Credit Bureaus Adding Buy Now, Pay Later Products to Credit Reports
Consumers Should Be Aware of Impact of New Form of Debt
American Banker reports that the major credit bureaus are adding designations for Buy Now, Pay Later (BNPL) products such as AfterPay and Klarna.
Beginning in the next few weeks, Equifax will add a business industry code for BNPL to classify data such as payment history, a move that will make BNPL loans visible on credit reports. Equifax says this will provide clients and scoring partners the ability…