New York, June 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Credit Bureaus Global Market Report 2023” – https://www.reportlinker.com/p06464099/?utm_source=GNW
, Global Payments Inc., Intuit Inc., Illion Data Registries Pty. Ltd., SCHUFA Holding AG, and The Coface Group.
The global credit bureau market is expected to grow from $108.93 billion in 2022 to $124.99 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The credit bureau market is expected to reach $201.09 billion in 2027 at a CAGR of 12.6%.
The credit bureau market includes revenues earned by entities providing credit services such as credit account information, including payment history, the balance of an account, the date of the last financial activity, risk score, and the credit limit on the account.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the credit bureau market in 2022. The regions covered in the credit bureau market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of credit bureaus are credit scores, credit reports, and credit check services.Credit scoring refers to a statistical study used by lenders and financial institutions to determine a person’s or a small, owner-operated business’s creditworthiness.
The various report types include corporate credit reports and individual credit reports. These are used by various end users such as the commercial, and consumer.
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.
The use of blockchain is a key trend gaining popularity in the credit bureau market.Major market players are concentrating their efforts on introducing innovative technologies to strengthen their position in the market.
Blockchain is an immutable and shared ledger that will allow diverse parties to initiate and finish transactions by providing an immediate, shareable, and transparent exchange of encrypted data.For Instance, in May 2021, TransUnion, a US-based consumer credit reporting firm partnered with Spring Labs, a US-based software company to introduce a blockchain-based credit data-sharing platform for the exchange of sensitive data.
TransUnion’s data-sharing platform leverages blockchain in credit bureaus to build a more robust network effect of data that enables credit bureaus and others to forecast the creditworthiness of individuals.
In March 2022, Equifax, a US-based consumer credit reporting agency acquired Data-Crédito for an undisclosed amount.With this acquisition, Equifax will allow financial institutions to obtain fresh insights into clients’ financial profiles as part of the lending process, allowing them to responsibly offer up new mainstream financial services options to underbanked people.
Data-Crédito is a Dominican Republic-based consumer credit reporting agency.
The countries covered in the credit bureaus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from selling goods and services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The credit bureau market research report is one of a series of new reports that provides credit bureau market statistics, including credit bureau industry global market size, regional shares, competitors with a credit bureau market share, detailed credit bureau market segments, market trends, and opportunities, and any further data you may need to thrive in the credit bureau industry. This credit bureau market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464099/?utm_source=GNW
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