SHOPPERS using buy now, pay later firm Klarna’s services will see these transactions logged on their credit reports from next month. It means that lenders will be able to see this borrowing f…
It means that while on-time payments will be logged, any late or unpaid payments will also be listed too.
That's because both Experian and TransUnion need to update their scoring mechanisms to reflect these changes.If you use BNPL services responsibly, it could mean you could use it to build your credit score up - something consumers have been unable to do because the transactions haven't been logged on credit files.
It could even impact the amount that lenders are willing to loan you - and they could even reject your application for a loan or credit in some cases., with the average debt standing at £538 per person.
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