Don’t stress, time is on your side! That’s because it’s still early days and Equifax wants to measure how much BNPL data could affect overall credit scores. “The new BNPL Comprehensive Credit Reporting (CCR) account types will be quarantined from scores in the short term to prevent any unintended and inappropriate impact on scores. As data builds up over time, we will reassess,” Equifax explains in a FAQ here. But, Equifax adds, BNPL accounts and transactions will be included in CCR scores as soon as they believe it is sensible to do so. “We are moving cautiously as we have never seen these types of accounts before, so it is not possible to evaluate and reflect the relationship between [BNPL accounts and transactions] and risk accurately,” they add. “Equifax will monitor the risk of these accounts as the data accumulates over time.
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