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Credit Bureaus & Rating Agencies in the US - Market Research Report (2014-2029)

Brendan McErlaine Brendan McErlaine New York, United States Last Updated: March 2024 NAICS 56145

Revenue

$17.1bn

2024

$17.1bn

Past 5-Year Growth

Profit

$X.Xbn

Employees

32,428

Businesses

1,520

Wages

$X.Xbn

Credit Bureaus & Rating Agencies in the US industry analysis

Credit bureaus and credit rating agents faced much volatility from downstream markets during the current period as COVID-19 and other economic disruptions hung over the US economy. The diverse nature of downstream clients helped to shield the industry from more significant troubles. Throughout 2020, only a few credit reporters and CRA's downstream clients were greatly affected. Consumers and non-banking businesses took a big hit as unemployment skyrocketed and business closures spiked. Investment from banking institutions and federal and state governments stopped any other falling demand. Downstream demand was further spurred by increasing aggregate household debt due to low interest rates and greater financial innovation. High demand from banking institutions and growing household debt also raised profits for credit bureaus and rating agencies.
The industry's performance took a turn for the worse in 2022 as rising interest rates increased recessionary fears. This reduced stock prices and hindered spending on rating agencies' services from financial institutions. Revenue recovered in 2023 and 2024 as investors became more confident and stock prices rose. Overall, revenue for credit bureaus and rating agencies in the United States is anticipated to expand at a CAGR of 5.1% during the current period, reaching $17.1 billion in 2024. This includes a 6.1% increase in revenue in that year.
The industry's performance will be constrained during the outlook period. Stable economic growth will boost business formation, increasing the number of loans in circulation and raising downstream demand for rating agencies' services. Despite this, economic uncertainty will reduce aggregate household debt, hindering demand for individual credit reports. Slower growth in the S&P 500 will constrain spending from financial institutions, reducing revenue for rating agencies. Overall, revenue for credit bureaus and rating agencies is forecast to creep upward at a CAGR of 0.7% during the outlook period, reaching $17.8 billion in 2029.

Trends and Insights

  • A strong stock market has sustained revenue growth. This has provided credit rating agencies with massive downstream demand in the form of banking institutions despite COVID-19-related disruptions.
  • The availability of credit boosts both consumers and businesses. During the current period, inexpensive and accessible credit meant a massive increase in downstream demand for credit bureaus.
  • Texas and Florida have a boosted presence as establishments flock to their growing markets. With Texas becoming a new technology hub and Florida touting a large consumer population, credit bureaus and CRAs expanded into these states.
  • Competition depends on the specific segment in this industry. The CRA industry is much less competitive since two major companies dominate it: Standard and Poor’s and Moody’s.

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Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has grown at a CAGR of 5.1 % over the past five years, to reach an estimated $17.1bn in 2024.

Trends and Insights

Revenue has been sustained by growing aggregate household debt

  • Much of the industry's revenue comes directly from rating services related to consumer debt. Higher levels of consumer debt are beneficial for companies' core services and heighten the need for more robust credit reporting agencies that can handle a larger quantity of customers.
  • Additional trends and insights available with purchase
Credit Bureaus & Rating Agencies in the US
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

The industry will benefit from stable economic growth

  • Despite disruptions related to high inflation, rising interest rates and recessionary fears, the US economy is expected to perform well during the outlook period. Steady GDP growth will encourage business formation, causing more companies to seek loans. Lenders will respond by purchasing rating agencies' and credit bureaus' reports on the creditworthiness of these companies, spurring revenue growth.

Biggest companies in the Credit Bureaus & Rating Agencies in the US

Company
Market Share (%)
2024
Revenue ($m)
2024
Profit ($m)
2024
Profit Margin (%)
2024
Experian Plc
2,714.3
933.5
34.4
Moody’s Corporation
2,402.8
1,161.5
48.3
S&P Global Inc.
2,369.7
1,403.0
59.2

To view the market share and analysis for all 8 top companies in this industry, view purchase options.

Products & Services Segmentation

Credit Bureaus & Rating Agencies in the US
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Individual credit reports and rating services, Commercial credit reports and rating services and Debt collection and risk management services. Individual credit reports and rating services is the largest segment of the Credit Bureaus & Rating Agencies in the US.

Trends and Insights

A strong stock market and heightened government spending boosts the commercial credit segment

  • Commercial credit reports and rating services comprise the largest revenue share since institutions that seek to lend money to businesses use rating reports frequently to make strategic decisions.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

This industry comprises companies that provide information, outlooks and ratings on the creditworthiness of particular companies, individuals, securities or financial institutions. The industry can be divided into two primary groups: credit bureaus and credit rating agencies (CRAs). Credit bureaus offer services related to consumer credit information, while CRAs generally focus on businesses, governments, securities and financial markets.

What's included in this industry?

Providing individual credit reports and rating servicesOffering commercial credit reports and rating servicesProviding debt collection and risk management servicesOffering convention and trade show organization servicesProviding investigation services

Companies

Experian PlcMoody’s CorporationS&P Global Inc.

Purchase this report to view all 8 major companies in this industry.

Related Terms

DATABASE MARKETINGFAIR AND ACCURATE CREDIT TRANSACTIONS ACT (FACTA) CREDIT RATING AGENCY (CRA)CREDIT BUREAU AGENCYCOLLATERALIZED DEBT OBLIGATIONS (CDOS)MORTGAGE-BACKED SECURITIES (MBSS)RECOGNIZED STATISTICAL RATING ORGANIZATIONINVESTMENT GRADE

Industry Code

NAICS 2017

NAICS 56145 - Credit Bureaus & Rating Agencies in the US

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

A strong stock market has sustained revenue growth. This has provided credit rating agencies with massive downstream demand in the form of banking institutions despite COVID-...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

The availability of credit boosts both consumers and businesses. During the current period, inexpensive and accessible credit meant a massive increase in downstream demand fo...

In this chapter

  • Products & Services
  • Major Markets

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

Texas and Florida have a boosted presence as establishments flock to their growing markets. With Texas becoming a new technology hub and Florida touting a large consumer popu...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each state
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each state in 2024
  • Number and share of revenue each state accounts for in 2024
  • Number and share of wages each state accounts for in 2024
  • Number and share of employees in each state in 2024

Detailed analysis

  • Geographic spread of the industry across North America, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Competition depends on the specific segment in this industry. The CRA industry is much less competitive since two major companies dominate it: Standard and Poor’s and Moody’s...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

The concentration among CRAs has not changed, as Standard and Poor's and Moody's remain the largest and most cited credit rating agencies in the United States. This hasn't ch...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of Experian Plc's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Moody’s Corporation's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of S&P Global Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of revenue, market share and profit margin trend for 5 additional companies

Detailed analysis

  • Description and key data for Experian Plc, and factors influencing its performance in the industry
  • Description and key data for Moody’s Corporation, and factors influencing its performance in the industry
  • Description and key data for S&P Global Inc., and factors influencing its performance in the industry
  • Description, key data and performance trends for 5 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

The Dodd-Frank Act completely changed the rules and regulations surrounding financial institutions, making banks and other institutions proceed with meticulous caution to avoi...

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Profit is high for this industry because CRAs can charge a higher premium for services. Profit's revenue share has soared during the current period as demand for credit ratin...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Industry Multiples (2017-2022)
  • Industry Tax Structure (2017-2022)
  • Income Statement (2017-2022)
  • Balance Sheet (2017-2022)
  • Liquidity Ratios (2017-2022)
  • Coverage Ratios (2017-2022)
  • Leverage Ratios  (2017-2022)
  • Operating Ratios (2017-2022)
  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Credit Bureaus & Rating Agencies in the US industry in United States in 2024?

The market size of the Credit Bureaus & Rating Agencies in the US industry in United States is $17.1bn in 2024.

How many businesses are there in the Credit Bureaus & Rating Agencies in the US industry in 2024?

There are 1,520 businesses in the Credit Bureaus & Rating Agencies in the US industry in United States, which has grown at a CAGR of 8.1 % between 2019 and 2024.

Has the Credit Bureaus & Rating Agencies in the US industry in United States grown or declined over the past 5 years?

The market size of the Credit Bureaus & Rating Agencies in the US industry in United States has been growing at a CAGR of 5.1 % between 2019 and 2024.

What is the forecast growth of the Credit Bureaus & Rating Agencies in the US industry in United States over the next 5 years?

Over the next five years, the Credit Bureaus & Rating Agencies in the US industry in United States is expected to grow.

What are the biggest companies in the Credit Bureaus & Rating Agencies in the US market in United States?

The biggest companies operating in the Credit Bureaus & Rating Agencies market in United States are Experian Plc, Moody’s Corporation and S&P Global Inc.

What does the Credit Bureaus & Rating Agencies in the US in United States include?

Providing individual credit reports and rating services and Offering commercial credit reports and rating services are part of the Credit Bureaus & Rating Agencies in the US industry.

Which companies have the highest market share in the Credit Bureaus & Rating Agencies in the US in United States?

The company holding the most market share in United States is Experian Plc.

How competitive is the Credit Bureaus & Rating Agencies in the US industry in United States?

The level of competition is high and steady in the Credit Bureaus & Rating Agencies in the US industry in United States.

Related Industries

Widen your competitive advantage with related industries

Competitors

  • Finance and Insurance in the US
  • Manufacturing in the US
  • Wholesale Trade in the US

Complementors

  • Credit Unions in the US
  • Real Estate Loans & Collateralized Debt in the US
  • Market Research in the US
  • Debt Collection Agencies in the US

International industries

  • Credit Unions in Canada
  • Credit Agencies in Australia
  • Credit Reporting and Debt Collection Services in New Zealand
  • Credit Bureaux & Rating Agencies in the UK

View all industries in United States

Methodology

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IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in the US include: 

  • US Census Bureau
  • US Bureau of Labor Statistics
  • US International Trade Commission

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

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