CREDIT REPAIR SOFTWARE IS PRIMED TO BE A MULTI-MILLION MARKET BY 2031
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DEMAND FOR PRIVATE AND ENTERPRISE APPLICATIONS
2 THE MARKET IS DOMINATED BY CLOUD AND WEB BASED CREDIT REPAIR SOFTWARE PRODUCTS
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SMALL AND MEDIUMSIZED ENTERPRISES ARE ALSO PLAYING A KEY ROLE
4 THE NORTH AMERICAN MARKET HAS A HUGE IMPACT ON THE INDUSTRY
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EUROPE WILL ALSO WITNESS INCREDIBLE GROWTH
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With technological advancements and innovations happening in the space, the performance of credit repair software products will keep improving and optimizing. As a result, the products will become more ubiquitous and be used in downstream applications.
Bad Okay Good Excellent Fair 40 30 20 10 0 Credit repair businesses provide half of the total data being acquired by credit bureaus An average of 15% of negative items are resolved internally by credit repair service providers
INDUSTRY IT'S ALL ABOUT THE Currently, 43,507 businesses operate within the credit repair industry in the United States 1/3rd of the employers perform background credit checks on their clients DATA 1 The US credit repair market reached a market valuation of $3 4 billion in 2021 Relevant data about customer experience with credit repair companies: DATA 3 Determined based on the payment history of an individual/entity DATA 2 35% OF CREDIT SCORE DATA 4 35% of the credit score is determined based on the payment history of an individual/entity 1 in every 5 Americans has at least one credit report mistake In 2018, 35-44 million Americans didn't have a credit score reallygreatsite com Due to its countercyclical nature the credit repair industry tends to experience a slowdown when the broader economy and consumer confidence are on the rise Theft recovery (considered among the top services by 21% of clients) Relevant data about credit repair services: DATA 5 Sending cease and desist letters to creditors ( 24 8%) Sending out goodwill letters ( 28 6%) Sending dispute letters to credit bureaus (39 8%) Debt consolidation (46 6%) Setting up payments with creditors (48%) Credit consulting (49%) 01 02 03 04
CREDIT REPAIR