00:00FICO is launching two new credit scoring models this fall that will incorporate buy now, pay later repayment data for the first time, aiming to offer lenders a more accurate view of consumer credit behavior.
00:11While early tests conducted with a firm suggest consumers with multiple buy now, pay later loans may see improved credit scores, the inclusion also means that late buy now, pay later payments could now negatively impact credit.
00:24Over 90 million Americans are expected to use buy now, pay later this year, and it marks a significant step towards modernizing credit evaluation methods.
