Credit Bureau Procurement Intelligence
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 in the market for credit bureaus.
Order your copy of the Credit Bureau category procurement intelligence report 2024-2030, 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% (Annually) from 2024 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
- Individual and Commercial Credit Report Services
- Microfinance Credit Information Report
- Credit Report Verification Services
- Additional services (Loan Report, Score Simulator, Membership Access)
- operational capabilities and 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 major cost components are salaries of professionals, IT and infrastructure, operational and administrative expenses, legal and marketing. Credit bureaus and IT technology play a vital role in maintaining accurate and efficient credit reporting systems. The importance of investing in IT technology lies in its ability to streamline processes, reduce errors, and enhance security measures. This, in turn, ensures that consumers receive fair credit assessments and financial institutions can make informed decisions. While the cost of implementing and updating IT systems may be significant, the benefits of improved data management, faster access to information, and better risk management far outweigh the expenses.
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 industry. Credit bureau services come with various features, such as identity theft insurance and card activity alerts which require investment in software and acquiring labor.
List of Key Suppliers
- CRIF High Mark Credit Information Services Pvt. Ltd
- Equifax Inc.
- Experian PLC
- Innovis (CBC Companies)
- TransUnion LLC
- Credit Bureau Malaysia Sdn. Bhd.
- Qatar Credit Bureau
- The Saudi Credit Bureau (SIMAH)
- Credit Bureau Singapore
- National Credit Bureau Company Limited (Credit Bureau).
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.
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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
