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GOBankingRates
GOBankingRates
Martin Dasko

Nearly Half of Americans May Not Be Ready for This Huge Credit Report Update (Plus What You Can Do)

BNPL Austin Kilgore FICO
praetorianphoto / Getty Images

A recent study from LegalShield revealed that 76% of Americans are using buy now, pay later (BNPL) services and that 49% have missed a payment. The Wall Street Journal first reported back in June that FICO would be releasing a credit score model in the fall that takes BNPL loans into account.

Since FICO is responsible for calculating credit scores, the three credit bureaus (Equifax, Experian and TransUnion) can decide what’s included in a credit report. This means that BNPL programs can impact your creditworthiness, depending on how promptly you make your payments. 

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