Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "Credit Bureaus Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The credit bureaus market size has grown rapidly in recent years. It will grow from $122.44 billion in 2023 to $139.14 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The expansion observed in the historical period can be attributed to the growth of the lending industry, initiatives for financial inclusion, compliance with regulatory and reporting requirements, the emphasis on risk management within financial institutions, and increased awareness among consumers regarding credit. 
Anticipated growth in the credit bureau market is driven by an escalating national unemployment rate. The upsurge in unemployment signifies a larger portion of the workforce actively seeking jobs but unable to secure employment, signaling economic hardships and potential societal ramifications. This trend can significantly impact credit bureaus due to the financial challenges faced by unemployed individuals, resulting in delayed bill payments and heightened credit utilization. For instance, as of November 2023, the U.S. Bureau of Labor Statistics (BLS) reported a national unemployment rate of 3.7%. The BLS also supplies comprehensive historical data, including state-specific unemployment rates, available in their State Employment and Unemployment Summary reports. These invaluable data sources enable a profound understanding of labor market dynamics and serve as vital tools for credit bureaus to evaluate credit risks, furnishing businesses and lenders with comprehensive credit reports.
The adoption of blockchain stands out as a significant trend gaining traction within the credit bureau market. Key industry players are directing their focus toward implementing cutting-edge technologies to fortify their market positioning. Blockchain, renowned for its immutable and shared ledger, facilitates seamless transactions among various stakeholders by enabling immediate, transparent, and secure exchanges of encrypted data. For example, in May 2021, TransUnion, a prominent U.S.-based consumer credit reporting firm, joined forces with Spring Labs, a U.S.-based software company, to launch a blockchain-driven credit data-sharing platform aimed at facilitating the secure exchange of sensitive information. TransUnion's utilization of blockchain technology in their data-sharing platform enhances the network effect, enabling credit bureaus and other entities to more accurately forecast the creditworthiness of individuals through a robust data ecosystem.
Major players in the credit bureau market are spearheading the development of cutting-edge products leveraging advanced technologies such as API platforms. These platforms, serving as software frameworks, offer a suite of tools and services for creating and managing application programming interfaces (APIs). They streamline the process for developers to efficiently build, test, and deploy APIs, ensuring seamless integration and communication across various software systems and applications. For instance, in August 2021, Bloom Credit, a credit agency and fintech platform based in New York, introduced Furnish by Bloom Credit. This automated furnishment solution enables businesses to report consumer activity simultaneously to all three major credit bureaus - Equifax, Experian, and TransUnion. The primary goal of this innovative product is to assist lenders in significantly reducing credit reporting errors, ultimately mitigating the adverse impact these inaccuracies may have on consumers.
A selection of companies mentioned in this report includes
- Fidelity Information Services
- Intuit Inc.
- S&P Global Inc.
- Global Payments Inc.
- Experian plc
- Moody's Corporation
- Global Database Ltd.
- Equifax Inc.
- TransUnion LLC
- LexisNexis Risk Solutions
- Dun & Bradstreet
- Coface SA
- CoreLogic Inc.
- Credit Karma LLC
- Fair Isaac Corporation
- QuestSoft Corporation
- Identity Guard
- Innovis Services Inc.
- Credit Information Bureau (India) Limited
- PrivacyGuard LLC
- Creditinfo Group plc
- FreeCreditReport.com
- IdentityForce
- Illion Data Registries Pty. Ltd.
- SCHUFA Holding AG
- TrueIdentity
- ID Analytics
- Compuscan
- Bureau van Dijk S.A.
- ARXivar S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/4asz5l
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