John F. Kirk’s Post

Below are some interesting statistics about Buy-Now-Pay-Later (BNPL) loans. Clearly BNPL lenders need to think about collections and recovery, and will need access to the best collection tools available. -- BNPL purchases will total $18.5 billion for the last three months of 2024 -- 42% of BNPL users have a monthly payment over $100 -- 71% of BNPL users also had credit card debt -- BNPL usage is up 10.3 percent in 2024 #collections #BNPL #customerexperience https://lnkd.in/g9mXDD4q

Lenders struggle to properly identify BNPL situations and not knowing all a consumers obligations can create a real bad situation. As of March 1st, Apple became the first major BNPL provider to report loan information to Experian! This is an amazing step to increasing transparency in the BNPL space. #experian #BNPL #lending #creditunion

As BNPL information is reported to Experian by additional BNPL providers, a consumer's BNPL history will be visible to lenders who request an Experian credit report – enabling lenders to make more informed decisions when determining whether to extend credit offers

As BNPL information is reported to Experian by additional BNPL providers, a consumer's BNPL history will be visible to lenders who request an Experian credit report – enabling lenders to make more informed decisions when determining whether to extend credit offers

As BNPL information is reported to Experian by additional BNPL providers, a consumer's BNPL history will be visible to lenders who request an Experian credit report – enabling lenders to make more informed decisions when determining whether to extend credit offers

As BNPL information is reported to Experian by additional BNPL providers, a consumer's BNPL history will be visible to lenders who request an Experian credit report – enabling lenders to make more informed decisions when determining whether to extend credit offers

Excited to see my comments featured in Lou Carlozo latest article on WSJ.com about Buy Now, Pay Later (BNPL) products! BNPL options like Affirm and PayPal (https://lnkd.in/eVtDiPhH) can be fantastic tools for financing purchases when used wisely. However, they can also become costly if not managed properly, which is why the CFPB recently categorized them as credit card providers. (https://lnkd.in/eu9R2seC).

BNPLs: convenience, trap, or a 'poor person's credit card'? The survey shows 56% of BNPL users face issues like overspending and missed payments. #HustlePay is designed to offer a smarter way to split bills, helping buyers avoid unnecessary debt and manage their finances more gracefully. #OwnYourCheckout https://lnkd.in/eyXsbsv9

📈 As the BNPL (Buy Now, Pay Later) industry continues to boom, it's becoming a significant part of the consumer credit mix. But did you know that incorporating BNPL data into your credit score could potentially lower it (even if used responsibly)!? Despite timely repayments, BNPL loans challenge traditional credit scoring models due to the nature of these products which usually have: 📊 High utilization rates 🕒 Short account terms 🔄 Frequent account openings These factors don't align all that well with traditional reporting and scoring - hence it's important for the BNPL industry to have their own bureau to represent their needs and solve for these challenges. 🔗 Read our full blog post to learn more! #FinTech #BNPL #CreditScores #ConsumerCredit #FinancialHealth

As BNPL information is reported to Experian by additional BNPL providers, a consumer's BNPL history will be visible to lenders who request an Experian credit report – enabling lenders to make more informed decisions when determining whether to extend credit offers