Experian, Equifax Questioned by Warren About Buy Now, Pay Later

A group of Democratic senators pressed major credit bureaus about how the firms are incorporating data stemming from buy now, pay later loans into consumer credit reports.

The lawmakers asked Experian, Equifax and TransUnion to provide details about how the agencies treat those loans versus longer-term installment products, how they handle purchases involving returns and their standards for reporting multiple loans with the same lender.

“The credit reporting industry has been very secretive about its scoring models, which presents major, potential consumer protection issues,” Senators Elizabeth Warren, Richard Blumenthal and others wrote in letters on Monday.

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