The new agency aims to provide visibility so that lenders can improve financial inclusion and better assess risk while preventing negative impact to consumers’ credit scores.
With BNPL increasing by 230% since the beginning of 2020 and over 45 million American citizens opting for BNPL payments in 2021, the solution is rapidly gaining popularity due to its flexibility in payments. Most BNPL providers perform a light credit score check before approving clients, while the approval rate ranges around 90%. They also claim any purchases made through their platforms will not interfere with clients’ credit scores, which makes these apps even more popular among Americans.
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