In This Article:
Key market leaders listed are Credit Scores, Credit Reports & Credit Check Services market include MyFICO, Equifax, IdentityForce, Credit Karma, Experian, Credit Sesame, Identity Guard, Trans Union, and Serasa.
Dallas, Texas, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global Credit Scores, Credit Reports, And Credit Check Services Market was valued at $1.10 billion in 2022, is anticipated to expand to $3.92 billion by 2029, at a CAGR of 19.5%.
The credit rating software helps banks better inform clients about the significance of their credit score when applying for loans. Hence, this is a key driver fueling the expansion of the credit scores, credit reports, and credit check services market. The credit rating programme offers rapid findings on a consumer's credit score and aids in the quicker acceptance of loans for consumers. credit scores, credit reports, and credit check services also lessens the likelihood of bad debts for financial institutions and raises customer awareness of the need of keeping excellent credit ratings. Low credit scores make it challenging for SMEs to obtain loans from banks in order to buy goods across national and international boundaries, and the inability of individuals to obtain loans has grown to be a significant factor limiting the growth of the global credit scores, credit reports, and credit check services industry.
Based on a person's credit score, credit rating software helps banks and individuals increase the number of loans they may approve. With the use of credit rating software, customers have learned more about the benefits of having a good credit score, since it enables them to get loans for large sums of money and can be raised by making loan payments on time. Additionally, having a strong credit score offers several benefits, including the ability to receive loans with lower interest rates, credit cards with greater perks & rewards, pre-approved loans, loans with longer terms, and speedier acceptance on credit applications.
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Credit Scores, Credit Reports, And Credit Check Services Market Scope:
| Metrics | Details |
| Study Period | 2019-2029 |
| Market Size in 2029 | USD 3.92 billion |
| Segment Covered | Product Type, Type, Regions |
| Product Type Covered | Credit score, credit reports and credit check services |
| Type Covered | Individual credit, Enterprise credit |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | MyFICO, Equifax, IdentityForce, Credit Karma, Experian, Credit Sesame, Identity Guard, Trans Union, and Serasa |
Additionally, a better credit score gives banks and non-banking financial institutions (NBFCs) more assurance that borrowers will be able to repay their debts. The majority of scores fall between 600 and 750. Various lenders, including banks and NBFCs, provide credit cards and loans based on credit scores. In order to decrease bad debts and boost profitability, financial organizations use credit rating software. For instance, Experian, the top provider of information services in the world, introduced a business credit report in 2021 that will help sole proprietors and fintech service providers. With this recently introduced service, the owner may quickly check their credit reports on the websites of fintech players.