Experian Consumer Credit Reports to Now Include Apple Pay Later Loan Information
28 Febrero 2024 - 7:00AM
Business Wire
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.
Experian is committed to driving transparency in the BNPL
industry and doing so in a way that doesn’t inadvertently
negatively impact consumers. Given this, Apple Pay Later loans
borrowed today onward will appear on a consumer’s Experian credit
report with a BNPL designation starting March 1. 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.
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. “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’s role as the first credit bureau receiving Apple Pay
Later loan information underscores the company’s commitment to
drive industry transparency while protecting consumers. 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. "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."
To learn more, visit
https://www.experian.com/consumer-education-content/buy-now-pay-later-faq.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 22,000 people operating across 32 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximise every opportunity. With
corporate headquarters in Dublin, Ireland, we are listed on the
London Stock Exchange (EXPN) and are a constituent of the FTSE 100
Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
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Amanda Garofalo Experian Public Relations 1 714 460 3739
amanda.garofalo@experian.com
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