Global Credit Repair Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Credit Repair Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Credit repair is the process of repairing a bad credit situation that may have deteriorated for a variety of different reasons. A credit repair company is an organization that provides credit repair services to improve a customer's credit in exchange for a fee.

Market Overview:

The latest research study on the global Credit Repair Services market finds that the global Credit Repair Services market reached a value of USD 4723.8 million in 2022. It’s expected that the market will achieve USD 5134.75 million by 2028, exhibiting a CAGR of 1.4% during the forecast period.

Business credit is very important to enterprises

For enterprises, the cost of enterprise trust-breaking is high. Trust-breaking enterprises will be restricted by relevant departments according to law in tendering and bidding, government procurement, production and business licensing, qualification audit and other work. In the era of big data, enterprise credit is extremely important. Nowadays, credit has become the social pass of enterprises. Good credit record can bring many conveniences to enterprises, while bad credit record will make enterprises limited everywhere. Once the enterprise in the process of business dishonesty (such as serious illegal, administrative penalties, etc.) will be made public, the enterprise in the future business will be difficult, everywhere restricted, such as loans, bidding, listing, business transactions and so on will be affected. And good credit allows businesses to get the money they need to expand, to cover their overhead, to buy inventory, to hire more workers. Therefore, in the global market, more enterprises need to repair their bad credit breaking records through credit repair service, which is promoting the development of credit repair service industry.

The importance of having a qualified credit score

Credit affects every aspect of life, and having good credit can be the deciding factor in getting a loan or not. Access to finance is an essential part of economic development and job creation. A well-functioning financial system provides the public and businesses with a wide range of financial products for savings, credit and risk management. Financial services facilitate everyday life and help families and businesses plan for everything from long-term goals to unexpected emergencies. Access to financial services enables rural and urban households to smooth consumption and access basic services, including food, housing, health and education. Additionally, credit scores may influence a potential employer's hiring decision or a landlord's approval of a potential tenant. Micro, small and medium-sized enterprises can use financing to meet their short-term and long-term capital needs and achieve growth and expand their business.

Operators in the credit repair services industry help identify errors on credit reports and assist in disputing inaccurate information with credit reporting agencies. Industry operators also offer credit reconstruction and credit repair advice. At the same time, most of the consulting industry operators provide services related to credit cards, personal loans and home mortgage loans. Against this backdrop, credit repair has always been important. It's clear that having a good credit score is the key to living a stress-free life today.

Region Overview:

In 2021, the share of the Credit Repair Services market in United States stood at 86.34%.

Company Overview:

Lexington Law is one of the major players operating in the Credit Repair Services market, holding a share of 8.29% in 2022.

Lexington Law, incorporated in Salt Lake City, Utah, is an American firm that practices consumer advocacy, credit restoration, and credit fraud cases. Lexington Law offers three credit repair packages designed to meet the different needs of clients who have inaccurate or unverifiable negative entries or derogatory marks that can damage their credit score or even prevent them from Credit development to good credit or better.

Named one of Inc. Magazine's 5,000 Fastest-Growing Companies in America for six consecutive years, The Credit Pros is a financial technology company. The Credit Pros are staffed by FICO© certified professionals who help clients remove inaccurate credit information from consumer credit reports.

MSI Credit Solutions is a privately held company. The firm's consultants have a wealth of talent and experience in credit repair, collections, and advisory services. MSI Credit Solutions provides reliable, affordable credit repair and assists clients through all stages of the credit recovery and rebuilding process.

Segmentation Overview:

By type, Commission Repair segment accounted for the largest share of market in 2021.

Self-repair is to repair bad credit by contacting credit bureaus and creditors to raise objections and questions about the project. For those who need extra help repairing their credit, credit repair software tools are available.

Commission Repair is the process of hiring a company to repair bad credit by removing inaccurate negative information from a customer's credit report. A credit repair company disputes an error by communicating with a credit bureau or financial company, and then removes the bad information on behalf of the client.

Application Overview:

The market's largest segment by application is the segment Private, with a market share of 84.54% in 2021.

If a person has poor credit, they may have difficulty applying for credit cards, renting an apartment or even a personal loan. Therefore, private individuals will need credit repair services.

In the course of operation, an enterprise will inevitably be subject to administrative punishment for some reasons. Although the fine has been paid, this record will be regarded as a breach of trust by the enterprise. In the increasingly fierce market competition, in today's buyer's market economic environment, every little bad information may bring certain difficulties to the business operation. Therefore, enterprises need credit repair services.

Key Companies in the global Credit Repair Services market covered in Chapter 3:

Credit Saint
North Shore Advisory, Inc.
MSI Credit Solutions
The Credit People
The Credit Pros
Sky Blue Credit Repair
CreditRepair.com
MyCreditGroup
Ovation
Pinnacle Credit Management 
Phenix Group
Lexington Law

In Chapter 4 and Chapter 14.2, on the basis of types, the Credit Repair Services market from 2018 to 2029 is primarily split into:

Self-repair
Commission Repair

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Credit Repair Services market from 2018 to 2029 covers:

Private
Enterprise

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)