The worldwide credit reporting market is valued at US$ 17.82 billion and is expected to grow at a CAGR of 4.8% to US$ 28.47 billion by the end of 2032.At the end of 2021, revenue from credit reporting services represented for approximately 13% of the worldwide financial reporting market.
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Personal loans, credit cards, home loans, and vehicle loans are all examples of credit demand. Many criteria, including prior credit reports, current EMIs, and income evidence, among others, influence whether or not a borrower will be given the sought loan. It is not practicable for a lender to access and analyze each borrower’s request.Lenders rely largely on credit reports to satisfy this high demand from clients. Credit reporting assists lenders in determining borrowers’ risk tolerance.
The credit industry is one of the most heavily regulated sectors in the world. Depending on the country, there are almost 2-3 regulatory bodies that set the rules and regulations for credit reporting. In the United States, the Consumer Financial Protection Bureau (CFPB) and The Federal Trade Commission (FTC) are the two regulatory bodies that enforce related rules.
Competitive Landscape:
The global credit reporting market is highly competitive owing to top global players trying to gain market share through various strategies such as mergers and acquisitions, expansions, collaborations, and partnerships.Also, new product offerings, as a strategic approach, are being adopted by leading companies to upscale their market presence among customers.In July 2022, The Central Bank of Ireland granted Experian Ireland Limited a new registration for Account Information Service Provider (AISP), which will help the company offer regulated Open Banking services across the EU/EEA market.
Mortgage lenders are having to find ways to grow their business as the pool of people benefiting from a refinance dwindles, and at the same time, interest rates are starting to rise. With demand still high, new consumer markets could be lucrative over the coming year.
In, Dec 2021, Intuit, Inc., a financial firm, acquired Credit Karma, a credit reporting company, for around US$ 8 billion.In March 2022, Equifax announced that it had acquired Data-Crédito, the largest credit reporting agency in the Dominican Republic. This move will help the company expand its international presence and provide more information to customers around the world.
Key Players:
- ClearScore Technology Ltd.
- Credit Technologies, Inc
- Creditsafe Business Solutions Limited
- CRIF High Mark.
- Data Axle,
- Dun & Bradstreet
- Equifax, Inc.
- Experian Plc
- Factual Data
- Fico
- FIS, Inc.
- Global Database Ltd
- Global Payments Inc.
- Intuit Inc.
- Illion Data Registries Pty Ltd
- Japanese Bankers Association
- Moody’s Corporation
- S&P Global Inc.
- SCHUFA Holding AG
- The Coface Group
- TransUnion LLC
- UNITED CREDIT BUREAU
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Regional Analysis:
The credit reporting business in the United States is now valued at $6 billion and is predicted to grow to $10 billion by 2032.According to TransUnion, one of the major credit bureaus, the credit consumer market in the United States remains strong despite the continued impact of COVID.Surprisingly, accounts created during the pandemic in 2020 continue to perform well when compared to ones created in earlier years.
According to a recent joint analysis by Experian, one of the major credit bureaus, and Invest India, the government agency for investment and facilitation, India’s credit ecosystem has remained steady throughout the epidemic and is expected to develop faster than the majority of the world’s major economies.
The Indian government has launched many programs in the previous 5 to 7 years, including the Jan-Dhan Yojna, Mudra Yojna, and integrating Aadhar with banks, among others, which have aided the credit market’s growth. Around 450 million new bank accounts were established and integrated into the Indian financial system as part of the Jan-Dhan Yojna.
Key Segments of Industry:
- By Report Type :
- Corporate Credit Reports
- Individual Credit Reports
- By End-use Application :
- Commercial
- Commercial Bank Loans
- Trade Payment
- Public Records (Bankruptcy, Liens, Judgment)
- Consumer
- Auto Loans
- Debt Collection
- Personal Loans
- Credit Cards
- Home Loans
- Others (Mortgage Brokers, Financial Planners, Medical)
- Commercial
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