Free Republic

Imminent changes to the U.S. credit scoring system could see millions of Americans face lower credit scores as FICO prepares to incorporate “buy now, pay later” (BNPL) loan data into its calculations this fall. Knewz.com has learned that the move reflects the growing prevalence of BNPL services, which allow consumers to spread out payments with little or no interest, but experts warn that the change may negatively affect users who struggle to make timely payments. BNPL services have surged in popularity, with an estimated 81.5 million Americans using them in 2024 and projections reaching 91.5 million in 2025, according to...

Apple’s going to handle the lending for its new buy now, pay later (BNPL) service, and doesn’t plan on shifting that responsibility to a financial service, according to reports from Bloomberg and CNBC. The company’s subsidiary, Apple Financing LLC, is reportedly licensed to provide lending services and will remain separate from Apple’s main business. Apple announced its BNPL service, Pay Later, at its annual Worldwide Developers Conference (WWDC) on Monday. The service will let users make a purchase through Apple Pay, and then pay back that amount in four equal installments over the course of six weeks with no interest....