Anna Maria Andriotis

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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

One kind of stumbling block with regards to their hesitancy to report the pay-in-for plans matched

is the concern around whether the frequent opening or closing of accounts could drag down credit scores. matched

So what they're all saying is like, look, we are open to the idea of reporting all of the information, positive and negative, when people pay on time and when they don't. matched

But we want to make sure that for those people who are paying their bills on time, they're not penalized for frequent use of these short-term payment plans. matched

So matched

If somebody applies for credit too often, that can potentially have an impact, a negative impact on their credit score. matched

If they are opening new forms of credit often, and these plans, the paying for plans are matched

kind of structured for that purpose. matched

I mean, again, they're pretty much at all of the major US merchants right now. matched

So the question with these companies is, will that frequent use or other elements of how our plans are set up potentially result in people who are being financially responsible and paying their bills with us on time having a negative impact on their credit score? matched

I mean, the main thing that people would need to do is what they need to do for pretty much all of their debt obligations, which is to pay on time. matched

What is the same across the board, regardless of the account that's being reported to the credit reporting firm, is that a missed payment, delays with sending payments in past your due date can hurt your credit score and can hurt it pretty substantially. matched

Now, in Equifax's case, Equifax did do its own study on this topic leading up to its decision to enable this type of reporting onto its credit reports. matched

And generally what Equifax's study found was that people will get a lift in their credit scores if paying for plans are added onto their credit reports as long as those plans are paid on time. matched

So in particular, matched

People who have limited credit history, thin credit files, people who have no more than two years of credit history, these types of consumers saw an average FICO credit score increase of 21 points. matched

This is according to the Equifax study. matched

After paying for payment plans were added to their credit report and paid on time, people, sort of a typical borrower who had that happen to them, had this information added to their credit report, saw an average of a 13 point increase. matched

So it's a broad inquiry, and the CFPB's concerns include whether these programs are resulting in matched

increasing people's debt, as well as how these companies are using consumer data. matched

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