Buy Now, Pay Later Needs Uniform Credit Reporting, CFPB Says

The three dominant credit reporting companies need to standardize how they collect and share consumer data related to buy now, pay later products, the CFPB said.

Equifax Inc., Experian plc and TransUnion have all announced plans in recent months to incorporate buy now, pay later products into consumer credit reports, but each company has different ways of doing so, the Consumer Financial Protection Bureau said in a Wednesday blog post.

The three firms also have different policies about including both positive and negative reports on buy now, pay later transactions in consumers’ core credit files, the CFPB said.

Switching ...