South Korea, Seoul, Sept. 14, 2022 (GLOBE NEWSWIRE) — A new report from Fact.MR, a market research and competitive intelligence provider, reveals that global demand for credit reporting is valued at 17 .82 billion in 2022 and is expected to grow at a steady CAGR of 4.8% through 2032.
Employment, access to the housing market and credit trends can influence the ability of different sections of the population to establish a good credit history. There has been an increase in public interest in whether those with no or limited credit history can get loans. Recent immigrants or young people may have difficulty obtaining credit due to economic factors. These factors shape the financial services industry and consumer demand for credit, and influence general consumer trends.
Technology encompasses all technologies currently used in the credit information market, as well as all new and emerging technologies. These technologies could have a significant impact on the operation of consumers, credit bureaus and lenders; how credit information is processed; and how data could help with credit decision-making in the future.
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Constant demand for final consumer credit
The credit industry is experiencing high demand from customers.
- According to data from the Federal Reserve, from June 2021 to June 2022, consumer credit increased by 8.2% on a quarterly basis.
Applying for credit can be in the form of personal loans, credit cards, mortgages, or car loans. There are many factors such as historical credit reports, current EMIs, and proof of income among others that determine whether a borrower will be granted the requested loan or not. From the lender’s point of view, it is not possible to access and evaluate each borrower’s request.
To meet this high customer demand, lenders rely heavily on credit reports. Credit reports help lenders assess the risk appetite of borrowers.
The rapid adoption of new financial technologies has led to widespread acceptance of different financial products and services. The main beneficiary of this change is the credit market.
Key insights from market research
- The global credit information market is expected to grow at a CAGR of 4.8% and reach US$28.47 billion by 2032.
- The market grew at a CAGR of 3.8% between 2017 and 2021.
- Under report type, corporate credit reports dominate the market and are valued at US$10.7 billion in 2022.
- North America leads the global market with 43% share in 2021.
- Demand for credit reports is expected to grow at CAGRs of 4.9% and 5.5%, respectively, in Europe and South Asia & Oceania.
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Credit Reporting Industry Survey Segmentation
- By type of report:
- Business Credit Reports
- Individual credit reports
- By end use application:
- Commercial bank loans
- Trade payment
- Public documents (bankruptcy, liens, judgment)
- Car loans
- Debt recovery
- Personal loans
- Credit card
- Home loans
- Others (mortgage brokers, financial planners, medical)
- By region:
- North America
- Latin America
- East Asia
- South Asia and Oceania
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The business environment in the credit reporting market continues to reflect an acceleration within the industry despite extreme competition among major players. To gain a firm foothold in this space, prominent market players are employing organic and non-organic strategies.
- For example, in December 2021, Intuit, Inc., a financial company, acquired Credit Karma, a credit reporting company.
Moreover, market players are striving to increase their customer base by focusing on various end users as well as regions. Moreover, market players are focusing on expanding their product offerings by making R&D investments to offer technologically advanced products and services.
Major credit reporting companies are 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. Illion Data Registries Pty Ltd, Intuit Inc. (Credit Karma), Japan Bankers Association, SCHUFA Holding AG, The Coface Group, TransUnion LLC and UNITED CREDIT BUREAU.
The global credit report market is highly competitive owing to the major 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 increase their market presence among customers.
- In July 2022, the Central Bank of Ireland granted Experian Ireland Limited a new registration as an Account Information Service Provider (AISP), which will help the company to offer regulated open banking services on the EU/EEA market.
- In December 2021, Intuit, Inc., a financial company, acquired Credit Karma, a credit reporting company, for approximately 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.
More valuable information about the offer
Fact.MR in its new offering presents an unbiased analysis of the global credit information market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals critical insights on the basis of report type (Business, Individual) and end-use application (Commercial (Commercial Bank Loans, Commercial Payment, Public Records), Consumer (Auto Loans, Debt Collection , personal loans, credit cards, home loans, others), in the main regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).
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