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Some people are about to get a really nasty surprise to their credit scores.

Archive: https://archive.today/ucwGr

From the post:

>FICO credit scores will begin incorporating buy-now-pay-later data for the first time. Why it matters: With over 90 million Americans expected to use BNPL for purchases this year, critics argue that existing credit scores paint an incomplete picture of an individual's ability to pay back loans. Driving the news: Fair Isaac Corp., which runs FICO, said Monday that it will launch two separate credit scores including BNPL data.

Some people are about to get a really nasty surprise to their credit scores. Archive: https://archive.today/ucwGr From the post: >>FICO credit scores will begin incorporating buy-now-pay-later data for the first time. Why it matters: With over 90 million Americans expected to use BNPL for purchases this year, critics argue that existing credit scores paint an incomplete picture of an individual's ability to pay back loans. Driving the news: Fair Isaac Corp., which runs FICO, said Monday that it will launch two separate credit scores including BNPL data.

(post is archived)

[–] • 1 pt

Just the fact someone is using a buy now pay later loan should automatically lower their score at least 30% because having to take out such a loan indicates they cannot afford what they're buying.

[–] • 1 pt

Yes, it also shows poor impulse control and a unwillingness to delay gratification which makes them a bad investment for.. Anything.