Rob Carrick says there’s arguably a case for BNPL when used strategically and sparingly
Look to Air Canada for signs of how popular the Buy Now, Pay Later option is becoming when buying things online.
BNPL is embedded in e-commerce today through services like Uplift, Sezzle, Afterpay, PayBright, Affirm, Klarna, Flexiti and QuadPay. Retailers pay for these services because they help increase sales. But users may face late fees and interest charges. Julie Kuzmic, Equifax Canada’s senior compliance officer for consumer advocacy, said by e-mail that the company in the process of looking at how to handle BNPL payment data. “However, currently this information is not included in any credit scores.”
Ms. Kuzmic said a next generation of BNPL services are starting to emerge, some similar to a traditional line of credit. Companies offering these new products may start reporting information to Equifax in the future, and in that case your payment history could affect your credit score.
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