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Buy Now, Pay Later purchases to appear on credit reports [Video]

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Ecommerce

PHOENIX (3TV/CBS 5) — Shop online. Buy now. Pay later. You see the option everywhere.

“We saw records shattered left and right this holiday season,” said CNET’s Nick Wolney. “Record usage on Black Friday. Record high usage on Cyber Monday. It’s just become integrated into every form of e-commerce and people are just getting more and more used to it, especially if they’re a little slippery on their cash flow.”

Now, some of those micro-loans will be reflected on credit reports. Experian announced beginning Mar. 1, it will include information from Apple Pay Later on consumers’ credit reports. “For people who are maybe not eligible for a credit card or they just don’t want to carry a credit card, this offers another way for people, particularly young people, to build their credit score over time, using something other than a credit card.”

Wolney expects other tech companies who offer BNPL plans will do the same.

“I think it’s going to become …

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