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Installment-payments specialist Affirm Holdings Inc. will include all of its products in data sent to credit-reporting agency Experian plc beginning April 1, while its more than four-year-old partnership with processing platform Adyen NV expands into the United Kingdom.
San Francisco-based Affirm says the inclusion of all of its buy now, pay later services will help “drive greater transparency and responsible lending. The industry-leading move will enable consumers and lenders to make more informed decisions and help consumers build their credit histories.”
The move includes all of Affirm’s loan products issued since April 1 and its Pay in 4 service. It already reports monthly installment payments on its longer-term loans. Affirm says the new data will not be part of a consumer’s traditional credit score at this time, but may be incorporated in the future as new credit-scoring models are created.
One immediate benefit to Affirm users is that they will be able to view their Experian credit information for all of their Affirm loans beginning April 1. Lenders, too, will be able to view this data as more buy now, pay later providers contribute their data, Affirm says. Affirm says it will work with other credit-reporting agencies to supply data to them.
Experian launched a Buy Now Pay Later Bureau in 2022 as BNPL use increased during and following the Covid-19 pandemic.
In another Affirm update, the BNPL provider is expanding its partnership with processor Adyen to the United Kingdom. The two first offered Affirm services to Adyen’s U.S. merchants in 2020.
