Credit repair service providers identify errors in credit reporting and dispute inaccurate information with the appropriate organizations to improve credit ratings. The industry's performance often behaves countercyclically to the overall economy. Despite this, revenue fell during COVID-19 as massive government aid pushed up savings. These savings kept consumers financially stable, so demand credit repair services declined in 2020. As economic restrictions were lifted, many households went on a spending spree and ruined their credit, so revenue for the industry rose in 2021. While interest rates have been volatile, they've risen over time as the Federal Reserve has increased borrowing costs to cool the economy. Higher interest rates make it harder for consumers to pay off debt, ruining their credit. This raises demand for the industry's services. Overall, revenue for credit repair service providers is expected to increase at a CAGR of 2.8% during the current period, reaching $6.6 billion in 2023. Revenue is anticipated to rise 2.5% in that year.
This industry identifies errors in credit reporting and disputes inaccurate information with the appropriate organizations to improve credit ratings. These services are typically undertaken on behalf of a client that has known credit problems, such as a recent bankruptcy. This industry doesn't include nonprofit companies that offer credit-counseling services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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