Increasing Demand for Credit Cards Bolsters Growth

collegefallout.com 20 June 2023

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DUBLIN, June 19, 2023 /PRNewswire/ — The “Credit Bureaus Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

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 credit bureau market is expected to reach $201.09 billion in 2027 at a CAGR of 12.6%.

Major players in the credit bureaus market are FICO, Equifax, Experian, Trans Union, Moody’s corporation, S&P Global Inc., TransUnion LLC, Dun and Bradstreet, S andP Global Inc., FIS Inc., Global Database Ltd., Global Payments Inc., Intuit Inc., Illion Data Registries Pty. Ltd., SCHUFA Holding AG, and The Coface Group.

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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.

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 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.

In March 2022, Equifax, a US-based consumer credit reporting agency acquired Data-Credito 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-Credito is a Dominican Republic-based consumer credit reporting agency.

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 countries covered in the credit bureaus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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 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.

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.

Key Topics Covered:

1. Executive Summary

2. Credit Bureaus Market Characteristics

3. Credit Bureaus Market Trends And Strategies

4. Credit Bureaus Market – Macro Economic Scenario
4.1. COVID-19 Impact On Credit Bureaus Market
4.2. Ukraine-Russia War Impact On Credit Bureaus Market
4.3. Impact Of High Inflation On Credit Bureaus Market

5. Credit Bureaus Market Size And Growth
5.1. Global Credit Bureaus Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Credit Bureaus Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Credit Bureaus Market Segmentation
6.1. Global Credit Bureaus Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Credit Score
Credit Reports
Credit Check Services

6.2. Global Credit Bureaus Market, Segmentation By Report Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

6.3. Global Credit Bureaus Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

7. Credit Bureaus Market Regional And Country Analysis
7.1. Global Credit Bureaus Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Credit Bureaus Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/t0xpis

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