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 · Why ‘Buy Now, Pay Later’ Data Isn’t in Your Credit Report · 21 Oct 2022 podcast
They're instead charged one fourth of the price on either their credit card or their debit card.
And then every two weeks, their card is charged or debited an additional 25% of that purchase price.
So that when four payments are made in total over the course of every two weeks, the product is paid in full.
The buy now, pay later companies are concerned that the accounts, if they're added to people's credit reports, could unintentionally lower their credit scores, even if they pay on time and in full.
Even more interesting, I think, is the fact that the credit reporting firms themselves, who enabled the companies to be able to report this data onto people's credit reports,
As they dig into this more and do more research, what they're finding is the same concern.
It appears that both the buy now, pay later companies and the major credit reporting firms in the U.S.
have this shared concern that people's credit scores might not reflect how they're actually handling these accounts if the accounts are factored into their scores.
What's playing out with the paying for plans is that they're different in almost every way.
They do not require a monthly payment.
Instead, they require that people pay every two weeks.
In addition, they don't last very long.
I mean, what we're talking about is after the person has signed up for the plan.
They have six weeks left on the plan to repay the rest of what's owed.
So the result is that you have payment plans that would be opening and closing very quickly in a very short time period.
on people's credit reports.
When accounts close, that can have a negative impact on a person's credit score.
In addition, the people who use these plans tend to sign up for them pretty often.
They tend to have several of them at once.
So opening credit frequently is something that can negatively impact people's credit scores.
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