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FICO to incorporate buy-now-pay-later loans into credit scores

(www.axios.com)
277 points cebert | 1 comments | 24 Jun 25 00:03 UTC | HN request time: 0.213s | source
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veggieroll ◴[24 Jun 25 16:29 UTC] No.44367940[source]▶
Ok, do rent next.

Paying rent doesn't count towards your credit score (at least it didn't a decade ago when I was getting my mortgage). And it's a glaring signal of how the system isn't built for what it claims: evaluating your ability to pay obligations on time. No, the system is built to trap people in poverty and enrich the rentier class.

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1. daft_pink ◴[24 Jun 25 16:35 UTC] No.44368006[source]▶
Is having your payments reported to a credit bureau really a benefit to you to allow you to have a better credit or is it a collection activity intended to help the creditor collect?

The reason buy now pay it later is being added, is because those lenders are having trouble collecting, so they want to add it to the credit score so there is an additional consequence if they don’t get paid. It’s a collection activity, not something that’s designed to help the payor.

Adding rent is mostly a benefit to the landlord not to the poor people.