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BNPL Debt to Hit Credit Reports: What It Means for You
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BNPL Debt to Hit Credit Reports: What It Means for You

Buy now, pay later (BNPL) services, which allow consumers to split purchases into interest-free payments, have become a significant trend in consumer finance. Traditionally, BNPL transactions have not appeared on credit reports, making this type of debt difficult to track compared to traditional credit card debt. However, this is set to change as major BNPL providers like Apple, AfterPay, Affirm, and Klarna begin to report loan information to credit bureaus such as Equifax, Experian, and TransUnion. This shift means that BNPL payment histories will soon influence consumers' credit scores, potentially impacting their ability to borrow in the future. The inclusion of BNPL in credit reports could aid financial visibility and credit building, especially for those with limited credit history. Conversely, it could also expose higher levels of household debt that were previously unaccounted for.

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