Buy Now, Pay Later– RELEASE NOTES
As of November 19th 2024, a dedicated Buy Now, Pay Later (BNPL) section will be added to users’ credit reports within the Credit Score solution. The BNPL section will be positioned below the “Student Loans” section of the Credit Report. At this time, BNPL accounts will be visible only to users on their credit reports, and these accounts will have no impact on credit scores or debt assessments.
A “Remarks” section will be included in the BNPL section to clarify that these accounts do not impact the user’s credit score and debt assessment. The copy will read: “Buy Now, Pay Later, (BNPL) accounts are included in your credit report for your information, but they are not visible to lenders and do not impact your credit score or debt evaluation.”
Certain monitoring alerts for these accounts will be suppressed to seamlessly integrate BNPL accounts into the Credit Report while maintaining a consistent user experience. These alerts will be suppressed only for BNPL accounts and will continue to function normally for all other account types. These alerts include:
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NewAccount: Users will not be alerted when a new BNPL account is added to their credit report
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Improved Account: Users will not be alerted when there is a positive change in a BNPL account (ex. Reduction in delinquency or balance)
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Bankruptcy: Users will not be alerted when a BNPL tradeline is affected by bankruptcy
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Derogatory Tradeline: Users will not be alerted when a tradeline becomes derogatory due to missed payments or other negative events
Purpose of the BNPL section in the credit report?
The BNPL section ensures that BNPL accounts are separated from other types of credit products and do not a ect the user’s credit score or debt assessment. The goal is to provide users with visibility of these accounts without impacting their overall credit profile.
If you have any questions about this upcoming update, please contact partner-support@savvymoney.com.