TransUnion is nearing a deal to buy information-services company Neustar Inc. for $3.1 billion, according to people familiar with the matter, a move that could help the consumer-credit reporting giant diversify beyond its core business and put data to new uses.

The purchase of closely held Neustar could be finalized by Monday, the people said, assuming the talks don’t fall apart at the last minute.

Reston, Va.-based Neustar uses analytics and modeling to help businesses identify potential customers and determine which ads to serve them, according to its website. It also provides cybersecurity services.

Chicago-based TransUnion
TRU,
-0.77%
,
with a market value of roughly $24 billion, is one of the major credit-reporting firms, alongside Experian PLC
EXPGY,
+2.86%

and Equifax Inc.
EFX,
-1.09%

TransUnion is best known for selling credit reports and other consumer data to lenders for underwriting purposes. Along with others in the industry, it has been adding capabilities as more businesses adopt their own criteria for assessing customers. The Biden administration has also signaled interest in establishing a government-backed consumer-credit firm.

An expanded version of this report appears on WSJ.com.

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