Could your buy now, pay later loans affect your credit score? Here's what you need to know
Publishing timestamp: 2024-05-10 14:49:22
Summary
Apple has started reporting buy now, pay later data to Experian, potentially changing the way BNPL debt is tracked. BNPL loans have been difficult to monitor as lenders don't report to major credit bureaus, but this move could impact credit scores and consumer credit risk assessment. BNPL is a fast-growing category in consumer finance, but concerns about debt levels and credit risk remain. Incorporating BNPL data into credit reporting could help consumers improve their credit scores and access more credit products.
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Keywords: retail industry, breaking news: business, affirm holdings inc, personal finance, personal loans, interest rates, breaking news: investing, investment strategy, business news, holiday shopping, personal debt, apple inc, consumer credit,
Source: https://www.cnbc.com/2024/05/10/how-buy-now-pay-later-loans-could-affect-your-credit-score.html