Democratic senators question credit bureaus on buy now, pay later data
Updated
Updated · Bloomberg · May 6
Democratic senators question credit bureaus on buy now, pay later data
11 articles · Updated · Bloomberg · May 6
The lawmakers asked Experian, Equifax and TransUnion how they distinguish such loans from longer-term instalment products in consumer credit reports.
They also sought details on how the agencies handle purchases involving returns and their standards for reporting multiple loans with the same lender.
The inquiry reflects broader concern that reporting practices for fast-growing buy now, pay later borrowing could affect consumers' credit histories and scores.
As BNPL loans appear on credit reports, will this help consumers build credit or expose millions to lower scores?
With New York setting strict BNPL rules, how long until these consumer protections become the national standard?