About Credit Scores, Credit Reports & Credit Check Services
A credit score is an important part of a consumer's financial picture. Lenders combine consumer credit score with the information in consumer’s credit report to assess risk as a borrower. If the score is high, the consumer looks like less of a risk; if the score is low, lenders may question the consumer’s ability to pay what the consumer owes. Personal credit scores range from 300 to 850. Business credit scores range from zero to 100. Higher scores represent better credit decisions and can make creditors more confident that borrowers will repay future debts as agreed. Credit scores are used by lenders, including banks providing mortgage loans, credit card companies, and even car dealerships financing auto purchases, to make decisions about whether or not to offer credit (such as a loan or credit card) and what the terms of the offer (such as the interest rate or down payment) will be. In recent years, telecom providers also check customer's credit scores to offer talk time loans. Moreover, many Internet, TV service providers now check credit before they set up customer service. In some cases, if the customer’s credit is poor enough, might be denied an account.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.18% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Experian Equifax Trans Union Aura IdentityForce. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Credit Scores, Credit Reports & Credit Check Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Experian plc (Ireland), Equifax, Inc.(United States), TransUnion (United States), Aura (United States), IdentityForce, Inc.(United States), Credit Karma, Inc.(United States), Fair Isaac Corporation(United States), Credit Sesame, Inc.(United States) and Trilegiant Corporation(United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Credit Scores, Credit Reports & Credit Check Services market by Type (Credit Scores, Credit Reports and Credit Check), Application (Private and Enterprise) and Region.
On the basis of Type, Credit Reports are dominating the market in the year 2023 where as Credit Scores stood as second largest market share.
On the basis of application, Private segment is dominating the market in the year 2023 where as Enterprise segment stood as second largest market .On the basis of geography, the market of Credit Scores, Credit Reports & Credit Check Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
Influencing Trend:
The Adoption of Big Data to Develop Credit Score Models
Market Growth Drivers:
The Rapidly Growing Credit Cards Users Coupled with Increased Credit Card Debt Worldwide and The Rising Demand for Loans among the Consumers As Well As Enterprises
Opportunities:
The Growth Opportunities from Emerging Economies
Market Leaders and their expansionary development strategies
In September 2022, Creditsafe acquire Graydon and focused on providing integrated business information offerings to increase the long-term growth and the economic stability of their clients.
8th January 2020, Equifax Inc. has announced new direct-to-consumer partnerships with Esusu, MoCaFi, and Zingo that will help develop a more complete picture of a consumer's financial profile. All three companies, as part of their credit education initiatives, will also present their users with a free weekly or monthly VantageScore credit score so they can track score changes over time
Key Target Audience
Distributors Government Regulatory Bodies, Private Research Orgnizaion, Government Research Orgnization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.