Equifax To Include 'Buy Now, Pay Later' Payment Information In Consumer Credit Reports

Equifax Inc EFX will be making 'Buy Now, Pay Later' (BNPL) payment information part of consumer credit reports.
The company has created the policy for acceptance of BNPL tradelines in consumer credit files through Consumer Data Industry Association (CDIA) Metro 2 guidelines.
"Equifax will be the first credit reporting agency to formalize a standard process for reporting BNPL tradelines for inclusion on traditional consumer credit reports," said Mark Luber, Chief Product Officer for U.S. Information Solutions (USIS) at Equifax.
BNPL products, also known as point-of-sale financing, offer short-term, interest-free installment payments at checkout.
Equifax will implement a new "business industry code" for BNPL starting in the first quarter of 2022.
Price Action: EFX shares are trading lower by 0.90% at $274.15 on the last check Monday.