Credit Bureau Sourcing Intelligence Forecast To Register CAGR Of Over 12.6% Till 2030

Credit Bureau Procurement Intelligence

The credit bureau services category is expected to grow at a CAGR of 12.6% from 2023 to 2030.

The market for credit bureaus is expected to grow in the next years due to the rising demand for credit cards.  Credit card benefits like unlimited reward points with usage, insurance protection, discounts, and cashback help to 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. For instance, the Federal Reserve Bank, a US-based bank, reports that from 2021 to 2022, the rate of credit card applications increased from 26.5% to 27.1% in November 2022. As a result, credit card usage rises, and the market for credit bureaus increases.

Order your copy of the Credit Bureau category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Credit Bureau Procurement Intelligence Report Scope

The Credit Bureau category is expected to have pricing growth outlook of 3% - 5% from 2023 to 2030, with below pricing models.

• Subscription pricing model

Supplier Selection Scope of Report

• Cost and pricing
• Past engagements
• Productivity
• Geographical presence

Supplier selection criteria of Report

• Credit report product types (company rank and report, loan report, score simulator, etc.)
• Credit education (credit score and loan approvals)
• Dispute resolution (consumer dispute resolution and company dispute resolution)
• Technical specifications
• Operational capabilities
• Regulatory standards and mandates
• Category innovations
• others

Credit Bureau Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape
• Market estimates and forecasts from 2022 to 2030
• Growth opportunities, trends, and driver analysis
• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
• Porter’s 5 forces
• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
• Engagement and operating models, KPI, and SLA elements
• LCC/BCC analysis and negotiation strategies
• Peer benchmarking and product analysis
• Market report in PDF, Excel, and PPT and online dashboard versions 

Credit Bureau Procurement Cost and Supplier Intelligence

The category is based on a subscription pricing model, where a full report can be generated with credit scores depending upon the subscription period. The subscription plan could be for one year, 6 months, monthly, or one time as per company requirement. For instance, TransUnion CIBIL, an India-based credit information company charges Rs 550 for credit report with a credit score. The element affecting the cost structure for credit bureau services is labor cost and software cost used in this category. Credit bureau services come with various features such as identity theft insurance, card activity alerts, etc. which require investment in software and acquiring labor. The market is moderately fragmented with intense competition among the top global players. The buyers have low bargaining power as there are large companies dominating the market. There is a high demand for credit information, regulatory pressure, and compliance requirements, while buyers have limited negotiating power both domestically and globally.

Countries such as the United States, Canada, United Kingdom, India, South Africa, and Australia are preferred business destinations for acquiring these services. People in these countries give significant importance to credit scores which determine their financial competency and self-esteem. One of the essential sourcing practices for this category will be engaging and negotiating with more than one supplier to acquire a holistic package of services. For instance, different credit bureau companies are providing a different set of services with credit report services. Experian can provide services such as credit scores and reports along with offering loans. Whereas CRIF High Mark can provide credit scores and reports along with analytics services such as the deduplication platform. Therefore, businesses are required to negotiate and source the appropriate suppliers to get a whole sum report at affordable prices. Other sourcing practices considered in the category are competitor pricing strategies evaluation, payment terms, etc.

List of Key Suppliers

• FICO
• Equifax
• Experian
• Moody's Corporation
• S&P Global Inc.
• TransUnion LLC
• Dun and Bradstreet
• FIS Inc.
• Global Database Ltd.
• Intuit Inc.

Add-on Services provided by Grand View Research Pipeline:

• Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process

• Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier

• Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.

• Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.

Browse through Grand View Research’s collection of procurement intelligence studies:

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Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions