A credit bureau is a business that gathers and analyses information about a person’s credit history and then sells it to lenders for a fee so they can decide whether to extend credit or make loans to that person.
Sizing and Forecast
The credit bureaus market size has grown rapidly in recent years. It will grow from $122.44 billion in 2023 to $139.14 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to lending industry growth, financial inclusion initiatives, regulatory compliance and reporting requirements, risk management in financial institutions, consumer credit awareness.
The credit bureaus market size is expected to see rapid growth in the next few years. It will grow to $223.38 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to alternative data sources and machine learning, emergence of open banking, cybersecurity concerns and data protection, government initiatives for financial inclusion, changes in consumer behavior. Major trends in the forecast period include technology advancements in data processing, digital transformation in banking and finance, alternative data integration, blockchain for identity verification, focus on consumer empowerment.
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Segmentation & Regional Insights
The credit bureaus market covered in this report is segmented –
1) By Product Type: Credit Score, Credit Reports, Credit Check Services
2) By Report Type: Corporate Credit Reports, Individual Credit Reports
3) By End User: Commercial, Consumer
North America was the largest region in the credit bureau market in 2023. The regions covered in the credit bureaus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in demand for credit cards is expected to propel the growth of the credit bureau market going forward. A credit card refers to an alternative to cash or cheques and frequently offers an unsecured revolving line of credit. Credit card issuers send information to credit bureaus concerning cardholder activities that help in checking the individual credit scores on the basis of which customers can approach for a loan and also offers benefits such as unlimited reward points on usage, insurance coverage, discounts, and cashback, other than helping increase credit scores. For instance, in November 2022, according to the Federal Reserve Bank, a US-based bank, the application rate for credit cards increased from 2021 to 2022 from 26.5% to 27.1%. Therefore, the increase in demand for credit cards is driving the growth of the credit bureau market.
Key Industry Players
Major companies operating in the credit bureaus market report are Fidelity Information Services, Intuit Inc., S&P Global Inc., Global Payments Inc., Experian plc, Moody’s Corporation, Global Database Ltd., Equifax Inc., TransUnion LLC, LexisNexis Risk Solutions, Dun & Bradstreet, Coface SA, CoreLogic Inc., Credit Karma LLC, Fair Isaac Corporation, QuestSoft Corporation, Identity Guard, Innovis Services Inc., Credit Information Bureau (India) Limited, PrivacyGuard LLC, Creditinfo Group plc, FreeCreditReport.com, IdentityForce, Illion Data Registries Pty. Ltd., SCHUFA Holding AG, TrueIdentity, ID Analytics, Compuscan, Bureau van Dijk S.A., ARXivar S.p.A.
The credit bureaus market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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