Apple Pay Later is breaking new ground as the first buy now, pay later (BNPL) service to have its loan data integrated into Experian credit reports. This development marks a significant departure from the previous norm, where BNPL transactions from providers like Klarna and Affirm remained absent from credit reports.
Starting February 28, Experian will include Apple Pay Later loan information in consumers' credit reports, although it won't impact traditional credit scores immediately. However, this move lays the groundwork for potential inclusion in future credit scoring models.
Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, underscored the company's commitment to financial transparency and responsible lending. By ensuring that Apple Pay Later loans are reflected in users' financial profiles, Apple aims to empower individuals to make informed financial decisions and build their creditworthiness.
Apple Pay Later, introduced in March 2023 and fully launched in the US later that year, allows users to split payments for purchases into four interest-free installments. This innovative service reflects Apple's dedication to enhancing the financial well-being of its customers while providing opportunities to strengthen their credit profiles.
