Credit Bureau Services Procurement Intelligence: Key Trends and Insights
The credit bureau services market is expected to grow at a CAGR of 12.6% from 2024 to 2030. The market for credit bureaus is expected to grow in the next few years due to the rising demand for credit cards. Credit card benefits, such as unlimited reward points with usage, insurance protection, discounts, and cashback, help increase credit scores. Further, credit card issuers provide credit bureaus with details about cardholder activity that help them confirm each customer's credit ratings, which serve as the foundation for loan applications. As per the U.S. Federal Reserve Bank report, 82% of adults had a credit card in 2023, and 36% of adults applied for some type of credit in 2023. The adults with a minimum income of USD 100,000 held a credit card in the U.S. in 2023. The rate of credit card applications remained robust throughout 2023 in the U.S.; it reached 29% in October 2023. Due to these factors, the usage of credit cards has increased, which in turn has led to an expansion...