How Has The Credit Bureaus Market Size Evolved In Recent Years?
The credit bureaus market has seen considerable growth due to a variety of factors.
• The size of the credit bureaus market has witnessed quick expansion over the recent past. It'll escalate from a value of $109.59 billion in 2024 to a more staggering $123.89 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.0%.
The growth noticed in the historical period is the result of several factors including the expansion of the lending industry, efforts towards financial inclusion, the need for regulatory compliance and reporting, risk management push in financial corporations, and increased awareness about consumer credit.
What Can Be Expected from the Credit Bureaus Market in the Coming Years?
The credit bureaus market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of credit bureaus is forecasted to witness a swift expansion in the coming years, reaching a value of $191.22 billion in 2029 with a compound annual growth rate (CAGR) of 11.5%.
The surge in this period is due to factors such as alternate data sources and machine learning, the rise in open banking, data security and protection challenges, government drives for financial inclusion, and shifts in consumer behavior. Some of the leading trends projected for this period include advancements in data processing technology, the digital shift in banking and finance, incorporating alternative data, blockchain use for identity verification, and a heightened focus on consumer enablement.
What Factors Are Driving Growth In The Credit Bureaus Market?
The growth of the credit bureau market is projected to be driven by the rising demand for credit cards. Credit cards, which often provide a revolving unsecured line of credit, are an alternative to cash or cheques. They help enhance an individual's credit scores by sharing cardholders' activities with credit bureaus. These credit scores are essential when customers are seeking loans. Apart from assisting in improving credit scores, they offer additional advantages such as unlimited reward points upon usage, insurance coverage, discounts, and cashbacks. The Federal Reserve Bank, a US bank, reported in November 2022 that the credit card application rate escalated from 26.5% in 2021 to 27.1% in 2022. Thus, the credit bureau market expansion is being fuelled by this surge in credit card demand.
How Is the Credit Bureaus Market segmented?
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
Subsegments:
1) By Credit Score: Consumer Credit Scores, Business Credit Scores, Credit Reports
2) By Credit Reports: Individual Credit Reports, Corporate Credit Reports, Credit Check Services
3) By Credit Check Services: Employment Credit Checks, Rental Credit Checks, Loan Eligibility Checks, Identity Verification Services
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What New Trends Are Influencing the Credit Bureaus
Leading firms in the credit bureau market are intensifying their focus on improving credit evaluation services, like household-level credit reports, with the aim of simplifying loan underwriting procedures and giving lenders a more complete understanding of loan applicants' financial status. The inclusion of an entire household in credit reports enables lenders to evaluate the total credit standing and financial capability of a home, which in turn optimizes the loan underwriting process and enhances risk assessment. For example, Equifax Credit Information Services Private Limited (ECIS), a credit bureau and consumer credit company based in the US, introduced a Household Combined Credit Report in February 2023, specifically tailored for the microfinance sector. This groundbreaking product simplifies loan underwriting by allowing lenders to gauge the credit health of applicants at a household level, rather than solely based on individual credit records. This offers lenders an inclusive overview of a household's total income, equated monthly installment (EMI) commitments, and credit risks through a single inquiry.
Who Are the Key Players in the Credit Bureaus Market?
Major companies operating in the credit bureaus market include:
• Experian
• Equifax
• TransUnion
• FICO
• Credit Karma
• Innovis
• CoreLogic
• VantageScore Solutions
• CreditSafe
• SageStream
• ClearScore
• ID Analytics
• CRIF
• FactorTrust
• Experian Information Solutions
• Equifax Information Services
• TransUnion Interactive
• Aequitas Solutions
• NCTUE
• SmartCredit
• LexisNexis Risk Solutions
• CIBIL
• CreditReports.com
• Microbilt
• Creditera
What Is The Most Dominant Region In The Credit Bureaus Market?
North America was the largest region in the credit bureau market in 2024. The regions covered in the credit bureaus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
