Apple Pay Later now reports customer data to Experian

Apple Pay Later allows users to split the cost of an Apple Pay purchase into four equal payments spread over six weeks.
In a move towards greater transparency and responsible credit reporting in the buy now, pay later (BNPL) industry, Experian today announced it will now include “pay-in-4” BNPL loan information from Apple Pay Later on consumers’ credit reports, making Apple the first major BNPL provider to fully furnish “pay-in-4” loan information and payment history directly to the credit reporting agency.
Apple Pay Later loans borrowed today onward will appear on a consumer’s Experian credit report with a BNPL designation starting March 1st. While consumers will be able to see their Apple Pay Later loan information on their Experian credit report, the information won’t be factored into existing traditional credit scores, but may in the future as new credit scoring models are developed, Experian says in a statement.
When BNPL account information becomes more widely reported to Experian by additional BNPL providers, a consumer’s BNPL history will be visible to lenders who request an Experian credit report — enabling lenders to make more informed decisions when determining whether to extend credit offers.
“We designed Apple Pay Later with our users’ financial health in mind, and an important part of this is ensuring that their loans are reflected in their overall financial profiles,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. “By reporting Apple Pay Later loans to Experian, we aim to help promote greater transparency and responsible lending for both the borrower and the lender, while providing users with the opportunity to further build their credit.”
Experian has a longstanding history of working with leading BNPL providers and is in active conversations to expand the reporting of BNPL information on consumer credit reports.
“Experian has long supported the use of expanded data sources, including BNPL information, to help consumers build their credit profile and improve their financial health,” said Jennifer Schulz, CEO of Experian North America, in a statement. “We applaud Apple for taking this meaningful first step and look forward to working with other leading BNPL providers to drive greater transparency that will benefit lenders and consumers alike.”
strong>MacDailyNews Take: More info: https://www.experian.com/consumer-education-content/buy-now-pay-later-faq.
‎
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post Apple Pay Later now reports customer data to Experian appeared first on MacDailyNews.