More and more consumers are using ‘Buy now, Pay later’ services to make purchases. But before you tap, you need to be aware of how that could affect your credit.More and more consumers are using buy-now-pay-later platforms to make purchases, but before you tap, you need to be aware of how that could affect your credit.
Now, your Apple Pay Later history shows up too, and experts said Apple is just the first company to submit information to a credit bureau., we found that 25% of Americans have used a buy-now-pay-later service in the past year," said Sara Rathner of "It will likely break the seal and cause a lot of these other buy-now-pay-later providers to start providing that information," said Nick Wolny of"FICO, which is a widely used credit scoring model for loan decisions doesn't include buy now pay later information at present," said Rathner.
"When you choose the buy-now-pay-later option, a soft credit poll occurs. And so while it may not count as a hard inquiry and may not negatively affect your credit score at the moment if you are going to apply for something like a car loan or a mortgage, and someone looks at your credit report, they're going to see that buy-now-pay-later data on that credit report," said Wolny.
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Source: CNBC - 🏆 12. / 72 Read more »