stock or other equity-based compensation, and (ii) any other special remuneration of a Participant during an Offering Period.  Notwithstanding the foregoing, the Plan Administrator may, in its discretion, on a uniform and nondiscriminatory basis, establish a different definition of “Base Compensation” for a subsequent Offering Period prior to the Offering Commencement Date of such subsequent Offering Period.
2.03Board.

“Board” means the Board of Directors of the Company.
2.04    Change in Control.

“Change in Control” has the meaning set forth in the Company’s 2015 Omnibus Incentive Plan, as amended from time to time, or any successor plan thereto.
2.05    Code.

“Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto.  Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretive guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.
2.06      Common Stock.

“Common Stock” means the common stock, par value $0.01 per share, of the Company (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged).

2.07    Company.

“Company” means TransUnion, a Delaware corporation.
2.08    Eligible Employees.

“Eligible Employees” means, subject to the limitations set forth in Section 4.02, any individual employed by the Company or an Affiliate who has completed at least six (6) months of service with the Company or an Affiliate, except (i) employees who are not employed by the Company or an Affiliate prior to the beginning of an Offering Period or prior to such other time period specified by the Plan Administrator, (ii) individuals who provide services to the Company or any of its Affiliates as independent contractors who are reclassified as common law employees for any reason except for federal income and employment tax purposes, and (iii) employees who reside in countries for whom such employees’ participation in the Plan would result in a violation under any corporate or securities laws of such country of residence.
2.09    Exchange Act.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto.  Reference in the Plan to any section (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretive guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or other interpretive guidance.
2.10    Fair Market Value.

“Fair Market Value” means, on a given date, (i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the last preceding date on which such sales were reported, (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported, or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last sale basis, the amount determined by the Plan Administrator in good faith to be the fair market value of the Common Stock.
2.11    New Purchase Date.

“New Purchase Date” means a new Purchase Date, as designated by the Plan Administrator, if the Plan Administrator shortens any Offering Period then in progress.
2.12    Notice Period.

“Notice Period” means (i) the two (2) year period following the Offering Commencement Date relating to the applicable shares of Common Stock, or (ii) the one (1) year period following the Purchase Date related to the applicable shares of Common Stock that were purchased.

2.13    Offering Commencement Date.

“Offering Commencement Date” means the first day of each Offering Period.
2.14    Offering End Date.

“Offering End Date” means the last day of each Offering Period.

2.15    Offering Period.

“Offering Period” means a six (6) month period established by the Plan Administrator in accordance with Section 5.01.
2.16    Participant.

“Participant” means, with respect to an Offering Period, an Eligible Employee who is participating in such Offering Period, as provided in Section 4.01.
2.17    Plan.

“Plan” means this TransUnion 2015 Employee Stock Purchase Plan, as may be amended from time to time.
2.18    Plan Administrator.

“Plan Administrator” means two or more individuals appointed by the Board to administer the Plan; provided, that notwithstanding appointment of a Plan Administrator, the Board may take any action permitted to be exercised by the Plan Administrator under the Plan in accordance with Section 10.01 hereof.
2.19    Purchase Date.

“Purchase Date” means with respect to any Offering Period, the Offering End Date associated with such Offering Period (or such other date established by the Plan Administrator prior to the applicable Offering Commencement Date or pursuant to Section 9.02); provided, however, if any such date is not a Trading Day, the Purchase Date shall be the next business day that is a Trading Day.
2.20    Purchase Price.

“Purchase Price” means an amount per share of Common Stock, or methodology for determination of calculating an amount per share of Common Stock, as determined by the Plan Administrator not less than thirty (30) days prior to the commencement of any Offering Period, which shall in no event be less than the lesser of eighty-five percent (85%) of the Fair Market Value of such Common Stock on either of (i) the Offering Commencement Date of such Offering Period, or (ii) the Purchase Date (or New Purchase Date, as applicable) for such Offering Period.
2.21    Reserves.

“Reserves” has the meaning set forth in Section 9.01.
2.22    Rule 16b-3.

“Rule 16b-3” has the meaning set forth in Section 10.01.
2.23    Securities Act.

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto.  Reference in the Plan to any section (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretive guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or other interpretive guidance.

2.24    Subscription.

“Subscription” means an Eligible Employee’s authorization for payment to be made by the Eligible Employee for Common Stock purchases under this Plan in the form and manner specified by the Plan Administrator (which may include enrollment by submitting forms, by voice response, internet access or other electronic means).  
2.25    Trading Day.

“Trading Day” means a day on which the national stock exchange upon which the Common Stock is listed is open for trading.
ARTICLE III -SHARES OF COMMON STOCK

3.01    Shares of Common Stock Reserved For the Plan.

(a)Subject to adjustment upon changes in capitalization of the Company as provided in Section 9.01, the maximum number of shares of Common Stock which may be issued under the Plan shall be 2,400,000.

(b)In connection with each Offering Period, the Plan Administrator may specify a maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering Period, and/or all Participants on any Purchase Date during such Offering Period.  If the total number of shares of Common Stock to be issued on any Purchase Date exceeds the maximum number of shares of Common Stock available for issuance under the Plan, the Company shall (i) make a pro-rata allocation of the shares of Common Stock available for delivery and distribution in as nearly a uniform manner as shall be practicable and the Plan Administrator determines to be equitable, (ii) return the balance of payroll deductions (or other contributions, if applicable) credited to the account of each Participant under the Plan as promptly as practicable, and (iii) have the discretion to terminate any or all Offering Periods then in effect pursuant to Section 5.01(a).  If any rights granted under the Plan terminate for any reason without having been exercised, the shares of Common Stock not purchased under such rights shall again become available for issuance under the Plan.

3.02    Participant’s Interest in Rights to Purchase Common Stock.

(a)Until the applicable shares of Common Stock are issued (as evidenced by the appropriate entry on the books of the Company), a Participant shall only have the rights of an unsecured creditor with respect to such shares of Common Stock, and no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares of Common Stock.

(b)The Participant shall have no interest in the shares of Common Stock covered by a right to purchase such shares of Common Stock under the Plan until such right has been exercised.

ARTICLE IV - ELIGIBILITY AND PARTICIPATION

4.01    Enrollment and Participation.

(a)Any individual who, on the day preceding an Offering Commencement Date, qualifies as an Eligible Employee may elect to become a Participant in the Plan for such Offering Period by submitting a Subscription, in the form prescribed for this purpose by the Company (including, if requested by the Company, a payroll deduction authorization form).  The Subscription shall be filed with the Company in accordance with the procedures as established by the Company.  Eligible Employees may not have more than one (1) Subscription in effect with respect to any Offering Period.

(b)Once enrolled in the Plan, a Participant shall continue to participate in the Plan until such Participant ceases to be an Eligible Employee or withdraws from the Offering Period or the Plan in accordance with Section 6.03.  

Under the foregoing automatic enrollment provisions, payroll deductions (to the extent permitted by applicable law) will continue at the level in effect immediately prior to any new Offering Commencement Date, unless changed in advance by the Participant in accordance with Section 6.03.  A Participant who withdraws from the Plan in accordance with Section 6.03 may again become a Participant if such person is then an Eligible Employee, by following the procedure described in Section 4.01(a).

4.02 Limitations on Participation.

Notwithstanding any provisions of the Plan to the contrary, no Eligible Employee shall be granted a right to purchase shares of Common Stock pursuant to the Plan:

(a)if, immediately after the option is granted, such Eligible Employee owns shares of Common Stock possessing five percent (5%) or more of the total combined voting power or value of all classes of Common Stock (for purposes of this Section 4.02(a), the rules of Section 424 of the Code shall apply in determining stock ownership of any Eligible Employee), pursuant to the requirements of Section 423(b)(3) of the Code.

(b)which permits such Eligible Employee to purchase shares of Common Stock under all employee stock purchase plans of the Company and its Affiliates that shall accrue at a rate which exceeds $25,000 in Fair Market Value of the Common Stock (determined at the time such right to purchase Common Stock is granted) for each calendar year in which such right is outstanding, pursuant to the requirements of Section 423(b)(8) of the Code.  When applying the limitations of this Section 4.02(b), the right to purchase Common Stock under an option accrues when the option (or any portion thereof) first becomes exercisable during the calendar year, the right to purchase Common Stock under an option accrues at the rate provided in the option, but in no case may such rate exceed $25,000 of Fair Market Value of such Common Stock (determined at the time such option is granted) for any one (1) calendar year, and a right to purchase Common Stock which has accrued under one option granted pursuant to the Plan may not be carried over to any other option to purchase Common Stock.

ARTICLE V - OFFERING PERIODS 

5.01    Offering Periods.

(a)The Plan shall be implemented by consecutive Offering Periods with new Offering Commencement Dates commencing on the first Trading Day on or after January 1 and July 1 of each year (or at such other times as may be determined by the Plan Administrator).  Each Offering Period shall comply with the requirements of Section 423(b)(5) of the Code.  The Plan Administrator shall have the power to terminate or change the duration and/or frequency of the Offering Periods (including the Offering Commencement Date) with respect to future Offering Periods without shareholder approval.  Any such changes shall be announced prior to the scheduled beginning of the affected Offering Period.

(b)A Subscription that is in effect on an Offering End Date will automatically be deemed to be a Subscription for the Offering Period that commences immediately following such Offering End Date, provided that the Participant is still an Eligible Employee and has not withdrawn such Participant’s Subscription in accordance with Section 6.03.  Payroll deductions (to the extent permitted by applicable law) will continue at the level in effect immediately prior to the new Offering Commencement Date, unless changed in advance by the Participant in accordance with Section 6.03.

5.02    Grant of Option.

On each Offering Commencement Date, each Participant shall be automatically granted an option to purchase as many shares of Common Stock (rounded down to the nearest whole share of Common Stock) as may be purchased with such Participant’s payroll deductions (or other contributions, if applicable) during the related Offering Period at the Purchase Price, subject to the limitations set forth in Sections 3.01 and 4.02.

ARTICLE VI - PAYROLL DEDUCTIONS AND OTHER APPROVED FORMS OF PAYMENT

6.01    Amount of Payroll Deductions or Other Approved Forms of Payment.

6.02    To the extent payroll deductions are permitted by applicable law, an Eligible Employee’s Subscription shall authorize payroll deductions at a rate, in whole percentages, of no less than one percent (1%) and no more than fifteen percent (15%), as elected by the Participant, of such Participant’s Base Compensation on each payroll date that the Subscription is in effect.  Payroll deductions (to the extent permitted by applicable law) shall commence on the first payroll date following the Offering Commencement Date and shall continue until the Participant changes the rate of such Participant’s payroll deductions or terminates such Participant’s participation in the Plan, in each case, as provided in Section 6.03.  If payroll deductions to make contributions toward the purchase of shares of Common Stock under the Plan are not then-permitted by applicable law, the Plan Administrator may approve other forms of payment permitted by applicable law for contributions toward the purchase of shares of Common Stock under the Plan, and may require a Participant to elect the amount of his or her contribution as a fixed percentage of no less than one percent (1%) and no more than fifteen percent (15%), as elected by the Participant, of such Participant’s Base Compensation as of the beginning of the applicable Offering Period. 

6.03    Participant’s Account. 

All payroll deductions (or other contributions, if applicable) made with respect to a Participant shall be credited to such Participant’s recordkeeping account under the Plan.  Except as expressly permitted by the Plan Administrator, a Participant may not make any separate cash payment into such account.  No interest shall accrue or be paid on any amount withheld from a Participant’s pay under the Plan or credited to the Participant’s account, unless required by law.  Except as provided in this Section 6.02, all amounts in a Participant’s account shall be used to purchase whole shares of Common Stock and no cash refunds shall be made from such account.  Any amounts that are insufficient to purchase whole shares shall be credited to the Participant’s account, and added to any fractional amounts resulting on subsequent Purchase Dates.  Upon liquidation or other closing of a Participant’s account, any fractional amounts shall be paid in cash to the Participant based on the then-current Fair Market Value of the Common Stock.  In addition, any amounts that are withheld or contributed but unable to be applied to the purchase of Common Stock because of the limitations of Section 4.02 shall be returned to the Participant without interest and shall not be used to purchase shares of Common Stock with respect to any other Offering Period under the Plan.
6.04    No Changes in Payroll Deductions or Other Contributions; Termination of Subscription. 

(a)Except as may be permitted by the Plan Administrator in its sole discretion, following the Offer Commencement Date associated with an Offering Period, a Participant may terminate such Participant’s Subscription for the Offering Period (but may not otherwise increase or decrease such Participant’s level of elected payroll deductions or other contributions, if applicable, under the Subscription with respect to such Offering Period).  

(b)Any termination of a Subscription shall only be deemed effective if such Subscription is executed pursuant to procedures established by the Plan Administrator.  If a Participant terminates such Participant’s Subscription with respect to an Offering Period, the accumulated payroll deductions (or other contributions, if applicable) in such Participant’s account at the time the Subscription is withdrawn shall be paid without interest to such Participant as soon as practicable after receipt of such Participant’s notice of withdrawal and such Participant’s Subscription for the current Offering Period will be automatically terminated, and no further contributions for the purchase of shares of Common Stock will be made during the Offering Period or subsequent Offering Periods until such Participant re-enrolls in the Plan pursuant to Section 4.01(a).  Any re-enrollment in the Plan shall be effective only at the commencement of a subsequent Offering Period.

ARTICLE VII - TERMINATION OF EMPOYMENT

7.01    Termination of Employment.

Termination of a Participant’s employment for any reason, including retirement, death or the failure of such Participant to remain an Eligible Employee of the Company or its Affiliates, shall immediately terminate such Participant’s participation in the Plan.  In such event, the accumulated payroll deductions (or other contributions, if applicable) in such Participant’s account at the termination of such Participant’s employment shall be paid without interest to such Participant (or such Participant’s beneficiary) as soon as practicable after such termination of such Participant’s employment and such Participant’s Subscription for the current Offering Period will be automatically terminated, and no further contributions for the purchase of shares of Common Stock will be made during the Offering Period or subsequent Offering Periods.  For purposes of this Section 7.01, an Eligible Employee shall not be deemed to have terminated employment or failed to remain in the continuous employ of the Company or an Affiliate in the case of sick leave, military leave, or any other leave of absence approved by the Plan Administrator; provided, however, that such leave of absence is for a period of not more than ninety (90) days or re-employment upon the expiration of such leave is guaranteed by contract or statute.

ARTICLE VIII- EXERCISE OF RIGHTS TO PURCHASE COMMON STOCK

8.01    Automatic Exercise

(a)Unless a Participant terminates such Participant’s Subscription as provided in Section 6.03, a Participant’s right to purchase shares of Common Stock will be automatically exercised on each Purchase Date for the applicable Offering Period.  The right to purchase shares of Common Stock will be exercised by using the accumulated payroll deductions (or other contributions, if applicable) in such Participant’s account as of each such Purchase Date to purchase the maximum number of whole shares of Common Stock that may be purchased at the Purchase Price (rounded down to the nearest whole share).  The number of shares of Common Stock that will be purchased for each Participant on the Purchase Date shall be determined by dividing (i) such Participant’s accumulated payroll deductions (or other contributions, if applicable) in such Participant’s account as of the Purchase Date by (ii) the Purchase Price.

(b)At the time an option granted under the Plan is exercised, in whole or in part, or at the time some or all of the shares of Common Stock issued to a Participant under the Plan are disposed of, the Participant must make adequate provisions for any applicable federal, state or other tax withholding obligations, if any, which arise upon the Purchase Date or the disposition of the shares of Common Stock.  At any time, the Company or an Affiliate may, but will not be obligated to, withhold from the Participant’s compensation the amount necessary to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to the sale or disposition of shares of Common Stock by the Participant earlier than as described in Section 423(a)(1) of the Code.

8.02    Delivery of Common Stock.

(a)As promptly as practicable after each Purchase Date, the number of shares of Common Stock purchased by each Participant pursuant to Section 8.01 shall be deposited into an account established in the Participant’s name with the broker designed by the Plan Administrator for such purpose.

(b)Shares of Common Stock that are purchased under the Plan will be held in an account in the Participant’s name in uncertificated form.  Furthermore, shares of Common Stock to be delivered to a Participant under the Plan will be registered in the “street name” of such Participant.

ARTICLE IX - CHANGES IN CAPITALIZATION; ADJUSTMENTS UPON CHANGE IN CONTROL

9.01    Changes in Capitalization.

Subject to any required action by the stockholders of the Company, (i) the number of shares of Common Stock covered by each option under the Plan that has not yet been exercised, (ii) the number of shares of Common Stock that have been authorized for issuance under the Plan but have not yet been placed under option (collectively, the “Reserves”), (iii) the number of shares of Common Stock set forth in Section 3.01, (iv) the Purchase Price per share, and (v) the maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during an Offering Period, shall, if applicable, be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, subdivision, combination or reclassification of the Common Stock (including any such change in the number of shares of Common Stock effected in connection with a change in domicile of the Company), or any other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company, or any increase or decrease in the value of a share of Common Stock resulting from a spinoff or split-up; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”  Such adjustment shall be made by the Plan Administrator, whose determination in that respect shall be final, binding and conclusive.  Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option.
9.02    Adjustments Upon Change in Control.

(a)In the event of a Change in Control, the Board may take any action it deems necessary or desirable with respect to any option or ongoing Offering Period, including, but not limited to: (i) terminating the Plan and returning all contributions made by Participants in connection with such termination of the Plan, and (ii) establishing a New Purchase Date and providing that each outstanding option under the Plan will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of the successor corporation.  

(b)For purposes of this Section 9.02, an option granted under the Plan shall be deemed to be assumed upon a Change in Control, without limitation, if, at the time of issuance of the stock or other consideration, each holder of an option under the Plan would be entitled to receive the same number and kind of shares of stock or the same amount of property, cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately prior to the transaction, the holder of the same number of shares of Common Stock covered by the option at such time (after giving effect to any adjustments in the number of shares of Common Stock covered by the option as provided for in Section 9.01); provided, however, that if the consideration received in the transaction is not solely common stock of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Plan Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon exercise of the option to be solely common stock of the successor corporation or its parent equal in Fair Market Value to the per share consideration received by holders of shares of Common Stock in the transaction.

ARTICLE X - ADMINISTRATION

10.01    Appointment of Plan Administrator.

The Plan Administrator shall administer the Plan.  To the extent required for transactions under the Plan to qualify for the exemptions available under Rule 16b-3 promulgated under the Exchange Act (“Rule 16b-3”), all actions relating to awards to persons subject to Section 16 of the Exchange Act shall be taken by the Board unless each person who serves on the Plan Administrator is a “non-employee director” within the meaning of Rule 16b-3 or such actions are taken by a sub-Plan Administrator of the Plan Administrator (or the Board) comprised solely of “non-employee directors.” 

10.02    Authority of Plan Administrator.

The Plan Administrator shall have full and plenary authority, subject to the provisions of the Plan, to (i) promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, (ii) interpret the provisions and supervise the administration of the Plan, and (iii) take all action in connection therewith or in relation thereto as it deems advisable.  All determinations by the Plan Administrator under the Plan shall, to the full extent permitted by law, be final and binding on upon all parties.  The Company shall pay all expenses incurred in the administration of the Plan.  No member of the Plan Administrator shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Plan Administrator shall be fully indemnified by the Company with respect to any such action, determination or interpretation.
ARTICLE XI - MISCELLANEOUS

11.01    Amendment and Termination.

(a)The Board may at any time and for any reason terminate the Plan.  Except as provided in Article IX, no such termination of the Plan may affect options previously granted, provided that the Plan or an Offering Period may be terminated by the Plan Administrator on a Purchase Date or by the Board’s setting a New Purchase Date with respect to an Offering Period then in progress if the Board determines that termination of the Plan and/or the Offering Period is in the best interests of the Company and the stockholders or if continuation of the Plan and/or the Offering Period would cause the Company to incur adverse accounting charges as a result of a change after the effective date of the Plan in the generally accepted accounting principles applicable to the Plan.  Either the Board or the Plan Administrator may amend the Plan.  Except as provided in Section 9.01 and in this Section 11.01, no amendment to the Plan shall make any change in any option previously granted that adversely affects the rights of any Participant.  In addition, to the extent necessary to comply with Rule 16b-3 or Section 423 of the Code (or any successor rule or provision or any applicable law or regulation), the Company shall obtain stockholder approval in such a manner and to such a degree as so required.

(b)Without stockholder consent and without regard to whether any Participant’s rights may be considered to have been adversely affected, the Board or the Plan Administrator shall be entitled to change the Offering Period, limit the frequency and/or number of changes in the amount withheld or otherwise contributed during an Offering Period, permit payroll tax withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding or contribution elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld from the Participant’s compensation or otherwise contributed by the Participant, if applicable, and establish such other limitations or procedures as the Board or the Plan Administrator determines, in its sole discretion, are advisable and consistent with the Plan.

(c)Upon termination of the Plan, the date of termination shall be considered a Purchase Date, and any cash remaining in Participant accounts will be applied to the purchase of Common Stock, unless determined otherwise by the Board.  Upon termination of the Plan, the Board shall have authority to establish administrative procedures regarding the exercise of outstanding rights to purchase shares of Common Stock or to determine that such rights shall not be exercised.

11.02    Use of Funds.

All payroll deductions received or held by the Company or any Affiliate or otherwise contributed by a Participant under this Plan may be used by the Company or such Affiliate for any corporate purpose and neither the Company nor any Affiliate shall be obligated to segregate such payroll deductions or other contributions, if applicable.

11.03    Transferability; Notice of Disposition.

(a)Neither payroll deductions (or other contributions, if applicable) credited to a Participant’s account nor any rights with regard to the exercise of a right to purchase Common Stock or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of descent and distribution or as provided in Section 7.01.  Any such attempted assignment, transfer, pledge, or other disposition shall be void ab initio.  During a Participant’s lifetime, rights to purchase shares of Common Stock that are held by such Participant shall be exercisable only by such Participant. 

(b)Each Participant shall notify the Company, in writing, if such Participant disposes of any of the shares of Common Stock purchased in any Offering Period pursuant to the Plan if such disposition occurs within the Notice Period.  The Company may, at any time during the Notice Period, place a legend or legends on any book entry representing shares of Common Stock acquired pursuant to the Plan requesting that the Company’s transfer agent notify the Company of any transfer of such shares of Common Stock.  The obligation of the Participant to provide such notice shall continue notwithstanding the placement of any such legend on the book entry.

11.04    Term; Stockholder Approval of the Plan.

The Plan shall be effective upon its approval by the Board and shall be approved by the stockholders of the Company, in any manner permitted by applicable corporate law, within twelve (12) months before or after the Plan is adopted by the Board.  No purchase of shares of Common Stock pursuant to the Plan shall occur prior to such stockholder approval.  The Plan shall terminate on the earliest of (i) termination of the Plan by the Plan Administrator (which termination may be effected by the Board at any time), (ii) the tenth (10th) anniversary of the approval of the Plan by the stockholders or (iii) issuance of all of the shares of Company Stock available for issuance under the Plan.
11.05    No Employment Rights; Effect of the Plan.

(a)The Plan does not, directly or indirectly, create in any employee or class of employees, any right with respect to continuation of employment with the Company or any of its Affiliates, and it shall not be deemed to interfere in any way with the right of the Company or any Affiliate employing such person to terminate, or otherwise modify, an employee’s employment at any time.

(b)The provisions of the Plan shall, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each Participant, including, without limitation, such Participant’s estate and the executors, administrators or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such Participant.

11.06    Governing Law.

The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.
11.07    Miscellaneous.

(a)Notices.  All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

(b)Conditions Upon Issuance of Shares of Stock.  Shares of Common Stock shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares of Common Stock pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act, applicable state securities laws and the requirements of any stock exchange upon which the shares 

of Common Stock may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance.  As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares of Common Stock are being purchased only for investment and without any present intention to sell or distribute such Common Stock if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.Exhibit

Exhibit 10.25

UNITED STATES OF AMERICA
CONSUMER FINANCIAL PROTECTION BUREAU

ADMINISTRATIVE PROCEEDING
File No. 2017-CFPB-0002

	
		
	 
	 

	In the Matter of:
	     CONSENT ORDER

	 
	 

	TransUnion Interactive, Inc., Trans Union, LLC, and TransUnion
	 

	 
	 

The Consumer Financial Protection Bureau (Bureau) has reviewed the marketing practices of TransUnion Interactive, Inc. (TUI), Trans Union, LLC (TULLC), and TransUnion (TU) (collectively Respondents, as defined below) and has  identified the following law violations: (1) Respondents deceptively market credit scores to consumers by falsely representing, in violation of the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531, 5536, that the scores they market and sell to consumers are the same scores lenders typically use to determine creditworthiness; and (2) Respondents deceptively market credit scores and credit-related products to consumers by falsely representing, in violation of the CFPA, that the scores and products are “free” or “$1”, when, in reality, when a consumer signs up for a “free” or “$1” trial, she is automatically enrolled in a subscription program for which she is charged a recurring monthly fee unless she cancels. Under Sections 1053 and 1055 of the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5563, 5565, the Bureau issues this Consent Order (Consent Order).

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I
Jurisdiction

		
	1.
	The Bureau has jurisdiction over this matter under sections 1053 and 1055 of the CFPA, 12 U.S.C. §§ 5563 and 5565. 

II
Stipulation

		
	2.
	Respondents have executed a “Stipulation and Consent to the Issuance of a Consent Order,” dated December 22, 2016 (Stipulation), which is incorporated by reference and is accepted by the Bureau. By this Stipulation, Respondents have consented to the issuance of this Consent Order by the Bureau under sections 1053 and 1055 of the CFPA, 12 U.S.C. §§ 5563 and 5565, without admitting or denying the findings of fact or conclusions of law, except that Respondents admit the facts necessary to establish the Bureau’s jurisdiction over Respondents and the subject matter of this action. 

III
Definitions

		
	3.
	The following definitions apply to this Consent Order:

		
	a.
	“Affected Consumers” are the approximately 700,000 consumers identified by the Bureau and Respondents who were enrolled in the TUCM Product through a Negative Option offer during the Relevant Period, and then cancelled their subscriptions within two billing cycles of enrollment without receiving a refund of fees paid.  

		
	b.
	“Board” means TU’s duly-elected and acting Board of Directors. 

		
	c.
	“Clearly and prominently” means “clearly and conspicuously” such that the required disclosure is difficult to miss (i.e., easily noticeable) and easily understandable by ordinary consumers, including in all the following ways: 

		
	i.
	In textual communications (e.g., printed publications or words displayed on the screen of an electronic device for which the communication was designed), the disclosure must be of a type 

                        2                                

size and location sufficiently noticeable for an ordinary consumer to read and comprehend, in print that contrasts with the background on which it appears;
		
	ii.
	In communications disseminated orally or through audible means (e.g., radio or streaming audio), the disclosure must be delivered in a volume, speed, and cadence sufficient for an ordinary consumer to hear and comprehend it;

		
	iii.
	In communications disseminated through video means (e.g., television or streaming video), the disclosure must be in writing in a form consistent with subsection (i), and must appear on the screen for a duration sufficient for an ordinary consumer to read and comprehend it;

		
	iv.
	In communications made through interactive media such as the internet, online services, and software, the disclosure must be unavoidable and presented in a form consistent with subsection (i); a disclosure is not Clear and Conspicuous if a consumer must take any action, such as clicking on a hyperlink or hovering over an icon, to see it; 

		
	v.
	In communications that contain both audio and visual portions, the disclosure must be presented simultaneously in both the audio and visual portions of the communication;

		
	vi.
	In all instances, the disclosure must be presented before the consumer incurs any financial obligation, and use diction and syntax that is understandable to a reasonable consumer in each language in which the representation that requires the disclosure appears; and

		
	vii.
	The disclosure must not be contradicted or mitigated by, or inconsistent with, anything else in the communication with the consumer. 

		
	d.
	“Consumer Reporting Agency” or “CRA” means a “consumer reporting agency,” as that term is defined in section 603(f) of the FCRA, 15 U.S.C. § 1681a(f).

		
	e.
	“Consumer Reports” means a “consumer report,” as that term is defined in section 603(d) of the FCRA, 15 U.S.C. § 1681a(d).

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	f.
	“Credit-Related Products” means any product or service Respondents offer for sale directly to consumers, including but not limited to the TUCM Product, credit scores, credit reports, credit monitoring, or identity theft insurance or protection.

		
	g.
	“Consumer Complaint” means any expression of dissatisfaction by a consumer regarding Credit-Related Products.

		
	h.
	“Effective Date” means the date on which the Consent Order is issued.

		
	i.
	“Enforcement Director” means the Assistant Director of the Office of Enforcement for the Consumer Financial Protection Bureau, or his/her delegate. 

		
	j.
	“Negative Option” means a category of commercial transactions in which a seller markets an offer for a trial period and the seller then interprets a customer’s failure to take an affirmative action, either to reject an offer or cancel an agreement, as assent or continuing assent to be charged for goods or services.     

		
	k.
	“Assistant Deputy for Consumer Reporting” means the Assistant Deputy for Consumer Reporting for the Office of Supervision for the Consumer Financial Protection Bureau, or his/her delegate.

		
	l.
	“Related Consumer Action” means a private action by or on behalf of one or more consumers or an enforcement action by another governmental agency brought against Respondents based on substantially the same facts as described in Section IV of this Consent Order.

		
	m.
	 “Relevant Period” includes the period from July 21, 2011 until the Effective Date.

		
	n.
	  “Respondents” means TransUnion Interactive, Inc., TransUnion, LLC, TransUnion, and their successors and assigns.

		
	o.
	“TransUnion Credit Monitoring Product” or “TUCM Product” means the TransUnion Credit Monitoring bundled product that includes, among other things, a VantageScore credit score, credit report, and monthly subscription-based credit monitoring product, which was offered by TUI during the Relevant Period on a “free” or “$1” trial basis. 

                        4                                

IV
Bureau Findings and Conclusions

The Bureau finds the following:
		
	4.
	TransUnion Interactive, Inc. (TUI), headquartered in Chicago, Illinois, is a wholly-owned subsidiary of TransUnion, LLC (TULLC), a limited liability company and Delaware corporation. TransUnion (TU) is a non-operating holding company that is the ultimate parent company of TUI and TULLC. 

		
	5.
	TUI, TULLC, and TU are each a “covered person” as that term is defined by the CFPA, 12 U.S.C. § 5481(6).

		
	6.
	TULLC is a Consumer Reporting Agency and compiles and maintains financial, consumer, and commercial data across the nation and worldwide.

		
	7.
	TULLC uses credit information it has collected in consumer credit files to generate Consumer Reports. TULLC markets, sells, and provides Consumer Reports to commercial users, such as lenders, insurance companies, and potential employers.

		
	8.
	TUI generates, markets, and sells Credit-Related Products, such as credit scores, credit reports, and credit monitoring, directly to consumers using credit information from Consumer Reporting Agencies.

		
	9.
	During the Relevant Period, TUI has marketed and sold Credit-Related Products -including the TUCM Product - to consumers in various combinations. Consumers can purchase these products from TUI through a one-time transaction or through a subscription where the consumer pays a monthly fee to have continuous access to the product for as long as the consumer is enrolled in the subscription.

		
	10.
	During the Relevant Period, TUI has marketed and sold Credit-Related Products to consumers through a variety of online channels. This includes banner and display advertisements that appear on TU’s main website (TransUnion.com) and on popular websites such as auto.com, bankrate.com, Google, and Amazon; direct emails to certain consumers; and advertisements on TUI’s marketing affiliate websites.

                        5                                

Findings and Conclusions as to Misrepresentations
Relating to Credit Scores

		
	11.
	Credit scores are, among other things, numerical summaries designed to predict consumer payment behavior on a wide range of credit products. Many lenders and other commercial users rely, in part, on consumers’ credit scores when deciding whether to extend credit to a consumer. 

		
	12.
	No single credit score or credit score model serves as the primary credit score for the marketplace. Lenders use a variety of credit scores, which vary by score provider, scoring model, and target industry.

		
	13.
	CRAs like TULLC, and other companies, apply various analytical scoring models to the information in consumer credit files to produce the credit scores that lenders and commercial users rely upon.

		
	14.
	Respondents generate a credit score based on a scoring model that is different from the credit score models most often used by lenders. It is based on a model from VantageScore Solutions, LLC, which has offered three versions of its score since 2011. Respondents refer to this score as the TransUnion VantageScore.

		
	15.
	TULLC has marketed the TransUnion VantageScore to lenders and other commercial users. The vast majority of credit decisions made by lenders, however, are not based on VantageScore credit scores.

		
	16.
	In addition to selling credit scores to lenders and other commercial users, the TransUnion VantageScore credit scores are marketed and sold to consumers as a part of its TUCM Product bundle. 

		
	17.
	Some of the online advertisements for the TUCM Product represent to consumers that the VantageScore consumers are purchasing is the same score used by lenders or other commercial users to determine creditworthiness. In reality, the credit score model used by any individual lender or other commercial user is highly unlikely to be the TransUnion VantageScore.  

		
	18.
	For example, one such advertisement stated, “Make sure you know your Credit Score when looking for a car. Lenders typically will check your credit before buying and financing a car.” Another advertisement stated, “Make sure you know your Credit Score when looking for an apartment. Landlords may check your credit.” 

                        6                                

		
	19.
	These advertisements implicitly represent that the VantageScore credit score that Respondents offer is the same score that “lenders” or “landlords” typically use to determine creditworthiness.

		
	20.
	Consumers who click on these advertisements are directed to landing pages, which usually contain additional claims, such as “With a good credit score, you may pay less with lower interest rates on mortgages, auto loans and credit cards.”  

		
	21.
	Consumers are then directed through a series of enrollment pages where they enter personal information, including their credit card numbers, to obtain the TUCM Product, which includes the VantageScore credit score bundled with a subscription -based credit monitoring service and a credit report.  

		
	22.
	There is no way for Respondents or a consumer to know which credit score model or particular credit score a lender may rely upon when making a credit decision related to that consumer.

		
	23.
	In many cases, there are significant and meaningful differences between the VantageScore credit scores marketed and sold to consumers and the variety of credit scores used by lenders.

		
	24.
	As a result, the scores marketed and sold to consumers often present an inaccurate picture of how lenders, the vast majority of which use other scores and data providers, assess consumer creditworthiness.

		
	25.
	In some instances, the advertisements contain disclosures, but they fail to adequately disclose that the VantageScore credit scores they are selling to consumers are not the scores lenders typically use.

		
	26.
	A significant number of the advertisements fail to include on the first web page viewed by consumers any disclosures about the nature of the credit scores it offers. Rather, the first time any disclosure appears is on the landing page, which the consumer accesses by clicking on a link in the initial advertisement.

		
	27.
	The disclosure, however, is not clear and conspicuous or easy to understand. Rather, the disclosure, which states “Lenders use many different credit scoring models. The score you get from us may not be the one your lender uses[,]” is typically buried at the bottom of the advertisement in fine print, far 

                        7                                

removed from the claims the disclosure was intended to modify; or depending on the advertising channel through which the consumers accesses the TUCM Product, does not appear until the first or second step of the order pages. 
		
	28.
	Section 1036(a)(1)(B) of the CFPA prohibits “unfair, deceptive, or abusive” acts or practices. 12 U.S.C. § 5536(a)(1)(B). 

		
	29.
	As described in Paragraphs 4 through 27, in connection with the advertising, marketing, promoting, offering for sale, or sale of the TUCM Product, Respondents have represented, directly or indirectly, expressly or impliedly, that the credit scores they market and sell to consumers are the same scores typically used by lenders or other commercial users for credit decisions. 

		
	30.
	In fact, the credit scores Respondents market and sell to consumers are not the same scores typically used by lenders or other commercial users for credit decisions. 

		
	31.
	Thus, Respondents’ representations, as described in Paragraphs 4 through 27, are false or misleading and constitute deceptive acts or practices in violation of sections 1031(a) and 1036(a)(1)(B) of the CFPA, 12 U.S.C. §§ 5531(a), 5536(a)(1)(B).

Findings and Conclusions as to Misrepresentations Related to the 
“Free” or “$1” TUCM Product

		
	32.
	During the Relevant Period the vast majority of the online advertisements also misrepresented to consumers that they could have access to “free” credit scores and “$1” credit reports.

		
	33.
	The advertisements routinely stated: “You’re Seconds Away From Your FREE Credit Score”; “See your FREE credit score”; and “Free Credit Score and $1 Report.” 

		
	34.
	In fact, these promotions included a Negative Option billing structure: Consumers who signed up for the TUCM Product to obtain their “free” scores and “free” or “$1” reports received a bundled product that included a seven-day free trial of a credit monitoring service. After that seven-day period, consumers who did not cancel their subscription were automatically enrolled in the monthly 

                        8                                

subscription-based credit monitoring service that usually cost $16.99 per month. TUI charged each consumer this recurring membership fee automatically each month until the consumer cancelled.
		
	35.
	TUI’s advertisements offering “free” or “$1” TUCM Products failed to adequately disclose the Negative Option feature of the product.  

		
	36.
	The disclosure in the advertisements was neither clear nor conspicuous. In contrast to the bold, colorful headlines that touted the free scores and products, the disclosure was often displayed in fine print, in low contrast, and was generally placed in a less prominent location, such as the bottom of the webpage, grouped with other disclosures.

		
	37.
	In some instances, consumers did not know they had been automatically enrolled in a Negative Option subscription plan for the TUCM Product until they discovered a charge - usually of $16.99 per month - on their bank or credit card statement. 

		
	38.
	Section 1036(a)(1)(B) of the CFPA prohibits “unfair, deceptive, or abusive” acts or practices. 12 U.S.C. § 5536(a)(1)(B). As described in Paragraphs 32 through 37, in connection with the advertising, marketing, promotion, offering for sale, or sale of the TUCM Product, Respondents have represented, directly or indirectly, expressly or impliedly, that consumers could obtain their credit score or credit report for free or for a $1 fee. 

		
	39.
	In fact, many consumers do not receive their credit score or credit report for free or for a $1 fee. Instead, Respondents’ offer, which is described in a disclosure that is neither clear nor conspicuous, is a Negative Option whereby consumers enroll in a subscription plan that involves a monthly fee unless they cancel during the trial period. Therefore, Respondents engaged in deceptive acts or practices in violation of sections 1031(a) and 1036(a)(1)(B) of the CFPA, 12 U.S.C. §§ 5531(a), 5536(a)(1)(B).

ORDER

V
Conduct Provisions
IT IS ORDERED, under sections 1053 and 1055 of the CFPA, that:

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	40.
	Respondents, their officers, agents, servants, employees, and attorneys who have actual notice of this Consent Order, whether acting directly or indirectly, may not violate sections 1031 and 1036 of the CFPA, 12 U.S.C. §§ 5531 and 5536 as follows, and must take the following affirmative actions:

		
	a.
	Respondents, their  officers, agents, servants, employees, and attorneys who have actual notice of this Consent Order, whether acting directly or indirectly, in connection with the advertising, marketing, promotion, offering for sale, sale, or performance of Credit-Related Products, may not misrepresent, or assist others in misrepresenting, expressly or impliedly:

		
	i.
	Any material fact about the cost or price of a Credit-Related Product, including that the product or service is free, discounted, a gift, a sample, a trial, a bonus, without cost or obligation, or words of similar import, denoting or implying the absence of an obligation on the part of the consumer to affirmatively act in order to avoid charges; 

		
	ii.
	Any material fact about the timing or manner of any charge or bill, including the frequency or recurrence of any charge or bill, the purpose for which a consumer’s credit card or payment information will be used, the length of subscription, if applicable, the date(s) upon which the consumer will be charged or billed, and the deadline (by date or frequency) by which the consumer must act in order to stop any charges; or 

		
	iii.
	Any other fact material to consumers, such as any material restrictions, limitations, or conditions of the product or service, or any material aspect of its performance, efficacy, nature, or central characteristics. 

		
	b.
	Respondents, their officers, agents, servants, employees, and attorneys who have actual notice of this Consent Order, whether acting directly or indirectly, in connection with the advertising, marketing, promotion, offering for sale, sale, or performance of any Credit-Related Product: 

		
	i.
	Before enrolling any consumer in a Credit-Related Product with a Negative Option feature, Respondents must obtain the express informed consent from the consumer, which consists of:

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	1.
	For all Internet offers: a check box on the final order page that consumers must affirmatively check to select the Negative Option feature (i.e., it cannot be pre-checked), and which clearly and conspicuously states that the consumer agrees to be billed for the product unless the consumer cancels before the trial period expires;

		
	2.
	Immediately adjacent to the affirmative selection checkbox, Respondents must clearly and conspicuously disclose: (i) if applicable, the amount the consumer will be charged on a recurring (e.g., monthly) basis if the product or service is not cancelled before the expiration of the trial period; and (ii) the date when the trial period expires and the amount the consumer will be billed; and 

		
	3.
	The disclosure must not contain any information related to the benefits of the product.

		
	ii.
	Within a reasonable time period after the Effective Date as set forth in the Compliance Plan, must provide a simple mechanism for a consumer to immediately cancel the purchase of any Credit-Related Product, and stop billing and collecting payments for any recurring charge for any good or service. The mechanism must not be difficult, costly, confusing, or time consuming, and must, at a minimum, be substantially similar to the mechanism(s) the consumer used to initiate the purchase of any Credit-Related Product;

		
	iii.
	For all oral offers for a Credit-Related Product, in addition to disclosing the information identified in Subsections (a)(i)-(iii), and prior to obtaining any billing information from a consumer, obtain affirmative and unambiguous oral confirmation that the consumer:

		
	1.
	Consents to authorizing payment for such goods or services; and 

		
	2.
	Understands the specific steps the consumer must take to prevent further charges.

		
	c.
	Respondents, their officers, agents, servants,  employees, and attorneys who have actual notice of this Consent Order, whether acting directly or indirectly, in connection with the advertising, marketing, promotion, offering for sale, sale, or performance of Credit-Related Products, including 

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through textual, oral or audible communications, or communications disseminated through audible means or interactive media including, but not limited to, internet advertisement, must take the following actions when offering or providing a  VantageScore credit score to consumers:
		
	i.
	Clearly and prominently disclose the nature of the credit score offered in each communication containing the offer and, for internet offers, on at least one page of the order process. 

		
	ii.
	Ensure that the disclosure clearly and prominently discloses or substantially states the following:

		
	1.
	Like other credit scores offered to consumers, the credit score Respondent is selling is not likely to be the same score used by lenders or other commercial users for credit decisions; and

		
	2.
	There are various types of credit scores, and lenders use a variety of different types of credit scores to make lending decisions; 

		
	iii.
	For written communications, including for internet offers, ensure that the disclosure contains a label in font size double that of the disclosure that says: “What You Need to Know.”

		
	d.
	Respondents, their officers, agents, servants, employees, and attorneys who have actual notice of this Consent Order, whether acting directly or indirectly, must take the following actions:

		
	i.
	Further develop and implement comprehensive policies and procedures for improving communication with consumers regarding Credit-Related Products, including, but not limited to, communications about the nature of the credit score, pricing structure, , and any other material terms, including:

		
	1.
	Regularly collecting, reviewing, and assessing key performance metrics, such as Consumer Complaints (both those it receives directly as well as those it receives through other channels such as the CFPB and State Attorneys General Offices, among 

                        12                                

other complaint avenues) and cancellation rates, for evidence of consumer confusion regarding the products and services it offers to consumers; 
		
	2.
	Regularly collecting, reviewing, and assessing empirical data regarding consumer perceptions of Respondents’ advertising with regard to the nature of the credit score, the pricing structure, the effective cost of the product or service, and any other material terms; and

		
	3.
	Regularly reviewing and assessing advertisements to determine what modifications, if any, need to be made to the advertisements to improve consumer understanding of Credit-Related Products in light of empirical evidence.

VI
Compliance Plan

IT IS FURTHER ORDERED that:
		
	41.
	Within 90 days of the Effective Date, Respondents must submit to the Assistant Deputy for Consumer Reporting for review and determination of non-objection a comprehensive compliance plan designed to ensure that Respondents’ advertising practices comply with all applicable Federal consumer financial laws and the terms of this Consent Order (Compliance Plan). The Compliance Plan must include, at a minimum:

		
	a.
	Detailed steps for addressing each action required by Section V of this Consent Order; and

		
	b.
	Specific timeframes and deadlines for implementation of the steps described above.

		
	42.
	The Assistant Deputy for Consumer Reporting will have the discretion to make a determination of non-objection to the Compliance Plan or direct Respondents to revise it. If the Assistant Deputy for Consumer Reporting directs Respondents to revise the Compliance Plan, the Respondents must make the revisions and resubmit the Compliance Plan to the Assistant Deputy for Consumer Reporting within 30 days.

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	43.
	After receiving notification that the Assistant Deputy for Consumer Reporting has made a determination of non-objection to the Compliance Plan, Respondents must implement and adhere to the steps, recommendations, deadlines, and timeframes outlined in the Compliance Plan.

VII
Role of the Board

IT IS FURTHER ORDERED that:

		
	44.
	The Board, or a duly authorized committee thereof, must review all submissions (including plans, reports, programs, policies, and procedures) required by this Consent Order prior to submission to the Bureau. 

		
	45.
	Although this Consent Order requires Respondents to submit certain documents for the review or non-objection by the Assistant Deputy for Consumer Reporting, the Board will have the ultimate responsibility for proper and sound management of Respondents and for ensuring that Respondents comply with Federal consumer financial law and this Consent Order.

		
	46.
	In each instance that this Consent Order requires the Board to ensure adherence to, or perform certain obligations of Respondents, the Board, or a duly authorized committee thereof, must:

		
	a.
	Authorize whatever actions are necessary for Respondents to fully comply with the Consent Order;

		
	b.
	Require timely reporting by management to the Board, or a duly authorized committee thereof, on the status of compliance obligations; and

		
	c.
	Require timely and appropriate corrective action to remedy any material non-compliance with any failures to comply with Board directives related to this Section.

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VIII
Order to Pay Redress
IT IS FURTHER ORDERED that:
		
	47.
	Within 10 days of the Effective Date, Respondents must reserve or deposit into a segregated deposit account $13,930,000 for the purpose of providing redress to Affected Consumers.   

		
	48.
	Within 90 days of the Effective Date, Respondents must submit to the Assistant Deputy for Consumer Reporting for review and non-objection a comprehensive written plan for providing redress consistent with this Consent Order (Redress Plan). The Assistant Deputy for Consumer Reporting will have the discretion to make a determination of non-objection to the Redress Plan or direct Respondents to revise it. If the Assistant Deputy for Consumer Reporting directs Respondents to revise the Redress Plan, Respondents must make the revisions and resubmit the Redress Plan to the Assistant Deputy for Consumer Reporting within 30 days. After receiving notification that the Assistant Deputy for Consumer Reporting has made a determination of non-objection to the Redress Plan, Respondents must implement and adhere to the steps, recommendations, deadlines, and timeframes outlined in the Redress Plan.

		
	49.
	The Redress Plan must:

		
	a.
	Include a detailed description of the methodology used to determine the population of Affected Consumers and the appropriate redress for each Affected Consumer, the manner and form in which redress payments will be distributed to Affected Consumers, and procedures to issue and track redress payments; Provide that Respondent shall pay all costs associated with administering redress and remediation as required by this section; 

		
	b.
	Include the form of the letters (“Notification Letters”) and envelopes to be sent notifying consumers of the redress payments and a description of the process for sending the Notification Letters to consumers. Respondent must not include in any envelope containing a Notification Letter any materials other than the approved letter and redress checks.

                        15                                

		
	c.
	Require Respondent to make reasonable attempts to obtain a current address for any consumer whose Notification Letter is returned for any reason, using at least the National Change of Address System, and to promptly re-mail all returned letters to current addresses. If a redress check for any consumer is returned to Respondent after such second mailing, or if a current mailing address cannot be identified using the National Change of Address System, Respondents must retain the redress amount of such consumer for a period of one hundred and eighty (180) days from the date the check was originally mailed, during which period such amount may be claimed by such consumer upon appropriate proof of identity.

		
	d.
	Require Respondents to submit a Redress Plan Report to the Assistant Deputy for Consumer Reporting with 90 days of completion of the Redress Plan.  The Redress Plan Report must include an audit and assessment of Respondents’ compliance with the terms of the Redress Plan.

		
	50.
	After completing the Redress Plan, if the amount of the redress provided to Affected Consumers is less than $13,930,000 within 30 days of the completion of the Redress Plan, Respondents must pay the Bureau, by wire transfer to the Bureau or to the Bureau’s agent, and according to the Bureau’s wiring instructions, the difference between the amount of redress provided to Affected Consumers and $13,930,000, so that such funds may be distributed to the U.S. Treasury as disgorgement. 

		
	51.
	Respondents may not condition the provision of any redress to any Affected Consumer under this Order on that Affected Consumer waiving any right.

IX
Order to Pay Civil Money Penalties

IT IS FURTHER ORDERED that:
		
	52.
	Under section 1055(c) of the CFPA, 12 U.S.C. § 5565(c), by reason of the violations of law described in Section IV of this Consent Order, and taking into account the factors in 12 U.S.C. § 5565(c)(3), Respondents must pay a civil money penalty of $3,000,000 to the Bureau.

                        16                                

		
	53.
	Within 10 days of the Effective Date, Respondents must pay the civil money penalty by wire transfer to the Bureau or to the Bureau’s agent in compliance with the Bureau’s wiring instructions. 

		
	54.
	The civil money penalty paid under this Consent Order will be deposited in the Civil Penalty Fund of the Bureau as required by section 1017(d) of the CFPA, 12 U.S.C. § 5497(d).

		
	55.
	Respondents must treat the civil money penalty paid under this Consent Order as a penalty paid to the government for all purposes. Regardless of how the Bureau ultimately uses those funds, Respondents  may not:

		
	a.
	Claim, assert, or apply for a tax deduction, tax credit, or any other tax benefit for any civil money penalty paid under this Consent Order; or

		
	b.
	Seek or accept, directly or indirectly, reimbursement or indemnification from any source, including but not limited to payment made under any insurance policy, with regard to any civil money penalty paid under this Consent Order.

		
	56.
	To preserve the deterrent effect of the civil money penalty in any Related Consumer Action, Respondents may not argue that Respondents are entitled to, nor may Respondents benefit by, any offset or reduction of any compensatory monetary remedies imposed in the Related Consumer Action because of the civil money penalty paid in this action (Penalty Offset). If the court in any Related Consumer Action grants such a Penalty Offset, Respondents must, within 30 days after entry of a final order granting the Penalty Offset, notify the Bureau, and pay the amount of the Penalty Offset to the U.S. Treasury. Such a payment will not be considered an additional civil money penalty and will not change the amount of the civil money penalty imposed in this action.

                        17                                

X
Additional Monetary Provisions

IT IS FURTHER ORDERED that:
		
	57.
	In the event of any default on Respondents obligations to make payment under this Consent Order, interest, computed under 28 U.S.C. § 1961, as amended, will accrue on any outstanding amounts not paid from the date of default to the date of payment, and will immediately become due and payable.

		
	58.
	 Respondents must relinquish all dominion, control, and title to the funds paid to the fullest extent permitted by law and no part of the funds may be returned to Respondents.

		
	59.
	Under 31 U.S.C. § 7701, Respondents, unless they already have done so, must furnish to the Bureau its taxpayer identifying numbers, which may be used for purposes of collecting and reporting on any delinquent amount arising out of this Consent Order. 

		
	60.
	Within 30 days of the entry of a final judgment, consent order, or settlement in a Related Consumer Action, Respondents must notify the Assistant Deputy for Consumer Reporting of the final judgment, consent order, or settlement in writing. That notification must indicate the amount of redress, if any, that Respondents paid or are required to pay to consumers and describe the consumers or classes of consumers to whom that redress has been or will be paid.

XI
Reporting Requirements

IT IS FURTHER ORDERED that: 
		
	61.
	Respondents must notify the Bureau of any development that may affect compliance obligations arising under this Consent Order, including but not limited to, a dissolution, assignment, sale, merger, or other action that would result in the emergence of a successor company; the creation or dissolution of a subsidiary, parent, or affiliate that engages in any acts or practices subject to this Consent Order; the filing of any bankruptcy or insolvency proceeding by or against  Respondents; or a change in 

                        18                                

Respondents name or address.  Respondents must provide this notice, if practicable, at least 30 days before the development, but in any case no later than 14 days after the development.  
		
	62.
	Within 7 days of the Effective Date, Respondents must designate at least one telephone number and email, physical, and postal address as points of contact, which the Bureau may use to communicate with Respondents.

		
	63.
	 Respondents must report any change in the information required to be submitted under Paragraph 61 at least 30 days before the change or as soon as practicable after the learning about the change, whichever is sooner.

		
	64.
	Within 120 days of the Effective Date, and again one year after the Effective Date, Respondents must submit to the Assistant Deputy for Consumer Reporting an accurate written compliance progress report (Compliance Report) that has been approved by the Board or duly authorized  committee thereof, which, at a minimum:

		
	a.
	Describes in detail the manner and form in which Respondents have complied with this Order; and 

		
	b.
	Attaches a copy of each Order Acknowledgment obtained under Section XII, unless previously submitted to the Bureau.

XII
Order Distribution and Acknowledgment

IT IS FURTHER ORDERED that: 
		
	65.
	Within 30 days of the Effective Date, Respondents must deliver a copy of this Consent Order to each of their board members and executive officers, as well as to any managers, employees, affiliates, service providers, or other agents and representatives who have responsibilities related to the subject matter of the Consent Order. 

		
	66.
	For five years from the Effective Date, Respondents must deliver a copy of this Consent Order to any business entity resulting from any change in structure referred to in Section XI, any future board members and executive officers, as well as to any managers, employees, affiliates, service providers, 

                        19                                

or other agents and representatives who will have responsibilities related to the subject matter of the Consent Order before they assume their responsibilities. 
		
	67.
	Respondents must secure a signed and dated statement acknowledging receipt of a copy of this Consent Order, ensuring that any electronic signatures comply with the requirements of the E-Sign Act, 15 U.S.C. § 7001 et seq., within 30 days of delivery, from all persons receiving a copy of this Consent Order under this Section.  

XIII
Recordkeeping

IT IS FURTHER ORDERED that: 
		
	68.
	Respondents must create, or if already created, must retain for at least five years from the Effective Date, the following business records:

		
	a.
	All documents and records necessary to demonstrate full compliance with each provision of this Consent Order, including all submissions to the Bureau.

		
	b.
	All documents and records pertaining to the Redress Plan, described in Section VIII above.

		
	c.
	Copies of all internet (website), direct email, and print advertisements, sufficient to demonstrate the experience of consumers on each materially different version of each advertisement, including all order flow pages on which Respondents, whether acting directly or indirectly, advertise, promote, market, offer for sale, sell, or provide Credit Related Products, and any other marketing material, including, but not limited to, sales scripts and training materials relating to the Credit-Related Products, including any such materials used by a third party or affiliate on behalf of Respondents;

		
	d.
	For each internet (website), direct email, print advertisement, or other marketing material relating to Credit-Related Products: A record of the date(s) and locations or placements where the advertisement is publicly accessible to the extent that information is available; the number, type, and cost of all Credit-Related Products purchased through the advertisement; and any and all 

                        20                                

modifications made to the advertisement, including to any disclosure(s) on the advertisement; 
		
	e.
	A record of all consumer perception assessments or testing and all documents  created pursuant to the requirements of Section VI; and

		
	f.
	For each internet (website) advertisement, the number of visits to, unique visitors, impressions of, and clicks on the advertisement and any associated landing and flow page(s), to the extent that information is available; and the number of conversions, purchases of a  Credit-Related Product, and consumers acquired through the advertisement.

		
	g.
	For each individual Affected Consumer: the consumer’s name, address, phone number, email address, amount paid, description of the Credit-Related Product purchased, the date on which the Credit-Related Product  was purchased, and, if applicable, the date and reason consumer left the program.

		
	h.
	For each Credit-Related Product, accounting records showing the gross and net revenues generated by the Credit-Related Product.

		
	i.
	All Consumer Complaints and refund requests (whether received directly or indirectly, such as through a third party) relating to any Credit-Related  Product, and any responses to those complaints or requests.

		
	j.
	Respondents must make the documents identified in Paragraph 68 available to the Bureau upon the Bureau’s request.

Respondents will retain telephonic communications with consumers in accordance with its standard document retention policy, as set forth in the Compliance Plan.

XIV
Notices

IT IS FURTHER ORDERED that:
		
	69.
	Unless otherwise directed in writing by the Bureau, Respondents must provide all submissions, requests, communications, or other documents relating to this Consent Order in writing, with the 

                        21                                

subject line, “In re TransUnion Interactive, Inc.; Trans Union, LLC, and; TransUnion, File No. 2017-CFPB-0002,” and send them either:
		
	a.
	By overnight courier (not the U.S. Postal Service), as follows:

Assistant Deputy for Consumer Reporting
Consumer Financial Protection Bureau
230 South Dearborn Street
Suite 1590
Chicago, IL 60604

		
	b.
	By first-class mail to the below address and contemporaneously by email to Enforcement_Compliance@cfpb.gov:

Assistant Deputy for Consumer Reporting
Consumer Financial Protection Bureau
230 South Dearborn Street
Suite 1590
Chicago, IL 60604

XV
Cooperation with the Bureau

		
	70.
	Respondents must cooperate fully to help the Bureau determine the identity and location of each Affected Consumer. Respondents must provide such information in their or their agents’ possession or control within 30 days of receiving a written request from the Bureau.  

XVI
Compliance Monitoring

IT IS FURTHER ORDERED that, to monitor Respondents’ compliance with this Consent Order:
		
	71.
	Within 30 days of receipt of a written request from the Bureau, Respondents must submit additional Compliance Reports or other requested information, which must be made under penalty of perjury; provide sworn testimony; or produce documents. 

		
	72.
	Respondents must permit Bureau representatives to interview any employee or other person affiliated with Respondents who has agreed to such an interview. The person interviewed may have counsel present.

                        22                                

		
	73.
	Nothing in this Consent Order will limit the Bureau’s lawful use of civil investigative demands under 12 C.F.R. § 1080.6 or other compulsory process.

XVII
Modifications to Non-Material Requirements

IT IS FURTHER ORDERED that:
		
	74.
	Respondents may seek a modification to non-material requirements of this Consent Order (e.g., reasonable extensions of time and changes to reporting requirements) by submitting a written request to the Assistant Deputy for Consumer Reporting.

		
	75.
	The Assistant Deputy for Consumer Reporting may, in his/her discretion, modify any non-material requirements of this Consent Order (e.g., reasonable extensions of time and changes to reporting requirements) if he/she determines good cause justifies the modification. Any such modification by the Assistant Deputy for Consumer Reporting must be in writing. 

XVIII
Administrative Provisions

		
	76.
	The provisions of this Consent Order do not bar, estop, or otherwise prevent the Bureau, or any other governmental agency, from taking any other action against Respondents, except as described in Paragraph 77.    

		
	77.
	The Bureau releases and discharges Respondents from all potential liability for law violations that the Bureau has or might have asserted based on the practices described in Section IV of this Consent Order, to the extent such practices occurred before the Effective Date and the Bureau knows about them as of the Effective Date. The Bureau may use the practices described in this Consent Order in future enforcement actions against Respondents and their  affiliates, including, without limitation, to establish a pattern or practice of violations or the continuation of a pattern or practice of violations or to calculate the amount of any penalty. This release does not preclude or affect any right of the Bureau 

                        23                                

to determine and ensure compliance with the Consent Order, or to seek penalties for any violations of the Consent Order. 
		
	78.
	This Consent Order is intended to be, and will be construed as, a final Consent Order issued under section 1053 of the CFPA, 12 U.S.C. § 5563, and expressly does not form, and may not be construed to form, a contract binding the Bureau or the United States.

		
	79.
	This Consent Order will terminate five years from the Effective Date or five years from the most recent date that the Bureau initiates an action alleging any violation of the Consent Order by Respondents. If such action is dismissed or the relevant adjudicative body rules that Respondents did not violate any provision of the Consent Order, and the dismissal or ruling is either not appealed or upheld on appeal, then the Consent Order will terminate as though the action had never been filed. The Consent Order will remain effective and enforceable until such time, except to the extent that any provisions of this Consent Order have been amended, suspended, waived, or terminated in writing by the Bureau or its designated agent.

		
	80.
	Calculation of time limitations will run from the Effective Date and be based on calendar days, unless otherwise noted. 

		
	81.
	 Should Respondents seek to transfer or assign all or part of its operations that are subject to this Consent Order, Respondents must, as a condition of sale, obtain the written agreement of the transferee or assignee to comply with all applicable provisions of this Consent Order.

		
	82.
	The provisions of this Consent Order will be enforceable by the Bureau. For any violation of this Consent Order, the Bureau may impose the maximum amount of civil money penalties allowed under section 1055(c) of the CFPA, 12 U.S.C. § 5565(c). In connection with any attempt by the Bureau to enforce this Consent Order in federal district court, the Bureau may serve Respondents wherever Respondents may be found and Respondents may not contest that court’s personal jurisdiction over Respondents.

                        24                                

		
	83.
	This Consent Order and the accompanying Stipulation contain the complete agreement between the parties. The parties have made no promises, representations, or warranties other than what is contained in this Consent Order and the accompanying Stipulation. This Consent Order and the accompanying Stipulation supersede any prior oral or written communications, discussions, or understandings.

		
	84.
	When a consumer is offered or provided a Credit-Related Product pursuant to the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681g or a state law regarding credit file security freezes, Respondents will follow any applicable requirements mandated by those laws in lieu of the requirements of Sections V and Section XIII of this Consent Order.

		
	85.
	Nothing in this Consent Order or the accompanying Stipulation may be construed as allowing Respondents, their Boards, officers, or employees to violate any law, rule, or regulation.

                        25                                

IT IS SO ORDERED, this 3rd day of December, 2017.

/s/Richard Cordray             
Richard Cordray
Director
Consumer Financial Protection Bureau

                        26                                

UNITED STATES OF AMERICA
CONSUMER FINANCIAL PROTECTION BUREAU

File No. 2017-CFPB-0002

	
		
	 
	   STIPULATION AND CONSENT 
   TO THE ISSUANCE OF 
   A CONSENT ORDER

	In the matter of:
	   

	 
	 

	TransUnion Interactive, Inc.,  TransUnion, LLC, and TransUnion
	 

	 
	 

The Consumer Financial Protection Bureau (Bureau) intends to initiate an administrative proceeding against TransUnion Interactive, Inc. (TUI), TransUnion, LLC (TULLC), and TransUnion (collectively, Respondents), under 12 U.S.C. §§ 5563 and 5565, for their deceptive and misleading advertisements for Credit-Related Products in violation of the Consumer Financial Protection Act’s (CFPA) prohibition on unfair, deceptive, or abusive acts or practices, 12 U.S.C. §§ 5531, 5536. 
Respondents, in the interest of compliance and resolution of the matter, and without admitting or denying any wrongdoing, consent to the issuance of a Consent Order substantially in the form of the one to which this Stipulation and Consent to the Issuance of a Consent Order is attached (Consent Order), and which is incorporated by reference.

In consideration of the above premises, Respondents agree to the following:

Jurisdiction
		
	1.
	The Bureau has jurisdiction over this matter under sections 1053 and 1055 of the CFPA, 12 U.S.C. §§ 5563, 5565. 

                        27                                

Consent

		
	2.
	Respondents agree to the issuance of the Consent Order, without admitting or denying any of the findings of fact or conclusions of law, except that Respondents admit the facts necessary to establish the Bureau’s jurisdiction over Respondents and the subject matter of this action.

		
	3.
	Respondents agree that the Consent Order will be deemed an “order issued with the consent of the person concerned” under 12 U.S.C. § 5563(b)(4), and agrees that the Order will become a final order, effective upon issuance, and will be fully enforceable by the Bureau under 12 U.S.C. §§ 5563(d)(1) and 5565.

		
	4.
	Respondents voluntarily enter into this Stipulation and Consent to the Issuance of a Consent Order.

		
	5.
	The Consent Order resolves only Respondents’ potential liability for law violations that the Bureau asserted or might have asserted based on the practices described in Section IV of the Consent Order, to the extent such practices occurred before the Effective Date and the Bureau knows about them as of the Effective Date. Respondents acknowledge that no promise or representation has been made by the Bureau or any employee, agent, or representative of the Bureau, about any liability outside of this action that may have arisen or may arise from the facts underlying this action or immunity from any such liability. 

		
	6.
	Respondents agree that the facts described in Section IV of the Consent Order will be taken as true and be given collateral estoppel effect, without further proof, in any proceeding before the Bureau to enforce the Consent Order, or in any subsequent civil litigation by the Bureau to enforce the Consent Order or its rights to any payment or monetary judgment under the Consent Order.  

		
	7.
	The terms and provisions of this Stipulation and the Consent Order will be binding upon, and inure to the benefit of, the parties hereto and their successors in interest.  

		
	8.
	Respondents agree that the Bureau may present the Consent Order to the Bureau Director for signature and entry without further notice. 

                        28                                

Waivers
		
	9.
	Respondents, by consenting to this Stipulation, waives:

		
	a.
	Any right to service of the Consent Order, and agree that issuance of the Consent Order will constitute notice to the Respondents of its terms and conditions;

		
	b.
	Any objection to the jurisdiction of the Bureau, including, without limitation, under section 1053 of the CFPA, 12 U.S.C. § 5563;

		
	c.
	The rights to all hearings under the statutory provisions under which the proceeding is to be or has been instituted; the filing of proposed findings of fact and conclusions of law; proceedings before, and a recommended decision by, a hearing officer; all post-hearing procedures; and any other procedural right available under section 1053 of the CFPA, 12 U.S.C. § 5563, or 12 CFR Part 1081;

		
	d.
	The right to seek any administrative or judicial review of the Consent Order;

		
	e.
	Any claim for fees, costs or expenses against the Bureau, or any of its agents or employees, and any other governmental entity, related in any way to this enforcement matter or the Consent Order, whether arising under common law or under the terms of any statute, including, but not limited to the Equal Access to Justice Act and the Small Business Regulatory Enforcement Fairness Act of 1996; for these purposes, Respondents agree that Respondents are not the prevailing parties in this action because the parties have reached a good faith settlement; 

		
	f.
	Any other right to challenge or contest the validity of the Consent Order;

		
	g.
	Such provisions of the Bureau’s rules or other requirements of law as may be construed to prevent any Bureau employee from participating in the preparation of, or advising the Director as to, any order, opinion, finding of fact, or conclusion of law to be entered in connection with this Stipulation or the Consent Order; and

		
	h.
	Any right to claim bias or prejudgment by the Director based on the consideration of or discussions concerning settlement of all or any part of the proceeding.

                        29                                

TransUnion Interactive, Inc.; 
Trans Union, LLC, and;
TransUnion

BY:

/s/ John W. Blenke                                12/22/2016
John W. Blenke                                Date
Executive Vice President

The undersigned director of TransUnion acknowledges having read this Stipulation and the Consent Order, and approves of Respondents entering into this Stipulation.

/s/ James M. Peck                                12/22/2016
James M. Peck                                Date
Director, President and Chief Executive Officer, TransUnion

                        30

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