Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Using 'Buy Now, Pay Later' Will Soon Be on Your Credit Report · 23 Dec 2021 podcast

With this idea that, for example, oh, here's a $200 item that I otherwise would pass on, but... matched

Because there's this buy now, pay later plan that lets me split up my payments into four even fixed payments every two weeks, all of a sudden $50 every two weeks seems much more manageable over the course of four biweekly payments as opposed to paying $200 in one shot. matched

And these programs are widely used and increasingly used by a growing number of people. matched

Currently, what we have on an annual basis in the U.S. matched

is that billions of dollars of these payment plans are being arranged on an annual basis. matched

So a booming sector for sure. matched

So there are billions of dollars of payment obligations that are being extended to people from the buy now, pay later sector. matched

But much of those are not being reported. matched

They're not being reflected on credit reports. matched

For lenders, that creates a big blind spot in the underwriting process because the lenders will review credit reports and say, okay, well, based on this credit report, for example, the person looks like they have $3,000 of monthly debt obligations. matched

But what they might not know is that the person has matched

another $200 or so of buy now, pay later payments that they've committed to making on a monthly basis. matched

That can have a whole bunch of ripple effects on the lending industry. matched

So big banks and other mainstream traditional lenders are big clients of the credit reporting firms. matched

They have expressed their dislike for this missing information. matched

Credit reporting firms, for their part, also believe that lenders should have a full view of people's obligations, financial obligations, and so have been working to try to add this information onto credit reports. matched

So the common sort of place where all three major credit reporting firms are at matched

is that they're in sounds like pretty advanced conversations with certain buy-now-pay-later companies and are working towards, if not having already developed, like Equifax, a format in which this type of payment plan information will be displayed on people's credit reports. matched

So there's a bit of a mix with regards to how the companies feel. matched

All three companies, Afterpay, Klarna, and Affirm, say that they have been talking to credit reporting firms about potentially reporting these plans, these short-term plans. matched

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