Experian to launch the first BNPL bureau

Monday 31 January 2022 13:33 CET | News

Global credit broker and educator Experian has announced its plan to launch the Buy Now, Pay Later Bureau in the spring of 2022, the first-of-its-kind bureau to protect consumers’ financial health.

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.

Experian officials have mentioned that the BNPL Bureau wants to give BNPL providers the confidence they can report information without negatively impacting consumer credit scores. They claim they found a solution that will protect consumer credit scores while enhancing transparency in the industry.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: BNPL, credit scoring, instalment payments, transactions , ecommerce, Experian
Categories: Payments & Commerce
Companies: Experian
Countries: United States
This article is part of category

Payments & Commerce


Discover all the Company news on Experian and other articles related to Experian in The Paypers News, Reports, and insights on the payments and fintech industry: