United States Credit Agency Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 14.36 Billion |
| Market Size (2029) | USD 16.80 Billion |
| CAGR (2024 - 2029) | 3.19 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United States Credit Agency Market Analysis
The United States Credit Agency Market size is estimated at USD 14.36 billion in 2024, and is expected to reach USD 16.80 billion by 2029, growing at a CAGR of 3.19% during the forecast period (2024-2029).
Credit rating agencies conducted a large number of rating actions in response to the pandemic. Many entities, including corporations, municipalities, and even entire industries, saw their credit ratings adjusted to reflect the heightened risks and uncertainties associated with the pandemic. Downgrades were prevalent, particularly in industries directly affected by lockdowns and travel restrictions.
Healthcare facilities, such as hospitals and clinics, often require significant capital for expansion, renovation, or the purchase of new medical equipment. A good credit rating makes securing loans and financing at favorable interest rates easier, ensuring that healthcare providers have the resources they need to deliver quality care to their patients. This is particularly crucial in a rapidly evolving healthcare landscape in the United States where advancements in medical technology and patient care practice demand constant investments in infrastructure and equipment. Federal government investment in medical and health R&D grew by USD 9.8 billion or 19.0% from 2019 to 2020 and by USD 21.4 billion or 53.5% since 2016.
Moving into the near-term future there are a few potential opportunities trending in favor of the Credit Bureaus if they are willing to be receptive to change. In the future, there will be new revenue streams opening from technology. Platforms such as Experian Boost will create new revenue potential. Now, it is possible to link untraditional consumer accounts together. The purpose of submitting this data to reporting agencies is so they can more accurately reflect your consumer tendencies. Experian Boost is monetarily cost-free to consumers.
United States Credit Agency Market Trends
Impact of Increasing Consumer Credit Outstanding in United States
The total outstanding consumer credit in the United States increased year-on-year. In 2021, the consumer credit outstanding in the U.S. amounted to approximately more than USD 4 trillion, a significant increase from the previous year. These current levels of consumer debt show that the Federal Reserve's raising interest rates have not slowed down consumer borrowing.
In August, non revolving credit, which largely comprised auto, student, and personal loans, increased at an annual rate of 5.1 percent. This level remained roughly unchanged from July. Revolving credit, however, increased significantly at an annual rate of 18.1 percent; revolving credit includes credit cards, home equity lines of credit (HELOC), and personal and small business loans. While late payments and defaults thus far seem to be under control.
Growth in New Business Driving the Market
According to data from the US Census Bureau, there has been a significant surge in new business creation since the onset of the pandemic in 2020. In 2022, 5.04 million new businesses were started, which is higher than the annual average of 4.4 million businesses.
Additionally, there were 5.4 million new business applications filed in 2021, the highest number on record and a 53% increase from 2019. Although the pace of new business creation has slightly slowed down, the rate of new businesses being created is still higher in 2022 than before the pandemic. With more businesses being created, there will be a greater demand for credit ratings. New businesses often require funding and financing, and lenders, investors, and even suppliers may rely on credit ratings to assess the creditworthiness of these businesses.
The growth in new businesses can drive innovation and the adoption of advanced technologies in the credit rating industry.
United States Credit Agency Industry Overview
The United States credit agency market is highly competitive and concentrated, as various international and regional vendors are providing new technology to various end-use industries for the expansion of the market. The key players are emerging for improving their products and delivery through techniques and enhancing their products to have a competitive edge over others.
Furthermore, the companies are involved in acquisitions and expansion to improve their product offerings and increase the production process, and they undergo partnerships and collaborations with the leading automotive manufacturers to address the demand and strengthen their presence across the United States. The credit agency industry across the United States is offered by groups such as Equifax Inc., TransUnion Corp., Experian Plc., Fair Isaac Corp., and S&P Global Inc.
United States Credit Agency Market Leaders
Equifax inc.
Transunion
Experian Plc
Fair Isaac Corp
Moody's Corporation
*Disclaimer: Major Players sorted in no particular order
United States Credit Agency Market News
- June 2023: Moody announced a new strategic partnership with Microsoft to deliver next-generation data, analytics, research, collaboration, and risk solutions for financial services and global knowledge workers. Built on a combination of Moody's robust data and analytical capabilities and the power and scale of Microsoft Azure OpenAI Service, the partnership creates innovative offerings that enhance insights into corporate intelligence and risk assessment, powered by Microsoft AI and anchored by Moody's proprietary data, analytics and research.
- March 2023: Equifax filed a registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with the company's acquisition of Boa Vista Serviços (BOAS3: SAO), the second largest credit bureau in Brazil. Equifax and Boa Vista Serviços entered into a merger agreement on February 9, 2023.
United States Credit Agency Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.1.1 Demographic and Macroeconomic Factors Impacting Rating Agencies in the US Industry
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping the Market
4.5 Insights on Impact of Technology on the Market
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Buyers
4.6.2 Bargaining Power of Suppliers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Consumer Debt Trends in the Market
4.8 Insights on the Role of Credit Rating Agencies in Structured Finance Markets
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Client Type
5.1.1 Individual
5.1.2 Commercial
5.2 By Vertical
5.2.1 Direct-to-Consumer
5.2.2 Government and Public Sector
5.2.3 Healthcare
5.2.4 Financial Services
5.2.5 Software and Professional Services
5.2.6 Media and Technology
5.2.7 Automotive
5.2.8 Telecom and Utilities
5.2.9 Retail and E-commerce
5.2.10 Other Verticals
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Equifax Inc
6.2.2 Transunion
6.2.3 Experian Plc
6.2.4 Fair Isaac Corp.
6.2.5 Fitch Ratings
6.2.6 Moody's Corporation
6.2.7 S&P Global Inc.
6.2.8 Kroll Bond Rating Agency (KBRA)
6.2.9 DBRS Morning Star
6.2.10 A.M Best Ratings*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
United States Credit Agency Industry Segmentation
A credit agency is a for-profit business that gathers information about personal and business debts and gives each borrower a number, called a credit score, that shows how reliable they are as a borrower.
United States Credit Agency Is Segmented By Client Type (Individual And Commercial), And By Vertical (Direct-To-Consumer, Government And Public Sector, Healthcare, Financial Services, Software And Professional Services, Media And Technology, Automotive, Telecom And Utilities, Retail And E-Commerce, And Other Vertical Types). The Report Offers Market Size And Forecasts For The United States Credit Agency Market In Terms Of Value (USD) For All The Above Segments.
| By Client Type | |
| Individual | |
| Commercial |
| By Vertical | |
| Direct-to-Consumer | |
| Government and Public Sector | |
| Healthcare | |
| Financial Services | |
| Software and Professional Services | |
| Media and Technology | |
| Automotive | |
| Telecom and Utilities | |
| Retail and E-commerce | |
| Other Verticals |
United States Credit Agency Market Research Faqs
How big is the United States Credit Agency Market?
The United States Credit Agency Market size is expected to reach USD 14.36 billion in 2024 and grow at a CAGR of 3.19% to reach USD 16.80 billion by 2029.
What is the current United States Credit Agency Market size?
In 2024, the United States Credit Agency Market size is expected to reach USD 14.36 billion.
Who are the key players in United States Credit Agency Market?
Equifax inc., Transunion, Experian Plc, Fair Isaac Corp and Moody's Corporation are the major companies operating in the United States Credit Agency Market.
What years does this United States Credit Agency Market cover, and what was the market size in 2023?
In 2023, the United States Credit Agency Market size was estimated at USD 13.92 billion. The report covers the United States Credit Agency Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United States Credit Agency Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
United States Credit Agency Industry Report
Statistics for the 2024 United States Credit Agency market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Credit Agency analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
