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Financial Technology and Information Technology Have a Great Impact on the Market of Credit Scores, Credit Reports and Credit Check Services: Japan Has Become the Industry Leader in the Asia-Pacific

A good credit reports system, including credit scores, credit reports and credit check services, is key to expanding access to finance, increasing financial inclusion and supporting the development of a stable financial system in any economy. By type, there are three types of credit scores, credit reports, and credit check services. Credit scores is to score the credit risk of an individual or an enterprise based on the basic information and credit data of the individual or enterprise. A credit report is a detailed report on an individual or business credit history and credit worthiness. A credit check is the operation of checking the credit status of an individual or business to assess its creditworthiness and can be performed by creditors such as banks, financial service providers, credit bureaus, settlement companies, and credit counselors. In 2019, the market shares of credit scores, credit reports and credit check services were 30.67%, 45.84% and 23.49% respectively.

From the perspective of service users, credit scores, credit reports and credit check services can be broken down into individual or business credit scores, credit reports and credit checking: A personal credit report is a detailed report of an individual credit history, including those collected from banks and other creditors Various information related to personal financial situation such as identity information, payment/repayment history information, credit information, public records and inquiries. An enterprise credit report refers to a legally established institution engaged in the collection and evaluation of credit information, which comprehensively analyzes and processes the enterprise credit status evaluation report by collecting enterprise credit information. Personal credit score is based on personal basic information and credit data, using data mining technology and statistical analysis methods, through the analysis of a large number of data systems such as personal credit history, credit behavior, etc., to obtain the credit behavior patterns and credit characteristics contained in it, and establish the current situation. The functional relationship between credit information and future credit performance, and transforms current personal credit information into a representation of future credit risk scores. Business credit scores take into account many of the same factors as personal credit scores, such as payment history and the amount of debt used. However, business credit scores use a different scoring model. The number of enterprises is huge, the number of loans is large and the frequency is high. Therefore, in 2019, the market shares of credit scores, credit reports and credit check services for businesses was 80.10%.

Asia Pacific Credit Scores, Credit Reports and Credit Check Services Industry Analysis

After a period of development, the credit scores, credit reports and credit check services industry is in a growth period. Japan is the largest revenue market in the industry, with a market share of 30.84% in 2015 and 28.03% in 2020, a decrease of 2.81%. In 2019, China ranked second with a market share of 19.37%. In addition, the market shares of Southeast Asia, India, South Korea and other places were 11.71%, 11.40% and 14.78% respectively. Overall, the Asia-Pacific credit scores, credit reports and credit check services market is expected to witness moderate growth over the forecast period owing to advances in information technology and rising awareness of the importance of public credit reports systems.

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From the perspective of enterprise distribution, the concentration of credit scores, credit reports and credit check services industries is not high. In 2019, the top three companies, The Credit Reference Center, the People\'s Bank of China (CCRC) and NICE Holdings Co., Ltd. and Equifax had a revenue market share of 10.81%, 10.20% and 7.43%, respectively.

The Market for Credit Scores, Credit Reports and Credit Check Services is Expected to Maintain a Growth Rate of More Than 10%

The credit scores, credit reporting and credit check services industries are data-driven. In recent years, credit reports providers have been researching innovations such as the potential application of block chain technology in credit reports and the possibility to exploit the availability of cloud computing services. In addition to tremendous advances in information technology, computing power, data mining and data analytics, these new developments have been driven by increased consumer demand for credit and the perceived or actual inability of traditional operators to meet this demand, as well as by the emphasis on offering customized and Tailor-made products to meet customer needs.

According to the data, the total sales of the credit scores, credit reports and credit check services market in the Asia-Pacific was US$ 2487.90 million in 2015, which will increase to US$ 4004.90 million by 2020. We predict that the market value of credit scores, credit reports and credit check services will reach $6765.84 million by 2025. The compound annual growth rate from 2019 to 2025 is 10.62%.

As the financial technology market is growing rapidly, core technologies such as biometrics, big data, artificial intelligence, block chain, and the Internet are promoting the iterative upgrade of the consumer finance industry chain and value chain. Fintech has continuously penetrated into the consumer finance industry chain, from single-point entry to comprehensive penetration, and has opened up the risk management of the entire life cycle of consumer finance before, during and after lending, and many pain points have been effectively resolved. The continuous penetration of fintech will help credit scores, credit reports and credit check services to better and more accurately reflect the credit status of individuals and businesses, both to reduce credit risk and to allow more people or businesses to obtain loans.