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ARTICLE · 28 JUNE 2022

CFPB Blogs About Need For Standardized Credit Reporting

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On June 15, the CFPB posted a blog, titled "Buy Now, Pay Later and Credit Reporting" discussing the Bureau's viewpoint on the importance of standardized data furnishing by buy now,...

United StatesConsumer Protection
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Pouneh Almasi
Pouneh Almasi
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On June 15, the CFPB posted a blog, titled "Buy Now, Pay Later and Credit Reporting" discussing the Bureau's viewpoint on the importance of standardized data furnishing by buy now, pay later (BNPL) firms to consumer reporting companies for inclusion in consumer credit reports. BNPL products provide consumers with a short-term, no-interest credit option and are widely used for online purchases and, increasingly, brick-and-mortar stores. The CFPB has recently expressed concerns about the fast-growing BNPL credit industry, noting the potential for consumers to accumulate debt by making multiple BNPL purchases across several different BNPL firms. (See our previous posts about the CFPB's December 2021 BNPL market monitoring inquiry here and here).

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