Increasing Demand For Cards Boosts Credit Bureau Growth: Strengthening the Growth Trajectory of the Credit Bureaus Market

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What Is the Expected CAGR for the Credit Bureaus Market Through 2025?
The market size of credit bureaus has experienced rapid expansion recently. The expansion is anticipated to proceed from $110.21 billion in 2024 to $123.34 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.9%. The growth witnessed in the historical period could be credited to the progression of the lending industry, initiatives geared towards financial inclusion, statutory compliance and reporting needs, risk management strategies employed by financial institutions, and heightened awareness of consumer credit.

What's the Projected Size of the Global Credit Bureaus Market by 2029?
Expectations are high for the credit bureaus market to experience swift expansion in the upcoming years, with projections placing its value at $189.65 billion by 2029, boasting a compound annual growth rate (CAGR) of 11.4%. Several factors are contributing to the predicted growth during this forecast period, including the utilization of alternative data resources and machine learning, the rising prominence of open banking, growing concerns over cybersecurity and data protection, government-led attempts to foster financial inclusion, and modifications in consumer behavior. The forecast period is also expected to see major trends such as advancements in data processing technology, digital transformation within the banking and finance sectors, the integration of alternative data, blockchain technology use for identity verification, and a heightened focus on consumer empowerment.

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Top Growth Drivers in the Credit Bureaus Industry: What's Accelerating the Market?
The burgeoning need for credit cards is predicted to drive the expansion of the credit bureau market in the future. Credit cards, an alternative to cash or cheques, usually provide an unsecured line of revolving credit. Information about a cardholder's activities is shared with credit bureaus by credit card issuers, aiding in the assessment of the individual's credit scores. Based on these scores, customers can apply for loans. Additionally, benefits like limitless reward points on usage, insurance coverage, discounts, and cash back are offered, alongside aiding in raising credit scores. For example, the Federal Reserve Bank, a US-based bank, reported an increase in credit card application rates, which rose from 26.5% in 2021 to 27.1% in November 2022. As a result, the growing demand for credit cards contributes to the advancement of the credit bureau market.

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What Trends Will Shape the Credit Bureaus Market Through 2029 and Beyond?
Leading businesses in the credit bureau market are concentrating their efforts on improving credit assessment tools like household-level credit reports, with the objective of simplifying loan underwriting procedures and offering lenders an all-inclusive perspective on applicant's financial circumstances. These reports aid lenders in examining the combined creditworthiness and financial ability of an entire household, therefore facilitating the loan underwriting process and enhancing risk evaluation. For example, Equifax Credit Information Services Private Limited (ECIS), a credit bureau based in the US, and consumer credit company (CIC), rolled out a Household Combined Credit Report in February 2023, uniquely tailored for the microfinance segment. This cutting-edge product simplifies the loan underwriting process as it allows lenders to evaluate the credit capability of applicants on a household basis, rather than relying solely on individual credit profiles. As a result, it gives a broad perspective on a household's total income, equated monthly installment (EMI) commitments, and credit exposure in a single inquiry.

What Are the Main Segments in the Credit Bureaus Market?
The credit bureausmarket 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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