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60% of BNPL customers are worried about the impact on their credit score as product begins to show on credit reports.
A new survey from UK fintech Pave shows the vast majority of Buy Now Pay Later (BNPL) customers are unclear about the impact of BNPL on their credit scores, leading to the majority of customers to say they were worried about its impact.
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78% of respondents (18-44) who have used Buy Now Pay Later services don’t fully understand the impact of BNPL on their credit file.
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60% of users are worried about the impact on their credit files and credit scores.
UK Credit builder fintech Pave surveyed over 1000 people in January 2022 to understand the financial concerns of the public as the UK recovers from COVID-19. The use of BNPL has skyrocketed during this time, 48% of BNPL users in the 18-44 age group reported an increase in their usage. However, over 78% of respondents were unclear on the impact of using BNPL. This lack of clarity translates into concern for the customer, especially as Credit Reference Agency TransUnion has announced it will start recording BNPL on consumers’ credit files. Over two-thirds of respondents are worried about the impact BNPL is having on their credit score.
Sho Sugihara co-founder and CEO of Pave said “credit scores directly affect people’s ability to access finance and customers are becoming more aware and knowledgeable about this. As BNPL services become more common, it’s important for the customer to have complete clarity on its impact on their credit score. A large proportion of customers we surveyed were unaware that BNPL would impact their credit file at all. This is why we need increased transparency from BNPL firms”.
The rise of BNPL firms has been well documented, and for some individuals, BNPL is a trusted form of credit. In their survey Pave saw how people from all age groups were more likely to spend on BNPL than a credit card. It may seem that BNPL is becoming a trusted payment method, however, this survey shows customers are becoming increasingly concerned about its side effects.
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The Rise of Private Credit and the Need for Flexible Loan Servicing
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