Latest news with #creditagencies
Yahoo
4 days ago
- Business
- Yahoo
U.S. Credit Agency Market Forecast 2025-2030: Agencies are Innovating Using Advanced Analytics to Address Fraud and Enhance Credit Assessments
Experian, S&P Global, Moody's Corporation, Equifax, and TransUnion Dominate the Landscape Dublin, June 06, 2025 (GLOBE NEWSWIRE) -- The "United States Credit Agency - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025-2030)" report has been added to States Credit Agency Market size is estimated at USD 18.63 billion in 2025, and is expected to reach USD 24.81 billion by 2030, at a CAGR of 5.9% during the forecast period (2025-2030).Credit rating agencies, such as National Recognized Statistical Rating Organizations (NRSROs), play a crucial role in assessing the creditworthiness of entities and financial products. They gauge the ability to meet financial obligations promptly, providing pivotal insights for investors. However, the market is highly concentrated, with only ten NRSROs by the end of 2023. Credit rating agencies face a significant challenge in managing conflicts of interest, primarily due to the prevalent 'issuer-pay' model. This model can incentivize agencies to offer overly optimistic ratings to retain clients, potentially compromising the ratings' the rising demand for credit ratings, there have been concerns, especially in structured finance. While agencies have expanded their risk assessments, there have been instances, notably during the financial crisis, where ratings failed to reflect the true risks. Securities on the brink of bankruptcy were still receiving high ratings, raising questions about the reliability of these assessments. Credit agencies are investing significantly in advanced analytics and fraud detection models to combat evolving fraud. By leveraging unconventional data sources, like social media and device information, credit agencies can paint richer consumer profiles, aiding in spotting irregularities. With rising identity theft concerns, consumers are increasingly turning to protection States Credit Agency Market Trends Rising Trends in Consumer Credit OutstandingThe expanding consumer credit landscape increasingly prompts lenders to rely on credit reports to assess borrower risk. This growing reliance highlights the escalating demand for precise and detailed credit reporting. As the number of credit accounts rises, consumers become more vigilant about their credit health, leading to a surge in demand for personal credit reports. Credit agencies are responding by investing in sophisticated credit scoring models bolstered by advanced analytics and data processing capabilities. Lenders are searching for more refined risk assessment tools with increasing credit portfolios. Credit agencies are introducing specialized risk assessment services to meet this demand. Credit agencies are broadening their data collection efforts to improve credit scoring accuracy. They are now delving into alternative sources like utility payments, rental histories, and telecommunications data. Such initiatives require data, advanced processing infrastructure, and specialized Economy's Stability Fuels Credit Agency Innovation and ExpansionAs economies expand, financial institutions ramp up lending, driving the need for credit reports and scores from agencies. A stable economy spurs financial innovation, prompting credit agencies to develop new scoring models and risk tools. Economic growth often enhances data collection and reporting practices, equipping credit agencies with richer datasets to refine their models. Furthermore, economic upswings introduce fresh data sources for credit agencies, aiding in more precise risk assessments. With the economic expansion, the financial sector witnesses a surge in complex products, underscoring the necessity for advanced risk tools from credit agencies. A stable economy bolsters investor confidence, heightening the demand for credit ratings to evaluate investment growth frequently ushers in new market segments with distinct credit risk profiles, enabling credit agencies to broaden their services and reach new clientele. Capitalizing on this economic upswing, credit agencies are exploring untapped markets. The escalating demand for credit reports, scoring models, and risk tools directly translates into heightened revenues and profitability for these agencies. Simultaneously, a stable economic backdrop empowers credit agencies to invest in cutting-edge technologies like AI and machine learning, further elevating their services. A stable economic growth environment ultimately sets the stage for the credit agency sector to flourish, bolstering demand, refining data access, enhancing asset quality, and solidifying the industry's States Credit Agency Industry OverviewThe US credit agency market is consolidated. It is dominated by a few major players, namely Experian PLC, S&P Global, Moody's Corporation, Equifax, and TransUnion, collectively holding the lion's share. These firms wield extensive databases, deep lender relationships, and cutting-edge technology, posing formidable challenges for potential newcomers. These major players enjoy a competitive edge with their comprehensive data coverage and entrenched market presence. However, the market's high barriers, stemming from the need for substantial investments in technology, data, and regulatory compliance, deter new entrants. Key Topics Covered1 INTRODUCTION1.1 Study Assumptions and Market Definition1.2 Scope of the Study2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY4 MARKET DYNAMICS AND INSIGHTS4.1 Market Overview4.1.1 Demographic and Macroeconomic Factors Impacting Rating Agencies in the US Industry4.2 Market Drivers4.2.1 Rising Demands of Credit Reports with Increasing Fraud and Cyber Threats4.3 Market Restraints4.3.1 Conflict of Interest in Credit Rating Agency Business Model4.4 Regulatory Landscape and Industry Policies Impacting the Market4.5 Key Technological Advancement Shaping the Market4.6 Industry Attractiveness - Porter's Five Forces Analysis4.7 Insights on Consumer Debt Trends in the Market4.8 Insights on Role of Credit Rating Agencies in Structured Finance Market4.9 Impact of COVID-19 on the Market5 MARKET SEGMENTATION5.1 By Client Type5.1.1 Individual5.1.2 Commercial5.2 By Vertical5.2.1 Direct-to-Consumer5.2.2 Government and Public Sector5.2.3 Healthcare5.2.4 Financial Services5.2.5 Software and Professional Services5.2.6 Media and Technology5.2.7 Automotive5.2.8 Telecom and Utilities5.2.9 Retail and E-commerce5.2.10 Other Verticals6 COMPETITIVE LANDSCAPE6.1 Market Concentration Overview6.2 Company Profiles6.2.1 Equifax Inc.6.2.2 Transunion6.2.3 Experian PLC6.2.4 Fair Isaac Corp.6.2.5 Moody's Corporation6.2.6 Fitch Ratings6.2.7 S&P Global Inc.6.2.8 Kroll Bond Rating Agency (KBRA)6.2.9 Morningstar DBRS6.2.10 A.M Best Ratings7 MARKET OPPORTUNITIES AND FUTURE TRENDS For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
CBS News
09-05-2025
- Health
- CBS News
Can debt forgiveness erase medical debt?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. It can be tough to balance your medical bills with your regular expenses, especially in today's economic landscape. Getty Images It's no secret that medical bills can pile up fast, especially in the current healthcare landscape, where even a short emergency room visit or a necessary procedure can easily cost thousands of dollars. According to the Consumer Financial Protection Bureau (CFPB), about $88 billion worth of outstanding medical bills are currently in collections, with this type of debt impacting one in five Americans. But over the past few years, new rules were introduced to ease that burden, like requiring credit agencies to remove paid medical collections and delay reporting on new ones. That progress may be short-lived, however. This week, the CFPB and industry groups began pushing a federal judge to overturn the medical debt reporting ban, stating that the rule exceeds the CFPB's authority. If that happens, paid or small-dollar medical debt could once again show up on credit reports, reopening the door for financial harm tied to old or settled medical bills. This move serves as a reminder that while medical debt reform efforts are ongoing, nothing is guaranteed, and many Americans are still stuck with hefty balances and only a few clear solutions. If you're one of the millions grappling with medical bills you can't afford to pay, you may be wondering whether debt forgiveness could be the answer. But can your medical debt be wiped out? Or are there other strategies that make more sense right now? Learn how to start the debt forgiveness process now. Can debt forgiveness erase medical debt? In certain cases, yes, debt forgiveness can erase medical debt, just like it can help cut down on credit card debt or other types of unsecured debt. But whether or not it will depends on the situation and the method of forgiveness you pursue. There isn't a single government-backed medical debt forgiveness program, after all, but there are multiple pathways that can lead to a portion of your medical debt being forgiven. If your medical debt is due to an ER visit or a stint in the hospital, one possible way to have a portion of your debt forgiven is through a hospital-based forgiveness program. Many nonprofit hospitals are legally required to offer financial assistance to patients who meet certain income thresholds. So, if you're struggling financially, it's worth reaching out to the hospital's billing department to ask about financial assistance programs, even if your bills are already overdue or in collections. In some cases, the hospital may reduce or completely forgive your debt. There's also the option to pursue debt settlement, either on your own or with help from a debt relief company working on your behalf. In this case, you or the expert you're working with will try to negotiate with the collection agency or medical provider to settle the balance for less than what's owed. If they agree and you pay the negotiated amount, typically via a lump-sum payment, the rest is forgiven. Note, though, that this approach can have tax implications if the forgiven amount is large enough to be considered income by the Internal Revenue Service (IRS). If you qualify for nonprofit medical debt forgiveness, it could result in having some of your debt forgiven as well. This less common option involves nonprofit organizations, which purchase portfolios of unpaid medical debt from hospitals or collectors for pennies on the dollar and then forgive them. If your debt is included in one of these portfolios, you could receive a letter in the mail one day letting you know your balance has been wiped clean. The catch? You can't apply to be chosen; it's based on internal criteria and availability. Chat with an expert about your debt relief options now. What other options do I have for getting rid of medical debt? If you don't qualify for forgiveness or just haven't had any luck getting it, don't worry. There are still several effective strategies for tackling medical debt without letting it ruin your finances. Negotiate your bill before it goes to collections. Hospitals and medical providers often have wiggle room on pricing, especially if you're uninsured or underinsured. So, before you commit to paying the full amount, contact the billing department to ask about discounts or payment plans. Set up a zero- or low-interest payment plan. Most medical providers prefer getting paid over sending bills to collections, so they may work with you to establish a monthly payment plan that fits your budget. As long as you stick to the plan, you can avoid collections and further damage to your credit. Consider working with a debt relief expert. If your medical debt is mixed in with credit card balances or other types of unsecured debt, it might make sense to work with a debt relief company. They can negotiate settlements or help you enroll in a debt management plan that consolidates your payments. Look into bankruptcy, but only as a last resort. Medical debt is dischargeable through bankruptcy, but this route comes with serious long-term consequences for your credit and finances. If your debt is overwhelmingly high and other solutions haven't worked, bankruptcy may be worth considering, but only after speaking with a qualified attorney or financial advisor. The bottom line Medical debt can be frustrating, but there are real solutions to consider, and some of them could involve having a portion of that debt forgiven. So if you're struggling with medical debt, reach out to your healthcare providers, explore assistance programs and consider consulting with a debt relief expert about your options. The path forward may involve a combination of strategies, but taking action now can prevent further financial damage while you search for relief.
