Industry revenue of »activities of collection agencies and credit bureaus« in Finland 2011-2023

Finland was among the few countries in the European Union to beat the 2008 Eurozone crisis, gaining a stable triple-A credit rating from Moody’s in 2012. However, as a precautionary measure, the country’s investors, credit issuers, investment banks and broker-dealers, still asked for a strict review of credit worthiness of potential customers, that led to a surge in revenue for the rating agencies during 2012 and 2016. Moreover, an estimated growth in Finland’s Gross Domestic Product (GDP) over the next few years is expected to drive consumer spending and loan procurement, which is expected to have a cascading effect on revenues for collection agencies and credit bureaus in the short to medium term.

Consumer debt services to drive industry revenue

Consumer debt services including credit applications associated with credit cards, mortgages and business loans account for a sizable share of the collection agencies and credit bureaus market. Statistics Finland shows high levels of government debt relative to GDP, thereby presenting a potential opportunity for the industry. Moreover, the International Monetary Fund (IMF) has predicted deficits in Finland’s budget which is expected to result in more debt and consequently higher demand for collection and credit rating services.

Industry revenue of »activities of collection agencies and credit bureaus« in Finland from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Finland. The industry “activities of collection agencies and credit bureaus“ has the code “N8291“.

Details on the methodology can be found here.

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