Experian is set to launch a product that will enable lenders to see real-time data around buy now, pay later use.
In Brief:
Its “buy now, pay later credit bureau” will debut this spring.
Lenders will be able to access real-time data on spending and loan repayments, which will not impact a customer’s credit score.
It will look specifically at buy now, pay later debt.
What does this mean?
Experian has recognised that BNPL debt is “unique” to traditional credit and as such has developed a distinct entity to deal with this. It aims to be able to introduce credit reporting without impacting customers’ credit scores.
