Card declined: As revenue falls, the industry will continue to compete with free online services

Over the past five years, many internet-savvy consumers turned to an increasing number of free online services, hurting industry revenue. Additionally, aggregate household debt slowly decreased over the period, along with the national unemployment rate, lessening the need for industry services. Revenue for the Credit Repair Services industry will continue to decline in the five years to 2020. As the economy improves and the unemployment rate continues to decline, the growth of consumer debt levels is expected to grow at a slower rate. Consequently, there will be a narrower scope for growth in credit repair services in the coming years...purchase to read more.

Industry Statistics & Market Size
Revenue
$4bn
Annual Growth 11-16
-4.9%
Forecast Growth 16-21
Profit
Employment
101,115
Businesses
90,873
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Free online services will continue to pose a threat to the industry
  • Gradual improvements in the housing sector have decreased demand for industry services
  • There will be a narrower scope for growth in credit repair services in the coming years
  • Industry Report - Industry Analysis Chapter

    Credit repair firms help identify errors in credit reporting and help dispute the inaccurate information with credit reporting agencies. These services can be offered in person, online or over the phone, usually for a fee. Most advice relates to credit cards, personal loans and home mortgages. Conditions were ripe for industry growth right before the recession, with the amount of consumer debt increasing to record levels during the early 2000s. Rising unemployment and falling disposable income led to an influx of debt problems for consumers during the recession, causing many households to turn to credit repair service firms for help with debt management. However, the presence of online credit repair firms has subdued the expansion of industry establishments...purchase to read more.

    Additional Insights for the Credit Repair Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Credit Repair Services Industry are

  • Having a high prior success rate
  • Having a good reputation
  • Willingness to outsource when appropriate
  • IBISWorld analysts also discuss how external factors such as Aggregate household debt and National unemployment rate in the Credit Repair Services industry impact industry performance..

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    What's in this report

    What is the Credit Repair Services Industry?

    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 who has known credit problems, such as a recent bankruptcy. This industry does not include nonprofit firms that offer credit-counseling services.

    Industry Products
  • Credit repair consultation
  • Dispute processing
  • Cease and desist collections processing
  • Settlement assistance
  • Credit reestablishment
  • Industry Activities
  • Credit repair consultation
  • Dispute processing
  • Cease and desist collections activity
  • Settlements and credit reestablishment
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Aggregate household debt
  • National unemployment rate
  • Personal savings rate
  • Percentage of services conducted online
  • Prime rate

  • Current Performance
  • A countercyclical industry
  • U-turn
  • Rising skepticism and free alternatives
  • Chart: Revenue Growth

  • Industry Outlook
  • Shift in the saving psyche
  • Internet + do it yourself
  • Table: Credit Repair Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Credit Repair Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Commercial Leasing
  • Computer & Printer Leasing
  • Data Processing & Hosting Services

  • Products & Services
  • Dispute processing
  • Cease and desist collections processing
  • Settlement assistance
  • Credit reestablishment
  • Credit repair consultation
  • Chart: Credit Repair Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Households with income less than $30,000
  • Households with income between $30,000 and $60,000
  • Households with income greater than $60,000
  • Chart: Major Market Segmentation for the Credit Repair Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWages and depreciationPurchasesOther
  • Chart: Cost Structure Benchmarking – Sector vs Credit Repair Services

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Credit Repair Services Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Credit Repair Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Credit Repair Services Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Personal savings rate (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Aggregate Household Debt
  • All outstanding credit market debt held by consumers, including credit card debt, mortgages, personal loans and more.
  • Credit Score
  • A numeric risk rating that describes the likelihood a debtor will return his or her loan.
  • Creditor
  • In this industry, a creditor is an individual or institution that has extended a loan or sum of money to a second party, also known as the debtor.
  • Federal Trade Commission (Ftc)
  • An independent agency of the US government that promotes consumer protection and prevents anti-competitive business practices.
  • Personal Savings Rate (Psr)
  • The percentage of personal discretionary income (gross income less taxes and normal living expenses) saved during a given period.
  • Surety Bond
  • A bond that promises to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Industry Market Report on Credit Repair Services is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Credit Repair Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Credit Repair Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Credit Repair Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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