Transformative Trends Impacting the Credit Bureaus Market Landscape: Enhancing Loan Underwriting Through Household-Level Credit Reports For Comprehensive Financial Assessment

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What Is the Expected CAGR for the Credit Bureaus Market Through 2025?
The scale of the credit bureaus market has seen notable expansion in the past few years. The market value is expected to rise from $109.59 billion in 2024 to $123.89 billion in 2025, recording a compound annual growth rate (CAGR) of 13.0%. The substantial growth during the historical period is linked to the surge in the lending industry, initiatives for financial inclusion, compliance with regulations and reporting obligations, risk management within financial organizations, and increased awareness about consumer credit.

What's the Projected Size of the Global Credit Bureaus Market by 2029?
Anticipated to expand swiftly in the upcoming years, the credit bureaus market is poised to reach $191.22 billion in value by 2029, boasting a Compound Annual Growth Rate (CAGR) of 11.5%. Factors contributing to this growth during the predicted period include the use of alternative data sources combined with machine learning, the rise of open banking, heightened concern over cybersecurity and data protection, governmental financial inclusion initiatives, and shifts in consumer behavior. Furthermore, key trends forecasted for this period cover advancements in data processing technology, digitalization of banking and finance, integration of alternative data, application of blockchain for identity verification, and an emphasis on consumer empowerment.

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Top Growth Drivers in the Credit Bureaus Industry: What's Accelerating the Market?
The credit bureau market is anticipated to experience growth due to a rising demand for credit cards. Credit cards provide an alternative to cash and cheques, often providing an unsecured revolving credit line. Credit card issuers inform credit bureaus about cardholder activities, assisting in the assessment of individual credit scores, which customers can use when applying for a loan. Alongside helping improve credit scores, credit cards offer numerous benefits like unlimited reward points for usage, insurance coverage, discounts, and cashback. In November 2022, the Federal Reserve Bank, a bank based in the US, reported that the application ratio for credit cards has risen from 26.5% in 2021 to 27.1% in 2022. Consequently, the surging demand for credit cards is fueling the growth of the credit bureau market.

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What Trends Will Shape the Credit Bureaus Market Through 2029 and Beyond?
Leading firms in the credit bureau market are prioritizing the improvement of credit evaluation tools, such as credit reports for whole households, to simplify loan underwriting procedures and offer lenders a thorough understanding of loan applicants' financial conditions. These household-credit reports allow loan providers to evaluate the total credit standing and financial abilities of a whole household, making the loan underwriting procedure more efficient and refining risk analysis. For example, Equifax Credit Information Services Private Limited (ECIS), a US-based credit bureau and consumer credit company (CIC), launched in February 2023, the Household Combined Credit Report, which is uniquely developed for the microfinance sector. This novel product makes the loan underwriting procedure more efficient by allowing loan providers to gauge the credit capacity of applicants at the household level instead of solely depending on individual credit profiles. Ultimately, this offers a complete picture of a household's total income, equated monthly installment (EMI) responsibilities, and credit exposure in a single inquiry.

What Are the Main Segments in the Credit Bureaus Market?
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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Which Top Companies are Driving Growth 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

Which Regions Will Dominate the Credit Bureaus Market Through 2029?
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.

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