April 17, 2024
Experian Credit Reports to Include Apple Pay Later Loan Information

Experian Credit Reports to Include Apple Pay Later Loan Information

Posted February 28, 2024 at 4:02pm by iClarified
Experian has announced that its credit reports will now include Apple Pay Later loan information. Apple is the first major BNPL provider to fully provide 'pay-in-4' loan information and payment history directly to the credit reporting agency.

Experian is committed to driving transparency in the BNPL industry and doing so in a way that doesn't inadvertently negatively impact consumers. Given this, Apple Pay Later loans borrowed today onward will appear on a consumer's Experian credit report with a BNPL designation starting March 1. While consumers will be able to see their Apple Pay Later loan information on their Experian credit report, the information won't be factored into existing traditional credit scores but may in the future as new credit scoring models are developed.

Experian says that when BNPL account information becomes more widely reported to the agency, it will be visible to lender, enabling them to make more informed decisions when extending credit offers.


"We designed Apple Pay Later with our users' financial health in mind, and an important part of this is ensuring that their loans are reflected in their overall financial profiles," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "By reporting Apple Pay Later loans to Experian, we aim to help promote greater transparency and responsible lending for both the borrower and the lender, while providing users with the opportunity to further build their credit."

"Experian has long supported the use of expanded data sources, including BNPL information, to help consumers build their credit profile and improve their financial health," said Jennifer Schulz, CEO of Experian North America. "We applaud Apple for taking this meaningful first step and look forward to working with other leading BNPL providers to drive greater transparency that will benefit lenders and consumers alike."

Apple also shared the following update on its Apple Pay Later support page today...

Apple Pay Later loans and payment history will be reported to Experian. Your credit score won't be affected when we start sharing your Apple Pay Later loan and payment history, but might be affected in the future once data is incorporated by credit scoring models, like FICO. Information about your purchase, like the loan start date, loan amount, loan status, outstanding balance, payment dates, and payment history will be shared, which will help to build your credit history. If your purchase is canceled or fully refunded, the loan will not be reported. Apple Pay Later loan information will be available in your credit report.


Read More


Experian Credit Reports to Include Apple Pay Later Loan Information
Add Comment
Would you like to be notified when someone replies or adds a new comment?
Yes (All Threads)
Yes (This Thread Only)
No
iClarified Icon
Notifications
Would you like to be notified when we post a new Apple news article or tutorial?
Yes
No
Comments
You must login or register to add a comment...
Recent. Read the latest Apple News.
RECENT
Tutorials. Help is here.
TUTORIALS
Where to Download macOS Monterey
Where to Download macOS Ventura
AppleTV Firmware Download Locations
Where To Download iPad Firmware Files From
Where To Download iPhone Firmware Files From
Deals. Save on Apple devices and accessories.
DEALS